Theme
Accounting for Economic Uncertainty
AI-Driven Auditing and Fraud Detection Effectiveness: Evidence from Federal Universities in North-Western Nigeria
Bashir Shehu
—
Usmanu Danfodiyo University, Sokoto
Almustapha Bashir
—
Usmanu Danfodiyo University, Sokoto
AI-Driven Auditing and Fraud Detection Effectiveness: Evidence from Federal Universities in North-Western Nigeria
Bashir Shehu
Department of Accounting, Usmanu Danfodiyo University, Sokoto, Nigeria
&
Almustapha Bashir
Department of Computer Science, Usmanu Danfodiyo University, Sokoto, Nigeria
Abstract
This study examines the relationship between artificial intelligence (AI)-driven auditing and fraud detection effectiveness in federal universities in North-Western Nigeria. Specifically, the study assesses the relationships between AI-driven auditing and fraud reduction, fraud detection accuracy, fraud loss reduction, and fraud detection speed. A cross-sectional quantitative survey design was adopted, using primary data collected through a structured five-point Likert-scale questionnaire administered to 92 internal auditors across seven federal universities using a total enumeration approach. Data were analyzed using Pearson correlation and four separate simple linear regression models at the 5% significance level. The findings indicate that AI-driven auditing has a positive and statistically significant relationship with fraud reduction (R² = .305, p < .001), fraud detection accuracy (R² = .513, p < .001), and fraud detection speed (R² = .317, p < .001). However, its relationship with fraud loss reduction is weak and statistically insignificant (R² = .007, p = .423). The findings suggest that AI-driven auditing can strengthen the identification, accuracy, and timeliness of fraud detection, but enhanced detection capability does not necessarily translate into reduced financial losses. The study recommends integrating AI-enabled auditing with timely investigation, fraud recovery, appropriate sanctions, control remediation, continuous professional training, and effective AI governance.
Keywords
Key Words: Artificial Intelligence
Internal Auditors
Ai- Driven
Fraud Detection
Auditing
DETERMINANTS OF ACCOUNTING POLICY CHOICES OF DEPOSIT MONEY BANKS IN NIGERIA
Gabriel Ode
—
Nasarawa State University, Keffi
Elaigwu, Odogbo John, Phd
—
Nasarawa State University, Keffi Nigeria
Ismailia. O. Abdullahi Phd
Haruna Josiah, Phd
—
Nasarawa State University, Keffi
Abstract
This study will examine the combined effect of firm size, leverage and profitability on accounting policy choices of listed financial services firms in Nigeria. This study examines determinants of accounting policy choices of listed deposit money banks in Nigeria. The study adopts ex-post facto research design using cross sectional data of ten years (2016-2025) to examine the effects of independent variables (firm size, leverage and profitability on the dependent variable accounting policy choice). The population of the study consist of all deposit money banks listed in Nigerian Exchange Group as at 31st December, 2025. In view of this, fourteen (14) deposit money banks listed on Nigerian Exchange Group were selected to represents the sample size for this study using purposive sampling technique based on the criterion that deposit money banks must be listed and disclosed all the data needed for the study in the annual reports. Secondary data was used and data were sourced from the annual reports and audited accounts of the sample financial services firms. The logistic regression estimation technique was used with the aid of EViews 10 to analyze the data. The study concludes that, firm size, leverage and profitability has positive effect on accounting policy choice of listed deposit money banks in Nigeria. Thus, the study suggests that in order to measure a firm's performance effectively, management of the company should guarantee complete compliance with the accounting policies.
Keywords
Keyword: Accounting Policies
firm size
Leverage
profitability
Moderating role of fiscal exchange on public governance quality and voluntary tax compliance of the informal sector operators in Kaduna state, Nigeria
Sagir Rabiu
—
Department Of Accounting And Finance, Ahmadu Bello University Zaria
government at various level face the challenge of non-tax compliance, this especially
countries. Salam (2019), Augustine and Enyi (2021),and Otusanya et al, (2019)
corruption and effectiveness of government as proxies of institutional quality on tax
39.6million business enterprises in Nigeria. Out of which microenterprises accounted
for over 90% of the total. However, the ratio of businesses that have registered with
citizens (World Bank, 2005). Institutional quality has many dimensions, such as
Ayuba (2021) asserted that issue of tax compliance remainsa difficult factor to
development. However, many operators within the sector are evading payment of tax
among the micro enterprises who are operating within an informal sector.
which led poor tax revenue generation in many statesacross the country. Data from
effectiveness of government on tax compliance which are all institutional quality
indicators. This requires more studies to uncover the connection between tax
attainment through efficient and effective resources management to the satisfaction of
negligeable of 4 to 5percent region in most of the states across northwest Nigeria. This
signifies that substantial number of businesses especially among microenterprises are
ascertain its effect on tax compliance behaviour among tax payer with a view to proffer
compliance andthe factors of institutional quality especially in Northwest, Nigeria to
generation. Thus, the motivation of the study is to examine the effect of prevention of
compliance behavior of the micro enterprises in Northwest region Nigeria.
Despite the significant role of microenterprises to national and state
is simply refers to process where leaders exercise their ability best to ensure goal
accertain its effect on taxpayers' compliance to tax provision laws. This especially at a
prevention of corruption, effectiveness of government, accountability and so on.
