Browsing by Author "Uwaleke, Uchenna"

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    CAPITAL MARKET FINANCING FOR SMEs: PATHWAY TO INCLUSIVE GROWTH IN NIGERIA
    (Department of Banking and Finance, Faculty Of Administration Nasarawa State University, Keffi., 2015-10-19) Udenwa, Theresa A; Uwaleke, Uchenna
    Nigeria emerged the largest economy in Africa following the rebasing of its Cross Domestic Product (GDP) in 2013 and in the last few years has recorded impressive growth rates relative to peer developing economies. However, this growth, largely buoyed by oil revenue, is not inclusive as it has not translated to improved standard of living for a majority of the citizens. Small and Medium Enterprises (SMEs) can play a key role in achieving inclusive growth through their contributions to job creation and poverty reduction. The survival and growth of SMEs is however a function of adequate and stable access to finance. Based on a review of available literature in the broad area of alternative financing for inclusive growth, this paper identifies the challenges of existing money market financing of SMEs in Nigeria. It asserts that the capital market has tremendous potential to drive inclusive growth by providing investors with the opportunity for wealth creation through venture capitalism. If SMEs are incentivized to list on the Stock Exchange and more individuals invest in stocks, the nation's wealth will be more broadly distributed when stocks or other financial assets rise in value.
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    CHALLENGES AND PROSPECTS OF THE NIGERIAN SOVEREIGN WEALTH FUND
    (Department of Banking and Finance, Faculty Of Administration Nasarawa State University, Keffi., 2011-09-16) Udenwa, Theresa A; Uwaleke, Uchenna
    Following the passage of the Nigerian Sovereign Investment Authority (NSIA) bill by the National Assembly, Nigeria is set to join the league of countries operating the Sovereign Wealth Fund Beginning with a look at the conceptual issues surrounding a Sovereign Wealth Fund and the rationale for its creation, this paper x-rays the challenges and prospects therein based on existing literature. It notes that the operation of Sovereign Wealth Funds in many countries has been criticized for lack of transparency and political interference. Nevertheless, its successful implementation holds a lot of promise for a mono-product economy such as Nigeria in terms of ensuring macro-economic stability.
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    CORPORATE CHARACTERISTICS AND FINANCIAL PERFORMANCE OF QUOTED INDUSTRIAL GOODS IN NIGERIA
    (Department of Public Administration, Nasarawa State University Keffi, 2020-03-01) Uwaleke, Uchenna; Nde, Nuhu Shakes
    This study examined the effects of the determinants of profitability in terms of firm size, firm age and liquidity of quoted industrial goods in Nigeria. The study adopted ex-post facto design, and the population of the study is the 18 industrial goods quoted on the floor of the Nigerian stock exchange as at 2018. The study used secondary data collected from the annual reports and accounts of the sampled listed industrial goods for a period of ten (10) years spanning 2009 through 2018. Panel regression technique was used and found out that, firm size is positively related to profitability of industrial goods in Nigeria with statistical significance. However, significant negative effects of both firm age and liquidity on profitability were found. It was concluded amongst others that, the companies were not making use of their liquid cash for other investment purposes. Therefore, it is recommended among others that, industrial goods in Nigeria should invest their liquid cash in profitable ventures for better profitability.
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    THE CRISIS OF EXTERNAL DEBT MANAGEMENT IN NIGERIA: ISSUES AND CHALLENGES
    (Department of Public Administration, 2005-03-05) Uwaleke, Uchenna
    Since the early 1980’s when the debt crisis emerged, the country has found itself in what has been described as the debt trap. This paper discuses the crosscutting issues in the management of Nigeria’s external debt crisis. Drawing from experiences of countries in similar circumstances, it posits that much of Nigeria’s problem has been occasioned Oy the absence of an effective debt management strategy- one that is geared towards a significant reduction in the debt stock. Using some debt burden indicators, it highlights the enormity of the challenges posed by the debt overhang. The paper concludes with the assertion that these challenges can be surmounted, not by the on-going efforts at obtaining debt relief, but through a conscious and determined effort bv the Nigerian people and government to systematically repay what is being owed.
