Browsing by Author "Ajayi, Michael Adebayo"
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Item Access to Microfinance and Millennium Develoopment Goals (MDGs)(University of Pennsylvania, Clarion, 2016) Adeniyi, M. Ijaiya; Abdulkadir, Idowu R.; Olarenwaju, M. Salam; Abdulrasheed, A.; Bello, I. Abdullahi; Ajayi, Michael AdebayoAccess to microfinance is seen as one of the practical development strategies and approaches that could be implemented to attain the bold ambition of achieving the Millennium Development Goals. The objective of this paper is to discuss the impact of microfinance on Millennium Development Goals (MDGs). The study, through theory and numerous empirical studies, observed that access to finance is an important direct or indirect contributor to the achievement of the most of the goals in rural areas, because it reduces income inequality and poverty of the rural poor - key goal of the MDGs. Thus, the study suggests that government action should focus on institutional best practices for expanding and mainstreaming sustainable microfinance in every facet of the economy. There is need to also improve the dismal performance in children undernutrition, school enrolment, mortality rate, access to drinkable water, etc in post MDGs programme in order to improve and sustain the achievement recorded by the MDGs.Item An Appraisal of Lending Performance of Commercial Banks in Nigeria(DEpartment of Business Administration, University of Ilorin, 2003) Ajayi, Michael AdebayoThe current competition in the Nigerian banking sub-sector underscore the important of customer's consideration in bank selection. While some bank keep growing in terms of branch network some are run out of business under the acclaimed distressed syndrome. The study unlike the other researcher use analysis of variance method to evaluate various factors considered by customers in Kwara State in their bank selection process. It was discoursed that the level of signiflcant of each factor depends on the following strata: the level of income, type of account holding, level of Education and type of employment of customer. Therefore, professional bankers are advices to study the major category of customers that operates accounts with them to determine relevant factors predicted by this study that can enhance branch performance in both short and long run of the bank.Item The Causality between Government Expenditure and Economic Growth in Nigeria(Faculty of Economics, Aurel Vlaicu University, Romania, 2016) Ajayi, Michael Adebayo; Aluko, O.A.The relationship between government expenditure and economic growth has been an issue of debate over the years. This study investigates the causality between government expenditure and economic growth in Nigeria between 1985 and 2014. Following the Toda-Yamamoto non-Granger causality testing approach, it finds that government expenditure and economic growth have no causal effect on each other. This offers evidence to invalidate Wagner's law and the Keynesian proposition in Nigeria. This study recommends that government should strengthen its efforts to curtail corruption as well as introduce stricter checks and controls to reduce or eliminate the profligacy of public funds.Item Causality between Household Savings and Economic Empowerment in North-Central States of Nigeria(Faculty of Management Sciences, Kogi State University, 2011) Ajayi, Michael AdebayoAt the micro level, attention has been mostly focused on the savings behaviour of households. However, the impact of household savings on economic empowerment at the household level has not been adequately addressed. This study has been designed therefore to examine the relationship between the household financial savings and level of economic empowerment in North Central States of Nigeria. A two-stage sampling technique was used to select Local Government Areas as well as the respondents at the village level. The first stage sampling involved one urban and one rural local government area from each of the Senatorial districts; At the second stage, a set of questionnaire was administered on household' heads that were selected from the Local Govemment Areas proportional to the total number of households in the area. The questionnaire was designed based on the World Bank's Living Standards Measurement Study (LSMS) and the Federal Bureau. of Statistics' National Integrated Survey on Heuseholds (NISH) standard. The measurement of economic empowerment at micro level is an adaptation of UNDP's Human Development Index measurement at macro level using the three dimensions; Life Expectancy, Educational attainment and Income Level. The Ordinary Least Squares method was used to analyze the data through Multiple Regression Technique. The major findings of the study showed that: the household size in the geo-political zone ranged between 3 and 29 members with a savings range of between N500 and N 20iOOO per month; savings, household size, and membership of Savings and Credit Associations (SCAs) are positively related to economic empowerment and significant .at 5 level. It was also found that . savings are more positively related to economic empowerment in the rural than urban areas at 1 level.Item Comparative Analysis of Household Savings Behaviour in Rural and Urban Area of Nigeria(School of Management and Social Sciences, Babcock University, Ilisan-Remo, 2011) Ajayi, Michael AdebayoSustained economic growth is determined by domestic financial saving mobilization. The Nigerian's performance with regard to domestic financial saving mobilization has been very poor over the last three decades. To this extent, this study focused on the analysis of the Household Savings behaviour in Nigeria using micro level data of the Household income and expenditure survey (HIES) for the period between 2009/2010. Three different non-linear saving functions attributed to Keynes, Klein and Landau were estimated separately for the urban and the rural households, using the Ordinary least Squares (OLS) techniques.Item Consumer Goods Companies