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 FIRM CHARACTERISTICS ON FIRM VALUE OF LISTED DEPOSIT MONEY BANKS IN SUB-SAHARAN AFRICA
Section: Articles The study examined the effect of firm characteristics (namely firm size, profitability and leverage liquidity) on the firm value of listed deposit money banks in Sub-Saharan Africa. A quantitative research design was adopted for the study. Secondary data were gathered from annual financial reports and other relevant disclosures covering the period from 2015 to 2024, with emphasis on banks publicly listed on stock exchanges across Sub-Saharan Africa. The study employed purposive sampling to select banks that met specific inclusion criteria, thereby ensuring the availability of reliable financial data for comprehensive analysis. The population of the study comprised 229 listed deposit money banks in Sub-Saharan Africa, from which a final sample of 141 banks was selected. Descriptive statistics, correlation analysis, and robust pooled regression techniques were employed to analyze the data, with heteroskedasticity-adjusted standard errors used to ensure reliable statistical inference. The findings revealed that firm size and profitability had positive and statistically significant effects on firm value, whereas leverage and liquidity exhibited statistically insignificant effects. The study concluded that the market valuation of deposit money banks in Sub- Saharan Africa was primarily driven by scale efficiency and sustainable profitability rather than by leverage or liquidity positions beyond regulatory thresholds. Based on these findings, the study recommended that bank management prioritize efficient asset growth and profitability enhancement strategies, while regulators continue to enforce prudential guidelines that support financial stability without encouraging excessive liquidity hoarding or leverage-driven value creation. Keywords: Firm value, Firm size, Profitability, Liquidity, and Leverage.
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EFFECT OF EMISSION MANAGEMENT PRACTICES ON THE VALUE OF LISTED OIL AND GAS COMPANIES IN NIGERIA
Section: Articles This study aim to examine the effect of Emission Management Practices on Value of Listed Oil and Gas Companies in Nigeria from 2019 to 2024. The oil and gas company has been a cornerstone of global energy production for over a century, providing the fuel that powers modern world. Firm value of oil and gas companies in the world is significantly influenced by market capitalization, which reflects their financial strength and market dominance. This research will explore the key challenges facing the oil and gas exploration and production, the opportunities for innovation, growth, and the solutions that can help navigate this complex landscape. The oil and gas industry contributes significantly to the world, African and Nigeria's economy, accounting for approximately 90% of export earnings and 70% of revenue. The activities of oil and gas companies involve extraction, exploration, production, transportation, marketing among others. In Nigeria, there are 9 listed oil and gas companies listed in the Nigerian Exchange Group (NGX Group) as at 31 December 2024, research will be narrow to 6 listed oil and gas companies that have spent 15 years and above with the Group they are; Nigerian National Petroleum Corporation Limited (NNPCL), Total Energies plc, Oando plc, Capital Oil plc, Conoil plc and MRS Oil Petroleum. The dependent variable in this study is the firm value while the independent variable is the emission management practices. The need for continues use of modern technological equipment by oil companies to regularly verify emission management practices, periodic review of laws, policies, and regulations that can control fossil fuels. NNPCL to further increase renewable energy capacity, improving energy efficiency and, enhance waste management systems to mitigate the control of emission into the environment. Keywords: Emission management, earnings and revenue generation, firm value, and review of regulations.
EFFECT OF COMPUTERIZED FORENSIC INVESTIGATION TECHNIQUES ON FRAUD MANAGEMENT IN LAGOS STATE MINISTRIES, DEPARTMENTS AND AGENCIES
Section: Articles This study examined the effect of computerized forensic investigation techniques on fraud management in Lagos State Ministries, Departments, and Agencies (MDAs). Specifically, the study assessed the roles of Big Data Analytics, Artificial Intelligence, Data Mining Techniques, Cloud Accounting, and Computer Auditing Techniques in enhancing fraud management, drawing on the Fraud Management Lifecycle Theory. Adopting a quantitative survey research design and a positivist epistemological stance, primary data were collected through structured questionnaires administered to staff of selected Lagos State MDAs. Data were analyzed using descriptive statistics, correlation analysis, and multiple linear regression. The findings revealed that Big Data Analytics and Artificial Intelligence exerted positive and statistically significant effects on fraud management, while Data Mining Techniques and Cloud Accounting showed no significant effect. Computer Auditing Techniques, however, demonstrated a negative and statistically significant relationship with fraud management. The study concluded that advanced technologies, particularly Big Data Analytics and Artificial Intelligence, are critical to strengthening fraud management in Lagos State MDAs. Consequently, the study recommended prioritizing investments in these technologies, reassessing the application of Data Mining, Cloud Accounting, and Computer Auditing Techniques, and implementing continuous training and capacity-building programs to enhance the effective use of computerized forensic investigation tools in the public sector. Keywords: Fraud management, Big Data Analytics, Artificial Intelligence, Data Mining, Cloud Accounting, and Computer Auditing Techniques.
EFFECT OF BUDGET PROCESSES ON PERFORMANCE OF PUBLIC FUNDS IN PLATEAU STATE MINISTRIES, DEPARTMENTS AND AGENCIES
Section: Articles The study evaluated the effect of budget processes on public sector performance in Plateau State, Nigeria. Specifically, the study examined the extent to which budget planning process, budget implementation process, and budget evaluation processes has affected the efficient performance of public fund and the effective performance of public funds in the state. The study adopted a survey design using well-structured questionnaire tailored to meet the research objectives. A purposive sampling technique targeting some identified respondents, such as the preparers of the State budget, the executives and the legislators saddled with oversight function of public funds was adopted. The study adopted the multiple regression analysis and found that budget planning is statistically significant in enhancing fund effectiveness of MDAs in Plateau State. The result of the study further reveals that budget implementation is statistically significant but does not enhance fund effectiveness of MDAs in Plateau State. Again, the study found that budget evaluation is statistically significant and shows positive influence on fund effectiveness of MDAs in the State. It also found that, unlike the planning and implementation process, which are negative, it is only the evaluation process that shows positive influence towards fund efficiency of MDAs in Plateau State. The study therefore recommends that budget planning should be bottom-up in order to sustain the improvement on fund effectiveness. Further, budget planning should be bottom-up in order to sustain the improvement on fund effectiveness.
