ANUK College of Private Sector Accounting Journal
ANUK College of Private Sector Accounting Journal (ANUKPSAJ) is a distinguished publication of the College of Private Sector Accounting, a notable division of ANAN University Kwall, Plateau State, Nigeria. The journal is dedicated to advancing research and fostering scholarly discourse in the field of private-sector accounting and related disciplines. >> Read More
EFFECT OF CHIEF EXECUTIVE OFFICER CHARACTERISTICS ON OPERATIONAL PERFORMANCE OF LISTED COMMERCIAL BANKS IN NIGERIA
Section: Articles Keywords: Keywords: Efficiency Ratios, CEO Work Experience, CEO Financial Expertise, CEO Tenure, CEO Age, and CEO Nationality This study aims to explore how the characteristics of Chief Executive Officers affect the efficiency ratios of commercial banks in Nigeria. Specifically, it investigates the influence of Chief Executive Officer work experience, financial expertise, tenure, age, and nationality on bank performance. Employing a quantitative research design with an ex post facto approach, this study falls within the realm of positivism due to its quantitative nature. The research encompasses all the 14 commercial banks in Nigeria as of the study period, employing census sampling to select its sample. Secondary data sourced from the financial statements of these banks, as well as their websites, were analyzed using descriptive statistics and multiple linear regression via STATA 15. The findings suggest no significant relationship between the Chief Executive Officers' working experience, financial expertise, and nationality, and the efficiency ratios of listed commercial banks in Nigeria. However, the study reveals a significant correlation between Chief Executive Officer tenure, age, and bank efficiency ratios. Therefore, it is concluded that while Chief Executive Officer characteristics such as work experience, financial expertise, and nationality do not notably influence bank efficiency ratios, tenure and age do play a significant role in this regard. Based on these results, it's recommended that caution be exercised when using Chief Executive Officer characteristics such as work experience, financial expertise, and nationality as predictors of efficiency ratios in Nigerian listed commercial banks. Additionally, stakeholders and decision-makers in the banking sector should recognize and consider the impact of Chief Executive Officer tenure on efficiency ratios.
Keywords: Efficiency Ratios, CEO Work Experience, CEO Financial Expertise, CEO Tenure, CEO Age, and CEO Nationality
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THE RELATIONSHIP BETWEEN CREATIVE ACCOUNTING AND FINANCIAL REPORTING QUALITY: A STUDY OF SELECTED BANKS IN NIGERIA
Section: Articles Keywords: Creative accounting, Quality,financial reporting, selected banks,Nigeria This research work focused on the relationship between creative accounting and financial reporting quality in selected deposit money banks in Nigeria. Income smoothing and Off statement financial position financing were the creative accounting proxies employed to ascertain their effect on financial reporting quality. Financial reporting quality (FRQT) was measured in terms of qualitative characteristics of financial report as provided by IASB conceptual framework. The research design adopted in this study was survey design because the data used was primary. The population of the study consist of 450 respondents drawn from the ten different deposit money banks in Kogi State. However, the sample size of this study was 212 determined using Taro Yamane formula. Primary data were obtained through Likert 5- points structured questionnaire. In order to examine the cause-effect relationships between the dependent variable and independent variables as well as to test the formulated hypotheses, the study relied on a robust OLS regression analysis. The results obtained from the robust OLS regression analysis revealed that Income smoothing has a statistically positive but insignificant effect on the financial statement quality, off statement financial position transaction has a statistically positive and significant effect on the financial statement quality. Thus, we concluded that creative accounting has significant effect on the financial reporting quality of deposit money banks in Nigeria. The study therefore, among others, recommended that all operators of financial statements should be effectively monitored. More emphasis should be laid in the review of the standard.
Creative accounting, Quality,financial reporting, selected banks,Nigeria
MODERATING EFFECT OF CAPITAL ADEQUACY RATIO ON THE RELATIONSHIP BETWEEN LIQUIDITY MANAGEMENT AND VALUE OF LISTED DEPOSIT MONEY BANKS IN NIGERIA
Section: Articles Keywords: Liquidity management, Capital Adequacy Ratio (CAR) and Firm value This study investigates the moderating effect of capital adequacy ratio (CAR) on the relationship between liquidity management and value among listed deposit money banks (DMBs) in Nigeria. A longitudinal research design was employed, analyzing data from annual reports of eleven selected Nigerian deposit money banks listed on the Nigerian Exchange Group (NGX) from 2013 to 2022. Panel regression analysis was used has a technique of data analysis. Findings reveal that effective liquidity management, as indicated by current and deposit to assets ratios, positively correlates with increased firm value. The study further demonstrates that CAR significantly moderates the relationship between liquidity management and firm value of listed DMBs in Nigeria. The study concludes effective management of liquidity metrics positively influences firm valuations by enhancing the bank's ability to meet short-term obligations and manage financial risks, with the Capital Adequacy Ratio (CAR) playing a crucial role in moderating this relationship and amplifying the positive impact on firm value through robust capital reserves. Based on the findings the study recommends that the regulatory authority such as Central Bank of Nigeria (CBN) should strengthenoperationalframeworksformonitoringandoptimizingliquidityratiosto ensure adequate cash flow management and risk mitigation. Also the management of DMBs in Nigeria should maintain capital buffers above regulatory requirements to support growth initiatives, manage risks effectively, and enhance stakeholder confidence. By implementing these recommendations, banks can strengthen their competitive edge and contribute to a resilient and prosperous banking sector in Nigeria.