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    IMPACT OF ACCRUAL AND REAL EARNINGS QUALITIES OF FINANCIAL REPORTS ON INFORMATION ASYMMETRY OF FIRMS IN NIGERIA
    (Department of Accounting Nasarawa State University Keffi., 2018-06-23) Uwaleke, Uchenna; James, R. Adeleye Adefiranye; Funsho, Adisa Kamaluddeen Ibrahim
    This study investigated the impact of accrual and real earnings qualities of financial reports on information asymmetry of listed firms that are engaged in production of goods in Nigeria over the period of 2007 to 2016. The objective was to use both measures of financial reporting quality to ascertain the quality of these reports with a view to seeing the extent to which information asymmetry and investment decisions are affected. This was necessitated by the low trading in the shares of these firms when compared with that of the banking sector. Secondary data was obtained from the annual reports and accounts of a sample of 31 of these listed companies in Nigerian Stock Exchange. Panel regression method was employed to test its formulated hypotheses. The results from regression results show that accrual-based measure of financial reporting quality before and after IFRS regime had a significant impact on investors ’ information advantages in buying and selling stocks of these firms in Nigeria while real earnings method of measure of financial reporting quality had no significant impact on investors * information advantages or asymmetry. The study recommended that management of firms should ensure that the financial reports are as qualitative as possible so as not to lose investors and investable funds if the users discover any anomaly in these reports.
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    IMPACT OF FORENSIC ACCOUNTING EXPERT CONSULTATION ON EMPLOYEE FRAUD DETECTION IN THE NIGERIAN DEPOSIT MONEY BANKS
    (Department of Accounting Nasarawa State University Keffi., 2018-05-25) Uwaleke, Uchenna; Kamaluddeen, Funsho Adisa Ibrahim; James, R. Adeleye Adefiranye
    Banking industry in Nigeria has been experiencing prevalence of fraud for over a decade which has continued to induce loss of public confidence, pose going concern threat and cause adverse effect on shareholders wealth, requiring improved statutory and regulatory frameworks governing both the industry and the accounting practice. This study examines the relationship between forensic accounting expert consultation and employee fraud detection in the Nigerian DMBs. The research approach to this study is time series non-experimental research design. Data were collected through secondary source which were analyzed using Ordinary Least Square (OLS) regression, to examine the relationship that exists among research variables in addition to the test of hypothesis. Findings from the study revealed that, there is a positive and significant relationship between the forensic expert consultation expenditures and the number of detected fraud cases traceable to bank employees in the Nigeria. Consequently, the study recommends, among other policy options for more training and accreditation of forensic accountants and the need for government to create an enabling environment to accomplish this due to dearth of forensic accounting experts needed to tackle the menace of fraud and corruption in Nigeria.
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    IS THERE A JANUARY EFFECT IN THE NIGERIAN CAPITAL MARKET?
    (Department of Accounting Nasarawa State University Keffi., 2009-01-03) Uwaleke, Uchenna
    The ‘January effect' is often used in finance literature to describe the tendency for stock returns to be significantly higher in January than in other months of the year. This paper primarily aims to investigate the presence of this effect in the Nigerian capital market. Evidence of the January effect would have important implications for investment strategies as it would be possible for traders to outperform the market. For the period 1984 to 2007, average monthly returns based on the Nigerian Stock Exchange (NSE) All-share index are computed and regressed against dummy proxy variables for the months of year. Employing the ANOVA technique based on the F distribution, this study found no evidence of the January effect in the Nigerian capital market. The conclusion of this paper is that investors should not consider making abnormal gains in the month of January when constructing their portfolio.
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    MULTINATIONAL CORPORATIONS AND THE DEVELOPMENT OF HOST COUNTRIES: THE NIGERIAN EXPERIENCE
    (Department of Public Administration, Nasarawa State University, Keffi., 2007-06-13) Uwaleke, Uchenna
    This paper examines the impact of Multi-National Corporations (MNCs) on the development of their host countries with particular reference to Nigeria. It argues that contrary to other developing countries where there is evidence to suggest that this impact has been largely negative, the Midti National Corporations operating in Nigeria have contributed in no small measure to the development of the country. These contributions are evident in the area of transfer of technology, enhancing domestic enterprise, provision of infrastructure, socio-cultural relations, among others.
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    Understanding Nigerian Financial System
    (Department of Accounting, Nasarawa State University, Keffi, 2015-03-11) Udenwa, Theresa A.; Uwaleke, Uchenna