National Bureau of Statistic revealed that as at December 2021, there were over
Theme
Climate Change Disclosure and Reporting
BOARD CHARACTERISTICS AND CARBON EMISSION DISCLOSURE: EVIDENCE FROM LISTED MANUFACTURING FIRMS IN NIGERIA
Abdulkadir Kayode Ishola
—
Ahmadu Bello University, Zaria
Muhammad Mustapha Bagudo
—
Ahmadu Bello University, Zaria
Ibrahim Yusuf
—
Ahmadu Bello University, Zaria
Idris Ahmed Aliyu
—
Ahmadu Bello University, Zaria
The increasing global concern over climate change has heightened demands for business transparency on greenhouse gas emissions. The disclosure of carbon emissions has become increasingly important, but research on the governance elements that influence such disclosure is still scarce in emerging economies, especially in Nigeria. This study explores the effect of board characteristics on the level of carbon emission disclosure of listed manufacturing companies in Nigeria. Specifically, this study examines the effect of board independence, board gender diversity, board nationality, board commitment, and sustainability/ environmental committee on carbon emission disclosure practices. Leveraging Agency Theory, Stakeholder Theory, and Resource Dependence Theory to underpin the study. The study adopts an ex-post facto research design and utilizes a balanced panel dataset of 45 manufacturing companies listed on the Nigerian Exchange Group (NGX) from 2015 to 2024. Data were collected from the annual and sustainability reports of the sampled firms. The data were analysed using Panel-Corrected Standard Errors (PCSE) regression. Findings show that board gender diversity, board nationality, and the existence of sustainability/environmental committees have considerable favourable effects on carbon emission disclosure. The findings give empirical support for Stakeholder Theory and Resource Dependence Theory. The report recommends that manufacturing companies should increase the representation of females and foreigners on corporate boards, adopt ISO 14001 environmental management systems more widely, and introduce mandatory carbon emission disclosure requirements in line with evolving global sustainability reporting standards.
Keywords
Board Characteristics
Carbon Emission Disclosure
Climate Change
Manufacturing Firms
Nigeria
Effect of Debt Financing on Environmental Sustainability Disclosure Quality of Listed Non-Financial Firms in Nigeria.
Salisu Muhammad Nurudeen
—
Ahmadu Bello University Zaria
Practical Problems: In recent years, environmental sustainability has transitioned from a voluntary corporate social responsibility initiative to a critical business imperative driven by global climate change concerns and stakeholder pressures. For non-financial firms in Nigeria (such as manufacturing, industrial goods, and consumer goods sectors), operations often have a direct and significant environmental footprint. However, these firms frequently operate in a challenging economic environment characterized by high-interest rates and restricted access to equity, leading to a heavy reliance on debt financing. A practical dilemma arises: highly levered firms may prioritize debt servicing over environmental sustainability initiatives, leading to poor environmental performance and low-quality sustainability disclosures. Conversely, creditors may demand higher transparency and quality environmental disclosures to assess risk, pressuring firms to improve reporting.
Theoretical Issues: Theoretically, there is a lack of consensus on the relationship between debt financing and environmental disclosure. Stakeholder Theory and Legitimacy Theory suggest a positive relationship, positing that highly levered firms will increase high-quality environmental disclosures to manage the expectations of creditors and legitimize their operations in society. Conversely, the Trade-Off Theory suggests a negative relationship, arguing that firms burdened with debt may face financial constraints, forcing them to cut back on discretionary expenditures like high-quality environmental reporting to maintain liquidity and service debt obligations. This theoretical tension makes the investigation highly relevant.
Keywords
Debt Financing
Environmental Disclosure Quality
Non-financial Firms
ESG DISCLOSURE QUALITY AND FIRM VALUE THE MODERATING ROLE OF INSTITUTIONAL OWNERSHIP AMONG LISTED DEPOSIT MONEY BANKS IN NIGERIA
Isah Sulaiman
—
Ahmadu Bello University, Zaria
Background to the Study
Firm value is the overall economic worth of a firm as assumed by investors and other stakeholders; it indicates the level market assessment of firms’ performance, future growth and expansion, ability to generate sustainable growth within a given risk. In the side of listed deposit money banks, firm value is key because banks operates in highly regulated and in an environment where the sensitivity of information is high, where the confidence of investors, financial stability, effective risk management is at a high site of influencing the market valuation. A bank with sound value is perceived by investors a having better prospect of future cash flows and ability to create wealth for shareholders. Therefore, firm value is considered as an important signal of the effectiveness of managerial of the managerial decisions and the ability of banks to transform their available resources into sustainable shareholders wealth. In capital market, measures such as Tobin’s Q, Market Capitalization, Price to book value, are commonly used in local and international researches to measure firm value, this is because these measures captures investors’ expectations better than what is obtainable in the historical accounting information.
For listed deposit money banks (DMB) in Nigeria and elsewhere, ensuring firm value is very vital given the fact that the competitive nature of the banking industry and the role valuation play on the economic condition, regulatory development, and corporate governance practices and how it influences investors’ perception. The value attached to banks may influenced not only its financial performance but also the credibility and the quality of information its provide to the market concerning the environment, social and governance.
Keywords
Environmental
Social Governance
Impact of Climate-Transition Risk Disclosure on Upstream Oil and Gas Asset Valuation: Evidence from Listed Oil and Gas Firms in Nigeria
Nura Usman
—
Ahamadu Bello University Zaria
The valuation of upstream oil and gas assets has become increasingly sensitive to the risks associated with the global transition toward a low-carbon economy, particularly as regulators, investors, and international frameworks intensify pressure on carbon-intensive industries to disclose climate-related financial risks (Task Force on Climate-related Financial Disclosures [TCFD], 2017). Climate-transition risk refers to the financial exposure that firms face as policies, technologies, and market preferences shift away from fossil fuels, potentially rendering a portion of proved reserves and related upstream assets uneconomical to develop, commonly described as “stranded assets” (McGlade & Ekins, 2015; Carbon Tracker Initiative, 2013). Following the Bank of England Governor's warning on the “tragedy of the horizon,” global attention has turned to how carbon-intensive firms disclose the financial implications of transition risk in their governance structures, strategy, risk management processes, and performance metrics (Carney, 2015).
Internationally, the TCFD (2017) recommendations, now consolidated within IFRS S2 under the International Sustainability Standards Board [ISSB] (2023), provide a structured framework through which firms disclose climate-transition risk across four thematic pillars: governance, strategy, risk management, and metrics and targets. These disclosures are theorised to reduce information asymmetry between firms and capital providers, thereby influencing how investors price carbon-intensive assets (Bolton & Kacperczyk, 2021; Ilhan, Sautner, & Vilkov, 2021). Empirical evidence from developed markets suggests that firms holding large volumes of undeveloped reserves and weak transition-risk disclosure practices tend to suffer valuation discounts and higher costs of capital, as investors price in the possibility of future asset impairment (Atanasova & Schwartz, 2020; Delis, de Greiff, & Ongena, 2019).