Liquidity management, Capital Adequacy Ratio (CAR) and Firm value
EFFECT OF RISK MANAGEMENT PRACTICES ON THE PROCUREMENT PERFORMANCE OF MINISTRIES, DEPARTMENTS AND AGENCIES (MDAs) IN NASARAWA STATE, NIGERIA
Section: Articles Keywords: Risk Management Practices, Procurement Performance, Public Procurement, Risk Identification, Risk Mitigation, Risk Assessment, Project Delays, Cost Efficiency. This study investigates the effect of Risk Management Practices (RMPs) on procurement performance within Ministries, Departments and Agencies (MDAs) in Nasarawa State, Nigeria, where systemic challenges including inefficiencies, corruption and inadequate risk management contribute to frequent project delays, cost overruns and substandard deliverables. Grounded in Risk Management Theory, the research examines three key objectives: assessing current RMP implementation, identifying critical performance indicators, and analysing the relationship between RMPs and procurement outcomes. The study employed a quantitative survey design, collecting primary data through structured questionnaires administered to all 63 procurement officers across state MDAs, achieving a 100% response rate. Data analysis incorporated descriptive statistics, Pearson correlation and multiple regression using SPSS version 26. Findings demonstrate a statistically significant positive relationship between RMP implementation and enhanced procurement performance. Effective risk identification and assessment processes correlated with improved project timelines and resource allocation, while mitigation strategies like supplier diversification and contingency planning strengthened procurement resilience and output quality. However, persistent challenges including insufficient training programs, limited adoption of digital procurement tools and weak regulatory compliance mechanisms continue to constrain optimal RMP effectiveness. The study concludes that comprehensive RMP integration, coupled with capacity building initiatives and technological adoption (particularly e-procurement systems), could substantially improve procurement outcomes. Recommendations emphasize developing standardized RMP frameworks, institutionalizing regular training programs, and strengthening oversight mechanisms. Future research should investigate political-economic contextual factors and evaluate emerging technologies like blockchain for risk mitigation potential in public procurement systems.
Risk Management Practices, Procurement Performance, Public Procurement, Risk Identification, Risk Mitigation, Risk Assessment, Project Delays, Cost Efficiency.
CORPORATE GOVERNANCE ATTRIBUTES AND FINANCIAL PERFORMANCE OF LISTED DEPOSIT MONEY BANKS IN NIGERIA
Section: Articles This study investigates the relationship between corporate governance attributes and the financial performance of listed Deposit Money Banks (DMBs) in Nigeria. Focusing on key governance variables—board size, board independence, and ownership concentration—the research examines their impact on bank profitability measured by Return on Assets (ROA). Employing an ex-post facto research design, secondary data were collected from 50 observations spanning selected Nigerian banks. The analysis was conducted using multiple regression techniques to determine the significance and direction of these governance attributes on financial performance. Results indicate that board size and ownership concentration have a positive and statistically significant effect on ROA, suggesting that larger boards and concentrated ownership structures enhance firm profitability through improved oversight and alignment of interests. Conversely, board independence was found to have a negative and significant relationship with financial performance, implying potential drawbacks of excessive independence on effective decision-making. The study recommends that Nigerian banks adopt a balanced board composition and encourage strategic ownership concentration while ensuring that independent directors add real value through expertise and engagement. These findings contribute to the growing literature on governance and performance in emerging economies' banking sectors and offer practical implications for policymakers and bank managers.
EFFECT OF OWNERSHIP STRUCTURE ON EARNINGS MANAGEMENT OF LISTED MANUFACTURING COMPANIES IN SUB-SAHARAN AFRICA
Section: Articles Keywords: Ownership Structure on Earnings Management Earnings management remains a pervasive issue threatening the credibility of financial reporting, particularly in emerging economies such as those in Sub-Saharan Africa. The role of ownership structure in mitigating or enabling such practices has attracted scholarly attention, yet findings remain inconclusive and often geographically limited. This study investigates the effect of ownership structure on real earnings management by listed manufacturing companies in Sub-Saharan Africa, focusing on five key dimensions such as institutional ownership, managerial ownership, ownership concentration, foreign ownership, and government ownership. The study employed a quantitative research design, using panel data from selected manufacturing firms across multiple Sub-Saharan African countries between 2014 and 2023. Real earnings management was measured using standard models of abnormal operational activities, while ownership variables were captured as percentage holdings. Statistical techniques included descriptive analysis, correlation matrix, multicollinearity checks (VIF), fixed and random effects regression, and the Hausman specification test. Findings revealed that institutional, foreign, and government ownership had statistically significant effects on real earnings management. Specifically, institutional ownership positively influenced earnings management, while foreign and government ownership were negatively associated with it, implying improved financial reporting quality. However, managerial ownership and ownership concentration showed no significant impact. The study recommends strengthening institutional investor monitoring, increasing foreign investment participation, and enhancing government oversight in manufacturing firms. These strategies, alongside robust governance frameworks, could substantially improve corporate transparency and financial accountability in the Sub-Saharan African manufacturing sector.
Ownership Structure on Earnings Management
SUSTAINABILITY REPORTING AND MARKET VALUE OF LISTED NON-FINANCIAL FIRMS IN NIGERIA
Section: Articles Keywords: ESG reporting, capital market, Tobin's Q, stock return, Nigeria. This study investigates the nexus between Environmental, Social, and Governance (ESG) reporting and capital market performance in Nigeria, inspired by the growing faith-driven demand for corporate accountability and transparency. Despite the global surge in ESG compliance, the Nigerian context remains underexplored, particularly concerning its effects on stock market metrics. The study's main objective is to empirically examine how ESG disclosures influence the performance of listed companies on the Nigerian Exchange Group. Anchored on stakeholder theory, the study employed an ex-post facto research design. The population comprised all 59 non-financial firms listed on the Nigerian Exchange between 2014 and 2023. A sample of 43 firms was purposively selected based on the availability of ESG disclosures. Secondary data were collected from annual reports, and ESG scores were computed using a weighted index approach. Market Capitalization was proxied by Tobin's Q and stock return. Data were analyzed using panel regression models. The findings reveal a positive and significant relationship between ESG reporting and market value, with governance indicators exerting the most substantial influence. the study concludes that while environmental disclosure significantly enhances firm value in Nigeria's capital markets, the effects of social and governance disclosures are more nuanced. The study recommends that regulators strengthen ESG disclosure guidelines and that firms adopt integrated sustainability frameworks. Faith-based investment circles are also urged to promote ethical investing, aligning profit motives with societal values.
