Department of Banking & Finance

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Author: search.filters.author.Lucky Otsoge OnmonyaStart date: 2018

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Now showing 1 - 6 of 6
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    Corporate governance and financial performance of oil and gas firms
    (Asian Business Research Journal, 2024-02-02) Lucky Otsoge Onmonya; Ebire Kolawole; Kehinde Lawal
    As a result of corporate scandals, governments and corporations around the world enacted a slew of laws and recommendations known as best practices codes. As a result, this study examines the effect of corporate governance on the financial performance of listed Nigerian oil and gas firms from 2012 to 2022. The sample size for the study was set at nine firms. Corporate governance was measured by board size, composition, independence, and audit committee size, while financial performance was measured by Return on Asset (ROA) and Return on Equity (ROE). The hypotheses were tested using fixed effect panelregression, which was informed by the Hausman test. Findings revealed that board size has a significant positive effect on ROA while board size have an insignificant effect on ROE.In addition, board composition has an insignificant effect on both the ROA and ROE. Furthermore, board independence has a significant negative effect on the ROA and ROE. Similarly, the size of the audit committee has a significant negative effect on ROA, while the effect on ROE was negative but insignificant. The study concludes that corporate governance significantly affect financial performance of listed oil and gas firms in Nigeria. The Security and Exchange Commission should ensure that listed oil and gas firms adhere strictly to the required board size since a larger board does not influence financial performance.
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    Does Subnational Public Finance Components Affect States’ Fiscal Sustainability in Nigeria?
    (International Journal of Professional Bussiness Review, 2024-02-02) Jim Pam Wayas; Lucky Otsoge Onmonya; Ebire Kolawole
    Objective: The study examined the effect of subnational public finance components on states’ fiscal sustainability in Nigeria. Specifically, the study sought to examine the effect of internally generated revenue and statutory allocation, on states’ fiscal sustainability. Theoretical Framework: Keynesian theory suggests that public expenditure revitalizes the economy, and increases the rate of fiscal unsustainability, which in turn makes households feel wealthier on the basis of government spending and leads to an increase in savings. Method: An ex-post facto research design was adopted to carry out the research for the period 2016-2022. The panel data were collected and sourced from Audited Financial Statements of subnational, CBN statistical Bulletin, CBN Annual report and accounts, and other publications of 36 states. Ordinary least square regression was used to analyse the hypothesis with the aid of E-views 12. Results and Discussion: The study found that internally generated revenue has a significant effect on states’ fiscal sustainability in Nigeria. The study also found that statutory allocation has a significant effect on states’ fiscal sustainability. The study recommends that sub-nationals should ensure a steady increase in internally generated revenue which will help to control the level of fiscal sustainability and increase the statutory allocation sharing formula in favour of sub-nationals because many states are unable to finance their expenditure. Research Implications: Furthermore, the viability of many states and the need to allocate more resources and power to the lower-tier governments to enhance their fiscal capability and operational efficiency. Originality/Value: This study has provided new evidence on the contribution of fiscal policy in increasing the sustainability index of debt to GDP among 36 states in Nigeria using up-to-date data set through the pairwise methodology.
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    CORPORATE TAX AND FINANCIAL PERFORMANCE
    (African Journal of Accounting and Financial Research, 2023-02-02) Kingsley Sweetwilliams; Lucky Otsoge Onmonya; Ebire Kolawole
    The study examined the effect of corporate tax on the financial performance of Nigerian listed consumer goods companies from 2011 to 2021. A sample of sixteen (16) consumer goods firms was used for the study. Secondary data source was generated from the annual reports of the selected firms. The random effect panel regression results revealed that company income tax negatively affects financial performance. The study also revealed that education tax has a significant positive effect on financial performance. While Value Added Tax (VAT) has a significant negative effect on financial performance. In conclusion, corporate tax has a statistically significant effect on the financial performance of consumer goods firms in Nigeria. Based on these findings, the study recommends that to leave enough net income in the hands of the listed consumer goods companies, the federal government should offer more tax exemptions that will lower company income tax payments.
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    Does Foreign Direct Investment Affect Financial Stability in Developing Countries
    (IIARD International Journal of Banking And Finance Research, 2023-02-02) Ebire Kolawole; Lucky Otsoge Onmonya; Christopher Enny Ofikwu; Maurie Nneka Nwala
    The relationship between Foreign Direct Investment (FDI) and financial stability is of increasing concern among economies. The volume and structure of FDI can affect the financial system's stability. This study examines the effect of FDI on financial stability in Nigeria between 2003:1 and 2019:4. The data were subjected to a stationarity test using the Augmented Dickey-Fuller test, and the test result shows that all variables were integrated in the order of 1. The Johansen cointegration test result showed a long-run relationship between all the dependent and independent variables. The hypotheses were tested using Error Correction Mechanism (ECM). It was found that the short runs deviations will adjust to their long-run equilibrium by 17.3% quarterly. The findings show that FDI as a percentage of GDP positively affects Nigeria's financial stability. In contrast, FDI as a percentage of fixed investment and net FDI have a significant negative effect on Nigeria's financial stability. The study, therefore, concluded that inflows of FDI play a significant role in the Nigeria’s financial stability. Based on the findings, the study recommends that authorities such as Ministry responsible for trade, commerce, and investment create an enabling investment environment such as regulations for protecting investors interests to attract FDI into the system.
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    Effects of the Determinants of Foreign Direct Investment in Nigeria
    (Journal of Global Economics, 2018-02-02) Ebire Kolawole; Lucky Otsoge Onmonya; V Ekemini Inim
    Most nations all over the world institutes policies to attract more Foreign Direct Investment (FDI) inflows. Identifying the key determinants of FDI inflows is therefore seen as an important task for policy makers. This study therefore, investigates the major determinants of FDI in Nigeria spanning from 1986-2017. Secondary source of data were used for the study which were first subjected to stationarity test using Augmented Dickey Fuller and Phillips Perron test. Findings showed that all variables were found to be integrated into the order of one. Cointegration analysis showed that there exist a long run relationship among the variables. Based on these findings, Error Correction Mechanism was used in testing the hypotheses. The result showed that exchange rate, GDP, first lag of GDP, military expenditure, first lag of military expenditure, political stability and financial development are the major determinants of FDI inflows to Nigeria. The study therefore recommends among others that, government at all levels should tackle the menace of insecurity ravaging the economy and portraying the country as insecure thereby creating a secured environment for FDI inflows. Democratic regimes should be sustained and investment policies should be instituted or improved on, in order to create a friendly environment to attract more FDI inflows.
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    Audit Committee Characteristics and Corporate Performance
    (Asian Journal of Economics, Business and Accounting, 2023-02-02) Lucky Otsoge Onmonya; Ebire Kolawole
    The corporate governance code mandates all publicly quoted firms in Nigeria to establish an audit committee to ensure transparency in financial reporting and protect shareholders' interests. This study examined the effect of audit characteristics on the corporate performance of listed conglomerates in Nigeria from 2015 to 2021. Audit characteristics was proxy as audit committee size, audit committee meetings and audit committee independence, while corporate performance was proxy as return on asset. The secondary data were sourced from the firms' annual reports and were analysed using correlation matrix and panel fixed regression. The result from the panel regression showed that audit committee size and independence do not significantly affect the performance of listed conglomerates in Nigeria. In contrast, audit committee meetings significantly but negatively affect listed conglomerates in Nigeria. This study concludes that the frequency of audit committee meetings does not increase the performance of firms. This study recommends that the Security and Exchange Commission ensure that conglomerate firms in Nigeria comply with at least four audit committee meetings in a year to improve monitoring mechanisms and corporate performance