THE EFFECT OF CYBER FRAUD ON CUSTOMER TRUST IN NIGERIAN DEPOSIT MONEY BANKS: A DIGITAL FORENSIC PERSPECTIVE COLLEGE OF PRIVATE SECTOR ACCOUNTING JOURNAL
Section: Articles This study investigated the effect of cyber fraud on customer trust in Nigerian deposit money banks, focusing specifically on phishing and online banking fraud, from a digital forensic perspective. A survey research design was adopted, with 348 respondents, including bank customers and staff, providing data through structured questionnaires. The collected data were analyzed using descriptive statistics and multiple regression analysis to determine the relationship between cyber fraud and customer trust. The findings revealed that both phishing and online banking fraud have a significant negative impact on customer trust, demonstrating that cyber threats undermine confidence in digital banking systems. The study further highlighted the critical role of digital forensic practices in detecting, investigating, and mitigating fraud to restore customer confidence. Based on these results, it is recommended that banks implement stronger anti-phishing measures, enhance customer awareness programs, and establish dedicated forensic units to safeguard funds and maintain trust. This study contributes to understanding the interaction between cyber fraud, digital forensic interventions, and customer trust in Nigeria's digital banking environment. Keywords: Cyber Fraud, Phishing, Online Banking Fraud, Customer Trust, Digital Forensics, Nigerian Deposit Money Banks
EFFECT OF FORENSIC AUDIT ON FRAUD DETECTION IN THE FEDERAL MINISTRY OF FINANCE AND ASSOCIATE AGENCIES IN NIGERIA
Section: Articles The increasing prevalence of financial fraud in Nigeria's public sector has intensified the need for more robust and investigative audit mechanisms. Forensic auditing, which integrates accounting, auditing, and investigative skills, has emerged as a critical tool in uncovering fraud that traditional audit methods have frequently neglected. This study investigates the effect of forensic audit practices, specifically Forensic Audit Investigation Techniques (FAIT), Computer-Assisted Audit Tools (CAATs), and Forensic Audit Reporting Quality (FARQ) on fraud detection in the Federal Ministry of Finance and its agencies. The main objective of the study was to assess the effect of forensic audit on detection of fraud in public financial management. The research adopted survey research design using primary data collected through structured questionnaires administered to 142 audit and finance professionals. Data were analyzed using multiple regression analysis with the aid of SPSS version 23. The findings revealed that all three variables FAIT, CAATs, and FARQ have a positive and statistically significant effect on fraud detection, with p-values below 0.05. This implies that the implementation of investigative techniques, advanced audit tools, and high- quality reporting substantially enhances the Ministry's ability to detect and respond to fraudulent activities. Based on these results, the study recommends: (i) enhanced training in forensic investigation skills; (ii) expanded deployment of CAATs across all units; and (iii) improvement in the timeliness and evidential quality of forensic audit reports. Strengthening these areas will promote transparency, accountability, and effective fraud control in Nigeria's public sector. Keywords: Forensic Audit, Fraud Detection, CAATs, Reporting Quality, Public Finance, Nigeria
DIVIDEND POLICY DETERMINANTS: LIKELIHOOD AND PAYOUT MAGNITUDE IN NIGERIA'S CONSUMER GOODS FIRMS
Section: Articles This study investigates the determinants of dividend policy in Nigeria's consumer goods sector, focusing on both the likelihood and magnitude of dividend payments. Employing a sample of 248 firm-year observations from 2013 to 2022, the study uses logistic regression to model the probability of dividend payments and Tobit regression to analyse payout magnitude. Firm-specific factors, including profitability (ROA), institutional ownership, managerial ownership, leverage, firm size, market valuation (Tobin's Q), and free cash flow, were evaluated to understand their impact on dividend decisions. Historical dividend patterns were also examined through lagged dividend payouts. The results reveal that profitability (ROA) and firm size (SIZE) are the most significant and consistent determinants of dividend behaviour, positively influencing both the likelihood and magnitude of payouts. Firms with higher profitability and larger size are more likely to pay dividends and distribute larger amounts. Short-term leverage (SHTLEV) significantly constrains dividend payments, while long-term leverage (LNGLEV), institutional ownership, managerial ownership, and free cash flow exhibit weaker or non-significant effects. Lagged dividend payouts show a positive and persistent influence, highlighting the importance of historical patterns in shaping current dividend decisions. These findings contribute to the literature on dividend policy by addressing gaps in emerging markets, particularly in Nigeria, where governance structures and financial constraints differ from developed economies. The study's methodological approach, combining logistic and Tobit regression, offers nuanced insights for managers, investors, and policymakers. It underscores the relevance of firm-specific factors in dividend decisions and provides actionable recommendations for enhancing corporate financial strategies in emerging markets. Keywords: Dividend policy, profitability, firm size, leverage, free cash flow, institutional ownership, Tobit regression, logistic regression
EFFECT OF MONETARY POLICY INSTRUMENTS ON CAPITAL ADEQUACY OF LISTED DEPOSIT MONEY BANKS IN NIGERIA
Section: Articles This study examines the effect of monetary policy instruments on capital adequacy of listed deposit money banks in Nigeria. This study specifically investigates the influence of Monetary Policy Rate (MPR) and Cash Reserve Ratio (CRR) on Capital Adequacy Ratio (CAR) of listed Deposit Money Banks in Nigeria. Using sample of 13 banks and covering a study period of 10 years from 2015 to 2024, and data were extracted from the Central Bank of Nigeria statistical bulletins, published annual reports and account of the banks and were analysed using multiple regression techniques. The findings revealed that Monetary Policy Rate and Cash Reserve Ratio exert negative effects on capital adequacy; however, these effects are statistically insignificant. This suggests that although monetary tightening through higher interest rates and reserve requirements tends to place downward pressure on banks' capital positions, such pressures do not significantly erode capital buffers within the study period. The study concludes that monetary policy actions have limited direct impact on banks' capital strength in Nigeria and therefore recommends amongst others an enhanced coordination between monetary policy and prudential regulation to ensure sustained banking sector resilience and financial stability. Keywords: Monetary Policy Rate, Cash Reserve Ratio, Capital Adequacy, Deposit Money Banks, Nigeria
EFFECT OF ECONOMIC, SOCIAL AND GOVERNANCE DISCLOSURES ON FIRM VALUE AND THE MODERATING EFFECT OF LEVERAGE. A STUDY OF LISTED NON-FINANCIAL FIRMS IN NIGERIA
Section: Articles In recent years, ESG disclosure has been promoted as a mechanism for improving corporate transparency and enhancing firm value, yet empirical evidence from emerging economies remains inconclusive. This study explores the effect of economic, social and governance disclosures on firm value among listed non-financial firms in Nigeria. ESG disclosure scores are derived from firms' annual reports using content analysis, while firm value is measured by Tobin's Q. Recognizing that firm-specific conditions may influence market perceptions, the study introduces financial leverage as a moderating variable. Using panel data regression techniques, the findings show that economic and governance disclosures are positively associated with firm value, whereas social disclosure does not exhibit a significant effect. The interaction analysis further indicates that higher leverage weakens the valuation benefits of ESG disclosure. These results align with signalling and stakeholder theories and reflect the cautious response of investors to sustainability information in markets with elevated financial risk. The study contributes to the growing ESG literature by providing evidence from Nigeria and highlights the importance of financial structure in shaping the value relevance of sustainability reporting. Keywords: ESG disclosure; firm value; financial leverage; sustainability reporting
MONETARY POLICY, BANK SIZE, AND CAPITAL ADEQUACY: A CONCEPTUAL FRAMEWORK FOR FINANCIAL STABILITY IN NIGERIA