ESG reporting, capital market, Tobin's Q, stock return, Nigeria.
FINANCIAL RISK FUNDAMENTALS AND FIRM VALUE: EVIDENCE FROM LISTED DEPOSIT MONEY BANKS IN NIGERIA
Section: Articles Keywords: Financial Risk Fundamentals; Firm Value; Deposit Money Banks; Two-Stage Least Squares (2SLS); Panel Data Analysis. This study examines the effect of financial risk fundamentals which include liquidity, market, capital, operational, and credit risks on the firm value of listed Deposit Money Banks (DMBs) in Nigeria from 2007 to 2022. Using panel data from audited annual reports, the Nigerian Exchange Group (NGX), the Central Bank of Nigeria (CBN), and international financial databases, the analysis applies Two-Stage Least Squares (2SLS) regression to address endogeneity and capture bank-specific heterogeneity. Results show that liquidity, operational, and credit risks significantly reduce firm value, while capital adequacy exerts a positive influence. Market risk yields mixed effects, with net interest margin improving valuation and foreign exchange exposure lowering it. Wald tests confirm the joint significance of each risk category, leading to rejection of all null hypotheses. The findings highlight the need for integrated risk management strategies to enhance resilience, sustain investor confidence, and protect shareholder value in Nigeria's volatile banking environment. This study contributes by disaggregating risk categories within a unified empirical framework.
Financial Risk Fundamentals; Firm Value; Deposit Money Banks; Two-Stage Least Squares (2SLS); Panel Data Analysis.
EFFECT OF AUDIT QUALITY ON AUDIT REPORT LAG AMONG LISTED FIRMS IN NIGERIAN EXCHANGE GROUP
Section: Articles Keywords: Audit Firm Size, Audit opinion, Audit report lag, audit quality In Nigeria, various factors contribute to the issue of audit reporting lag among listed firms in Nigerian Exchange Group, with audit quality being one of the key contributors. The study examined the effect of audit Firm Size and Audit Opinion on audit report lag among listed firms in Nigerian Exchange Group from 2016 - 2023. The study specifically examines the effects of audit firm size and audit opinion on audit report lag. A quantitative approach was adopted, grounded in the positivist paradigm. Data analysis techniques, including descriptive statistics, correlation, and regression analysis, were used to evaluate the relationships between the audit qualities and audit report lag. The results indicate audit that firm size does not significantly influence audit report lag. However, audit opinion has positive and significant effects, suggesting that firms with higher audit fees or unfavorable audit opinions experience longer audit report lags. The study concludes that while audit firm size is not a determinant of audit report lag, audit opinion is. Larger firms tend to have shorter audit report lags, indicating greater efficiency in their audit processes. The study recommended that regulatory bodies to focus on streamlining the audit process through the adoption of advanced technologies that expedite financial reporting.
Audit Firm Size, Audit opinion, Audit report lag, audit quality
EFFECT OF INTEGRATED PAYROLL AND PERSONAL INFORMATION SYSTEM ON WAGE FRAUD MITIGATION IN NIGERIA'S FEDERAL MINISTRY OF EDUCATION
Section: Articles Keywords: IPPIS, wage fraud, biometric, compliance This study aimed to examine the Effect of the Integrated Payroll and Personnel Information System on wage fraud mitigation in Nigeria's Federal Ministry of Education. Specifically, it assessed the influence of biometric verification, payroll automation, real-time staff record updating, and compliance with audit protocols on reducing wage fraud. The research adopted a survey design, targeting administrative, finance, and human resource personnel from the Nigeria's Federal Ministry of Education. A stratified random sample of respondents was selected, and data were collected through a structured questionnaire. Descriptive statistics and multiple regression analysis were employed using SPSS. Findings revealed that biometric verification and payroll automation contributed significantly to wage fraud control. However, real-time staff record updating and compliance with audit protocols did not have statistically significant effects. The study concluded that while IPPIS has improved payroll integrity through biometric and automation mechanisms, its full potential is hindered by weak implementation of real-time updates and audit compliance. This study contributes to public administration literature by empirically validating key IPPIS mechanisms in a high- risk ministry. It is recommended that government agencies enhance biometric data updates, strengthen automation infrastructure, improve training for HR and payroll staff, and enforce strict audit compliance to maximize IPPIS effectiveness. These actions will deepen anti-fraud outcomes and support sustainable public sector financial management reforms.
