Book of Abstracts

Effect of Greenwash Practice on Financial Performance Focusing On Quoted Nigerian Banks: The Moderating Role of Environmental, Social, and Governance (ESG) Disclosure.

Sharafuddeen Ibrahim Abubakar — Ahmadu Bello University, Zaria .

Abdullahi Isma'il Yakasai — Ahmadu Bello University, Zaria .

Auwalu Sani Ibrahim — Northwest University,kano

ABSTRACT
This study is covering Greenwashing practices, firms’ financial performance and incorporating ESG disclosure as the moderating role. ESG refers to firms activities in relation to environmental, social, and governance. Therefore, the ESG is an innovative Strategy for assessing a firm’s corporate social responsibilities. The ESG focuses not only on financial reporting, but to verifying the greenwashing practice while making investment decisions by the stakeholders ,the influence of greenwashing practice might potentially increase firms financial performance ,ESG yield significant in moderating firms performance in relation to greenwashing practice. Therefore, this paper examines the need for overall ESG scores to verify the activities of greenwash and their impact on the banks financial performance of quoted the firms. This study will show and reveal the relationships both positive and negative relationships of greenwash practice and bank financial performance. The author intends to continue the research by proposing and formulating the hypotheses in order assess the influence of overall ESG on the relationship between greenwashing practice and bank financial performance and to propose model for analyzing the correlation. The findings of the study will be helpful to shareholders, investors, regulars, policymakers, and other relevance agencies and widening the scope of literature to examine the impact of greenwash practice on financial performance, the overall ESG as moderating role.

Keywords: Greenwashing Practice;, Banks financial Performance; ESG : Sustainability Practice.

Keywords Greenwashing Practice Banks financial Performance ESG Disclosure Sustainability

The effect of environmental disclosure on the stock market performance of listed companies in the Nigerian stock market

Muhammed Umar Aliyu — Ahmadu Bello University, Department Of Finance

ABSTRACT
This seminar paper examines the effect of environmental disclosure on the stock market performance of listed companies in the Nigerian Exchange Group (NGX), formerly the Nigerian Stock Exchange. Environmental disclosure, as one of the core pillars of Environmental, Social and Governance (ESG) reporting, has increasingly become a focal point for investors, regulators, and other stakeholders seeking to assess the long-term sustainability and risk profile of corporate entities. The paper adopts a conceptual and empirical review approach, drawing on legitimacy theory, stakeholder theory, signalling theory, and the efficient market hypothesis to establish the theoretical linkages between environmental disclosure and market performance. A review of extant literature, including recent Nigerian studies by John and Ukpong (2025) and Anaege et al. (2025), reveals that environmental disclosure generally exerts a positive and statistically significant effect on share price and market valuation. This finding, however, is not without qualification: Syder et al. (2020), for instance, found no significant relationship between environmental compliance spending specifically and shareholder value, underscoring the context-dependent nature of the relationship. The paper concludes that the association between environmental disclosure and stock market performance in Nigeria, while generally positive, is moderated by firm size, industry sensitivity, disclosure quality, and the largely voluntary character of ESG reporting outside the premium board. It recommends that regulatory bodies such as the Securities and Exchange Commission (SEC) and the Financial Reporting Council of Nigeria (FRCN) strengthen mandatory environmental disclosure frameworks to improve transparency and market efficiency.

Keywords Keywords: Environmental Disclosure Stock Market Performance ESG Nigerian Exchange Group Legitimacy Theory

Catalyzing role of Board Monitoring Mechanisms on Voluntary Environmental Information Disclosure of Nigeria Manufacturing Companies.

Simon Moses — Union Bank Of Nigeria Plc

Bulus Tumba — Department Of Economics, Adamawa State College Of Education Hong, Adamawa State.

Adamu Isa — Department Of Economics, Adamawa State College Of Education Hong, Adamawa State.

Abstract
This study examined the catalyzing role of board monitoring mechanisms on voluntary environmental information disclosure of listed Nigerian firms. The population of the study was made up 59 manufacturing companies listed on Nigerian Exchange Group as at 31st December, 2025. The sample size of the study was 22 manufacturing companies. Data for the study was collected from annual reports and accounts of the sampled manufacturing companies in Nigeria. Data was analyzed using descriptive and inferential statistics. The result of the regression analysis found board size has positive and significant effect on voluntary environmental information disclosure of listed Nigerian firms. Similarly, board independence has negative but significant effect on voluntary environmental information disclosure. The study concludes that board monitoring mechanisms play vital role in encouraging companies to disclose environmental information among Nigerian Manufacturing companies. The study recommends that manufacturing firms in Nigeria should increase the numbers of directors on the board and also have moderate number of independent directors.

Climate Risk Disclosure and Firm Performance: Evidence from Nigerian Listed Firms

Sabiu Muhammad Ibrahim — Skyline University Nigeria

Hamza Adamu Fanda — Skyline University Nigeria

Saeed Hussain — Skyline University Nigeria

Kifdiyya Mustapha — Skyline University Nigeria

Dr. Saibabu Neyyila — Skyline University Nigeria

This research explores the link between climate risk disclosure and firm performance using 83 companies listed on the Nigerian Exchange Group (NGX) from 2015 to 2024 (830 firm-year observations). The study uses the Climate Risk Disclosure Index (CRDI), Environmental, Social and Governance (ESG) Disclosure Score and Disclosure Presence (DP) as proxies for disclosure. The study uses Return on Assets (ROA) and Tobin’s Q to measure firm performance. Drawing on Legitimacy Theory, Stakeholder Theory, and the Resource-Based View, the study employs pooled least squares, fixed effects, random effects and System GMM models to correct for endogeneity and unobserved heterogeneity. Findings show that the CRDI has a positive and significant impact on both ROA and Tobin’s Q. The ESG Disclosure Score is also a significant positive predictor of both performance measures, and the binary presence of climate risk disclosure is associated with a meaningful improvement in ROA. Industry analysis shows Oil & Gas and Financial Services sectors exhibit the highest disclosure-performance relationships. The paper offers new insights on climate risk disclosure in an emerging market in Sub-Saharan Africa, and has implications for policymakers, investors and managers in developing sustainable finance initiatives in Nigeria.