Section: Articles This paper examines the intricate relationship among monetary policy, bank size, and capital adequacy, using Nigeria as a focal context for understanding how macroeconomic policy instruments influence financial stability in emerging economies. The study is motivated by persistent structural and regulatory challenges within Nigeria's banking system and the need to re-evaluate how monetary decisions affect the solvency and resilience of listed deposit money banks of varying sizes. Anchored on the Monetary Policy Transmission Mechanism Theory, the Capital Buffer Theory, and the Banking Firm Theory, the paper develops an integrative conceptual framework that links monetary policy instruments such as the Monetary Policy Rate (MPR), Cash Reserve Ratio (CRR), and Liquidity Ratio (LR) to banks' capital adequacy, with bank size introduced as a moderating variable. The study argues that while monetary policy plays a crucial role in shaping banks' capital positions, its effects are asymmetrical: large banks, due to scale economies and diversified operations, exhibit greater resilience to contractionary policies, whereas smaller banks experience higher liquidity stress and reduced capital buffers. Drawing from current regulatory developments, including the Central Bank of Nigeria's (CBN) 2024 recapitalization directive, the paper proposes a conceptual model that underscores the necessity of size-sensitive and context- specific monetary frameworks. It concludes that achieving sustainable financial stability in Nigeria requires coordinated policy mechanisms that balance prudential regulation with institutional diversity. The study contributes to the ongoing discourse on monetary policy effectiveness in emerging markets and provides theoretical guidance for future empirical research and policy formulation. Keywords: Monetary Policy, Bank Size, Capital Adequacy, Central Bank of Nigeria, Financial Stability, Emerging Economies
IMPACT OF MONEY LAUNDERING ACTIVITIES ON THE OPERATIONAL PERFORMANCE OF LISTED COMMERCIAL BANKS IN NIGERIA
Section: Articles Money laundering remains a major challenge to the operational efficiency and stability of commercial banks, particularly in emerging economies such as Nigeria, where financial transactions are increasingly complex and high-risk. This study examines the impact of money laundering activities on the operational performance of listed commercial banks in Nigeria, focusing on Suspicious Transaction Exposure, Effectiveness of Anti–Money Laundering (AML) Internal Controls, and Quality of Know-Your-Customer (KYC) Processes. A quantitative research design was adopted, with data collected through a structured questionnaire administered to compliance, risk management, internal audit, and operations professionals across listed commercial banks. Descriptive statistics, Pearson correlation analysis, and multiple regression techniques were used to analyse the relationships among the study variables. The findings show that suspicious transaction exposure has a significant negative effect on operational performance, while effective AML internal controls and high-quality KYC processes exert significant positive effects. AML internal controls emerged as the strongest predictor of operational performance. The results support Institutional Theory and Risk-Based Compliance Theory and highlight the need to integrate AML risk management into core banking operations to enhance efficiency and resilience. Keywords: Money Laundering Activities; Suspicious Transaction Exposure; AML Internal Controls; Know-Your-Customer Processes; Operational Performance of Banks.
AN EMPIRICAL ANALYSIS OF THE RELATIONSHIP BETWEEN GOVERNMENT TRANSFER PAYMENTS AND ECONOMIC GROWTH IN NIGERIA COLLEGE OF PRIVATE SECTOR ACCOUNTING JOURNAL
Section: Articles Government transfer payments play a critical role in Nigeria's fiscal strategy, functioning as instruments for poverty alleviation, economic stabilization, and inclusive growth. In a context where over 63% of the population approximately 133 million people live in multidimensional poverty (National Bureau of Statistics, 2023), transfers such as cash payments, pensions, and other social benefits are essential for supporting vulnerable households and sustaining consumption. This study examines the relationship between government transfer payments and economic growth in Nigeria using secondary data sourced from the Central Bank of Nigeria (CBN), the National Bureau of Statistics (NBS), and other official records. Employing econometric modelling, the analysis investigates how variations in transfer expenditures influence Gross Domestic Product (GDP), employment, and inflation. The findings reveal a significant positive effect of government transfer payments on economic growth in the short term, primarily through enhanced household consumption and increased aggregate demand. Programmes such as direct cash transfers and pension schemes were found to stimulate economic activity. However, the long-term effects are more complex, with concerns about inflationary tendencies, fiscal sustainability, and inefficiencies in distribution mechanisms that limit the full benefits of these transfers. Bureaucratic constraints and weak targeting systems further reduce their developmental impact. The study recommends strengthening transparency, improving targeting mechanisms, and adopting technology-driven distribution systems to minimize leakages and ensure efficient allocation. Enhancing administrative efficiency and accountability will help maximize the growth-inducing potential of government transfer payments while ensuring that fiscal resources achieve their intended developmental objectives. Keywords: Economic growth, Employment rate, Government transfer payments, Gross Domestic Product, Inflation levels
MODERATING EFFECT OF BANK SIZE ON THE RELATIONSHIP BETWEEN MONETARY POLICY AND CAPITAL ADEQUACY OF LISTED DEPOSIT MONEY BANKS IN NIGERIA.
Section: Articles This paper investigated the effect of bank size on the relationship between monetary policy and capital adequacy of listed deposit money banks in Nigeria for the period of 2015-2024. The thirteen 13 listed Deposit Money Banks (DMBs) on the Nigerian Exchange (NGX) out of the twenty-four 24 licensed (DMBs) were used for this study. Specifically, the study adopted multiple regression techniques as a tool of analysis and data were collected from secondary source through the Central Bank of Nigeria statistical bulletins; annual reports and account of the sampled banks. Capital adequacy is proxied by the Capital Adequacy Ratio (CAR), while monetary policy is measured using the Monetary Policy Rate (MPR) and Cash Reserve Ratio (CRR). Bank size is captured as the natural logarithm of total assets, and interaction terms are employed to test the moderating effect of bank size. The findings reveal that contractionary monetary policy exerts a negative and statistically significant effect on banks' capital adequacy, indicating that higher policy rates and reserve requirements weaken banks' ability to sustain regulatory capital buffers. The findings further show that bank size has a positive and significant influence on capital adequacy, with larger banks maintaining stronger capital positions than smaller banks. In addition, the interaction results demonstrate that bank size significantly moderates the relationship between monetary policy and capital adequacy, such that the adverse effects of monetary tightening are less pronounced for larger banks. The study concludes that the impact of monetary policy on bank capital adequacy in Nigeria is heterogeneous and strongly conditioned by bank size. These findings underscore the need for size-sensitive monetary and prudential policy frameworks that balance macroeconomic stabilization objectives with banking sector resilience. Keywords: Bank size, Monetary policy, Capital adequacy, Deposit money banks; Nigeria
LEGISLATIVE AND AUDIT OVERSIGHT INSTITUTIONS AS DETERMINANTS OF BUDGET TRANSPARENCY IN SUB-SAHARAN AFRICA
Section: Articles This study investigates the determinants of public participation in public budgeting across Sub-Saharan African countries, focusing on the influence of budget transparency, legislative oversight, and audit oversight institutions. Using panel data from the Open Budget Survey (2006–2023) and robust regression analysis, the findings reveal that while transparency is necessary, it is not sufficient to drive meaningful citizen engagement. Legislative oversight has a modest but positive influence, whereas audit oversight institutions emerge as the most consistent and significant predictor of public participation. The study confirms that strong institutional frameworks, rather than information disclosure alone, are critical for participatory fiscal governance. These insights highlight the need for governments to institutionalize participatory mechanisms, strengthen oversight bodies, and move beyond symbolic transparency. The research contributes to the growing discourse on inclusive budgeting and offers practical recommendations for enhancing civic engagement in fiscal processes within developing contexts. Keywords: Public Participation; Budget Transparency; Legislative Oversight; Audit Oversight; Fiscal Governance; Open Budget Survey.
