JOURNAL OF ECONOMICS AND ALLIED RESEARCH
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CAPITAL ADEQUACY RATIO AND FINANCIAL PERFORMANCE OF LISTED COMMERCIAL BANKS IN NIGERIA
Get PDFThe stability of a bank is said to be a function of its Capital adequacy which in turn influences its performance. Commercial Banks in Nigeria operate under different levels of capital adequacy. This study therefore sought to examine the effect of capital adequacy ratio on the performance of listed commercial banks in Nigeria proxied by return on capital employed from 2014-2019. Data for this study, collected from the sampled commercial banks annual financial reports for the period covered, were analysed using panel regression. The study found that capital adequacy ratio had significant and positive effect on return on capital employed of listed commercial banks in Nigeria. Based on this finding, the Central Bank of Nigeria is advised to increase the Capital Adequacy Ratio of commercial banks and ensure that they are complied with. This is expected to bring about improved performance of the banking sector
THE LIMIT OF DEDUCTIVE REASONING IN LAW AND A STUDY OF NEIL MACCORMICK’S SECOND-ORDER JUSTIFICATION
Get PDFAmong lawyers and judges, it is widely held that legal reasoning is characterized by deductive and inductive arguments. Although not many are prepared to accept this, the role of deduction and induction are not disputed. However, what is argued about is that whereas deductive reasoning holds true of factual propositions, it does not hold between norms. And even in clear cases, it is inappropriate to apply deductive reasoning; hence there is therefore, a limit to what deductive reasoning can go in law. MacCormick, for example, recognizes this limit and thus proposes a ‘second-order justification’ which, according to him, involves justifying choices; choices between rival possible rulings. These are choices to be made within the specific context of a functioning legal system. In this paper, attempt is made to demonstrate the extent to which MacCormick’s theory on ‘second-order justification’ remedies the limitation engendered in law by deductive and inductive reasoning. Taking into cognizance the fact that theoretical framework of the individual judge in question plays a huge role in the determination of court cases and judgement, the work, having presented the author’ own view, subjected same under critical interrogation, analysis and evaluation and found out that second-order justification is indeed defensible in law
ECONOMIC GROWTH AND EMPLOYMENT IN NIGERIA’S SERVICES SECTOR
Get PDFThe paper examines the effect of economic growth on employment in Nigeria’s services sector during the period from 1991 to 2020. The ARDL approach to cointegration and error correction modeling is employed for the analysis. The study finds that economic growth spurs employment generation in the services sector in the short-run and in the long-run. It further finds that employment generation in the services sector is also spurred by trade openness and financial sector development, but adversely affected by inflation. In view of these, it is recommended that Nigeria’s government intensify effort in accelerating the nation’s economic growth, bringing inflation under control, developing the nation’s financial system and cautiously integrating the economy with the global market
FROM GERONTOCRACY TO OHACRACY: A CRITICAL SURVEY OF SOCIO- RELIGIOUS DYNAMISM OF ELDERSHIP IN IGBO COSMOLOGY
Get PDFLong ago, the Igbo concept of eldership connoted the old men who naturally have attained old age. These men sat at judgments over critical moments of justice and its delivery in Igboland. They are drawn from all the families that constitute the family folk. Special regards was given to the oldest man on whom was conferred the privilege to superintend over the insignia of traditional power. Governmental system was gerontocracy. This paper seeks to critically examine the concept of eldership in the primordial Igbo society and the emerging democratic administration in Igboland. Primary and secondary methods were used for data presentation. The study discovers that in contemporary times the concept of eldership has changed drastically from age umbrella to contemporary socio-religious ideologies. The idea of leadership has transformed from gerontocracy to Ohacracy, a form of egalitarian democracy in political administration of the Igbo. Eldership was no more attained only through natural acquisition of age. Young men and women who have acquired skills in communication, became wealthy, politicians and image makers have gone to the center stage of policy making and administration in villages and towns today. The problem created by the young elders is the hasty methods of decision making and execution that lacked primordial expertise. Such decisions have dealt a great blow on the cohesion which was the hallmark of the Igbo nation. The researchers discovered the justice anomaly perpetrated by these young elders and recommends that proper training be given to them for execution of right justice and cohesion of the Igbo nation
ALTERNATIVE ENERGY CONSUMPTION AND ECONOMIC GROWTH IN NIGERIA