Keywords Climate Risk Disclosure Index (CRDI) ESG Disclosure Score Disclosure Presence Firm Performance Emerging Markets

CORPORATE GOVERNANCE AND FINANCIAL EFFICIENCY IN LISTED CONSUMER GOOD MANUFACTURING FIRMS IN NIGERIA

Angela Anyanwu — National Open University Of Nigeria

Prof Udu Ama Aka — National Open University Of Nigeria

Dr Ume, Eucharia Chibuzor — National Open University Of Nigeria

Prof Okoh, I. Johnson

ABSTRACT
A company’s financial viability, growth and sustainability reflects in its ability to efficiently manage available resources; hence financial proficiency is germane to corporate Boards. For several decades manufacturing firms globally have exhibited signs of financial inefficiency, in form of sub-optimal resource utilisation. Institutional and research based efforts to address these problems seem not to have yielded desired results. Empirical papers especially on financial efficiency is still scarce within Nigeria coupled with very recent cases of corporate financial crises purportedly linked to Board mechanisms. This study therefore, empirically analysed the influence of corporate governance on financial efficiency of manufacturing industry focusing on listed consumer good manufacturing firms in Nigeria, while controlling for firm size. 16 firms publicly quoted on the Nigerian Exchange Group market as at 31st December, 2024 formed the population and sample for the study. The study was quantitative and used secondary data. Diagnostic tests were carried out. Shapiro – Wilk test used for normality, Variances Inflation Factor for multicollinearity, Brusch –Pagan / Cook –Weistberg for heteroskedacity and Hausman Test for choice of fixed effect model for analysing the panel data. Findings of the study revealed as follows: board commitment had positive but statistically non-significant effects ((coef= 6.605, p= 0.683). Board independence indicated a negative and statistically significant effect (coef= -3.65, p=.041); while board gender diversity exhibited a positive and significant effect (coef= 12.928, p=.000). The study provides a deeper insight into the predictive effect of some corporate governance components on financial efficiency. It recommends that consumer good manufacturing firms in Nigeria adopt an integrated governance system, rather than focusing on individual corporate attributes. However, greater attention should be paid to Board gender diversity as it has proved to be an effective tool for enhancing financial efficiency.
Keywords: Corporate governance, financial efficiency, consumer good manufacturing firm

Effect of Climate-related Risk Disclosure on Accounting Conservatism of Listed Oil and Gas Companies in Nigeria

Salihu Bala Abubakar — Abubakar Tafawa Balewa University, Bauchi

Prof. Sama'ila Idi Ningi — Abubakar Tafawa Balewa University Bauchi

Dr. Lawan Yahaya — Abubakar Tafawa Balewa University Bauchi

ABSTRACT The growing impact of climate change has heightened the need for firms to disclose climate-related risks, yet the relationship between such disclosures and accounting conservatism remains underexplored in emerging markets. The study examined the effect of climate-related risk disclosures on accounting conservatism in financial reporting in the Nigerian oil and gas sector. Specifically, it investigates four types of risk disclosures, the transition, greenhouse gas emissions, physical, and technological risks as independent variables and their influence on the conservatism of financial reporting as dependent variable. The study adopts an ex-post facto research design, employing secondary data from the annual and sustainability reports of nine listed oil and gas companies on the Nigerian Exchange Group (NGX) over the period 2019–2023. Panel regression analysis was conducted in Stata 14.2 to test the relationship between the independent variables and accounting conservatism, with diagnostic tests to ensure the robustness of the results. The findings reveal that disclosures of transition risk, greenhouse gas emissions, and physical risk are significantly associated with lower accounting conservatism, suggesting that firms with greater transparency in reporting these risks are more confident in their risk management and adopt less conservative accounting policies. Conversely, technological risk disclosure exhibits a weak positive relationship with accounting conservatism, indicating precautionary financial reporting amid technological uncertainties. The study concludes that climate-related risk disclosures influence accounting conservatism in various ways, highlighting the importance of tailored disclosure strategies to enhance transparency and stakeholder confidence, as advocated by the underpinning theory. Based on the findings, it is recommended that Nigerian oil and gas firms should adopt comprehensive climate risk disclosure frameworks while aligning their accounting policies to balance transparency, risk management, and financial prudence.

Keywords Climate-related Risk Disclosure Accounting Conservatism Listed Oil and Gas Companies Nigeria

Is Audit Committee Financial Expert A Missing Link To Board Attributes And Timeliness Of Financial Report? Evidence From Non-Financial Nigerian Firms

Sani Idris — Umaru Musa Yar'adua University Katsina

Nabila Kabir — Umaru Musa Yar'adua University Katsina

Timely provision of audited financial report increases investor’s confidence, limit spread of rumors, reduce the occurrence of insider trading and reduce capital flight. This study examines the moderating role of audit committee financial expert on the impact of board characteristics and timeliness of financial report among listed non-financial firma in Nigeria. The study made used of a sample of forty-two firms over a period of thirteen years (2020-2022) and adopted Panel Corrected Standard Error. The study found board independence, board gender, and board size has a negative and significant impact on the timeliness of financial reports of listed non-financial firms in Nigeria. Also, the study found audit committee financial expertise influenced the relationship between board characteristics and timeliness of financial reports. The study recommends the financial reporting council of Nigeria should enforce strict compliance by Nigerian listed non-financial firms on number of auditors in the audit committee, and comply with the requirement of NCCG with at lease one financial expert among members of the audit committee.