IPPIS, wage fraud, biometric, compliance
EFFECT OF CORPORATE GOVERNANCE MECHANISMS ON FINANCIAL REPORTING QUALITY OF LISTED DEPOSIT MONEY BANKS IN NIGERIA
Section: Articles Keywords: Corporate Governance, Financial Reporting Quality, Board Independence, Nigerian Banks, Audit Committee Effectiveness This study investigates the effect of corporate governance mechanisms on financial reporting quality of listed deposit money banks in Nigeria. Discretionary accruals was used as proxy for financial reporting quality. The objectives are to evaluate the influence of board independence, assess the role of audit committee effectiveness, examine the effect of ownership structure, and analyze the impact of CEO duality on DA. A quantitative research design is adopted, utilizing secondary data from 12 listed deposit money banks on the Nigerian Exchange Group (NGX) over the period 2015–2024. Data are sourced from annual reports, NGX filings, and Central Bank of Nigeria (CBN) reports, and analyzed using panel regression with fixed effects. Findings indicate that board independence, audit committee effectiveness, and concentrated ownership significantly reduce DA, while CEO duality increases it. The study concludes that robust corporate governance is essential for minimizing earnings manipulation and enhancing financial reporting quality. Recommendations include strengthening board independence, enhancing audit committee expertise, promoting institutional ownership, and eliminating CEO duality to foster accountability and investor confidence in Nigeria's banking sector.
Corporate Governance, Financial Reporting Quality, Board Independence, Nigerian Banks, Audit Committee Effectiveness
EFFECT OF PUBLIC FINANCE ON ECONOMIC GROWTH IN NIGERIA
Section: Articles Keywords: Government Recurrent Expenditure, Government Capital Expenditure, Real GDP Public finance has long posed challenges for policy-makers, particularly in balancing the need to raise and allocate public funds effectively while controlling budget deficits and ensuring financial accountability. This study examined the effect of public finance on economic growth in Nigeria from 2014-2023. In this study, an ex-post facto research design was used. In the estimate of a time-series data model, an ordinary least squares (OLS) regression analysis and descriptive statistics were utilized. Secondary data were used in this study and these data were obtained from the National Bureau of Statistics and Central Bank of Nigeria statistical bulletin of Dec. 2014 and 2023, and E-views10 was used in the analysis of the data. The study revealed that government recurrent expenditure has positive and significant effect on economic growth in Nigeria, also the study found that Government capital expenditure has negative and insignificant effect on economic growth in Nigeria. Based on these findings, the study concluded that, the analysis by indicating that government capital expenditure has a negative and insignificant effect on economic growth in Nigeria showed significant challenges within the framework of public investment. The study recommended that policy-makers should undertake a thorough evaluation of the capital expenditure processes, by focusing on enhanced project selection criteria and ensuring rigorous feasibility studies are conducted prior to implementation.
Government Recurrent Expenditure, Government Capital Expenditure, Real GDP
EFFECT OF CAPITAL STRUCTURE ON REPORTED PROFITABILITY OF LISTED MANUFACTURING FIRMS
Section: Articles Keywords: Capital structure, Return on Assets, Short-Term Debt to Total Assets Ratio, Long-Term Debt to Total Assets Ratio, Debt to Equity Ratio This study investigates the effect of capital structure on the profitability of Nigerian manufacturing firms, focusing on five leading companies—Dangote Group, Nigerian Breweries Plc, Nestlé Nigeria Plc, Unilever Nigeria Plc, and Guinness Nigeria Plc—over the period 2014 to 2023. Profitability was measured using Return on Assets (ROA), while capital structure was proxied by Short-Term Debt to Total Assets Ratio (STDTA), Long-Term Debt to Total Assets Ratio (LTDTA), and Debt to Equity Ratio (DER). Employing an ex-post facto research design and multiple regression analysis, the study finds that all three capital structure variables exert a statistically significant negative impact on profitability. Specifically, increases in short-term and long-term debt levels, as well as higher leverage relative to equity, are associated with reduced returns on assets. These results corroborate theoretical perspectives suggesting that excessive debt financing increases financial risk and cost burdens, ultimately impairing firm performance. The study recommends prudent management of debt components and leverage to optimize capital structure decisions and enhance profitability in Nigerian manufacturing firms. These findings provide valuable insights for corporate managers, investors, and policymakers aiming to promote sustainable growth and financial resilience in the sector.
Capital structure, Return on Assets, Short-Term Debt to Total Assets Ratio, Long-Term Debt to Total Assets Ratio, Debt to Equity Ratio
MANAGERIAL AND INSTITUTIONAL OWNERSHIP: HOW OWNERSHIP STRUCTURE MODERATES EARNINGS PREDICTABILITY AND FIRM VALUE IN NIGERIAN LISTED FIRMS
Section: Articles Keywords: Earnings predictability, Firm value, Ownership structure, Agency Theory, Institutional Theory, Signalling Theory. This study investigates how various forms of ownership structure, namely managerial, institutional, and foreign ownership, influence the relationship between earnings predictability and firm value among non-financial firms listed on the Nigerian Exchange. The research is grounded in Agency Theory, Signalling Theory, and Institutional Theory. It employs a balanced panel dataset comprising 902 firm-year observations from 2013 to 2023. The analysis uses random effects panel regression with Driscoll–Kraay standard errors to address issues of autocorrelation and cross-sectional dependence. The findings indicate that earnings predictability significantly enhances firm value, supporting its role as a credible signal in emerging market contexts. However, the positive impact of predictable earnings is notably reduced in the presence of higher levels of managerial and foreign ownership, suggesting that these configurations may distort the market's interpretation of earnings quality. In contrast, institutional ownership does not exhibit a significant moderating effect. Robustness checks using conventional random effects generalised least squares estimation confirm the stability of the results. The study contributes to existing literature by demonstrating that the type of ownership, rather than mere concentration, plays a critical role in shaping how earnings signals are valued in weak institutional environments. The paper recommends governance reforms that promote transparency and better alignment of ownership interests to enhance market valuation mechanisms in Nigeria and similar emerging economies.
Earnings predictability, Firm value, Ownership structure, Agency Theory, Institutional Theory, Signalling Theory.