in Nigeria(Department of Finance, University of Ilorin, 2018) Ajayi, Michael Adebayo; Daramola, I.E.; Odediran, T.H.This study examined the difference in the performance of Nigerian consumer goods companies by comparing financial ratios prepared under International Financial Reporting Standards (IFRS) period and Nigerian Generally Accepted Accounting Principles (Nigerian GAAP) period. Secondary data sourced from published annual reports and accounts of 12 , consumer goods companies quoted on the Nigerian Stock Exchange from 2010 to 2014 were' usedfor the study. The estimation technique used for analysis was Mann- Whitney U test. The study revealed that while there are differences in liquidity and profitability ratios for both Nigerian GM? and IFRS periods, the results are however not statistically significant except for current ratio that decreased in IFRS period with a p-value of 0.02. In conclusion, IFRS relies on fair value accounting which affects assets, liabilities and equity items in the Statement of Financial Position. Accounting for leases. impairment and employee benefits also affect expenses, liabilities and equity items. However. only current ratio showed a significant difference at 5. It was recommended that regulatory authorities should continue to monitor compliance with IFRS requirements in its totality by companies in Nigeria.Item Determiannts of Household-Head Usage of Automated Teller Machine (ATM) in a Transition Economy(College of Business and Social Science, Covenant University, Ota, Ogun State, 2013) Ajayi, Michael AdebayoStudies of ATM usage by household-head in developing countries are often a difficult effort considering the complexity of variants affecting household spending. This paper investigates the use of ATM in Nigeria. Sixty-six social-economic variables were selected in the study. The factor analysis method reduces the Sixty-six variables to nine orthogonal factors. The result of the stepwise regression method identified four factors: Household Acceptability Index (HAI = 65.2 ); Household Time Spent in Withdrawing Money (HTSWM =14.5); Household Source of Income Index (HSY = 13.3) and Household Perception on ATM Machine Performance (HPAMP= 4). All of this together contributes 97 explanation to household ATM usage in the study area. These four factors are relevant to sustainable cashlite economy being implemented in phases by the federal government of Nigeria.Item Determinants of Banking Sector Development(Borsa Instanbul AnonimSirketi, Turkey, 2017) Olufemi, A. Aluko; Ajayi, Michael AdebayoThis study examines the determinants of banking sector development in sub-Saharan African countries using a panel of 25 countries from 1997 to 2014, It utilises the system Generalized Method of Moments (GMM) dynamic panel model estimator, Using a composite index of ,banking sector development. the estimation results show that population density and simultaneous openness to trade and capital promote banking sector development while financial liberalisation hinders banking sector development. This study reveals that institutional quality. population density. and trade openness increases the depth 01' the banking sector, Also. it demonstrates that law. inflation. and religion promotes the efficiency of the banking sector while latitude. trade openness, income level. and ethnic diversity reduce banking sector efficiency, In addition. it shows that law and simultaneous openness to trade and capital enhances the stability of the banking sector while land area. financial liberalisation, economic growth. and inflation adversely affect banking sector stability,Item Determinants of Fraud in Nigerian Banking Industry(Department of Sociology, Ibrahim Badamasi Babangida University, 2011) Ajayi, Michael AdebayoFraud and Forgery have been identified as major causes of bank distress and eventual failure in the Nigerian banking sector. Using the data from Nigerian Deposit Insurance Corporation (NOIC), the estimated multiple regression result shows that there exist a causal relationship among the total amounts, number of cases, number of fraudulent staff, and fraud and forgery activities in Nigerian banking sector. Hence, sound corporate governance characterized by effective operational practices comparable to international standards should be adopted by supervisory agencies of the financial system in Nigeria to prevent adverse effect of fraud on the economy.Item The Determinants of Loan and Advances in the Financial System(Faculty of Arts, Business and Science at the University of the North, 2007) Ajayi, Michael AdebayoThis study examined four major determinants of Loan and Advances in the Nigerian financial system that is the liquidity ratio, capital base, bank deposit and lending rate. The study covered a period of thirty seven years banking in Nigeria from 1970 to 2006. The secondary data collected from Central Bank annual reports of various years were analysed to confirm the appropriate relationship between the commercial banks' loan and advance (dependent variable) and the determinants (independent variables). A multiple regression analysis was carried out to determine the relationship between both the dependent and independent variables. While the results show that there is inverse relationship with liquidity ratio and interest rate on one hand, it confirms that there exist a positive relationship between dependent variable (i.e. loan and advance) and capital, likewise bank deposit.Item Dividend Policy and Share Price Volatility in Nigerian Banking Industry(College of Management and Social Sciences, Fountain University, Osogbo, Nigeria, 2015) Ajayi, Michael Adebayo; Seyingbo, O.A.Dividend policy influences the share price movement and volatility of share price are important to investors because the lesser the volatility of a given share, the greater the desirability to investors. The study examines the effect of dividend policy on share price volatility covering two categories of firms in the Nigerian banking industry; firms that declared dividend