Keywords timeliness of financial report board independence board size board gender board meeting - committee financial expertise

Selective Governance Effectiveness and Organisational Resilience: Re-Reading Corporate Governance–Strategic Implementation Effects in Nigerian Manufacturing Firms

Olufolakemi Afrogha — Miva Open University

George Akan Ukap — Miva Open University

Corporate governance research on strategic implementation has largely treated governance structures as uniformly effective predictors of execution outcomes, an assumption increasingly at odds with firms operating under technological disruption, macroeconomic volatility, and global risk. This study revisits primary survey data collected from 138 senior and middle managers across five Nigerian Stock Exchange-listed manufacturing firms (Dangote Group, Unilever Nigeria, Nestlé Nigeria, PZ Cussons, and Nigerian Breweries) to re-examine how board composition, ownership structure, CEO duality, board committees, and governance-related challenges relate to strategic implementation effectiveness. Using descriptive statistics, multiple regression, and principal component analysis, the study finds that governance effectiveness is selective rather than uniform: functionally embedded mechanisms, such as board financial and risk expertise, ownership arrangements that reward long-term orientation, and routine committee review of strategy and internal controls, significantly predict implementation effectiveness, while symbolic or box-ticking mechanisms, including formal independent-director counts, nominal CEO–chairman role separation, and audit committee "independence" labels, do not. Systemic governance failure emerges as the strongest single predictor of implementation weakness (R² = .608, p < .001). Reframing these results through a resilience lens, the study argues that in an era of technology-driven disruption, financial resilience in manufacturing firms depends less on the formal architecture of governance and more on whether governance mechanisms are substantively activated. The paper contributes a "selective governance effectiveness" perspective that extends agency, stewardship, resource dependence, and contingency theories, and offers practical guidance for boards, regulators, and investors seeking resilient governance in volatile operating environments.

Keywords corporate governance strategic implementation organisational resilience board committees selective governance effectiveness Nigerian manufacturing firms

The effect of Employee's benefit cost on financial performance of consumer goods firms in Nigeria

Abdulrahman Ngadi Abbas — Ahmadu Bello University Zaria Zaria

Abubakar Abdu — Ahmadu Bello University Zaria

Abubakar Nafisa — Ahmadu Bello University Zaria

Mohammed Farida — Ahmadu Bello University Zaria

Mohd Tukur Ishaka — Nuhu Bamalli Polytechnic, Zaria

Abstract
This study examines the impact of employee benefit costs on financial performance of listed Consumer Goods Firms in Nigeria. Specifically, it investigates salaries, wages and allowances, pension costs, and welfare costs, with financial performance measured by Return on Assets (ROA). Anchored on the positivist research paradigm, which emphasizes objective measurement and empirical analysis, the study adopts an ex-post facto design and employs a quantitative approach. A purposive sample of ten (10) consumer goods firms listed on the Nigerian Exchange Group (NGX) was selected out of twenty-six (26), and secondary data were extracted from their annual reports covering the period 2011–2025. Data analysis was conducted using multi-regression techniques with the aid of STATA software. The findings reveal that salaries, wages & allowances exert a significant negative effect on financial performance (ROA), while welfare costs, and pension costs exerts a statistically significant positive effect. The study concludes that direct monetary compensation is a primary driver of financial performance in the Nigerian manufacturing sector, whereas non-monetary welfare investments may not yield immediate financial returns. It recommends that management prioritizes competitive direct compensation to enhance financial performance, while conducting a critical review of employee Benefit programs to ensure they are cost-effective and aligned with organizational goals.

Keywords Salary Wages Allowances Pension Cost Welfare Cost Consumer goods firms Nigeria

Enhancing Enterprise Risk Management Practices through Data Analytics: A Strategic Framework for Nigerian Fintech Banks

Sani Madobi Mahmud — Ahmadu Bello University, Zaria

Nigeria's fintech banking sector has expanded rapidly, driven by high mobile penetration, a large unbanked population, and regulatory initiatives promoting financial inclusion. This growth, however, has been accompanied by escalating exposure to credit, fraud, cybersecurity, operational, liquidity, and compliance risks that conventional, siloed risk management practices struggle to address. This paper develops a strategic framework for embedding data analytics into enterprise risk management (ERM) in Nigerian fintech banks. Drawing on a synthesis of the ERM literature, the COSO ERM and ISO 31000 standards, dynamic capabilities theory, and the institutional realities of the Nigerian regulatory environment, the paper proposes the Data Analytics-Enabled ERM (DAERM) framework. The framework comprises five interdependent pillars: risk data governance and infrastructure; analytics capability across descriptive, diagnostic, predictive, and prescriptive levels; risk-domain analytics applications; organizational and cultural enablers; and regulatory alignment and ethical safeguards. A phased implementation roadmap and a maturity model are presented to guide adoption, alongside propositions for empirical validation. The paper contributes to the ERM literature by contextualising analytics-driven risk management for an emerging-market fintech setting and offers practitioners and regulators an actionable blueprint for strengthening risk resilience while sustaining innovation and financial inclusion.

Keywords enterprise risk management data analytics fintech Nigeria digital banking risk governance machine learning.

A Comparative Analysis of Retail and Institutional Investor Sentiment Towards Sovereign Sukuk and Conventional Bonds in Nigeria

Mohammed Alhaji Ahmed — Ahmadu Bello University, Zaria

Sagir Muhammad Sulaiman — Bayero University, Kano, Department Of Finance

ABSTRACT
The Nigerian capital market has witnessed increasing interest in alternative financing instruments, particularly Sovereign Sukuk, alongside conventional government bonds. Despite the growing adoption of these instruments, limited empirical evidence exists regarding how different categories of investors perceive and evaluate Sukuk relative to conventional bonds. This study examines and compares retail and institutional investor sentiment towards Sovereign Sukuk and conventional bonds in Nigeria. A quantitative survey of 356 investors (234 retail, 122 institutional) was conducted, focusing on four determinants: risk perception, expected return, ethical/religious considerations, and financial literacy. Descriptive statistics, t-tests, and regression analysis were employed. Findings reveal significant differences between investor categories. Retail investors prioritise ethical/religious considerations (β = 0.31, p < 0.001) and financial literacy (β = 0.26, p < 0.001), while institutional investors emphasise expected return (β = 0.29, p < 0.001) and risk perception (β = 0.26, p < 0.001). Both groups show stronger sentiment towards Sukuk (Retail: 4.12; Institutional: 4.38) than conventional bonds (Retail: 3.45; Institutional: 3.72). The model explains 42% (retail) and 48% (institutional) of sentiment variance, with 80.9% of respondents prioritising ethical compliance over technical advantages. The study contributes empirical evidence on investor behaviour in Nigeria's Islamic finance market. It recommends targeted marketing, enhanced financial literacy programmes, and improved information availability. Limitations include cross-sectional design and geographic focus. Future research should employ longitudinal and cross-country approaches. Understanding sentiment segmentation is crucial for developing inclusive Sukuk policies that accommodate both faith-based and return-driven investors.

