FUOYE JOURNAL OF FINANCE AND CONTEMPORARY ISSUES http://fjfci.fuoye.edu.ng/index.php/fjfci <p><strong>WELCOME TO FUOYE JOURNAL OF FINANCE AND CONTEMPORARY ISSUES [FJFCI]</strong></p> <p><img src="https://www.fjfci.fuoye.edu.ng/public/site/images/simsind/fjfci-bdb087a4391f2c3c41bccd67bf5930b9.png" alt="FJFCI COVER" width="263" height="361" /></p> <div class="book_editor"><strong>Editor: <strong style="color: blue;">Fapetu Oladapo (PhD), FNSFR</strong></strong></div> <div class="book_issn"><strong>Print ISSN</strong>: 2805-3664</div> <div class="book_issn"><strong>Online ISSN:</strong>2814-1733</div> <div class="book_frg"><strong>Frequency: </strong>Half-Yearly</div> <p>The FUOYE Journal of Finance and Contemporary Issues (FJFCIs) is a double-blind, peer-reviewed journal published bi-annually by the Department of Finance, Faculty of Management Sciences, Federal University Oye-Ekiti, Nigeria. The journal is usually published in December and June. FJFCIs aims to promote and publish high quality, original research papers that inherently and significantly contribute to the knowledge and scholarship in the fields of finance, banking, accounting, insurance, marketing, management, business, social sciences, law and education.<br /><br />FJFCIs serves as a platform for academics, researchers, professionals, practitioners and students in the social and management sciences as well as the humanities to impact and share knowledge in form of high quality practical, empirical and theoretical research papers as well as case studies from all over the world</p> <p> </p> en-US oladapo.fapetu@fuoye.edu.ng (Fapetu Oladapo (PhD), FNSFR) samson.durojaye@fuoye.edu.ng (Durojaye Samson) Wed, 26 Jun 2024 00:00:00 +0000 OJS http://blogs.law.harvard.edu/tech/rss 60 Bank Size Interaction Effect of Asset-Liability Management on Earnings of Deposit Money Banks in Nigeria http://fjfci.fuoye.edu.ng/index.php/fjfci/article/view/118 <p>Earnings have become one of the major reasons banks are still in existence. Achieving targeted<br>earning by banks has become major challenge. This challenge has created mis-match of assetsliabilities<br>which in turn led to decline in bank earnings in Nigeria. Objective of the study focused<br>on bank size interaction effect of Asset-Liability Management (ALM) on bank earning among<br>Deposit Money Banks in Nigeria. Fixed panel regression and System GMM techniques with expost<br>facto research design were employed for the period of 2010-2021. Finding revealed that<br>ALM components influenced bank earnings. Also, the study revealed that bank size had<br>significant interaction effect with components of asset-liability management on earning of banks<br>in Nigeria. Thus, the study suggested that bank top management should give more sound priority<br>to both ALM policies and bank size or bank total asset and also ensure no assets-liabilities mismatch<br>so as to achieve sound bank earning among banks in Nigeria.<br><br></p> Segun Kamoru Fakunmoju, Saidi Tunji Salawu, Yunus Babatubde Jinadu Mohammed Copyright (c) 2024 FUOYE JOURNAL OF FINANCE AND CONTEMPORARY ISSUES http://fjfci.fuoye.edu.ng/index.php/fjfci/article/view/118 Wed, 26 Jun 2024 00:00:00 +0000 Budgeting and Budgetary Control and Public Sector Performance: A Study of Public Sector in Kwara State, Nigeria http://fjfci.fuoye.edu.ng/index.php/fjfci/article/view/119 <p>Budgeting and budgetary control systems have been discovered to be a panacea to the<br>challenges of poor performance of public sectors in Nigeria. The study examined the impact of<br>budgetary control process on the effectiveness of public sector in Kwara State, Nigeria. The<br>study adopted survey design for a population of 130 senior staff in directorate of planning,<br>research and statistics (DPRS) and directorate of personnel and finance and supply (DPFS) of<br>the selected five ministries and with a sample size of 98 respondents. Purposive sampling<br>technique was employed for the selection of respondents in the selected ministries. Primary data<br>was employed for the study because of the interpretive philosophy of the opinions of senior<br>management staff. Structured questionnaire was used as data collection instrument. Five-point<br>Likert scale was adopted by used to elicit the respondents’ opinions on all question-items.