DO SUSTAINABILITY DISCLOSURES MATTER FOR MARKET VALUATION? EVIDENCE FROM CONSUMER GOODS FIRMS IN SUB-SAHARAN AFRICA
Section: Articles This study examines the value relevance of corporate sustainability reporting frameworks among listed consumer goods manufacturing firms in Sub-Saharan Africa (SSA). Using an unbalanced panel of 826 firm-year observations from 87 firms across 13 SSA countries over the study period, the analysis assesses whether disclosures aligned with the Sustainable Development Goals (SDGs), Global Reporting Initiative (GRI), Integrated Reporting (IR), and the Taskforce on Climate-related Financial Disclosures (TCFD) convey value-relevant information to capital markets. Firm value relevance is proxied using market-based valuation residuals derived from an Ohlson-type framework, while sustainability disclosures are measured using binary adoption indicators. The study employs panel Ordinary Least Squares, Fixed Effects, and Generalised Linear Models, controlling for firm size, leverage, profitability, and country effects. The results reveal heterogeneous market responses to sustainability disclosures. SDG and TCFD reporting are negatively associated with value relevance, suggesting investor scepticism towards disclosures perceived as symbolic or risk- revealing in weaker institutional environments. In contrast, GRI-based reporting exhibits a positive and significant association with firm valuation once firm-specific heterogeneity is controlled for, while Integrated Reporting shows no significant valuation effect. Overall, the findings indicate that the value relevance of sustainability reporting in SSA is contingent on disclosure standardisation, credibility, and institutional context. Keywords: Sustainability reporting; Value relevance; ESG disclosure; GRI; SDGs; TCFD
EFFECT OF MONETARY POLICY ON MANUFACTURING OUTPUTS IN NIGERIA: 1980-2024
Section: Articles The Study examined the Impact of Monetary policy on the manufacturing outputs in Nigeria: 1980-2024. AugmentedDickey-Fuller(ADF)wasemployedtotestforthestationarityofthe variables under study. The result of the unit root test revealed that manufacturing outputs, interest rate (IR) and inflation rate (INF) are Stationary at level, while Money supply (MS) and monetary policy rate (MPR) were stationary at first difference. The study also employed Autoregressive Distributed Lag (ARDL) model as an estimation technique to ascertain the long run and short run relationship between the dependent variable and independent variables. In the long run, the ARDL estimation revealed that interest rate and money supply had positive and significant impact on the manufacturing outputs in Nigeria, while monetary policy rate and inflation rate impacted negatively and insignificantly on the manufacturing outputs in Nigeria. In the short run, ARDL estimation shows that interest rate at lags one to four had negative but significant impact on the manufacturing outputs in Nigeria, while money supply and monetary policy rate had a negative but significant impact on the manufacturing outputs in Nigeria during the period under review. The study recommendations that Central Bank of Nigeria and other key stakeholders should embark on appropriate policies aimed at mopping up the excess money supply in circulation as such measures will control inflation and boost manufacturing sector output in Nigeria. Keywords: Monetary Policy, Monetary policy rate, Augmented Dickey-Fuller, Autoregressive Distributed Lag, Manufacturing sector Output and Nigeria
DETERMINANTS OF PUBLIC PARTICIPATION IN PUBLIC BUDGETING AMONG SUB-SAHARAN COUNTRIES: THE INFLUENCE OF TRANSPARENCY AND OVERSIGHT INSTITUTIONS
Section: Articles This study examines budget transparency in Sub-Saharan Africa, focusing on legislative and audit oversight institutions and the availability of various budget documents. Public budget transparency is critical to good governance: it refers to the extent to which governments provide comprehensive, timely, and understandable information on public resource allocation. Despite its importance, transparency remains low in most Sub-Saharan African countries, hindering public accountability. The research employs a quantitative longitudinal panel design to analyze the relationships between institutional and procedural factors influencing budget transparency in 14 countries from 2006 to 2023. The regression analysis reveals that institutional strength, document disclosure, and citizen engagement significantly impact fiscal openness. The study recommends that budget transparency can be achieved through consistent public disclosure, legislative frameworks, and active citizen involvement. It also suggests strengthening disclosure frameworks and adapting the research framework for use in government scorecards and transparency reforms. Ultimately, improving budget transparency in the region requires a multi-faceted approach, including institutional strengthening, proactive information sharing, inclusive participation, and technological innovation. The study contributes to understanding budget transparency as both a theoretical concept and practical governance tool shaped by institutional design and civic engagement Keywords: Budget Transparency; Legislative Oversight; Audit Oversight; Fiscal Governance; Open Budget Survey.
EFFECT OF EARNINGS MANAGEMENT ON VALUE RELEVANCE OF LISTED INDUSTRIAL GOODS FIRMS IN NIGERIA.
Section: Articles This study investigated the relationship between earnings management and value relevance of accounting information among listed industrial goods firms in Nigeria. Unlike prior studies that incorporated financial leverage as a moderating variable, this research focuses purely on the direct association between earnings management and value relevance, proxied by Market Price per Share and Price Earnings Ratio (P/E). Secondary data were obtained from the annual reports of ten (7) listed industrial goods firms for the period 2018–2024. The modified Jones model was used to estimate discretionary accruals as a measure of earnings management. Multiple regression analysis was conducted to evaluate the relationship between the study variables. The study examined how earnings management affects the value relevance of listed industrial goods firms in Nigeria, using Market Price per Share (MPS) and Price-Earnings Ratio (PER) as measures of value relevance, and Discretionary Accruals (DACC) and Income Smoothing (ISM) as indicators of earnings management. Based on 35 firm-year observations and controlling for Leverage (LEV) and Profitability (PTY), the results revealed that DACC and ISM had no statistically significant effect on MPS, with p- values. However, leverage showed a significant moderating influence, indicating that higher leverage strengthens the relationship between earnings management and value relevance. The results are revealed earnings management practices to significantly affect the market- based indicators of firm value. Similarly, Diagnostic tests confirmed the reliability of the regression results, showing no signs of multicollinearity or heteroskedasticity. The study contributes to the literature on financial reporting quality by providing empirical evidence on how accounting manipulation influences investor valuation decisions in emerging economies. Keywords: Earnings management, Value relevance, Market price per share, Price earnings ratio, Industrial goods firms
EFFECT OF SPECIFIC ATTRIBUTES ON SHAREHOLDERS' WEALTH OF LISTED MANUFACTURING COMPANIES IN NIGERIA
Section: Articles This study investigates the effect of firm attributes on shareholders' wealth of listed manufacturing companies in Nigeria. The main objective was to determine how firm characteristics; profitability, leverage, liquidity, and audit fee affect shareholders' wealth. The research employed an ex post facto design, drawing on secondary data from audited annual reports and Nigerian Exchange Group (NGX) fact books covering the period 2013–2023. Drawing on panel data and applying robust Ordinary Least Squares (OLS) regression, the analysis revealed that leverage has a negative and statistically significant effect, suggesting that higher debt levels adversely influence the dependent variable. In contrast, audit factor and firm size exhibit positive and statistically significant relationships, implying that stronger audit-related attributes and larger organizational scale enhance the outcome variable. However, profitability and liquidity do not display statistically significant effects within the estimated model.These findings highlight that while firm attributes remain critical in shaping shareholder value, the role of investment decision as a moderator is not uniform but rather contingent on the specific attribute under consideration. Based on the findings, the study recommends that firms should adopt prudent leverage policies to mitigate the adverse effects of excessive debt financing. Emphasis should be placed on strengthening audit quality and governance mechanisms, given their positive contribution to the outcome variable. Additionally, managers may consider well-structured growth and scaling strategies, as firm size demonstrates a beneficial impact. These measures can enhance organizational stability, credibility, and overall performance. Policymakers and regulators may also encourage stronger audit frameworks and responsible financing practices to support corporate sustainability. The study contributes to knowledge by creatively expanding the empirical literature through sector-specific evidence, and innovatively suggesting that investment policies can both strengthen and weaken firm attribute–wealth relationships. The results further provide theoretical validation for agency theory, while underscoring the need for firm-level policy innovations in corporate governance. Keywords: Specific Attributes, Investment Decision, Shareholders' Wealth, Audit fee and Liquidity
HUMAN CAPITAL DISCLOSURE QUALITY, FIRM'S MARKET VALUE AND THE MODERATING EFFECT OF INTEGRATED REPORTING. A STUDY OF LISTED FIRMS IN NIGERIA.