Keywords Sukuk Investor Sentiment Retail Investors Institutional Investors Islamic Finance Nigeria.

Dynamic Connectedness among DeFi, Stablecoins, and Cryptocurrency Markets: A Time-Varying Network Analysis

Shamsuddeen Muhammad Ahmad — Bayero University Kano

The rapid expansion of decentralized finance (DeFi), stablecoins, and cryptocurrency markets has transformed the global digital financial ecosystem while creating new channels for financial interconnectedness and systemic risk transmission. Although existing studies have extensively examined cryptocurrency market volatility and spillover effects, limited attention has been given to the integrated dynamics among cryptocurrencies, DeFi protocols, and stablecoins as components of a unified digital financial network. This study investigates the dynamic connectedness among major cryptocurrency assets, decentralized finance tokens, and stablecoins using a Time-Varying Parameter Vector Autoregression (TVP-VAR) connectedness framework combined with network spillover analysis. Using daily market data from January 2019 to December 2025, the study evaluates return and volatility spillovers, identifies dominant shock transmitters and receivers, and examines changes in market interconnectedness during major periods of financial stress, including the COVID-19 pandemic, the TerraUSD–LUNA collapse, the FTX failure, and recent institutional developments in cryptocurrency markets. The findings reveal significant time-varying connectedness across digital asset markets, with spillover intensity increasing substantially during crisis periods. Bitcoin and Ethereum emerge as key sources of systemic influence, while leading DeFi protocols increasingly occupy central positions within the digital asset network. Furthermore, stablecoins demonstrate a dual role by supporting market liquidity during normal conditions while potentially transmitting shocks during periods of heightened uncertainty. The study contributes to the emerging digital finance literature by providing a comprehensive assessment of interconnectedness across cryptocurrency, DeFi, and stablecoin markets and offers important implications for investors, regulators, and policymakers concerned with risk management and financial stability in decentralized financial ecosystems.

Keywords Decentralized Finance Cryptocurrency Markets Stablecoins Dynamic Connectedness

Effect of Quantitative Easing and Quantitative Tightening on Stock Returns

Maryam Lawal — Ahmadu Bello University

This study examines the effect of quantitative easing (QE) and quantitative tightening (QT) on stock returns in Nigeria, with particular emphasis on whether the Nigerian stock market responds symmetrically or asymmetrically to expansionary and contractionary changes in the Central Bank of Nigeria's (CBN) balance sheet. The study is driven by the growing importance of unconventional monetary policy and the limited empirical evidence on the stock-market transmission effects of balance-sheet policies in emerging economies, particularly Nigeria. Monthly data covering the period from 2005 to 2025 are employed. Stock-market performance is measured using returns on the NGX All-Share Index, while the CBN balance sheet is decomposed into positive and negative partial sums to capture QE and QT shocks, respectively and Monetary Policy Rate (MPR) and external reserves are controlled for. The study employs the Nonlinear Autoregressive Distributed Lag (NARDL) framework to investigate the short-run and long-run relationships and to capture potential asymmetry in the effects of balance-sheet expansion and contraction and finds that the positive balance-sheet component associated with QE is statistically significant, while the negative component associated with QT is also statistically significant, indicating that CBN balance-sheet movements are relevant to Nigerian stock-market dynamics. However, the Wald test for asymmetry does not provide sufficient statistical evidence to reject the null hypothesis of equality between QE and QT, suggesting no statistically significant asymmetry. External reserves exhibit a positive and statistically significant long-run relationship with stock-market performance, whereas the long-run effect of the Monetary Policy Rate is statistically insignificant. In the short run, changes in the MPR exert a positive and significant effect, while changes in external reserves are insignificant. The study concludes that balance-sheet-based monetary policy is relevant to stock-market dynamics in Nigeria.

Keywords Quantitative easing quantitative tightening stock returns CBN balance sheet NARDL model.

INFLATION, FISCAL DEFICIT AND SOVEREIGN BOND YIELD IN NIGERIA: A CONCEPTUAL PAPER

Mohammed Baba Mohammed — Ahmadu Bello University Zaria

Tijjani Bashir Musa — Ahmadu Bello University Zaria

Mohammed Zubairu — Ahmadu Bello University Zaria

Muhammad Mustapha Bagudo — Ahmadu Bello University Zaria

This conceptual paper examines the theoretical linkages between inflation, fiscal deficits, and sovereign bond yields in Nigeria. It focuses on two core objectives regarding the macroeconomic determinants of Nigerian on sovereign bond yields: (i) determining the effect of the inflation rate on sovereign bond yields in Nigeria, and (ii) assessing the effect of fiscal deficits on sovereign bond yields in Nigeria. Rather than presenting new empirical estimates, the paper synthesizes theoretical and empirical literature to build an integrated conceptual framework linking the fisher effect, the fiscal theory of the price level, the crowding-out hypothesis, and debt sustainability analysis. It proposes that inflation and fiscal deficits are not independent determinants of bond yields, but are structurally interdependent through a fiscal-dominance channel unique to import-dependent, resource-reliant emerging economies such as Nigeria. Four testable propositions are derived to guide future empirical work. The paper concludes that policy and empirical models treating inflation and the fiscal deficit as separable regressors risk misattributing a jointly determined risk premium. Consequently, it recommends that future Nigeria-specific empirical studies explicitly model the interaction and mediation between the two variables rather than assuming simple additive effects.

Keywords Sovereign bond yield Inflation Fiscal deficit Fiscal dominance Fisher effect.