<br>Multivariate regression and relative percentages were the statistical techniques employed for the<br>analysis, done with the aid of Statistical Package for Social Science (SPSS) version 23.0. The<br>results showed an R2 = 0.822, which means that the variability changes in the budgeting process<br>accounted for 82.2% variability changes in budgeting effectiveness in the public sector of Kwara<br>State. The factors of budget efficiency, effective budgetary system, and budget planning and<br>implementation. The study result is significant at p-value =0.000 &lt; 0.05. The study concluded<br>that budgetary control mechanisms have positive significant effect on the performance of public<br>sectors in Kwara State. The study, therefore, recommended that the management of public<br>sectors, should prioritize transparency and inclusivity in their budgeting processes to ensure that<br>stakeholders’ interest align with those of the organization.<br><br></p> Aminat Arike Ariyo-Edu, Ibrahim Ayodeji Woli-Jimoh Copyright (c) 2024 http://fjfci.fuoye.edu.ng/index.php/fjfci/article/view/119 Wed, 26 Jun 2024 00:00:00 +0000 Does Digital Banking Affect Customer Satisfaction? Evidence from Southwest Nigeria http://fjfci.fuoye.edu.ng/index.php/fjfci/article/view/120 <p>There has been a rapid and significant branch office expansion programmes in the banking<br>industry with a significant increase in the volume of customers’ transactions, which crave for<br>survival and profitability. This study therefore examined the effect digital banking on customers’<br>satisfaction among the deposit money banks in Southwest Nigeria. The study employed a survey<br>research design. The results showed that the deployment of various mobile and internet banking<br>increases customer satisfaction in the banking sector. The empirical findings indicated that the<br>implementation of mobile banking and internet banking has substantially and positively<br>enhanced customers' satisfaction. However, customer satisfaction with mobile banking channel<br>and internet banking coefficient had a significant positive effect (β = 0.303 (4.90), 0.275 (4.21)<br>P&lt;0.01) respectively on overall customer satisfaction with financial technology at 1%. The study<br>therefore concludes that customer satisfaction with mobile banking, and internet banking exerted<br>a very strong positive effect on overall customer satisfaction with financial technology among<br>DMBs in the study area. Thus, the study recommends that, deposit money banks should<br>concentrate more on mobile banking usability with a view to enhancing customer satisfaction<br>and driving improved bank performance.<br><br></p> Rasheed Adesoye Yusuf, Oluyemi Philip Ologunwa Copyright (c) 2024 http://fjfci.fuoye.edu.ng/index.php/fjfci/article/view/120 Wed, 26 Jun 2024 00:00:00 +0000 Urbanization, Energy Use, and Carbon Dioxide Emissions Linkage in Nigeria: Evidence from Auto-Regressive Distributed Lag Bound Approach http://fjfci.fuoye.edu.ng/index.php/fjfci/article/view/121 <p>Major energy-intensity activities with high volume of carbon dioxide emissions (CO2E) take<br>place in urban areas. This study employs a dataset for the period 1999-2022 on variables<br>including urban population growth, energy use, industrialization, trade openness, and<br>regulatory quality to investigate the empirical relationships among the variables with CO2E<br>in Nigeria. The study adopts the ARDL bound test approach and develops models on energy<br>use and CO2E separately to reveal the intimate interactions and differing effects of the<br>variables in the models. The short-run effects of urbanization and energy use on CO2E are<br>both significantly negative, but the response from urbanization is elastic while it is inelastic<br>from energy use. The long-run results reveal urbanization having a significantly positive<br>impact on energy use, but a significantly negative effect on CO2 emissions. Energy use is<br>highly elastic to urbanization while CO2 emissions depicts low elasticity to urbanization.