and those that retained their earnings, covering a period between 2008 and 2013. Three firms were randomly selected for each category, the study also used panel data analysis and the choice of the six banks was ranked based on their contribution to Gross Domestic Product. The result for firms that declare dividend shows that there is a positive relationship between dividend payout ratio, '"' " earnings per share, size of the bank and share price volatility, while there exist a negative - relationship between earnings volatility and share price volatility, also the result for the firms that retained their earnings shows that there is negative relationship between retained earnings, earnings volatility and share price volatility and also a positive relationship between earnings per share, size of the bank and share price volatility. The study concludes that declaration of dividend by banks causes more volatility in share price movement while retained earnings causes less volatility in share 'price movement of banks in Nigeria .. It is recommended that banks. should concentrate more on retaining all their earnings and making judicious use of the funds by committing it in a profitable and viable investment opportunities while, the Investors should also concentrate more on capital gains as a return for their investment in a share of a company instead of collection of dividend.Item Empirical Evidence of Auditors' Perception on the Effectiveness of Forensic Accounting Procedures in North-Central Nigeria(Faculty of Management Science, Ekiti State University, Ado Ekiti, Nigeria, 2016) Ajayi, Michael Adebayo; Odediran, Taiwo HassanThe consequence of ill creasing rate of financial fraud such as individual and social economic losses has led to business failure and emotional problem experienced by victims of fraudsters. These also led to loss of confidence in the stakeholders of the clean reports on financial statements certified by the auditors which called for suitable methods for detecting and preventing fraud. This study therefore examined the auditors' perception of the forensic accounting procedures in north-central of Nigeria. Ordered logistic regression was used on 178 copies of questionnaire administered on auditors ill auditing firms, internal auditors and accountants of banks, industries and Public Sectors in the study area. The study reveals that forensic accounting procedures have significant relationship on financial reporting fraud and misappropriation. The study also explicitly revealed forensic accounting effectiveness for detection on each of the above components of fraud. The study recommends that forensic accountants he employed by all the anti-corruption agencies to be effective and efficient in fishing out fraudulent activities in the economy and that various standards board's should make it a policy/or the independent auditors to employ forensic accountants ill their independent audits.Item Empirical Evidence of Causal Relationship between Economic Empowerment and Financial Savings(Department of Business Administration, Adekunle Ajasin University, Akungba-akoko, 2011) Ajayi, Michael AdebayoThis paper examines empirically the long-run relationship between real-gross domestic saving (ODS) and economic empowerment as measured by HDI for Nigeria (1971-2007) using a developed approach to cointegration by Pesaran et al: (2001) that performs well with small samples and regardless of the orders of the respective time series [i.e., whether time series are 1(0), 1(1), or 1(0)/1. (1)]. The empirical results reveal that a long-run relationship exists between the variables. The Granger causality test' supports bidirectional. causality between economic empowerment and financial saving in Nigeria. This implies that government can either implement enhance saving policies to achieve an improve economic empowerment or use training and financial policies to empower people which will in turn have multiplier effect on savings.Item Evaluating the Relative Impact of Monetary and Fiscal Policy in Nigeria using the St. Louis Equation(Faculty of Economic Sciences of the Danubius University, Romania, 2017) Ajayi, Michael Adebayo; Olufemi, Adewale AlukoThe controversy existing on the efficacy of monetary and fiscal policy to influence the economy is unending. This study evaluates the relative impact of monetary and fiscal policy in Nigeria from 1986 to 2014 using a modified St. Louis equation. Employing the Ordinary Least Squares estimation method, this study reveals that growth in money supply and export have a positive and significant effect on growth in output of the economy while growth in government expenditure has a negative and insignificant effect. This study provides evidence that monetary policy has a greater growth-stimulating effect on the economy than fiscal policy. It recommends that monetary policy rather than fiscal policy should be relied upon by the Nigerian government as an economic stabilisation tool.Item An Evaluation of Customers' Bank Selection Decisions in Nigeria(DEpartment of Business Administration, University of Ilorin, 2004) Ajayi, Michael AdebayoThe current competition in the Nigerian banking sub-sector underscore the important of customer's consideration in bank selection. While some bank keep growing in terms of branch network some are run out of business under the acclaimed distressed syndrome. The study unlike the other researcher use analysis of variance method to evaluate various factors considered by customers in Kwara State in their bank selection process. It was discoursed that the level of signiflcant of each factor depends on the following strata: the level of income, type of account holding, level of Education and type of employment of customer. Therefore, professional bankers are advices to study the major category of customers that operates accounts with them to determine relevant factors predicted by this study that can enhance branch performance in both short and long run of the bank.Item Evaluation of Deposit Money Bank's Efficiency