Moderating Effect of Investor Sentiment on the Relationship Between Interest Rate and Stock Market Return

Rofiat Adedokun — Ahmadu Bello University, Zaria

Dr Kabir Adedeji Ibrahim — Ahmadu Bello University Zaria

Abstract
The relationship between interest rates and stock market returns has remained a central issue in financial economics, particularly in emerging economies where market dynamics are often influenced by both macroeconomic conditions and behavioural factors. While existing studies largely focus on the direct effect of interest rates on stock market performance, limited attention has been given to the role of investor sentiment in shaping this relationship, especially within the Nigerian capital market. This study examined the moderating effect of investor sentiment on the relationship between interest rate and stock market returns in Nigeria. The study employed an ex-post facto research design and utilized monthly time-series data covering the period from January 2010 to December 2025. Stock market return was measured using the Nigerian Exchange (NGX) All-Share Index return, interest rate was proxied by the Monetary Policy Rate (MPR), while investor sentiment was represented by trading volume. Data were sourced from the Central Bank of Nigeria and the Nigerian Exchange Group. The Autoregressive Distributed Lag (ARDL) technique was employed to estimate both the short-run and long-run relationships among the variables, while the interaction term between interest rate and investor sentiment was used to capture the moderating effect.
The findings revealed that interest rate exerts a negative and statistically significant effect on stock market returns in both the short run and the long run, indicating that monetary tightening adversely affects equity market performance. Investor sentiment was found to have a positive and significant influence on stock market returns, suggesting that heightened market optimism and trading activity stimulate equity demand and market performance. More importantly, the interaction between interest rate and investor sentiment was positive and statistically significant, confirming that investor sentiment moderates the relationship between interest rate and stock market returns. The results indicate that favourable investor sentiment weakens the adverse effect of rising interest rates on stock market performance.
The study concludes that the transmission of monetary policy to the stock market is not solely determined by interest rate movements but is significantly influenced by investors' behavioural responses. Consequently, monetary authorities and market regulators should incorporate investor sentiment indicators into policy formulation and market surveillance frameworks to enhance the effectiveness of monetary policy and promote capital market stability.

Keywords Interest Rate Investor Sentiment Stock Market Return Monetary Policy Rate Behavioural Finance ARDL Nigerian Exchange Group.

QUANTITATIVE ANALYSIS OF HERDING BEHAVIOR AND OVERCONFIDENCE CONFIDENCE ON STOCK RETURNS OF LISTED FIRMS ON NIGERIAN EXCHANGE GROUP (NGX) 2007-2025

Mathew Yusuf — Ahmadu Bello University, Zaria

Abstract
This study examined the impact of herding behavior and overconfidence on stock returns of listed firms on the Nigerian Exchange Group (NGX) 2007-2025. This study was motivated by persistent volatility and unpredictability of stock market performance in Nigeria which traditional finance theories has been unable to fully explain. An ex-post facto research design was adopted using panel data to obtain data from the publish annual of listed firms on the Nigerian Exchange Group. Herding Behavior was measured using the cross sectional standard deviation (CSSD) approach, while overconfidence was proxied by the natural logarithm of trading volume. Panel regression analysis, specifically the random effect generalized least squares (GLS) model was employed following the outcome of the Hausman specification test. The finding revealed that herding behavior has a statistically significant negative effect on stock returns. Conversely, overconfidence exhibit a positive but statistically insignificant effect on stock returns. The study concludes that behavioral biases influence stock market outcomes, particularly herding behavior, which posses significant threat to efficient market functioning. The study recommends that regulators strengthen investors education program and improve market transparency to reduce irrational investment behavior

Keywords Herding Behavior Overconfidence Stock Returns Behavioral Finance Nigerian Exchange Group Panel Data

Financing Architecture, Collateral Constraints, Fiscal Space Pressure, and SME Performance: Evidence from Selected Nigerian Commercial Centres

Okwechime Obinna Francis — Fidei Polytechnic

Susan Asakpa — Rome Business School Nigeria

Dr Stephen Gwar — Department Of Accounting, Rev Fr Moses Orshio Adasu University, Makurdi

Small and Medium Enterprises (SMEs) are widely recognised as drivers of economic growth, employment generation, and private-sector development in Nigeria, yet many continue to face financing constraints and adverse macroeconomic conditions that limit enterprise performance. While previous studies have examined access to finance, collateral requirements, and macroeconomic factors independently, limited empirical evidence has integrated these determinants within a unified analytical framework across Nigeria's major commercial centres. This study examines the effects of financing architecture, collateral constraints, fiscal space pressure, and regional heterogeneity on SME performance. A quantitative cross-sectional survey design was adopted, and data were collected from 548 registered SMEs selected through a multi-stage sampling procedure across six Nigerian commercial centres. The data were analysed using Covariance-Based Structural Equation Modelling (CB-SEM). The findings indicate that financing architecture significantly improves SME performance, whereas collateral constraints and fiscal space pressure significantly reduce enterprise performance. Regional heterogeneity also exerts a significant positive influence, with SMEs operating in regions characterised by stronger financial infrastructure and institutional support achieving superior performance. The structural model explains 67% of the variance in SME performance. The study contributes to entrepreneurial finance literature by conceptualising financing architecture as an integrated financing ecosystem that extends the traditional access-to-finance perspective. It recommends strengthening diversified financing systems, adopting risk-based lending frameworks, expanding alternative collateral mechanisms that recognise both tangible and credible intangible business assets, and promoting macroeconomic stability to enhance SME competitiveness and sustainable economic development.
Keywords: Financing architecture; SME performance; collateral constraints; fiscal space pressure; regional heterogeneity.

Keywords Keywords: Financing Architecture Collateral Constraints Fiscal Space Pressure SME Performance Commercial Centres.