Section: Articles This study examined the effects of human capital disclosure quality on the market value of Nigerian non-financial listed firms, with particular focus on the moderating role of integrated reporting quality. Using a balanced panel of 24 firms over seven years (2018–2024), and employing fixed-effects regression models informed by the Hausman specification test, the study finds that higher-quality human capital disclosures are positively associated with firm value. Integrated reporting quality also exhibits a direct positive effect and significantly strengthens the relationship between human capital disclosure and firm value, confirming its moderating role. Control variables, including firm size and leverage, behave as expected. The findings are consistent with Signalling theory and the information complementarity perspective, suggesting that the content and quality of disclosures jointly influence market perceptions. The study contributes to the literature by demonstrating that integrated reporting enhances the market impact of human capital disclosure and offers implications for managers, regulators, and investors seeking to understand the valuation effects of non-financial reporting in emerging markets. Keywords: Firm value, Human capital disclosure, Integrated reporting quality
EFFECT OF BOARD CHARACTERISTICS ON CASH HOLDING OF LISTED COMMERCIAL BANKS IN NIGERIA.
Section: Articles This study examines the effect of board characteristics on cash holding in listed commercial banks in Nigeria using a longitudinal research design. The study analyzes data from 15 commercial banks listed on the Nigerian Exchange Group (NGX) as of December 31, 2024. Board characteristics considered include board size, board independence, and board meetings, while firm size is included as control variables. Secondary data were sourced from audited financial statements, and panel regression analysis was employed for data estimation. The findings reveal that board size and firm size have a significant negative impact on cash holding. Conversely, board independence has a significant positive effect on cash holding. However, board meetings show an insignificant relationship with cash holding, implying that the frequency of board meetings alone may not directly influence liquidity decisions. The study concludes that corporate governance mechanisms play a critical role in cash management strategies among Nigerian commercial banks. It recommends maintaining an optimal board size, strengthening board independence, and adopting efficient cash management strategies to ensure financial stability. Keywords: Board Characteristics, Cash Holding, Board Size, Board Independence,
EFFECT OF FORENSIC INTERVIEWS AND FUND TRACING TECHNIQUES ON FRAUD CONTROL IN PUBLIC SECTOR PENSION ADMINISTRATION IN KEBBI STATE, NIGERIA
Section: Articles This study examined the effect of forensic accounting techniques specifically forensic interviews and fund tracing on fraud control in public pension administration in Kebbi State, Nigeria. Using a mixed-methods research design, the study analysed both quantitative data generated through structured questionnaires and qualitative insights obtained from interviews with senior officials. Descriptive statistics revealed a consistent and substantial decline in fraud cases following the adoption of enhanced forensic accounting techniques, with annual fraud reduction rates increasing from 41.18% in 2019 to 53.33% in 2023. Pearson correlation analysis indicated strong negative relationships between the independent variables and fraud control (forensic interviews: r = –0.61; fund tracing: r = –0.65), suggesting that increased application of forensic procedures effectively reduces fraudulent activities. Multicollinearity tests confirmed the suitability of the regression model, with all VIF values below 5 and Tolerance values above 0.20. Regression analysis further demonstrated that forensic interviews (β = –6.8, p = 0.002) and fund tracing (β = –8.7, p < 0.001) significantly and negatively influence fraud occurrence, jointly explaining 56% of the variance in fraud control outcomes (R2 = 0.56). The qualitative findings reinforced these quantitative results, as respondents highlighted enhanced fraud detection, improved financial oversight, increased deterrence, and strengthened accountability and transparency as major benefits of adopting forensic accounting techniques, the study concludes that forensic accounting plays a pivotal role in strengthening fraud prevention mechanisms within public pension administration. It recommends sustained investment in forensic technologies, continuous capacity building for financial oversight personnel, and institutionalisation of forensic practices to ensure long-term improvements in transparency and accountability. Keywords: Forensic Accounting, Fraud Control, Pension Administration, Forensic Interviews, Fund Tracing, Fraud Prevention,
AUDIT QUALITY AS A MODERATOR BETWEEN BOARD CHARACTERISTICS AND EARNINGS MANAGEMENT: EVIDENCE FROM LISTED BANKS IN NIGERIA
Section: Articles This research investigates the moderating influence of audit quality on the correlation between board characteristics and earnings management within publicly traded banking institutions in Nigeria. The impetus for this study arose from ongoing financial reporting discrepancies, despite the implementation of corporate governance reforms. Utilizing secondary data from 34 listed banks for the period 2012 to 2022, panel regression analyses were conducted employing the Modified Jones and Kothari methodologies, with discretionary accruals (DA) utilized as an indicator of earnings management. The primary explanatory variables included board size, independence, diligence, gender diversity, and ownership, whereas audit quality was represented by audit firm size and audit fees. The empirical findings indicate that board size (β = 0.048, p < 0.05) and board ownership (β = 0.017, p < 0.05) exert significant negative influences on earnings management, suggesting that boards that are larger and possess greater ownership stakes effectively mitigate opportunistic financial reporting. Conversely, board independence, diligence, and gender diversity did not demonstrate statistically significant impacts on earnings quality, indicating a limited role in this context. The moderating analysis further illustrates that both audit firm size (AFS) and audit fees (AF) substantially enhance the relationship between board mechanisms and earnings management. In particular, the interactions AFS × BD (β = 0.107, p < 0.05) and AF × BS (β = −0.074, p < 0.05) reveal that high audit quality amplifies the efficacy of diligent and sizable boards in counteracting earnings manipulation. This study concludes that the interplay between robust board structures and rigorous audit mechanisms is essential for reducing earnings management within Nigeria's banking sector. It advocates for regulatory bodies to prioritize auditor independence and encourage engagements with Big 4 audit firms to bolster the integrity of financial reporting. Keywords: Board Characteristics, Audit Quality, Earnings Management, Discretionary Accruals, Nigerian Banks
EFFECT OF NON-CURRENT ASSETS ON VALUE OF LISTED CONSUMER GOODS FIRMS IN NIGERIA
Section: Articles Persistent uncertainty exists regarding whether investments in non-current assets by listed consumer goods firms in Nigeria have effectively translated into improved market valuation, as prior evidence remains mixed and inconclusive, particularly within emerging market contexts. This study examined the effect of non-current assets on the value of listed consumer goods firms in Nigeria, using Tobin's Q as a measure of firm value. A quantitative ex post facto research design was employed, and panel data were sourced from the annual reports and audited financial statements of listed consumer goods firms on the Nigerian Exchange Group covering the period 2014 to 2024. The data were analysed using fixed-effects panel regression. The findings revealed that property, plant and equipment had a positive and statistically significant effect on firm value, long-term investments had a negative and statistically significant effect on firm value, while intangible assets had a positive but statistically insignificant effect on firm value. The study concluded that firm value in Nigeria's consumer goods sector was driven by the strategic alignment and efficient utilisation of non-current assets rather than their mere accumulation. The study recommended that firms prioritise productive investments in property, plant and equipment, critically review and realign long-term investment portfolios with core operations, and strengthen the valuation, impairment, and disclosure of intangible assets in line with IFRS requirements to enhance firm value. Keywords: Firm value; Property, plant and equipment; Long-term investments; Intangible assets.