MODERATING EFFECT OF DIGITAL EXPERTISE ON THE RELATIONSHIP BETWEEN FORENSIC ACCOUNTING TECHNIQUES AND FINANCIAL CRIMES PREVENTION IN SELECTED MDAS IN NIGERIA
Section: Articles Keywords: Forensic Accounting, Whistleblowing, Documentary Techniques, Training, Financial Crimes, MDAs, Expertise, Nigeria Financial crimes continue to undermine public sector integrity and economic development worldwide, with developing economies like Nigeria facing acute challenges. Ministries, Departments, and Agencies (MDAs) in Nigeria are frequently affected by procurement fraud, embezzlement, and misappropriation of funds, despite the growing application of forensic accounting techniques. Tools such as whistleblowing mechanisms and documentary/investigative methods are widely acknowledged for their potential in fraud detection; however, their effectiveness varies across institutions. Recent research suggests that the success of these techniques may depend significantly on the expertise of personnel, particularly as shaped by training. This study, anchored on Contingency Theory and the Resource-Based View, investigates the moderating effect of training on the relationship between forensic accounting techniques and financial crime prevention in selected Nigerian MDAs. A quantitative descriptive survey design was adopted, with data collected from 300 financial and audit professionals using stratified proportionate random sampling. Data analysis involved descriptive statistics, Pearson correlation, and moderated multiple regression to test the direct and interactive effects of training. The findings indicate that whistleblowing mechanisms and documentary/investigative techniques significantly influence fraud reduction. More critically, training significantly moderates these relationships, suggesting that forensic tools yield stronger outcomes when implemented by well-trained personnel. The study concludes that forensic accounting tools alone are not sufficient; expertise enhances their impact. It recommends continuous professional development, institutionalized forensic training, and strengthened whistleblowing frameworks to improve fraud prevention across Nigerian MDAs.
Forensic Accounting, Whistleblowing, Documentary Techniques, Training, Financial Crimes, MDAs, Expertise, Nigeria
DETERMINANTS OF SMALL AND MEDIUM ENTERPRISE TAX COMPLIANCE IN FEDERAL CAPITAL TERRITORY, ABUJA
Section: Articles Keywords: Tax Compliance, Multiple Taxation, Small and Medium Enterprises, Economic Inefficiency, Tax Evasion. Determinants of small and medium enterprise tax compliance in FCT: cost, evasion and inefficiency. The research focuses on three independent variables increased cost of doing business, tax evasion, and economic inefficiency and their influence on the ability of SMEs to meet tax obligations. Using a logistic regression model, the study analyzes data from 171 SMEs to examine the relationship between these variables and their likelihood to comply with tax deadlines. The findings indicate that economic inefficiency caused by the complexity of multiple tax systems significantly effects on-time payment rates, with a positive relationship observed between inefficiency and timely compliance. Similarly, tax evasion was found to have a positive effect on compliance, suggesting that SMEs engaging in evasion practices are likely to meet tax deadlines. However, the cost of business, despite its increasing burden, was shown to have a positive influence on compliance, as SMEs may prioritize timely payment to avoid penalties and further complications. The study concludes that multiple taxation creates significant challenges for SMEs in Nigeria, resulting in non-compliance, tax evasion, and economic inefficiency. Policy recommendations include simplifying tax procedures, providing tax incentives, improving tax education, and reducing the administrative burden on SMEs to enhance compliance rates. These measures would not only improve tax compliance but also foster a more supportive environment for SME growth and development in Nigeria.
Tax Compliance, Multiple Taxation, Small and Medium Enterprises, Economic Inefficiency, Tax Evasion.
EFFECT OF FORENSIC ACCOUNTING APPROACHES ON FRAUD PREVALENCE AMONG NOT-FOR-PROFIT ORGANIZATIONS IN NORTHEN NIGERIA
Section: Articles Keywords: Forensic accounting, Fraud Investigation Techniques, Risk Assessment, Ethical Climate, Internal Control Systems, Whistleblowing Mechanisms This study investigates the effect of forensic accounting approaches: Fraud Risk Assessment (FRA), Internal Control Systems (ICS), Fraud Investigation Techniques (FIT), Whistleblowing Mechanisms (WM), and Ethical Climate (EC) on fraud prevalence within not-for-profit organizations (NPOs) in Northern Nigeria. Employing a quantitative survey design, data from 260 professionals were analysed using multiple linear regression. Results show that all five approaches significantly reduce fraud prevalence, collectively explaining 87.5% of the variance (R2 = 0.875). Fraud Investigation Techniques emerged as the most influential predictor (β = 0.476), followed by Fraud Risk Assessment (β = 0.402) and Ethical Climate (β = 0.377). The findings validate forensic accounting as a multidimensional strategy for mitigating fraud in resource-constrained environments. They emphasize the importance of proactive risk controls, ethical reinforcement, and investigative rigor in addressing fraud vulnerabilities. The study advocates for context-specific interventions, including capacity building in forensic investigation, adoption of integrated monitoring systems, regulatory enforcement, and development of localized forensic tools tailored to the nonprofit sector.
