Department of Banking & Finance

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Subject: search.filters.subject.Nigeria

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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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    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