EFFECT OF FORENSIC ACCOUNTING TECHNIQUES ON FRAUD PREVENTION IN MINISTRIES, DEPARTMENTS AND AGENCIES (MDAs) IN PLATEAU STATE.
Section: Articles With the upsurge in fraud in almost every sector in Nigeria, financial fraud management has become an emerging topic of great importance for professionals, academics and research. With spate of decadence in all spheres of life and the difficulty of those responsible for preventing and detecting fraud has necessitated the request for special skills of forensic accounting in resolving allegations of fraudulent activities. The study seeks to examine the effect of forensic accounting skills on financial fraud management in MDAs, particularly Plateau State MDAs by specifically assessing the effect of data mining skill, ratio analysis skills and trend analysis skills on financial fraud management. The population of this study is One Hundred and Two (102) staff of departments of Plateau State Ministry of Finance who have forensic accounting skills knowledge. Survey design was used in the study. Using Taro Yamani formula, the sample size of 81 was determined. Statistical Packages for Social Science (SPSS) 26 was used to analyze the data using multiple regression analysis. The result revealed that Data mining skills, Ratio Analysis skills and Trend Analysis skills have significant effect on financial fraud management in Plateau State Ministry of Finance. It was recommended that MDAs in Plateau State should be obliged to acquire comprehensive data mining software facilities, as well as advanced training on the application of data mining and its usefulness in the ministries, the use of forensic accounting skills should be encouraged and applied by the MDAs and that trainings, should be organized by government to equip the practitioners with necessary skills. Keywords: Fraud, Forensic Accounting Skills, Financial Fraud, Financial Fraud
EFFECT OF AUDITOR SKILLS ON FINANCIAL ACCOUNTABILITY OF PLATEAU STATE GOVERNMENT MINISTRIES
Section: Articles Financial accountability remains a cornerstone of effective governance, particularly within the public sector where transparency in resource utilization is crucial for building trust and ensuring development outcomes. This study investigated the effect of internal auditor skills on the financial accountability of Plateau State Government Ministries, with emphasis on analytical skills, communication skills, risk assessment skills, and professional skepticism. Guided by Human Capital Theory, the research employed a positivist philosophy and quantitative design. Data were collected through structured questionnaires administered to 115 internal audit staff across 17 ministries, with 109 valid responses analyzed using multiple regression. The findings reveal that analytical skills have a significant positive effect on financial accountability, enabling the detection of irregularities and improving the reliability of financial reporting. Similarly, communication skills significantly influence financial accountability by ensuring clarity of audit reports and enhancing stakeholder understanding. However, risk assessment skills and professional skepticism were found to have no significant effect on financial accountability in the ministries studied. The study concludes that while analytical and communication skills are key drivers of accountability, the underutilization of risk assessment and professional skepticism weakens audit effectiveness. It recommends targeted capacity-building programs, continuous professional training, and the integration of modern audit tools to strengthen these weaker competencies. Furthermore, policymakers and regulatory bodies should institutionalize mandatory refresher courses and ethical training to embed critical evaluation and risk-focused auditing in practice. By addressing these gaps, internal auditing can more effectively enhance financial accountability and promote transparent governance in the public sector.
EFFECT OF OWNERSHIP STRUCTURE ON ENVIRONMENTAL DISCLOSURES OF LISTED OIL AND GAS COMPANIES IN NIGERIA
Section: Articles Environmental degradation linked to oil and gas operations has intensified the demand for corporate environmental accountability, motivating this study to examine the effect of ownership structure on environmental disclosure among listed oil and gas companies in Nigeria. Specifically, the study investigated the impact of government ownership and institutional ownership on environmental disclosure. A correlational research design was adopted, using secondary panel data collected from the annual reports of eight listed oil and gas firms between 2012 and 2023. The study employed census sampling and analyzed the data using fixed effects panel regression with robust standard errors after conducting diagnostic tests. The results showed that government ownership had a negative but statistically insignificant effect on environmental disclosure, while institutional ownership had a significant negative effect. The study concludes that both government and institutional owners in the Nigerian oil and gas sector do not actively promote environmental transparency. It recommends stronger regulatory enforcement, institutional investor engagement in sustainability practices, and mandatory disclosure frameworks to enhance environmental accountability. Keywords: Ownership Structure, Government Ownership, Institutional Ownership and Environmental Disclosure
MODERATING EFFECT OF AUDIT QUALITY ON BOARD CHARACTERISTICS AND EARNINGS MANAGEMENT OF LISTED INSURANCE FIRMS IN NIGERIA
Section: Articles This study empirically investigates the impact of corporate governance mechanisms on earnings management and examines the moderating roles of audit firm size and audit fees within the insurance subsector. Using a panel dataset of 242 firm-year observations, Ordinary Least Squares (OLS), Fixed Effects (FE), and Random Effects (RE) regression models were employed. The results reveal that board size (β = -0.079, p < 0.05) has a significant negative relationship with earnings management across all models, indicating that larger boards enhance monitoring effectiveness and reduce managerial discretion. Board independence, gender diversity, and ownership are statistically insignificant, suggesting limited influence on earnings manipulation. Conversely, cash flow from operations (β = -4.950, p < 0.01) consistently exhibits a strong negative effect, confirming that firms with healthier cash positions are less likely to engage in accrual-based earnings management. The moderating analysis shows that audit firm size strengthens the governance effect of board gender diversity (β = 0.025, p < 0.05), implying that the presence of female directors becomes more effective in reducing earnings manipulation when firms are audited by Big 4 auditors. However, the interaction effects involving audit fees are statistically insignificant, indicating that audit costs exert a limited moderating role. The models explain between 10% and 17% (R2 = 0.101–0.168) of the variation in earnings management. Overall, the findings underscore the importance of strong board structures and high-quality audits in constraining earnings manipulation and enhancing financial reporting credibility within the insurance industry.