Forensic accounting, Fraud Investigation Techniques, Risk Assessment, Ethical Climate, Internal Control Systems, Whistleblowing Mechanisms
EFFECT OF E-GOVERNMENT ON PUBLIC ACCOUNTABILITY OF FEDERAL MINISTRIES, DEPARTMENTS AND AGENCIES (MDAs) IN NIGERIA
Section: Articles The need for accountability and transparency in public sector management has become a global challenge, especially in the 21st century which necessitated the study titled the effect of e-government on public accountability of federal ministries, departments and agencies in Nigeria with the independent variable as e-government proxied as e-payment, e-information, e-procurement and e-service delivery while the dependent variable as public accountability. The survey research design which made use of primary data drawn from five-point likert scale structured closed-ended questionnaire of three (3) selected federal ministries, departments and agencies in Nigeria. The theories in which this study underpinned were technology acceptance model (TAM) theory and diffusion of innovation theory. The SPSS version 25 software statistical package was used for coding of the questionnaire respondents and panel ordinary least square for the study. The multiple regression model was adopted in determining the extent of the effect of independent variable (e-government) on dependent variable (public accountability) of the banks under consideration. The result of the regression analysis revealed that e-payment and e-service delivery have positive and insignificant effect on public accountability of federal ministries, departments and agencies in Nigeria. The result also indicated that e-information and e-procurement have positive significant effect on public accountability of federal ministries, departments and agencies in Nigeria. The implication of the result is that any increase unit change in the e-government proxies will result to the same unit increase change in the public accountability. Based on the findings, the researcher recommended that the government should continuous evaluation and get feedback from users are key to ensuring that e-government continues to evolve and be relevant to citizens' needs. Therefore, a sustainable e-government development strategy must integrate technological innovation with an inclusive and participatory approach, ensuring that any changes not only bring technical efficiency but also improve the quality of interaction between government and society.
EFFECT OF FORENSIC ACCOUNTING SERVICES IN MITIGATING CYBERCRIME-RELATED FINANCIAL FRAUD IN NIGERIAN LISTED DEPOSIT MONEY BANKS
Section: Articles Keywords: Cybercrime Fraud, fraud risk, Internal Audit Quality, Forensic Accounting, Nigeria. This study investigates the effect of forensic accounting services on the incidence of cybercrime-related fraud in Nigeria, focusing on five critical determinants: fraud risk assessment practices, internal audit quality, forensic accountant expertise, anti-fraud regulations, and forensic data analytics. Employing a quantitative research design, primary data were collected through structured questionnaires administered to 433 professionals in Nigeria's financial sector, including forensic accountants, auditors, and compliance officers. The data were analyzed using descriptive statistics, Pearson's correlation, and multiple regression analysis. The findings, grounded in the Technology Acceptance Model (TAM) and the Fraud Triangle, reveal that robust forensic accounting measures significantly enhance fraud detection and prevention by strengthening institutional controls and reducing vulnerabilities. Specifically, the study highlights that effective fraud risk assessment practices and high-quality internal audits are pivotal in identifying and mitigating cyber fraud risks. The expertise of forensic accountants, coupled with stringent anti-fraud regulations and the application of forensic data analytics, further bolsters the financial sector's resilience against cybercrime. Based on these insights, the study recommends the mandatory establishment of forensic accounting units within financial institutions, increased adoption of advanced data analytics tools, and stricter enforcement of cybercrime laws. Implementing these measures could potentially reduce Nigeria's cyber fraud losses by 40–60%, offering valuable guidance for policymakers, regulators, and organizations in developing economies confronting similar challenges.
Cybercrime Fraud, fraud risk, Internal Audit Quality, Forensic Accounting, Nigeria.
EFFECT OF CORPORATE SOCIAL RESPONSIBILITY (CSR) EXPENDITURE ON INCOME TAX COMPLIANCE AMONG LISTED NON- FINANCIAL SERVICES COMPANIES IN NIGERIA
Section: Articles This study examines the effect of Corporate Social Responsibility (CSR) expenditure on income tax compliance among listed non-financial services companies in Nigeria. It specifically investigates whether CSR investments and company employment size influence tax compliance behavior. The research adopts a quantitative approach using pooled panel data analysis, which enables the exploration of both cross-sectional and time-series variations across firms. The sample comprises 103 listed non-financial companies, with data spanning 11 years (2012–2022), providing a robust basis for empirical analysis. The study's model incorporates CSR investment and employment size as key independent variables, while firm size and profitability serve as control variables. The findings reveal a significant negative relationship between CSR expenditure and income tax compliance, suggesting that firms with higher CSR spending tend to exhibit lower levels of tax compliance. This raises critical concerns about the potential misuse of CSR initiatives as a strategic tool for tax avoidance, where companies may enhance their public image through CSR while simultaneously reducing their tax obligations. Profitability also shows a negative association with tax compliance, indicating that more profitable firms are less likely to fully adhere to tax regulations. Conversely, employment size and firm size do not significantly affect tax compliance, implying that these structural characteristics may not be reliable predictors of tax behavior. The presence of heteroskedasticity, as revealed by the Breusch-Pagan test, further suggests variability in the influence of these factors across firms. The study concludes that while CSR can be a force for social good, it may also be exploited for less altruistic purposes. It recommends stronger regulatory oversight, tax policy reforms, improved corporate governance, and enhanced transparency in CSR and tax reporting to ensure that CSR activities genuinely reflect corporate accountability and do not undermine fiscal responsibilities.
AUDIT COMMITTEE CHARACTERISTICS AND ESG REPORTING OF LISTED CONSUMER GOODS COMPANIES IN NIGERIA: MODERATING EFFECT OF SHAREHOLDER ACTIVISM
Section: Articles Keywords: Audit committees, sustainability reporting, ESG, consumer goods companies, Nigeria Sustainability reporting in the Nigerian consumer goods industry faces structural and operational challenges, leading to low Environmental, Social and Governance reporting compliance. This study investigates the moderating role of shareholder activism on the effect of audit committee characteristics on Environmental, Social, and Governance (ESG) reporting among listed consumer goods companies in Nigeria. The sample consisted of 16 consumer goods listed on the Nigerian Exchange Group as at December 2024. Using panel data and regression analysis, the study examines the effects of audit committee diligence, equity holdings, age, nationality diversity, and accounting expertise on ESG transparency, while also assessing the moderating role of shareholder activism. The findings reveal that audit committee diligence and accounting expertise positively influence ESG reporting, whereas equity holdings, age, and nationality diversity have negative effects. Notably, shareholder activism positively moderates the relationship between equity holdings and ESG reporting but negatively moderates the influence of diligence and accounting expertise. The study recommends that companies should invest in training and resources that enhance the effectiveness and diligence of their audit committees. In addition, regular evaluations of the committee's performance and clear accountability measures could help ensure a continuous focus on ESG reporting.