The Moderating Effect of Net Zero Transition on the Relationship between Firm Characteristics and Profitability of the Listed Manufacturing Companies in Nigeria
Umar Gambo
—
Ahmadu Bello University Zaria
1 Background to the Study
Firm characteristics (also referred to as firm attributes) are the measurable internal features of a firm which distinguish it from others. These characteristics influence how a firm operates, makes strategic decisions, and performs within its industry and economic environment. This distinguishing nature of them has some advantages to the firm which include; influencing financial performance and valuation of firms, affecting strategic decisions such as investment, financing, and dividend policies, determining risk exposure and resilience to market shocks, helping policymakers and investors comparism and evaluating firms performance across industries.
Keywords
Net Zero
Firm characteristics
Theme
Comparative Corporate Governance
Effect of Board Attributes on Tax Avoidance of Listed Multinational Companies in Nigeria.
Shaibu Abdul
—
Ahmadu Bello University Zaria
Tax is one of the most dependable sources of revenue available to governments all over the world. It is an important source of government revenue. Governments requires tax revenue to augment its public expenditure as well as in ensuring sufficient provisions of public amenities to the society. Most developed nations (such as United Kingdom) rely on taxation as a major source of government revenue and appear to have fared better, because taxes provide a more stable and predictable flow of income in meeting governments’ expenditure needs (Ofoegbu & Akwu, 2016). Adequate funding is required for government to effectively and efficiently carry out its primary responsibility of providing security, social amenities and welfare for its citizens. Its unfortunate that Government expenditures especially in developing countries like Nigeria continue to increase every year due to the growing population of its citizens and harnessing non oil revenue like tax has been difficult due to loopholes available in the tax law which has created a vacuum for tax payers to exploit.
Keywords
Tax Avoidance
Board Attributes
Multinational Companies
MODERATING EFFECT OF AUDIT COMMITTEE INDEPENDENCE ON THE RELATIONSHIP BETWEEN OWNERSHIP STRUCTURE AND FINANCIAL PERFORMANCE OF LISTED MANUFACTURING FIRMS IN NIGERIA.
Oyeyemi Lukman Adesina
—
Ahmadu Bello University Zaria
Adeyemi Olayinka Tesleem
—
Department Of Accounting, Ahmadu Bello University, Zaria, Nigeria
Abdulrahman Abubakar
—
Department Of Accounting, Ahmadu Bello University, Zaria, Nigeria
This study investigated the effect of corporate ownership structures on the financial performance of listed manufacturing firms in Nigeria, and evaluated the moderating role of audit committee independence. Grounded in Agency (Type I and Type II) and Stakeholder theories, the study adopted an ex-post facto research design utilizing secondary data extracted from the published annual reports of 47 sampled manufacturing firms out of a total population of 58 firms listed on the Nigerian Exchange Group. The balanced panel dataset yielded 282 firm-year observations covering the six-year period from 2019 to 2024. Ownership structure was operationalized via managerial ownership, board ownership, and ownership concentration, while financial performance was proxied by Return on Assets (ROA), utilizing financial leverage as the control variable .Pre-estimation and diagnostic checks confirmed model stability (Mean VIF = 1.09). The panel Fixed-Effects regression results revealed that ownership concentration and board ownership exert a statistically significant negative effect on financial performance, empirically confirming the presence of severe Type II principal-principal conflicts and the expropriation of minority wealth in the sector. Conversely, managerial ownership demonstrated a statistically significant positive relationship with performance, supporting the classical value-alignment hypothesis. Crucially, the moderation analysis established that audit committee independence exerts a highly significant positive interaction effect, successfully neutralizing the negative impacts of Ownership Concentration, Managerial Ownership and Board Ownership. Consequently, it is recommended that regulators enforce stricter independence mandates on corporate audit committees to protect minority interests. A limitation of this study is its structural focus on the manufacturing sector; future research should expand this moderated framework to unlisted firms.
Keywords
Ownership Structure
Financial Performance
Audit Committee Independence
Type II Agency Conflict
Nigeria Manufacturing Firms
MODERATING EFFECT OF AUDIT COMMITTEE FINANCIAL EXPERTISE ON THE RELATIONSHIP BETWEEN BOARD CHARACTERISTICS AND FINANCIAL PERFORMANCE OF LISTED MONEY BANKS IN NIGERIA
Mary Joseph
—
Ahmadu Bello University, Zaria.
Abstract
1. Background of the Study
Corporate governance has become an important issue in the Nigerian banking sector due to its role in promoting accountability, transparency, and improved financial performance. Board characteristics and audit committee financial expertise are key governance mechanisms that influence the effectiveness of board oversight and the overall performance of Deposit Money Banks (DMBs).
2. Statement of the Problem
Despite improvements in corporate governance practices, many Deposits Money Banks in Nigeria continue to experience challenges in achieving sustainable financial performance. It remains unclear whether audit committee financial expertise strengthens the relationship between board characteristics and financial performance, thereby necessitating further investigation.
3. Research Objectives
The study aims to:
• Examine the effect of board characteristics on the financial performance of Deposit Money Banks in Nigeria.
• Determine the moderating effect of audit committee financial expertise on the relationship between board characteristics and financial performance.
4. Methodology
The study adopted an ex post facto research design using secondary data obtained from the annual reports of selected listed Deposit Money Banks in Nigeria for the period 2015–2024. Financial performance was measured using Return on Assets (ROA), while descriptive statistics, correlation analysis, and panel regression techniques were employed to analyse the data. The moderating effect was examined through interaction variables.
5. Significance of the Study
The study provides evidence on the importance of audit committee financial expertise in strengthening corporate governance and improving the financial performance of Deposit Money Banks. The findings are expected to benefit regulators, bank management, investors, policymakers, and researchers by providing useful insights for enhancing governance practices and promoting better financial outcomes in the Nigerian banking sector.
Theme
Earnings Management & Fraud
EFFECT OF BOARD AND AUDIT COMMITTEE CHARACTERISTICS ON FRAUDULENT FINANCIAL REPORTING: EVIDENCE FROM LISTED NON-FINANCIAL FIRMS IN NIGERIA.