in Nigeria(Department of Accounting and Finance and Business Administration, Fountain University Osogbo, Nigeria, 2017) Ajayi, Michael Adebayo; Nageri, Ibraheem K; Abogun, Segun; Abdulmumin, AyoolaAbility of banks to manage risk and make better use of informational disproportion between borrowers and lenders are the essence of bank's activities. The efficiency of Nigerian banks has become more compelling bearing in mind the various banking reform and regulations adopted by the Central Bank of Nigeria in recent year. The objective of this study is to evaluate the efficiency of deposit money banks quoted on the Nigerian Stock Exchange during the period of 2011-2015. The study follows the intermediation approach, usng the Data Envelopment 2011, 2012, 2013, the international licensed banks are better in 2014 and the 2015 score shows no significant difference.Item Evaluation of Stock Market Development and its Contribution to Economic Growth in Nigeria(Faculty of Management Sciences, Ekiti State University, Ado-Ekiti, Nigeria, 2018) Ajayi, Michael Adebayo; Abogun, Segun; Mosobalaje, Ademola AzeezStudies have been carried out on the impact of stock market development on economic growth across the globe but the findings remain inconclusive. This study therefore evaluates the contribution of stock market development to economic growth in Nigeria between the periods of 1986 to 2016. The study employed the method of short run error correction model (ECM) as analysis technique. The study revealed that only the banking sector development has a significant direct relationship with the economic growth of Nigeria at 10 level of significance while all other explanatory variables were not. Therefore. the study concluded there is no evidence that Nigerian stock. market development contributed to the economic growth. It is therefore recommended that (I) stock market growth strategy should be pursued and all impediments to its development be removed (2) regulators and operators in the stock. market should enhance the liquidity of the market (3) operators and participants should implement policy that will boost turnover ratio in the market.Item An Evaluation of the Financial Market Transmission Channel in Nigeria(College of Business and Social Sciences, Covenant University, Ota, Nigeria, 2016) Ajayi, Michael AdebayoThe increasing integration and interdependence of the money and capital market has been observed in developing economies like Nigeria as it has been in developed economy but the roles, importance, sizes, effects and signs of the linkages is crucial for policy debate. This study identifies and validates the existence of some channels of financial market transmission in the Nigerian context. Secondary data covering the periods of 1980 to 2013 was used to estimate the Vector Auto-regression (VAR) model. The cholesky dof adjusted method was employed to set the ordering of the variables and a standard deviation shock was given to the residuals in the VAR model to establish the transmission channel. The result shows that money market and capital market react to .each other. Overall, the results underline the importance of the understanding of the financial market linkages and identify the existence of the credit and the asset price channel in the Nigerian context. Some of the policy recommendations are that policymakers should ensure (i) An improved institutional environment and encourage healthy competition in the banking sector. (ii) Loan contracts should be protected and financial intermediation should be conducted through the financial markets among others.Item Fraud in Nigeria's Financial System(Faculty of Arts, Business and Science at the University of the North, 2003) Ajayi, Michael AdebayoThe Nigeria economy loses a significant amount of money to fraudsters coupled with loss of confidence in the Nigerian banking sector over the years despite various preventive and detective measures put in place. This work identifies the contributory factors to the actual/expected losses. Multiple regression analyses were carried out to determine the significance and extent of the relationship in the model specified. The study reveals that the number of staff and branch network of the commercial Banks, categories of staff involved in fraud have significant impact on the level of actual/expected financial loss. It is therefore recommended that supervision of bank employees and necessary investigations at the hiring point of the employees should be properly considered in commercial banking industry.Item Government Assistance for Informal Sector Enterprises in Nigeria(Faculty of Integrated Development Studies, University of Development Studies, Ghana, 2009) Arosanyin, G.T.; Ijaiya, G.T.; Oludoyi, S.; Ajayi, Michael AdebayoThe informal sector has remained crucial to the Nigerian economy over the years in terms of employrnent and income generation for the teeming urban semi-skilled and unskilled labour. Over the years in Nigeria, there has been growing concern about the problems and expectotions of the informal sector in spite of the support services floated of the .government. This study, therefore examines the level of government support received by tire repair operators; their problems end expectations. The! study involved the use of primary data collected through a structured questionnaire, which was personally administered. It found that government support in terms of finance and training was limited to 'take off' and had little or no provision for already existing operators, who required some support for expansion and modernization. The study also found that the major problems militating against tire repair service are fuel scarcity, spare part problem, lack of access to credit and multiple taxes based on the findings above, there is the need to refocus government informal sector support instruments through Unproved funding. The government should also address the energy problem and eliminate multiple taxes which are inimical to the growth and development of the informal sector.