Cognitive Behavioral Drivers of Ijarah-Sukuk Oversubscription Among Investors in Nigeria

Mohammed Alhaji Ahmed — Ahmadu Bello University, Zaria

Prof. Sani Abdullahi — Department Of Finance, Ahmadu Bello University, Zaria

Prof. Bello Sabo — Department Of Finance, Ahmadu Bello University, Zaria

ABSTRACT
The persistent oversubscription of Sovereign Ijarah-Sukuk in Nigeria presents a behavioral finance puzzle unexplained by traditional rational theories. This study examined the influence of three cognitive determinants framing effect, mental accounting, and familiarity bias on Sukuk oversubscription in the Nigerian capital market. A quantitative cross-sectional design was employed, using a structured questionnaire administered to 408 verified subscribers who participated in Federal Government Sukuk issuances from 2017 to 2025. Data were analyzed using Partial Least Squares Structural Equation Modelling (PLS-SEM) via SmartPLS 4, underpinned by the respective theoretical frameworks. The measurement model demonstrated satisfactory psychometric properties, with outer loadings (0.638–0.918), Cronbach's alpha (0.787–0.932), Composite Reliability (0.851–0.947), and Average Variance Extracted (0.494–0.747) confirming instrument reliability and validity. The structural model showed moderate explanatory power (R² = 0.524) and predictive relevance (Q² = 0.249). Contrary to theoretical expectations, none of the hypothesized relationships were statistically significant: Familiarity Bias (β = 0.361, p = 0.122), Framing Effect (β = -0.955, p = 0.403), and Mental Accounting (β = 1.318, p = 0.268) did not significantly influence subscription decisions. Severe multicollinearity among predictors (VIF: 39.192–578.743) suggests these biases may represent overlapping facets of a broader behavioral disposition rather than distinct constructs. The findings challenge the universal applicability of these cognitive biases in emerging markets and indicate that oversubscription drivers require further investigation. The study contributes to behavioral and Islamic finance literature by providing empirical counter-evidence from an African context. It recommends that Sukuk issuers and policymakers adopt multi-faceted strategies to stimulate investment, explore additional determinants such as investor confidence, perceived risk, and financial literacy, and utilize higher-order constructs or composite measures to resolve multicollinearity issues in future research.

Keywords Ijarah-Sukuk Oversubscription Framing Effect Mental Accounting Familiarity Bias Behavioural Finance Islamic Capital Market Nigeria.

DIGITAL GOVERNANCE, DIGITAL SERVICE QUALITY, DIGITAL ZAKAT COLLECTION AND DISTRIBUTION EFFICIENCY: MODERATING ROLE OF TECHNOLOGY ADOPTION ON ZAKAT MANAGEMENT PERFORMANCE IN NIGERIA

Nasiru Muhammad — Ahmadu Bello University, Zaria

Although Zakat is constitutionally and doctrinally endowed with great importance as the third pillar of Islam, the situation of the Zakat institutions in Nigeria remains that there is a large gap between what is expected to be collected and what is collected, poor targeting of beneficiaries and low public trust in the Zakat system. Slow digitalization and inadequate governance institutions have been cited as part of the reason for this gap in Islamic finance literature, when compared to other Islamic countries such as Malaysia, Indonesia and the Gulf states. The conceptual model developed in this paper establishes a conceptual relationship between digital governance, digital service quality and efficiency of collection and distribution of Zakat and recommends that technology adoption has a moderating effect on these relationships in order to influence overall Zakat management performance in Nigeria. The paper builds on the Unified Theory of Acceptance and Use of Technology, the E-S-QUAL e-service quality framework, recent digital governance typologies and stewardship and agency approaches to non-profit governance to synthesize literature published from 2010 to 2026 and develop seven testable propositions. The review indicates that digital governance has a positive impact on performance primarily through transparency and accountability channels, while digital service quality is mediated by efficiency, system availability, fulfillment and privacy dimensions; and that the effects of digital governance are stronger when both muzakki (Zakat payers) and asnaf (recipients) demonstrate higher levels of technology adoption, as measured by performance expectancy, effort expectancy, social influence, facilitating conditions and trust. The paper also places the Zakat digitalization gap in the context of Nigeria's general and well-documented e-government adoption challenges, and ends with implications for the Zakat boards at the state level in Nigeria, policy recommendations for a harmonized digital Zakat infrastructure, and an agenda for future empirical validation.

Keywords Digital governance digital service quality Zakat collection and distribution efficiency technology adoption Zakat management performance Nigeria.

Digital Sukuk Adoption Among Retail and Institutional Investors in Emerging Economies: A Comparative Analysis of Malaysia, Indonesia and Saudi Arabia, with Strategic Lessons for Nigeria

Idris Ismail — Ahmadu Bello University, Zaria

Abstract
The rapid digitalization of Islamic finance has stimulated growing interest in digital sukuk as an innovative mechanism for mobilizing capital, enhancing financial inclusion and improving the efficiency of Shariah-compliant capital markets. Despite significant developments in several jurisdictions, the adoption of digital sukuk remains uneven across emerging economies. This study provides a comprehensive synthesis of public understanding and adoption patterns of digital sukuk among both retail and institutional investors, with particular emphasis on deriving strategic lessons applicable to Nigeria. Employing a comparative case study methodology, the research examines selected digital sukuk initiatives and regulatory experiences across Malaysia, Indonesia and Saudia Arabia. Findings suggest that successful adoption will require strengthening digital financial infrastructure, enhancing regulatory and Shariah governance frameworks, promoting investor education and fostering collaboration among regulators, financial institutions, fintech firms and Islamic finance stakeholders. Furthermore, digital sukuk presents significant opportunities for financing infrastructure, sustainable development projects and alternative public-sector funding initiatives aligned with Nigeria’s economic transformation agenda

Keywords: Digital Sukuk, Blockchain Technology, Adoption Factors, Comparative Case Study & Islamic Capital Market

JEL Classification: G18, G28, O33, D12, O16
Idris Ismail Ph.d Student, Department of Finance, Faculty of Management Sciences, Ahmadu Bello University, Zaria.
iismail@finance.abu.edu.ng.
08065883652.

Keywords Digital Sukuk Blockchain Technology Adoption Factors Comparative Case Study Islamic Capital Market

Impact of Islamic Retail Banking Products on Financial Sustainability of Islamic Banks in Nigeria: A Conceptual Framework

Muhammad Ghiyath Yahya — Ahmadu Bello University Zaria/ Baze University, Abuja

Abstract
Islamic banking in Nigeria faces persistent sustainability challenges despite its growth potential in a country with a large Muslim population and supportive regulatory framework. This conceptual paper examines the relationship between Islamic retail banking products and financial sustainability, proposing operational efficiency as a mediating mechanism. Islamic retail products—Murābaḥah, Muḍārabah, Mushārakah, Ijārah, Salam, and Istisnāʿ—each carry distinct risk-return profiles and operational demands that shape their sustainability contributions. Drawing on Stakeholder Theory, the Resource-Based View (RBV), and Financial Intermediation Theory, the paper argues that Islamic retail banking products do not automatically translate into financial sustainability; rather, operational efficiency serves as the critical transmission mechanism through which product characteristics influence sustainability outcomes. The paper contributes a theoretically grounded framework for understanding how internal operational capabilities condition the sustainability impact of Shariah-compliant retail products, offering a non-debt, efficiency-driven pathway for strengthening Islamic banking resilience in Nigeria and other emerging markets.