Harisu Kasimu
—
Ahmadu Bello University
Isah Shittu Phd
—
Ahmadu Bello University
Ibrahim Yusuf Phd
The prevalence of fraudulent financial reporting (FFR) among listed firms in Nigeria has heightened concerns about the effectiveness of board and audit committee oversight mechanisms. This study examined the effect of board and audit committee characteristics on FFR among listed non-financial firms in Nigeria for the period 2020–2024. Specifically, the study assessed the effects of board independence, board financial expertise, audit committee independence, audit committee financial expertise, and audit committee meeting frequency on FFR. The Beneish M-Score model was used to measure fraudulent financial reporting. The study adopted a correlational research design and relied on secondary data obtained from the annual reports of 103 listed non-financial firms on the Nigerian Exchange Group (NGX). A census sampling approach was employed to cover all firms within the study population, while the data were analyzed using Panel Binary Logistic Regression. The findings indicate that board independence had a positive but statistically insignificant effect on FFR. Board financial expertise, however, had a negative and statistically significant effect, suggesting that financial expertise at the board level can serve as a mechanism for reducing the likelihood of FFR. Audit committee independence also exhibited a negative but statistically insignificant effect, implying that although the relationship was negative, the evidence was insufficient to establish a significant influence on FFR. Conversely, audit committee financial expertise had a positive and statistically significant effect on FFR, which may reflect contextual or structural limitations in the effectiveness of audit committee oversight. Audit committee meeting frequency had a negative and statistically significant effect, emphasizing the importance of regular monitoring of financial reporting activities. The study recommends enhancing the practical effectiveness of governance mechanisms by ensuring that financial expertise is supported by independence, diligence, and strong ethical standards. Firms should also institutionalize regular audit committee meetings to improve the integrity of financial reporting processes.
Keywords
Fraudulent Financial Reporting
Board Characteristics
Audit Committee Characteristics
Beneish M-Score.
EFFECT OF DIGITAL FORENSIC ACCOUNTING TECHNOLOGIES ON FRAUD DETECTION EFFECTIVENESS OF LISTED DEPOSIT MONEY BANKS IN NIGERIA: THE MODERATING ROLE OF ORGANISATIONAL STRUCTURE
Adline Bakinde
—
Ahmadu Bello University Zaria
Fraud detection effectiveness has become an important concern for deposit money banks because banking activities are increasingly conducted through electronic and digital platforms. The movement from conventional banking to internet banking, mobile banking, electronic payments and other technology-supported services has increased the volume and speed of financial transactions. At the same time, it has created new opportunities for fraudulent activities. Evidence from Nigerian banking research shows that electronic fraud has become an important threat to deposit money banks, particularly because the expansion of electronic banking has increased the exposure of banks to technology-related fraud. Agboare (2021) found that forensic accounting techniques such as investigation, financial transaction analysis and reconstruction of incomplete accounting records significantly support financial fraud detection in Nigerian deposit money banks. Similarly, recent evidence continues to show that forensic accounting is relevant to fraud detection and fraud management in Nigerian banks.
The problem has become more complex because modern fraud is increasingly digital, data-driven and difficult to identify through conventional procedures alone. Eguando (2023), in a study of selected Nigerian deposit money banks, found that technological forensic auditing involving robotic process automation, textual analysis and data analytics contributed significantly to financial crime detection. This indicates that forensic accounting is moving beyond traditional examination of accounting records towards the use of technologies capable of processing large quantities of digital information. Adeyemo and Obafemi (2024) similarly reported that advanced data analytics, machine learning, real-time monitoring and blockchain technology have important potential for strengthening fraud prevention in Nigerian deposit money banks.
Keywords
Artificial intelligence
Blockchain
data-minning
centralization
formalization
organizational structure
EFFECT OF FORENSIC ACCOUNTING TECHNIQUES ON FRAUD PREVENTION: EVIDENCE FROM FCT MDA
Victor Emmanuel Akhigbe
—
Ahmadu Bello University Zaria
Isah Shittu
—
Ahmadu Bello University, Zaria-nigeria
Haruna Muhammed Musa
—
Ahmadu Bello University, Zaria
Fraud remains a significant threat to accountability and transparency in the Nigerian public sector. This study examined the efficacy of forensic accounting techniques in preventing fraud, focusing on litigation support services, employee fraud awareness, expert consultation (witness), and whistleblowing (forensic anonymous communication). A descriptive research design was adopted, with primary data collected using structured questionnaires administered to staff across selected Ministries, Departments, and Agencies (MDAs) in the Federal Capital Territory, Abuja. The data were analyzed using Structural Equation Modeling (SEM) with Maximum Likelihood Estimation (MLE) in Stata 17 to estimate relationships among the constructs. Findings revealed that litigation support services, whistleblowing mechanisms, and anonymous communication had statistically significant positive effects on fraud prevention, indicating that effective legal mechanisms and anonymous reporting systems are critical tools for curbing fraud. In contrast, expert consultation (witness) and employee fraud awareness exhibited statistically insignificant effects, with employee fraud awareness showing a negative coefficient, suggesting that awareness alone, without institutional support or enforcement, may be insufficient to reduce fraudulent practices. The study recommends that public institutions institutionalize litigation support services, strengthen formal whistleblowing procedures, and better integrate expert consultation into fraud risk management frameworks for optimal effectiveness.