<br>Renewable energy improves the environment in Nigeria. The non-linear effects of energy use<br>on CO2E reveal a U-shaped relationship between CO2 emissions and energy use.<br>Urbanization indirectly deteriorates the environment through energy use in Nigeria. The<br>study recommends intensified investment in renewable energy and regulatory measures to<br>improve on the efficiency of the energy sector vis-à-vis adoption of green technology for mass<br>public transportation system as a check on the numerous private provisions that pollute the<br>environment.<br><br></p> Sunday Mauton Ayodamola Posu, Oladapo Fapetu, Matthew Abiodun Dada, Olutunji Timothy Ojo, Ademola Israel Adeniyi Copyright (c) 2024 http://fjfci.fuoye.edu.ng/index.php/fjfci/article/view/121 Wed, 26 Jun 2024 00:00:00 +0000 Cost of Capital and Exchange Rate Nexus: An Autoregressive Distributed Lag Approach http://fjfci.fuoye.edu.ng/index.php/fjfci/article/view/122 <p>This study investigated the effect of cost of capital (interest rate) on exchange rate in Nigeria<br>from1981 to 2022. High rate of interest is expected to lead to a corresponding stronger currency<br>rate and trickles down to impact on the international rate of exchange. This appears to<br>ineffectual in Nigeria as the local exchange rate has been unpredictable and depreciating over<br>the years.This calls for investigation.The secondary data were sourced from the Central Bank of<br>Nigeria (CBN)Statistical bulletin of various issues.Both descriptive (mean, median, standard<br>deviation) and econometrical tools (unit root test, correlation test, auto regressive distributed<br>lag) were adopted for analysis.The Results showed that cost of capital have negatively and<br>insignificantlyaffected exchange rate of the domestic currency.The recommendations among<br>others include that the cost of capital should be allowed to be market- driven and freely<br>determined by invisible forces as against the boardroom determination of such rate by the<br>Central Bank of Nigeria.<br><br></p> Hilary Uchenna Onyendi, Chukwuma Samuel Alamba, John Ibeawuchi Osuji Copyright (c) 2024 http://fjfci.fuoye.edu.ng/index.php/fjfci/article/view/122 Wed, 26 Jun 2024 00:00:00 +0000 Managerial Competencies and the Small and Medium Enterprises’ Performance in Lagos State, Nigeria http://fjfci.fuoye.edu.ng/index.php/fjfci/article/view/123 <p>This study looks into how managerial skills affect the performance of SMEs (small and<br>medium-sized businesses) in Lagos State, Nigeria. The purpose of the study is to evaluate<br>how risk-taking, innovation, and leadership skills affect SME performance. The study<br>population consists of SMEs that are only located and operated in Lagos State, and a basic<br>random sampling technique was used to determine the sample size of 736. Data analysis was<br>conducted using Partial Least Squares Structural Equation Modelling (PLS-SEM), revealing<br>significant positive relationships between innovation competency (β = 0.29), leadership<br>competency (β = 0.34), risk-taking competency (β = 0.36), and SME performance.<br>Recommendations include targeted training programs for competency development,<br>mentorship opportunities, flexible financing solutions, and further research into additional<br>factors impacting SME performance in the region.<br><br></p> Maryam Adeyinka Shomoye-Olusi, Olufemi Olabode Olayemi, Patrick Sunday Okonji Copyright (c) 2024 http://fjfci.fuoye.edu.ng/index.php/fjfci/article/view/123 Wed, 26 Jun 2024 00:00:00 +0000 Green Marketing Strategies and Brand Awareness of Consumers’ Food and Beverage in Lagos State, Nigeria http://fjfci.fuoye.edu.ng/index.php/fjfci/article/view/124 <p>The study investigated green marketing strategies and its effect on brand awareness<br>of consumers' food and beverage. The purpose of this study was to assess how green product,<br>green price, and green promotion affect brand awareness of consumers' food and beverage.