Keywords Keywords: Islamic Retail Banking Operational Efficiency Financial Sustainability Islamic Finance Nigeria Mediation.

Understanding Social Dynamics in Shari'ah Governance of Non-Interest Financial Institutions in Nigeria: An Ethnographic Study

Shuaibu Alhaji Umar — Ahmadu Bello University, Zaria

This conceptual paper examines the influence of social dynamics on Shari'ah governance processes and outcomes in Non-Interest Financial Institutions (NIFIs) in Nigeria. Despite the significant growth of the Nigerian non-interest finance sector and the proliferation of Shari'ah governance regulatory frameworks, existing scholarship has predominantly adopted doctrinal and structural approaches, thereby overlooking the lived experiences of practitioners. Drawing on practice theory and synthesising recent empirical studies from Google Scholar and Emerald data bases (2020 – 2026), the paper argues that Shari'ah compliance emerges not through mechanical application of fixed rules but through interpretive labour, negotiation, and relational dynamics among diverse actors. The paper addresses two research questions: how social dynamics influence Shari'ah governance processes, and how Shari'ah governance processes influence governance outcomes. Social dynamics examined include organizational culture, leadership practices, trust and collaboration, communication patterns, power relations, religious values and norms, employee-management interaction, and Sharia board-management relationships. Governance processes encompass Shari'ah Supervisory Board effectiveness, decision-making processes, fatwa interpretation and implementation, compliance monitoring, internal Shari'ah audit, and ethical governance practices. Governance outcomes comprise effective Shari'ah compliance, institutional legitimacy, stakeholder trust and confidence, transparency and accountability, organizational performance, and sustainable growth. The paper finds a significant gap between governance-on-paper and governance-in-action, particularly in the Nigerian context where the absence of a centralised Shari'ah supervisory board, the coexistence of multiple Islamic legal traditions, and the secular constitutional framework create distinctive governance challenges. This conceptual framework contributes to methodological diversification in Islamic finance scholarship and provides a foundation for future ethnographic investigation of practitioner experiences in Nigerian NIFIs.

Keywords Shari'ah Governance Social Dynamics Non-Interest Financial Institutions Practice Theory Nigeria

Waqf-Backed Health Financing and Household Financial Protection in Northern Nigeria: A Conceptual Framework

Muhammad Ghiyath Yahya — Ahmadu Bello University Zaria/ Baze University, Abuja

Sagir Muhammad Sulaiman — Ahmadu Bello University Zaria/ Bayero University, Kano

Abstract
Public healthcare financing in Northern Nigeria faces acute fiscal constraints, leaving vulnerable households exposed to catastrophic out-of-pocket expenditures and distress asset liquidation during maternal emergencies. This conceptual paper proposes a framework for evaluating the FCDO-Lafiya programme's Ethical Health Financing model, which converts traditional Waqf endowments into structured premium subsidies for state health insurance schemes. The framework positions Waqf Healthcare Coverage, Waqf Financial Support Intensity, and Healthcare Accessibility as complementary determinants of Household Financial Protection. By integrating Modern Waqf Capital-Preservation Theory with Health Risk-Pooling Theory, the paper offers a novel analytical model for understanding how decentralized ethical finance can substitute for missing state safety nets. The framework contributes a scalable, non-debt blueprint for safeguarding human capital in fiscally constrained economies, with implications for health financing policy across Sub-Saharan Africa.

Keywords Ethical Health Financing Waqf Household Financial Protection Catastrophic Health Expenditure Northern Nigeria.

Building Financial Resilience through Public Fund Accountability: A Conceptual Framework for Sustainable Development in Government Organizations under Global Economic Uncertainty

Maruf Mustapha — Ahmadu Bello University Zaria

Recurring fiscal crises, pandemic aftershocks, and technological disruptions have laid bare deep vulnerabilities in the financial architecture of government organizations, especially across developing economies. Yet scholarly attention to a fundamental question remains limited: how do robust public fund accountability mechanisms underpin financial resilience, and how does that resilience, in turn, advance sustainable development? This conceptual paper addresses that gap by developing an integrated Accountability–Resilience–Sustainability (ARS) framework, grounded in Institutional Theory, Stakeholder Theory, and the Adaptive Governance Framework. The ARS framework identifies six accountability components—financial transparency, internal control systems, audit effectiveness, anti-corruption mechanisms, public participation, and digital accountability systems—and theorizes their contribution to five dimensions of financial resilience: fiscal flexibility, revenue stability, risk management capability, adaptive capacity, and crisis response capability. These resilience dimensions, in turn, support economic, social, institutional, and environmental sustainability outcomes. Synthesizing literature from 2018 to 2026 and drawing on contextual evidence from Nigeria, sub-Saharan Africa, and other developing economies, the paper grounds its propositions in real-world governance challenges. Five testable propositions articulate the key relationships within the framework. By bridging public sector accounting, governance studies, and sustainability science, the paper repositions accountability as a strategy rather than merely compliance-driven instrument for building resilient and sustainable government organizations under conditions of persistent global uncertainty.

Keywords public fund accountability financial resilience sustainable development global economic uncertainty digital governance

Exchange Rate Pass-Through, Fiscal Dominance and Monetary Policy Effectiveness in Nigeria.