EFFECT OF BOARD AUDIT COMMITTEE ATTRIBUTES ON ASSETS FRAUD DETECTION AMONG LISTED MANUFACTURING COMPANIES IN NIGERIA
Section: Articles This study examines the effect of audit committee attributes, such as size, independence, diversity, and diligence—on asset fraud detection among listed manufacturing companies in Nigeria. While prior research provides mixed findings on how these attributes influence fraud detection, specific studies on asset fraud and in emerging markets remain limited. Using a sample of 48 companies over 11 years (528 company-year observations), the study employs a descriptive and correlational research design and applies multiple regression analysis. Findings reveal that larger audit committees, higher diversity, and more frequent meetings are negatively associated with asset fraud detection, while independence shows no significant effect. Conversely, firm size demonstrates a strong positive impact on fraud detection. These results suggest that traditional assumptions about audit committee effectiveness may not hold universally and highlight the importance of context-specific governance strategies. The study provides valuable insights for enhancing corporate governance practices in emerging markets. Keywords: Audit Committee Attributes, Asset Fraud Detection, Corporate Governance, manufacturing Companies
EFFECT OF ACCOUNTING INFORMATION SYSTEMS ON FINANCIAL REPORTING QUALITY OF LISTED DEPOSIT MONEY BANKS IN NIGERIA
Section: Articles This study investigated the effect of Accounting Information System on Financial Reporting Quality of listed Deposit Money Banks in Nigeria. The main objective was to determine how Accounting Information System attributes which includes information quality, system quality and system security influence the quality of financial reporting. The study was underpinned by the DeLone and McLean (2003) Information System Success Model, Agency and Technology Acceptance theories, both emphasizing the role of technological and human resources in achieving efficient, reliable, and transparent reporting outcomes. A cross- sectional survey research design was adopted. The population consisted of all fourteen (14) listed DMBs in Nigeria, from which data were collected from 140 respondents drawn from accounting, audit, and information technology departments. Census sampling was used, and the data were obtained through structured questionnaires based on a five-point Likert scale. The research instrument was validated through expert review and factor analysis, while reliability was confirmed using Cronbach's alpha. Data analysis employed Partial Least Squares Structural Equation Modeling due to its robustness in handling small samples and complex latent constructs. Diagnostic tests confirmed data normality, linearity, and absence of multicollinearity Findings revealed that all three Accounting Information System proxies significantly and positively influence financial reporting quality. Specifically, information quality improved the accuracy and relevance of reports; system quality enhanced comparability and faithful representation; service quality contributed to the timeliness of financial information; and system security safeguarded data integrity and reliability. Furthermore, Internal Audit Quality was found to significantly moderate the relationship between Accounting Information System and Financial Reporting Quality, especially in areas of service quality and system security, implying that strong internal audit functions enhance data assurance, system reliability, and transparency in financial reporting. It recommended that bank management should periodically review Accounting Information System processes, strengthen cybersecurity infrastructure, ensure effective internal audit oversight, and engage competent auditors with Information Technology expertise. Audit committees should also enforce audit recommendations and integrate audit oversight into Accounting Information System processes to enhance reliable, timely, and unbiased financial reporting in Nigerian banks. Keywords: Accounting Information System, Internal Audit Quality, Financial Reporting Quality, Deposit Money Banks in Nigeria
EFFECT OF CORPORATE GOVERNANCE ATTRIBUTES AND VALUE OF LISTED INSURANCE COMPANIES IN NIGERIA
Section: Articles This study investigated the effect of corporate governance attributes on the firm value of listed insurance companies in Nigeria. The governance variables examined included board size, board composition, foreign directorship, and financial expertise, with firm value as the dependent variable. Using an ex post facto research design, the study sampled 10 firms from a population of 20 insurance companies through purposive sampling. Regression analysis revealed that board size and board composition had positive and negative relationships with firm value, respectively, but neither was statistically significant. Foreign directorship showed a significant negative impact, suggesting that foreign board members may have hindered firm performance, possibly due to cultural or contextual misalignments. Conversely, financial expertise on the board had a strong, significant positive effect on firm value, underscoring the importance of financial acumen in corporate oversight. The model explained 22.4% of the variation in firm value and was statistically significant overall, confirming the role of governance quality in shaping firm outcomes in Nigeria's insurance sector. The study recommended prioritizing the appointment of financially skilled directors, enhancing the integration of foreign directors, and focusing on board quality over size or independence to strengthen firm value. Keywords: Board size, Board composition, Foreign directorship, and Financial expertise
EFFECT OF FORENSIC ACCOUNTING TOOLS ON FRAUD PROSECUTION PROCESS IN NIGERIA COURT SYSTEM
Section: Articles The study examines the effect of forensic accounting evidence on fraud prosecution processes in Nigeria court system. A survey research design was employed for the study with extensive reliance on primary data obtained through the use of questionnaires administered online to legal professionals. A descriptive and causal (cause-and-effect) research design was adopted while Chi-Square ( X2) test of independence was used for testing the hypotheses formulated on Statistical Package for Social Sciences (SPSS version 23.0). The findings revealed that forensic documentary evidence tools, demonstrative evidence tools, physical evidence tools, and oral evidence tools have a significant influence on the fraud prosecution process in the Nigerian court system. The study recommended that Forensic accounting should be constantly employed by the Nigeria court of law in other to positively enhance fraud prosecution processes in Nigeria court system. Keywords: Forensic Accounting, fraud prosecution processes, Judicial system.
EFFECT OF SUSTAINABILITY REPORTING ON SHARE PRICE OF LISTED OIL AND GAS FIRMS IN NIGERIA
Section: Articles In recent years, sustainability reporting has emerged as a strategic tool for corporate accountability, particularly in environmentally sensitive sectors such as oil and gas. In Nigeria, despite increasing pressure for transparency, sustainability disclosures remain inconsistent and largely voluntary, raising questions about their effectiveness in influencing investor behavior and firm valuation. This study examined the impact of sustainability reporting measured through economic, environmental, and social disclosures on the share price performance of listed oil and gas firms in Nigeria. The study adopted an ex post facto research design using secondary data extracted from the audited annual reports of twelve (12) listed oil and gas companies over a Ten-year period (2014–2023). Panel regression analysis was employed to evaluate the relationship between the sustainability disclosure indices and share price. The findings revealed that all three dimensions of sustainability reporting significantly and positively influence share price, with social disclosure exerting the strongest effect, followed by environmental and economic disclosures. These results affirm the relevance of Legitimacy Theory, suggesting that firms which align their activities with societal expectations through transparent reporting are more likely to gain investor confidence and market valuation. Based on these findings, the study recommends the enforcement of standardized sustainability disclosure frameworks, increased focus on social and environmental reporting, and capacity building for corporate reporting officers. It also calls for stronger regulatory oversight and stakeholder engagement to improve the credibility and impact of sustainability reporting practices within Nigeria's oil and gas sector.