Audit committees, sustainability reporting, ESG, consumer goods companies, Nigeria
EFFECT OF BOARD COMPOSITION ON FINANCIAL PERFORMANCE OF LISTED DEPOSIT MONEY BANKS IN NIGERIA
Section: Articles Performance of banks plays a crucial role in the economic development of any country, with the boards of these banks being key to their success. These boards are responsible for ensuring the long-term sustainability and growth of the banks. One of the key questions that arises is what kind of board composition leads to the most effective performance of corporate organizations, including banks. This study explored the impact of board composition on the financial performance of listed deposit money banks in Nigeria. A total of four banks were randomly selected and analyzed over a ten-year period (2014-2024). Data from annual reports and financial statements were analyzed using Ordinary Least Squares (OLS) Regression analysis. The results revealed that the size of the board has a significant positive effect on the financial performance of listed deposit money banks in Nigeria. Additionally, the presence of chief executive officer duality was also found to positively influence the financial performance of these banks. Based on these findings, the study recommends that banks should maintain a board size between ten and fifteen members, depending on the scale and complexity of the bank. It also highlights the importance of ensuring the board includes skilled, competent, independent members who are available for meetings. In line with corporate governance best practices, the study further recommends a focus on non-executive directors, carefully selecting them based on their skills, competence, experience, independence, and availability for meetings.
EFFECT OF REGULATORY FRAMEWORK ON THE PERFORMANCE OF MERGERS AND ACQUISITIONS IN THE NIGERIAN BANKING SECTOR
Section: Articles Keywords: regulatory framework, mergers and acquisitions, legal framework, approval processes, antitrust laws, Nigeria This study investigates the impact of regulatory frameworks on the performance of mergers and acquisitions (M&A) in Nigeria, with a specific focus on legal frameworks, approval processes, and antitrust and competition laws. The objectives are to examine how these regulatory components influence the success and sustainability of M&A activities. A descriptive correlational quantitative research design was adopted, targeting professionals involved in M&A transactions such as regulators, legal experts, and corporate executives. Using a structured questionnaire based on a five-point Likert scale, data were collected from a non-probability sample of 100 respondents. In this study, expert review process was used to ensure validity and reliability was ensured using Cronbach's alpha, respectively. Data analysis was conducted using SPSS version 25.0, employing descriptive statistics and multiple regression analysis. Findings reveal that all three regulatory components- legal framework, approval processes and anti-trust competition laws significantly and positively affect M&A performance, with the legal framework having the most substantial impact (B = 1.16, p < .001). The model explains approximately 86% of the variation in M&A performance (R2 = 0.8559), confirming the robustness of the predictors. The study concludes that transparent and well-enforced regulations enhance M&A outcomes in Nigeria. The study recommends that regulatory bodies such as the Securities and Exchange Commission (SEC) and the Federal Competition and Consumer Protection Commission (FCCPC prioritize reforms and enforcement mechanisms that enhance the clarity, efficiency, and consistency of M&A regulations. Strengthening legal provisions and reducing bureaucratic delays in approval processes will improve deal execution and post-merger integration outcomes. Additionally, continuous enforcement of antitrust and competition laws is essential to prevent monopolistic practices and ensure a level playing field for all market participants.. Future studies should consider institutional capacity and post-merger evaluation mechanisms.
regulatory framework, mergers and acquisitions, legal framework, approval processes, antitrust laws, Nigeria
EFFECT OF COMPANY INCOME TAX AND VALUE ADDED TAX ON ECONOMIC GROWTH IN NIGERIA
Section: Articles Keywords: Company income tax, Value added tax, Economic growth. This research center on evaluation of effect of company income tax and value added tax on economic growth in Nigeria was based on objectives which were to examine the effect of company income tax on economic growth in Nigeria and evaluate the effect of value added tax on economic growth in Nigeria. An ex-post facto research design was employed. Auto Regression Distributed Lag (ARDL) analysis was selected to investigate the effect of company income tax and value added tax on economic growth. Secondary data were collected for a period 23 years 2001-2023 from CBN Statistical Bulletin. The finding shows that there is a positive significant effect of company income tax on economic growth. Also, value added tax was found to have a positive and significant effect on the economic growth in Nigeria. Based on these finding, this study recommends that government should enhance the efficiency of CIT administration by adopting digital tax platforms to reduce evasion, improve compliance, and streamline the tax collection process, ensuring that businesses contribute equitably to economic growth. Also, policymakers should ensure that VAT revenues are transparently allocated to critical sectors such as infrastructure and social services to maximize its positive impact on economic growth and public welfare.
Company income tax, Value added tax, Economic growth.
BI-DIRECTIONAL DETERMINANTS OF PUBLIC SERVICE EFFICIENCY ON DIGITAL TRANSFORMATION IN NIGERIA
Section: Articles Keywords: Digital Transformation, Public Service Efficiency, Fiscal Sustainability, Governance Quality, Nigeria. This study investigates the bi-directional relationship between public service efficiency (PSE) and digital transformation (DIT) in Nigeria from 2014 to 2024, using E-Government Development Index (EGDI) for DIT and proxies like Public Debt-to-GDP Ratio (FS), Government Effectiveness Index (GOV), Public Sector Employment (GS), and Inflation (INF) for PSE. Descriptive statistics show moderate DIT progress, rising debt, and volatile inflation. ADF tests confirm mixed stationarity; Granger causality reveals bi-directional effects between DIT and FS/INF, and unidirectional DIT to GS. Findings indicate DIT enhances fiscal efficiency (p=0.071, FS→DIT; p=0.069, DIT→INF), but governance quality remains unresponsive. Recommendations include deploying digital fiscal platforms, AI- driven inflation tools, and e-governance frameworks to boost efficiency and sustainability.