Keywords
Forensic Accounting
Fraud Prevention
Public Sector
Whistle blowing
Employee Fraud Awareness
Litigation Support
Expert Consultation
Effect of Pressure Fraud Risk Factor on Fraudulent Financial Reporting of Listed Consumer Good Firms in Nigeria
Olajumoke Lawal
—
Ahmadu Bello University
Dr. Mohammed Mustapha Bagudo
—
Ahmadu Bello University
Dr. Ibrahim Yusuf
—
Ahmadu Bello University
Despite regulatory reforms, fraudulent financial reporting (FFR) persists among Nigerian listed firms, and the pressure drivers of this misconduct remain inconsistently understood, particularly the role of executives' personal financial needs or circumstances. This study examines the effect of four pressure fraud risk factors; financial stability, external pressure, managers' personal financial needs, and pressure to meet financial targets on FFR among consumer goods firms listed on the Nigerian Exchange Group. Anchored on the Fraud Triangle Theory, the study adopts a correlational, ex-post-facto design using panel data drawn from the audited annual reports of nineteen listed consumer goods firms (2014–2024). Fraudulent financial reporting was proxied using the Beneish M-Score, a forensic measure that more precisely isolates deliberate misstatement than conventional discretionary accrual proxies. Data were analyzed using a robust random effect generalized least squares regression, following confirmatory Hausman and Breusch-Pagan Lagrangian Multiplier tests. The results show that financial stability (β = 0.001, p < .01) and pressure to meet financial targets (β = 0.036, p = .05) significantly increase the likelihood of fraudulent reporting, while external pressure significantly reduces it (β = −0.003, p = .054). Managers' personal financial needs showed no significant effect. The findings extend the Fraud Triangle Theory further by demonstrating that firm level pressures exert stronger influence on FFR than individual level financial pressures within the consumer good institutional context. Practically, regulators and corporate boards should prioritize monitoring firm level financial distress and target setting practices rather than focusing narrowly on individual managerial compensation structures when designing fraud detection frameworks.
Keywords
Fraudulent Financial Reporting
Pressure fraud risk factors
financial stability
External pressure
Beneish M-Score Nigeria
MODERATING ROLE OF BOARD INDEPENDENCE ON THE RELATIONSHIP BETWEEN SUSTAINABILITY REPORTING AND DISCRETIONARY ACCRUALS OF LISTED MANUFACTURING FIRMS IN NIGERIA
Akeem Atoyebi
—
Ahmadu Bello University, Zaria
In the past two decades, the global corporate landscape has witnessed a paradigm shift from the traditional focus on shareholder wealth maximization to a broader emphasis on stakeholder long-term value creation that prioritize sustainability, and transparent corporate accountability.
This transition has been driven by growing economic pressure, increasing environmental concerns, social expectations, high-profile corporate failures and financial scandals such as Enron and WorldCom collapse in the early 2000s that have exposed weaknesses in traditional financial reporting systems. As a result, global stakeholders consistently demand that organization should not only disclose their financial performance but also their non-financial performance hence sustainability reporting emerged as a critical mechanism through which firms communicate their economic, environmental, social, and governance (ESG) performance to a diverse range of stakeholders (Alsulamy, 2025; Osasere & Omoregbee, 2025). Sustainability reporting extends beyond conventional financial disclosures by incorporating both financial and non-financial information that reflects a firm’s long-term value creation, economic contribution, and ethical responsibilities (KPMG, 2022). Consequently, regulators, investors, and other stakeholders now demand greater transparency and accountability in corporate reporting, particularly in emerging economies where institutional frameworks are still evolving.
Keywords
Discretionary Accruals
Sustainability Reporting
Board Independence
Theme
Evolving Accounting Standards & Regulations
Moderating Effect of Institutional Ownership on the Relationship Between Audit Committee Characteristics and Audit Quality of Listed Non-Financial Companies in Nigeria
Bamenda Philip Chinda
—
Ahmadu Bello University Zaria
INTRODUCTION
1.1 Background of the Study
Financial reporting credibility, capital market stability and corporate institution legitimacy depend on audit quality which has become the essential foundation for modern economic systems. The ethical principles which include truth, independence and professional scepticism, public interest responsibility establish the philosophical basis for audit quality. The system functions as a social agreement which grants auditors permission to protect financial data accuracy because it benefits shareholders together with all members of society. The established rules create audit quality as an institutional trust-building system which extends beyond technical standard compliance (Francis, 2024).
The concept of audit quality has undergone development throughout various stages of its existence since its first appearance. The first methods for evaluating audit quality depended on two elements which were the use of standard procedures and the professional abilities of auditors (Francis, 2024; Pflugrath, 2014). Research now shows that audit quality exists as multiple factors which depend on auditor actions, board supervision, ownership patterns and regulatory monitoring systems. Elmashtawy et al., (2024) and Zhang and Shailer (2022) confirm that audit quality results from the combined odds of detecting major accounting errors and correctly documenting these findings. Almasria, (2022) highlight that audit function governance structures now determine the probability of successful audit performance. The research conducted by Puspaningsih, (2025) explain that audit quality exists in a new institutional era following scandals because public trust in auditing relies equally on organisational oversight systems and auditing techniques.
Keywords
Audit Quality
Audit Committee Characteristics
Institutional Ownership
Theme
Global Financial Reporting Standards
EFFECT OF COMPANY CHARACTERISTICS ON AUDIT REPORT LAG OF LISTED OIL MARKETING COMPANIES IN NIGERIA.
Gabriel Ode
—
Nasarawa State University, Keffi
Mainoma, Mohammed Iliyasu, Phd
—
Nasarawa State University, Keffi
Umar, Ibrahim Ohinoyi Phd
—
Nasarawa State University, Keffi
Ngwai Stella Ngozi Phd
—
Nasarawa State University, Keffi
Abstract
This study examines the effect of company characteristics on audit report lag of listed oil marketing companies in Nigeria. The study adopts ex-post facto research design using panel sectional data of ten years (2016-2025) to examine the effects of independent variables (auditor type, profitability, complexity of operation, firm size and leverage) on the dependent variable audit report lag). The population of the study consist of ten (10) listed oil marketing companies in Nigeria as at 31st December, 2025. In view of this, ten (10) oil marketing companies listed on Nigerian Exchange Group were selected to represents the sample size for this study using census sampling technique. Secondary data was used and data were sourced from the audited annual reports of the sampled oil marketing companies in Nigeria. The Poisson regression estimation technique was used with the aid of EViews 10 to analyze the data. This study conclude that auditor type and complexity of operation have positive and significant effect on audit report lag of listed oil marketing companies in Nigeria. Profitability have negative and significant effect on audit report lag of listed oil marketing companies in Nigeria. Leverage have negative and insignificant effect on audit report lag of listed oil marketing companies in Nigeria. While firm size have positive and insignificant effect on audit report lag of listed oil marketing companies in Nigeria. The study recommended, among others, that oil marketing companies in Nigeria should employ the services of audit firms with proven track record of excellence and reputation as it results to improve timely audit report.