MODERATING EFFECT OF INFORMATION COMMUNICATION TECHNOLOGY SOFTWARE ON THE RELATIONSHIP BETWEEN OWNERSHIP STRUCTURE AND VALUE OF LISTED FINANCIAL FIRMS IN NIGERIA
Section: Articles This study explored how investment in Information and Communication Technology (ICT) moderated the relationship between ownership structure and firm value among listed financial firms in Nigeria. Drawing from the Resource-Based View (RBV) and Stakeholder Theory, it examined whether ICT enhanced the strategic roles of different ownership types individual, block institutional, managerial, and foreign ownership. Data from 41 listed financial firms covering the period 2013–2023 were analyzed using panel regression to assess both direct and interaction effects. Findings revealed that individual ownership did not significantly affect firm value on its own, but became significant when moderated by ICT, suggesting that digital tools improved individual investors' access to firm disclosures. Similarly, Institutional ownership had no significant standalone effect but became significant with ICT, indicating enhanced monitoring capabilities through digital platforms. Managerial ownership had a positive but statistically insignificant effect, both directly and when moderated by ICT, implying that existing ICT tools did not sufficiently support managerial accountability or align management interests with firm value. Foreign ownership had a significant positive effect on firm value, but ICT did not significantly moderate this relationship likely due to strong governance practices already embedded in foreign investment frameworks. Importantly, ICT on its own had a strong and positive effect on firm value, underscoring its strategic importance in Nigeria's financial sector. Based on these insights, the study recommended that financial firms adopt mobile-friendly digital platforms to support individual investor engagement. For institutional investors, AI-driven governance and real-time compliance tools should be implemented. ICT systems should also be integrated into executive performance tracking to strengthen managerial accountability. For foreign investors, platforms should be aligned with international standards and offer multilingual support. Overall, sustained investment in robust ICT infrastructure, data analytics, and cybersecurity remained essential to enhancing firm value across Nigeria's financial industry. Keywords: Individual Shareholding; Institutional Ownership; Managerial Ownership; Foreign Ownership; Firm Value; ICT Investment
EFFECT OF GOVERNMENT INTEGRATED FINANCIAL MANAGEMENT INFORMATION SYSTEM IMPLEMENTATION ON FINANCIAL GOVERNANCE IN SELECTED MINISTRIES, DEPARTMENTS, AND AGENCIES IN NIGERIA
Section: Articles Financial governance entails the systems, structures, and processes that guide the effective management of financial resources. It includes oversight of financial transactions, operations, compliance, and risk management, supported by sound policies on Budget Preparation Processes, Accounting, Internal Controls, and Expenditure Management. In pursuit of improved financial governance, the Nigerian government leveraging on Information and Communication Technology (ICT) introduced the Government Integrated Financial Management Information System (GIFMIS) as a key reform initiative. This study examines the Effect of GIFMIS Implementation on Financial Governance in selected Ministries, Departments, and Agencies (MDAs) in Nigeria. The study specifically investigates how six core GIFMIS modules—Budget Preparation, Budget Execution, Human Resource, Accounting, Master Data, and Reporting—affect Financial Governance outcomes. A descriptive survey research design was adopted, and primary data were obtained from 140 purposively selected staff engaged with GIFMIS as users' / role players in MDAs across Nigeria's North Central region. Data analysis employed descriptive statistics, Pearson correlation, and multiple regression using SPSS. The findings reveal that some modules significantly influence financial governance, with Budget Execution and Human Resource exhibiting the most substantial positive effects. However, Budget Preparation, Accounting, Master Data and Reporting modules were identified as needing further optimization being that they were yet to be fully deployed to MDAs. The study recommends review and upgrade of other GIFMIS Modules, integrate full deployments of functionalities for effective utilization, targeted capacity building, enhancement of data integrity measures, improved infrastructure, and continuous monitoring to strengthen GIFMIS implementation. The research contributes to the understanding of ICT-driven financial reforms and provides actionable insights for policymakers and practitioners committed to enhancing transparency, accountability, and efficiency in Nigeria's financial management. Keywords: GIFMIS, Financial Governance, Budget Preparation / Execution, Transparency, Accountability.
MODERATING EFFECT OF INTERNAL AUDIT QUALITY ON THE RELATIONSHIP BETWEEN ACCOUNTING INFORMATION SYSTEMS AND FINANCIAL REPORTING QUALITY OF LISTED DEPOSIT MONEY BANKS IN NIGERIA
Section: Articles This study investigated the moderating effect of Internal Audit Quality on the relationship between Accounting Information System and Financial Reporting Quality of listed Deposit Money Banks in Nigeria. The main objective was to determine how Accounting Information System attributes which includes Service Quality and System Control influence the quality of financial reporting and how Internal Audit Quality enhances or weakens these relationships. The study was underpinned by the DeLone and McLean (2003) Information System Success Model, Agency and Technology Acceptance theories, both emphasizing the role of technological and human resources in achieving efficient, reliable, and transparent reporting outcomes. A cross-sectional survey research design was adopted. The population consisted of all fourteen (14) listed DMBs in Nigeria, from which data were collected from 140 respondents drawn from accounting, audit, and information technology departments. Census sampling was used, and the data were obtained through structured questionnaires based on a five-point Likert scale. The research instrument was validated through expert review and factor analysis, while reliability was confirmed using Cronbach's alpha. Data analysis employed Partial Least Squares Structural Equation Modeling due to its robustness in handling small samples and complex latent constructs. Diagnostic tests confirmed data normality, linearity, and absence of multicollinearity. Findings revealed that all four Accounting Information System proxies significantly and positively influence financial reporting quality. Specifically, service quality contributed to the timeliness of financial information; and system control safeguarded data integrity and reliability. Furthermore, Internal Audit Quality was found to significantly moderate the relationship between Accounting Information System and Financial Reporting Quality, especially in areas of service quality and system control, implying that strong internal audit functions enhance data assurance, system reliability, and transparency in financial reporting. It recommends that bank management should periodically review Accounting Information System processes, strengthen cybersecurity infrastructure, ensure effective internal audit oversight, and engage competent auditors with Information Technology expertise. Audit committees should also enforce audit recommendations and integrate audit oversight into Accounting Information System processes to enhance reliable, timely, and unbiased financial reporting in Nigerian banks. Keywords: Accounting Information System, Internal Audit Quality, Financial Reporting Quality, Deposit Money Banks in Nigeria
EFFECT OF ACCOUNTING PRACTICES ON BUDGET IMPLEMENTATION OF GOVERNMENT-OWNED RESEARCH INSTITUTES IN SOUTH EASTERN NIGERIA
Section: Articles The study examined the effects of accounting practices on budget implementation of government-owned research institutes is South Eastern Nigeria. Specifically, the study examined the effect of proper accounting records, preparation of accounting records and accounting records procedures on revenue collection in government-owned research institutes; examined the effect of proper accounting records, preparation of accounting records and accounting records procedures have on expenditure control in government- owned research institutes; accessed the effect of timely payroll accounting, accurate payroll accounting and accessible payroll records have on revenue collection in government-owned research institutes; and accessed the effect of timely payroll accounting, accurate payroll accounting and accessible payroll records have on expenditure control in government-owned research institutes. The study adopted a survey design with using well-structured questionnaire tailored to meet to research objectives. A purposive sampling technique targeting the directors of finance, budget officers and accountants in the selected government-owned research institutes was adopted. The study adopted the multiple regression analysis and found significant and strong effect of record keeping on the revenue collection in the government-owned research institutes. Further, the study found payroll accounting to be significant, yet very weak in influencing revenue collection and expenditure control in the government-owned research institutes. The study therefore recommends complete upgrading and modernization of the record keeping processes and systems in line with the technological improvements in revenue collections in government-owned research institutes for optimum results from record keeping. Keywords: Accounting practices; Record keeping; Payroll accounting; Revenue collection; Expenditure control