Digital Transformation, Public Service Efficiency, Fiscal Sustainability, Governance Quality, Nigeria.
BUSINESS VALUATION UNDER CURRENCY DEVALUATION: A CASE STUDY OF NIGERIAN LISTED FIRMS' MERGERS AND ACQUISITIONS
Section: Articles Keywords: Enterprise value, business valuation, mergers and acquisitions, foreign exchange risk, macroeconomic volatility, inflation, financial reporting, currency devaluation. Currency devaluation presents formidable challenges to business valuation, particularly in emerging markets like Nigeria where macroeconomic volatility is endemic. This study explores how the 2023 naira floatation and ensuing devaluation impacted valuation outcomes for Nigerian listed firms involved in mergers and acquisitions (M&A). Using case studies for Access Bank, MTN Nigeria, and Dangote Cement, this study explores how foreign exchange losses, inflation pressures, and enterprise value distortions rewrote valuation methods and investment plans. The study concludes that pre-devaluation valuation methodologies employed extensively relative stability assumptions for exchange rates, leading to inflated enterprise values and minimal FX risk incorporation. The post- devaluation scenarios, however, show extreme dollar-based valuation volatility, reset discount rates, increased cost of capital, and increased currency exposure due diligence. MTN Nigeria recorded over ₦740 billion in FX losses, while Access Bank and Dangote Cement experienced declining valuation multiples as well as distressed capital positions. The evidence further reveals that devaluation triggered strategic shifts in acquisition structuring such as staggered payment and FX-indexed terms in transactions. Investor behavior parted ways—foreign investors employed conservative, hedge-based approaches, while local investors utilized valuation arbitrage to acquire assets at discounted dollar-equivalent prices. The study finds that devaluation of currency has turned business valuation into a strategic decision-making process of a high order as opposed to a fixed financial calculation based on macroeconomic, regulatory, and operating considerations. Proposed recommendations are adaptive building of valuation models by analysts, managers, and policymakers; acceptance of flexible deal structures; and macroeconomic transparency for establishing investor confidence in volatile currency markets.
Enterprise value, business valuation, mergers and acquisitions, foreign exchange risk, macroeconomic volatility, inflation, financial reporting, currency devaluation.
EFFECT OF BOARD CHARACTERISTICS ON RELATED PARTY TRANSACTIONS OF LISTED CONSUMER GOODS COMPANIES IN NIGERIA
Section: Articles Keywords: Board characteristics, Related party transactions, Consumer goods. The aim of this research is to examine the effect of board characteristics on related party transactions of listed consumer goods companies in Nigeria. The population of the study consists of the twenty one (21) listed consumer goods companies on the Nigerian Exchange Group as at 31st December, 2023. Fourteen of the listed consumer goods companies were selected to form the sample of the study for the period of eleven years (2013-2023). The study employed multiple regressions as tool for analysis. Secondary data obtained from the financial statements of the companies were analyzed. Panel data techniques (fixed and random effects models) were utilized to examine the effect of board characteristics on related party transactions, and Hausman specification test confirmed that random effects model was more appropriate for the study. The results show that board size, board independence, board meeting, and number of executive directors on the board have no significant effect on related party transactions, while board gender diversity has a significant positive effect on related party transactions of listed consumer goods companies in Nigeria. The study therefore recommends that, the relevant regulatory bodies in Nigeria should put a quota on the minimum number of female board members consumer goods firms should have on their board, so that they can bring their bargaining power to optimize the amount of related party transactions that will be beneficial to the company, and increase their shareholders' wealth.
Board characteristics, Related party transactions, Consumer goods.
EFFECT OF FORENSIC TECHNOLOGICAL TOOLS ON FINANCIAL CRIME INVESTIGATION EFFICIENCY AMONG LISTED DEPOSIT MONEY BANKS IN NIGERIA
Section: Articles Keywords: Digital Forensic, Artificial Intelligence, Electronic Transaction Monitoring Systems, and Cybersecurity Infrastructure This study investigated the effect of forensic technological tools on financial crime investigation efficiency among listed deposit money banks in Nigeria. The dependent variable was financial crime investigation efficiency, while the independent variables included forensic accounting software usage, artificial intelligence tools, electronic transaction monitoring systems, and cybersecurity infrastructure. A survey research design was adopted, with a population of 452 and a sample size of 233 respondents. Data were analyzed using multiple regression techniques. Findings revealed that all four technological tools significantly enhance the efficiency of financial crime investigations. Forensic accounting software aid in evidence recovery and data analysis; artificial intelligence tools improve detection through predictive analytics; electronic transaction monitoring systems, having the strongest influence, enable real-time identification of suspicious activities; and cybersecurity infrastructure secures digital environments and supports traceable investigations. All variables were statistically significant at the 1% level. Based on these findings, the study recommends that deposit money banks should invest in advanced forensic technologies, integrate artificial intelligence into their investigative systems, expand electronic monitoring capacities, and strengthen cybersecurity infrastructure to enhance their ability to detect and combat financial crimes efficiently.
Digital Forensic, Artificial Intelligence, Electronic Transaction Monitoring Systems, and Cybersecurity Infrastructure