Get PDFThis study analysed the disaggregated and combined effects of renewable and fossil energy consumption on economic growth in Nigeria. Results based on a bounds test cointegration analysis and the ARDL suggest that conventional energy consumption is a strong driver of growth in the long run. A 1% increase in conventional energy consumption will lead to a 0.056% increase in economic growth. This implies that fossil fuel energy consumption plays a significant role in improving economic growth, thereby confirming the existence of the growth hypothesis in Nigeria.Renewable energy consumption, on the other hand, has a negative coefficient both in the short and long run. The result shows that a 1% increase in renewable energy consumption would reduce economic growth by 0.09% in the long run. This implies that renewable energy policy should be focused on a comprehensive examination of an optimal energy portfolio that can sustainably drive economic growth
IMPACT OF EXCHANGE RATE ON TOTAL EXPORT IN NIGERIA
Get PDFThis study investigates the impact of exchange rate on total export in Nigeria using a time series data from 1981 to 2019. The study employs ordinary least square after cointegration suggests non-existence of long run convergence among the variables; Total Export (TEXPT), Exchange Rate (EXRATE), Oil refining (OILREF) and Trade Openness (TROPNESS). The findings of this study reveal positive and significant relationship between exchange rate and total export in the short-run. It also finds that oil refining and trade openness are positively and significantly related to total export. The study finally recommend authority to manage the dynamics in exchange rate not to distort other macroeconomic variables’ stability. 
AN ASSESSMENT OF CONTRIBUTORY PENSION REFORM IN NIGERIA
Get PDFThis paper appraised the level of success achieved in the implementation exercise of 2004 Pension Reform Act in selected Federal Universities in Southwesthern Nigeria. The study utilized both primary and secondary data. In Obafemi Awolowo University, Ile-Ife, stratified random sampling technique was used to select 403 respondents out of 4027, consisting of 1372 academic and 2655 non-academic staff, with a sample fraction of ten percent (10%); In Federal University of Technology, Akure, in the same way as OAU, Ile-Ife, 186 respondents out of a total of 1862, consisting of 555 academic and 638 non-academic with a sample fraction of ten percent (10%) was chosen using academic and non-academic classifications for stratification. Questionnaires and interviews were used to collect primary data from four hundred and four (404) respondents randomly selected in the study areas. The study found that the Government and the Pension Fund Administrators have not been effective enough in the administration of pension reform act 2004, and there are still recorded delay in payment of entitlement to Pensioners in the selected institutions owing to some problems stemmed from the need to present and secure approval for Budgets from the Federal Ministry of Finance, and need to seek confirmation and re-confirmation by the Pension Fund Administrators from the National Pension Commission, Abuja before payment of entitlements are executed. The paper concludes that the government should ensure proper implementation of the Pension Reform Act 2004 with regards to retirement policies and effective management of pension funds. There should in addition be a synergy between all sections in the National Pension Commission such that error of over remittance of contribution into Retirement Savings Account, which when discovered always stalls prompt payment of retirement benefit to retirees. 
AUDITORS’ WORKING ENVIRONMENT AND CORPORATE INVESTMENT DECISIONS IN NIGERIA
Get PDFPrior to the advent of COVID-19 pandemic ravaging the entire world economy, corporate and institutional investors had suffered huge financial losses as a result of audit failures. Despite this situation, investment decisions are generally premised on audited financial statements. The study therefore examined the effect of auditors’ working environment (proxied by top management support, training and development, physical work environment and autonomy to implement audit techniques) on corporate investment decisions in Nigeria. The study adopted survey research design, using purposive sampling technique to select 150 respondents. A combination of self-designed and adopted structured questionnaire was used to collect the data. The instrument was validated using Cronbach’s alpha. The reliability coefficient of the constructs ranged from 0.647 to 0.907. The response rate was 73%. Data were analyzed using descriptive and inferential statistics. The study found that auditors’ working environment had no significant influence on corporate investment decision (Adj: R2=0.068; F (4, 104) = 1.905; >0.05). But top management support and physical work environment had significant impact on corporate investment decisions. It was recommended that investors and decision makers take cognizance of auditors’ physical work environment together with management support for auditors as a premise for decision making