<br>The subject of investigation was Lagos State. The research design employed is a descriptive<br>survey design. The study instrument utilised for data collection was a questionnaire<br>administered through Google form. Primary sources of data were incorporated. The study<br>population consists of all food and beverage consumers in Lagos State. The sample size was<br>determined using convenience sampling technique. A total of 150 respondents were<br>considered. The hypotheses were examined by the application of linear regression. The<br>results of the study showed that green product, green price, and green promotion have<br>statistically positive effect on brand awareness of consumers' food and beverage in Lagos<br>State. The study suggests that food and beverage manufacturing companies in Lagos State<br>should try adopting green marketing tactics in order to promote positive environmental<br>awareness of their products and enhance long-term profitability.<br><br></p> Olubusola Temiloluwa Oyekunle, Bolajoko Nkemdinim Dixon-Ogbechi, Ajao Ganiyu Rahim Copyright (c) 2024 http://fjfci.fuoye.edu.ng/index.php/fjfci/article/view/124 Wed, 26 Jun 2024 00:00:00 +0000 Risk Management Committee Attributes and Financial Performance of Listed Financial Service Firms in Nigeria http://fjfci.fuoye.edu.ng/index.php/fjfci/article/view/125 <p>The risk among listed companies in Nigeria were becoming worrisome and the failure of the<br>audit committees to effectively address the issues of financial risks led to the formation of<br>independent risk management committees in Nigeria’s listed companies. This study therefore<br>evaluates the impact of the risk management committee on the performance of listed financial<br>services firms in Nigeria between 2009 to 2022. This study examined the influence of risk<br>management committee attributes on financial performance among listed financial service firms<br>in Nigeria for the period 2009 to 2022 using ex-post facto research design. The results deducted<br>from the analysis indicate that risk management committee size and risk management committee<br>financial expertize have negative and significant effect on financial performance among listed<br>financial service firms in Nigeria, while risk committee independence has significant positive<br>effect. On the other hand, risk committee gender diversity has positive but insignificant effect.<br>The study recommends amongst others that the size of risk management committee of listed<br>financial service firms should be constituted in conformity with the nature and peculiarities of<br>individual company and firms should ensure that experts’ non-executive directors are included<br>in the risk management committee in order to have a superior financial performance.<br><br></p> Haruna Muhammed Musa, Muhammed Dahiru Tahir Copyright (c) 2024 http://fjfci.fuoye.edu.ng/index.php/fjfci/article/view/125 Wed, 26 Jun 2024 00:00:00 +0000 Brand Equity and Customer satisfaction: The Moderating Effects of Social Media Advertising in Sheraton Hotel, Lagos, Nigeria http://fjfci.fuoye.edu.ng/index.php/fjfci/article/view/126 <p>Business practices have become more intricate and dynamic as a result of the internet<br>revolution. There is no denying that internet and social media use are now fundamental to<br>successful company practices. Using social media to market one's hotel and interact with<br>guests has become the norm in the hospitality sector. This study examines the effect of brand<br>equity and customer satisfaction with the moderating effects of social media advertising and<br>in hotel industry with the aid of survey research method. Using a self-administered<br>questionnaire with the aid of Google form on 353. A random sample of social media users in<br>Nigeria's Lagos State who follow the Sheraton Hotel between September and October 2023.<br>The results of Hieratical Regression analysis, percentages, and frequency distributions all<br>pointed to the fact that brand equity plays a significant role in maintaining customer<br>satisfaction in the hotel industry. Thus, it is recommended that firm in the hospitality industry<br>should increase customer satisfaction by focusing on brand perception, perceived quality,<br>and physical environment.<br><br></p> Usman Moyosore Tijani, Mustapha Tosin Balogun, Olubusola Temiloluwa Oyekunle, Ademola Ibraheem Lawal Copyright (c) 2024 http://fjfci.fuoye.edu.ng/index.php/fjfci/article/view/126 Wed, 26 Jun 2024 00:00:00 +0000