Keywords
Keyword: Audit Report Lag
Company Characteristics
Theme
IFRS Adoption & Convergence
EFFECT OF IPSAS ADOPTION ON LOCAL GOVERNMENT FINANCIAL REPORTING QUALITY IN NIGERIA: A CASE STUDY OF KADUNA STATE
Mansur Khalid
—
Ahmadu Bello University Zaria
The global shift from cash-based to accrual-based accounting in the public sector is one of the most significant theoretical evolutions in government accounting in the last few decades. This shift is underpinned by the New Public Management (NPM) movement, which advocates for introducing private-sector management practices—such as greater transparency, accountability, and efficiency—into the public sector.
zIt tests the validity of theories like Institutional Theory and Agency Theory in explaining accounting changes in non-western cultural settings. The study is current because it addresses the “implementation gap” theory, exploring why theoretical benefits of IPSAS (like improved comparability) often face practical hurdles in developing nations.
The Federal Executive Council (FEC) of Nigeria mandated the adoption of accrual-based IPSAS for all tiers of government (Federal, State, and Local) effective from January 1, 2016. However, years post-deadline, full compliance remains a mirage, especially at the Local Government level. With dwindling oil revenues and increasing pressure on Internally Generated Revenue (IGR), the need for transparent financial reporting to attract investments and loans (e.g., World Bank SFTAS/LFTAS programs) is more critical than ever.
This agitation is theoretically sound but practically risky without robust financial systems. This study is timely as it argues that IPSAS adoption is a prerequisite for Autonomy; granting autonomy to LGAs with poor financial reporting structures (cash-based) would only decentralize corruption. IPSAS provides the necessary “fiscal straitjacket” to ensure autonomous funds are managed responsibly.
Kaduna State has been a frontrunner in governance reforms in Nigeria. Evaluating the success of IPSAS in this specific state provides a “best-case” or “test-case” scenario that can offer practical lessons for other states lagging behind
This research is designed to make significant contributions to the existing body of knowledge and to the formulation of public policy.
Keywords
Independent Variable
IPSAS Adoption Definition: The extent to which the LGA complies with the requirements of International Public Sector Accounting Standards. ii. Measurement: Measured using a 5-point Likert Scale (1 = Strongly Disagree to 5 = Strongly
Theme
Impact of Inflation & Recession on Accounting
Impact of Inflation Accounting on Business Profit Measurement in a High-Inflation Economy
Bamenda Philip Chinda
—
Ahmadu Bello University Zaria
The study examined impact of inflation accounting on business profits measurements of listed non-service companies in a high-inflation economy specifically Nigeria. Historical cost accounting records events and transactions at their nominal which does not reflect the real economic effects of such events in a high inflation environment. The study therefore examined the effects of six selected variables namely: cost of sales, staff cost, directors’ remuneration, depreciation, finance cost and tax expense on Business Profit Measurement of the listed non-service companies in Nigeria, while controlling for the variable of firm age. The research design adopted in this study is ex post facto research design. A balanced panel of 540 firm-year observations of the 54 listed non-service companies out of 72 in Nigeria for a period of ten years (2012–2021) were used in the study. Secondary data were collected from the annual reports of the studied companies. The data were analysed using descriptive statistics, correlation analysis, normality test (Jarque–Bera normality test), multicollinearity test, heteroscedasticity test (Breusch–Pagan Lagrangian Multiplier test and Modified Wald test) and regression analysis (Feasible Generalised Least Squares). The study found that while staff cost has negative relationship with Business Profit Measurement, depreciation and tax expense have positive relationship with Business Profit Measurement. However, cost of sales, directors’ remuneration and finance cost have no significant relationship with Business Profit Measurement. The overall regression model was jointly significant at 5% level of significance. The study concluded that historical cost accounting does not capture the real economic effects of inflation and thus supports the adoption of current purchasing power accounting. Inflation-adjusted accounting enhances the quality of financial reporting, increases comparability and reliability of financial information and thus supports sound investment decisions, good corporate governance and sustainable economic development to achieve SDGs 8, 9, 12, 16 and 17.
Keywords
Inflation Accounting
Business Profit Measurement
Current Purchasing Power Accounting
Historical Cost Accounting
Theme
Measuring & Reporting CSR Performance
IMPACT OF SYNDICATED LOANS ON CORPORATE GROWTH IN NIGERIA; A STUDY OF THE NIGERIAN OIL AND GAS SECTOR (2020-2025)
Yahaya Musa
—
Ahmadu Bello University, Zaria
ABSTRACT
This study investigates the impact of syndicated loans on corporate growth in Nigeria's oil and gas sector over the period 2020–2025. Using an ex-post facto research design, the study draws on secondary panel data extracted from the audited annual reports and accounts of eight purposively selected companies listed in the oil and gas sector of the Nigerian Exchange Limited (NGX), yielding forty-eight firm-year observations. The study is anchored on the Pecking Order Theory, Trade-Off Theory and Agency Cost Theory, and data are analysed using descriptive statistics, correlation analysis and panel regression. The results indicate that Syndicated Loan Volume and Syndicated Loan Intensity exert a positive and statistically significant effect on corporate growth, while Syndicated Loan Ratio exerts a positive but comparatively weaker effect, together explaining a substantial proportion of the variation in corporate growth among the sampled firms. The study concludes that syndicated loans are a significant driver of corporate growth in Nigeria's oil and gas sector and recommends that firms pursue optimal syndicated debt structures, that regulators streamline syndication frameworks, and that boards strengthen debt-covenant monitoring to convert borrowed capital into productive asset growth.
Keywords
Syndicated Loans
Loan Volume
Loan Ratio
Loan Intensity
Corporate Growth
Asset Growth
Oil and Gas
Nigeria
Theme
Navigating Economic Uncertainty
Is Initial Public Offering (IPO) Better than Private Placement for New Firms? A Literature Review.
Bamenda Philip Chinda
—
Ahmadu Bello University Zaria
The choice between an Initial Public Offering (IPO) and a Private Placement for new firms is one of the most critical decisions that a firm makes. Both equity instruments are used by firms to raise equity capital. IPOs and Private Placements are vastly different in terms of the costs of the offering, the ownership of the firm, the degree of disclosure required, the extent of the firm’s regulatory obligations, the class of investors that can invest in the firm, and the long-term consequences for the firm. The existing empirical research on the IPO vs. Private Placement choice presents mixed results as to which financial instrument is superior for new firms. This literature review examines a total of twenty published articles. The empirical evidence from these studies carried out in a variety of markets worldwide developed and less developed alike was critically evaluated. The method employed in this review is qualitative literature review where the various approaches used by the researchers were analysed and the divergences among them were highlighted. Empirical research supports the notion that IPOs are superior in terms of permanent capital, liquidity, corporate reputation and the ability to expand in the long term. Private placements on the other hand are superior in terms of quicker access to funds, lower financial costs, reduced regulatory requirements, lower disclosure requirements, greater managerial control, and greater flexibility. The review of existing literature provides strong evidence that, although IPOs are better for new firms in terms of several indicators, private placements are also very beneficial for new firms. Thus, the two types of equity offerings are not mutually exclusive and it is the strategic objectives of the firm, its developmental stage, its corporate governance, and even its growth prospects that determine whether a firm should opt for an IPO or a private placement.
Keywords
Initial Public Offering
Private Placement
Equity Financing
Cost of Capital
Theme
Role of Accounting in Supporting Economic Transformation
Fraud Risk Management and Financial Integrity in Nigeria: Towards an Integrated Internal Control and Governance Framework for Sustainable Development
Murtala Ibrahim
—
Aym Shafa Holdings Ltd
Fraud remains one of the most corrosive threats to financial integrity and sustainable development in Nigeria. Global evidence indicates that the typical organisation loses an estimated five per cent of annual revenue to occupational fraud, while Nigerian deposit money banks lost N42.6 billion to fraud and forgeries in the second quarter of 2024 alone, a figure that exceeded total reported losses for the whole of 2023. Against this backdrop, this conceptual paper develops an integrated framework linking fraud risk management, internal control, and corporate governance to financial integrity and sustainable development outcomes. Drawing on the fraud triangle, the fraud diamond, agency theory, and institutional theory, and synthesising the COSO Internal Control Integrated Framework, the COSO and ACFE Fraud Risk Management Guide, and the Three Lines Model, the paper proposes a five pillar Integrated Fraud Risk Management and Financial Integrity (IFRMFI) Framework comprising governance and ethical tone, fraud risk assessment, preventive and detective control activities, whistleblowing and continuous monitoring, and investigation, enforcement, and remediation. Five testable propositions are advanced to guide future empirical inquiry. The paper argues that financial integrity is produced not by isolated anti fraud interventions but by the disciplined interaction of governance, control, and accountability structures operating within a supportive institutional environment. Implications are drawn for boards, regulators, forensic accounting practice, and accounting education, with direct relevance to Sustainable Development Goal 16 on peace, justice, and strong institutions.
Keywords
fraud risk management
financial integrity
internal control
corporate governance
sustainable development
Impact of Public Finance Reforms on Revenue Generation in Katsina State
Anas Salisu Ladan
—
Ahmadu Bello University Zaria
Public finance management reforms have become critical instruments
for enhancing fiscal discipline, transparency, and revenue generation
capacity in developing economies. Nigeria’s adoption of key reforms—
including the Treasury Single Account (TSA), Government Integrated
Financial Management Information System (GIFMIS), E-Budgeting,
and the Public Procurement Act (2007)—aims to consolidate
government funds, streamline financial reporting, improve budget
execution, and curb procurement fraud.
Katsina State, like many Nigerian states, has implemented these reforms
to address fiscal challenges, including low Internally Generated Revenue
(IGR), expenditure leakages, and weak budgetary control. The state
government announced full implementation of TSA and digital payment
systems in early 2023, linking these reforms to improved transparency
and reduced leakages. Between 2017 and 2025, Katsina State’s IGR
grew steadily, with the state recording an 81.66% revenue performance
in 2025, generating ₦565.28 billion out of a revised budget of ₦692.24
billion . These reforms have reduced dependence on federal allocations
and improved budget management. However, empirical evidence
quantifying the causal impact of these specific reforms on revenue
generation in Katsina State remains scarce.
Keywords
Public Finance
Revenue
Reforms
Generation
Theme
Role of Stakeholders in Sustainability Accounting
Financial Fraud in Nigerian Federal Ministries: Examining Pressure, Opportunity, Rationalisation and Greed
Cosmas Ozoemena Ugwu
—
Ahmadu Bello University, Zaria
Ahmed, Aliyu Abdullahi
—
Ahmadu Bello University, Zaria
Abdulkarim, Mohammed Musa
—
Ahmadu Bello University, Zaria
Abstract
Financial fraud remains a significant challenge to public-sector accountability, financial integrity and effective utilisation of public resources. This study examines the relationship between perceived financial pressure, perceived opportunity, perceived rationalisation and greed and financial fraud in Nigerian federal ministries. A quantitative cross-sectional survey design was adopted. From 113 questionnaires administered, 107 were returned and 105 usable responses were retained for analysis. Data were analysed using Partial Least Squares Structural Equation Modelling (PLS-SEM) with SmartPLS 4. The measurement model demonstrated satisfactory reliability and validity. The structural model produced an R² of 0.500 and an adjusted R² of 0.480, indicating that the four explanatory variables jointly explained 48% of the adjusted variance in financial fraud. Perceived financial pressure had no statistically significant relationship with financial fraud (β = 0.001, t = 0.013, p = .990). Perceived opportunity had a statistically significant negative relationship with financial fraud (β = −0.343, t = 3.886, p < .001). Perceived rationalisation had a statistically significant positive relationship with financial fraud (β = 0.463, t = 3.797, p < .001), while greed also had a statistically significant positive relationship with financial fraud (β = 0.226, t = 2.217, p = .003). The model demonstrated predictive relevance, with Q²_predict of 0.395. The findings indicate that rationalisation and greed are important behavioural correlates of financial fraud in the study context, whereas perceived pressure does not significantly explain fraud. The negative association between opportunity and fraud further suggests that the conventional Fraud Triangle relationships may be contingent on the institutional control environment. The study contributes to public-sector fraud literature by extending the behavioural explanation of fraud through the incorporation of greed alongside the traditional Fraud Triangle dimensions.
Keywords
financial fraud
perceived pressure
perceived opportunity
rationalisation
greed
Fraud Triangle Theory
public sector
Nigerian federal ministries
PLS-SEM.
Theme
Sustainability Reporting
Effect of Board Characteristics on Sustainability reporting of Listed Multinational Firms in Nigeria
Rukayya Sanusi Bayero
—
Ahmadu Bello University, Zaria
M.d.tahir
—
Ahmadu Bello University, Zaria
Nasiru Yunusa
—
Ahmadu Bello University, Zaria
Bello Sabo
—
Ahmadu Bello University, Zaria
The study examines the effect of board characteristics on Sustainability reporting in Nigeria. Of which, board characteristics was represented by board size, board gender diversity and board meetings while sustainability reporting is the dependent variable measured using then Global Reporting checklist. To address the problem, Fixed Effect Robust model was employed, using Stata software for the analysis. Secondary source of data was extracted from the annual reports and accounts of the Listed Multinational Firms in Nigeria over the period 2016-2025. Robustness test such as multicollinearity and heteroskedasticity tests were ran to validate the results. The study finds that board characteristics which include board gender diversity and board meetings significantly affects sustainability reporting positively. In contrast, the study found board size to have an insignificant effect on sustainability reporting. Based on the findings, the study recommends that the multinational firms in Nigeria should keep and appropriate number of female directors and board meetings in order to tackle sustainability reporting issues.
Keywords
GRI Index
Sustainability reporting
board characteristics
multinational firms
The Effect of Firm Attributes on Environmental, Social, and Governance Disclosure Quality of Listed Oil and Gas Companies in Nigeria
Asmau Ummi Usman
—
Ahmadu Bello University
Tesleem Olayinka Adeyemi
—
Ahmadu Bello University
This study examines the effect of firm attributes on the Environmental, Social, and Governance (ESG) disclosure quality of listed oil and gas companies in Nigeria. Using correlation research design and secondary data drawn from annual and sustainability reports, the study employed Robust Ordinary Least Squares (OLS) regression on a strongly balanced panel of 49 firm-year observations. ESG disclosure quality was measured using a self-constructed 45-item index based on the Global Reporting Initiative (GRI) Standards. The results reveal that firm size and profitability have positive and statistically significant effects on ESG disclosure quality, while leverage and firm age are not statistically significant. The findings support agency theory, stakeholder theory, and legitimacy theory, indicating that larger and more profitable firms disclose more comprehensively due to greater visibility, resource capacity, and the need to maintain social legitimacy. The study recommends that larger and more profitable oil and gas companies continue to strengthen their ESG reporting systems, while regulators should design capacity-sensitive disclosure frameworks that recognise differences in firm scale and financial strength.
Keywords
ESG disclosure quality
firm size
profitability
leverage
firm age
oil gas companies
Nigeria.
THE MODERATING ROLE OF AUDIT QUALITY ON THE RELATIONSHIP BETWEEN BOARD ATTRIBUTES AND ENVIRONMENTAL DISCLOSURE OF ENVIRONMENTALLY SENSITIVE INDUSTRIES IN NIGERIA
Perfect Datit Faya
—
Ahmadu Bello University Zaria
Environmental disclosure has become one of the most consequential issues at the intersection of corporate governance, sustainability, and accountability in contemporary business practice. As climate change intensifies, regulatory frameworks tighten, and investor scrutiny deepens, firms worldwide are increasingly expected to provide transparent, credible accounts of their environmental performance, risks, and mitigation strategies. This expectation is institutionally anchored in frameworks such as the Global Reporting Initiative (GRI) Standards, the Task Force on Climate-related Financial Disclosures (TCFD), and the International Sustainability Standards Board (ISSB), all of which signal a shift from an exclusively financial conception of corporate reporting to one that embraces environmental and social accountability. Theoretically, the case for environmental disclosure rests on agency theory, which holds that disclosure narrows the information gap between corporate insiders and outside stakeholders; stakeholder theory, which broadens accountability beyond shareholders to communities, regulators, and civil society; and resource dependence theory, which frames the board as the mechanism through which firms access the expertise and legitimacy needed for effective disclosure.
Keywords
envvironmental disclusure
environmentally sensitive firms
Nigeria
Value Relevance of Governance Sustainablilty Reporting of Listed Insurance Firms in Nigeria
Aisha Oluwakemi Oba
—
Ahmadu Bello University Zaria
Aisha Nuhu Mohammed
—
Department Of Accounting Faculty Of Management Sciences Ahmadu Bello University, Zaria, Nigeria
Value Relevance of Governance Sustainability Reporting of Listed Insurance Firms in Nigeria
Aisha Oluwakemi Oba and Aisha Nuhu Mohammed
Department of Accounting
Faculty of Management Sciences
Ahmadu Bello University, Zaria, Nigeria
*Correspondence concerning this paper should be addressed to Aisha Oluwakemi Oba using the following email: obaaisha1@gmail.com
Abstract
Despite increasing governance related sustainability reporting by listed insurance companies in Nigeria, it remains unclear whether such reports convey value relevant information to investors. Therefore, this study examined the value relevance of governance sustainability reporting of listed insurance firms in Nigeria. Value relevance, which was proxied using share price, was thus examined in relation to governance sustainability reporting as well as default metrics such as earnings per share and book value per share. Governance sustainability reporting was measured using the GRI 4 governance indicators. The study used a quantitative approach and a correlational research design to while population of the study consisted of eighteen (18) insurance firms that are listed throughout the period 2015 - 2024. Extracted data was then analyzed using fixed effect (VCE) robust regression. The findings show that both EPS and governance sustainability reporting have a significant but negative effect on the share prices of listed insurance firms in Nigeria. Based on the findings, the study recommends that investors should not rely only on earnings per share when making investment decisions but also consider other industry specific financial metrics. Furthermore, in evaluating governance sustainability reporting, investors should place greater emphasis on substantive governance indicators such as board independence rather than the extensiveness of the disclosure.
Keywords: value relevance, share price, earnings per share, book value per share, governance sustainability reporting
Keywords
Value relevance
share price
earnings per share
book value per share
governance sustainability reporting