Sagir Muhammad Sulaiman — Bayero University Kano

Muhammad Abdulaziz Muhammad — Department Of Economics, Faculty Of Economics And Management Sciences, Bayero University Kano

Ibrahim Muhammed Dahiru — Department Of Economics And Development Studies, Federal University Gashua, Yobe State, Nigeria

Binta Rufa’i Musa — Department Of Finance, Faculty Of Economics And Management Sciences, Bayero University Kano

This study examines the effectiveness of monetary policy in controlling inflation in Nigeria, with particular emphasis on the roles of exchange rate pass-through and fiscal dominance, using a combined Principal Components Analysis (PCA) and Autoregressive Distributed Lag (ARDL) modelling framework on quarterly time-series data from 1999Q1 to 2024Q4. The PCA reveals that macroeconomic variables organize into a broad expansion block (government expenditure, exchange rate, money supply, and inflation) and a distinct monetary policy component, while correlation analysis indicates that inflation exhibits stronger associations with exchange rate (0.567) and government expenditure (0.464) than with the policy rate (0.320). The ARDL long-run estimates confirm that exchange rate depreciation exerts the strongest and most persistent effect on inflation (coefficient: 0.318, p=0.005), with the error correction model demonstrating that approximately 30% of short-run disequilibrium is corrected each quarter, while the Bounds test confirms a stable long-run equilibrium wherein exchange rate emerges as the only statistically significant long-run determinant of inflation. The findings reveal that although monetary policy significantly influences inflation, its effectiveness operates with substantial transmission lags and is significantly constrained by exchange rate instability and fiscal dominance, as evidenced by the extremely high correlation (0.985) between government expenditure and money supply indicating strong fiscal-monetary interactions that weaken policy transmission. The study concludes that sustainable price stability in Nigeria requires prioritizing exchange rate stability, strengthening fiscal-monetary policy coordination, implementing structural reforms to reduce import dependence, and adopting an integrated macroeconomic framework that explicitly incorporates exchange rate conditions and fiscal sustainability into inflation management strategies, moving beyond narrow interest-rate-focused approaches to address the structural drivers of persistent inflation.

Keywords Inflation Exchange Rate Pass-Through Fiscal Dominance Monetary Policy ARDL

Financial Resilience in the Digital Age: Integrating Technology Disruptions, Global Risk Management, and Sustainable Development in an Era of Economic Uncertainty

Nura Yahaya — Fce (tech) Bichi, Kano

Mu’azu Yunusa Riruwai — Buk Kano

The increasing frequency of global economic shocks, rapid technological disruptions, and evolving sustainability challenges has heightened the need for resilient financial systems capable of withstanding uncertainty while supporting long-term economic development. This conceptual paper examines the role of financial resilience in the digital age by integrating technology disruptions, global risk management, and sustainable development into a unified framework. Drawing on insights from the literature on financial resilience, digital transformation, enterprise risk management, sustainable finance, and institutional resilience, the paper explores how emerging technologies including artificial intelligence, blockchain, big data analytics, cloud computing, and financial technology are reshaping financial institutions' capacity to anticipate, absorb, adapt to, and recover from economic and operational shocks. While digital innovation enhances efficiency, financial inclusion, and decision-making, it simultaneously exposes financial systems to cyber threats, operational vulnerabilities, regulatory complexities, and systemic risks. The paper argues that effective global risk management, supported by robust governance structures, digital infrastructure, cybersecurity, regulatory agility, and environmental, social, and governance (ESG) principles, is fundamental to strengthening financial resilience and promoting sustainable development. Furthermore, the study develops a conceptual framework illustrating the interrelationships among technological innovation, global risk management capabilities, financial resilience, and sustainable development outcomes. The framework provides theoretical insights for scholars and practical guidance for policymakers, regulators, financial institutions, and corporate leaders seeking to enhance resilience in an increasingly volatile global economy. The paper concludes by identifying emerging research gaps and proposing future research directions focused on digital resilience, climate-related financial risks, artificial intelligence governance, and sustainable financial ecosystems. The proposed framework contributes to the growing discourse on resilient and sustainable financial systems in an era characterized by unprecedented technological change and persistent global economic uncertainty.

Keywords Financial resilience Digital transformation Technology-disruption Global risk management

OIL-GEOPOLITICAL RISK AND BANKING SECTOR STABILITY IN NIGERIA

Hadiza Inuwa Musa — Ahmadu Bello University Zaria

This study examined the effects of oil-related geopolitical risk, exchange rate and inflation on banking sector stability in Nigeria over the period 2010 H1 to 2025 H2, using the aggregate non-performing loan ratio as a proxy for banking sector stability. Semi-annual data comprising 32 observations were analyzed using the Autoregressive Distributed Lag (ARDL) bounds testing approach. The results revealed the existence of a long-run cointegrating relationship among the variables. However, the long-run coefficients indicate that oil-related geopolitical risk, exchange rate and inflation do not individually exert statistically significant effects on non-performing loans. In the short run, after correcting for serial correlation using Newey-West heteroskedasticity and autocorrelation consistent standard errors, oil-related geopolitical risk exhibits a weak positive effect on non-performing loans, while exchange rate depreciation shows a weak negative effect, with both relationships significant at the 10% level. Inflation does not significantly influence banking sector stability in either the short run or the long run. The error correction coefficient is negative and highly significant, indicating that approximately 37.6% of short-run disequilibrium is corrected during each semi-annual period. The study concluded that oil-related geopolitical risk influences banking sector stability only in the short run, while long-run stability depends more on broader macroeconomic conditions and prudential regulation than on persistent geopolitical disturbances. Accordingly, the study recommends the Central Bank of Nigeria to strengthen macro prudential surveillance by incorporating geopolitical risk indicators into its financial stability framework while sustaining prudent exchange rate management and banking sector reforms.

Keywords Oil-related geopolitical risk banking sector stability non-performing loans ARDL bounds testing error correction model Nigeria Financial Instability Hypothesis

EFFECT OF INFLATION ON REAL RETURN OF PENSION FUNDS RETIREMENT SAVINGS ACCOUNT IN NIGERIA

Hamisu Ibrahim — Federal University Of Education, Zaria

Abstract
The Nigerian pension industry has grown into one of the largest pools of long-term investable capital in Nigeria, with total Pension Fund Net Asset Value of ₦27.45 trillion as at 31st December 2025. The cumulative Retirement Savings Account (RSA) registrations were grown to 11.04 million accounts while Pension Contributions of ₦12.6 trillion was recorded at the same period. However, Despite the nominal gains, for several years, the high inflation rate in Nigeria outpaced the nominal returns generated by Pension Fund Administrators (PFAs), resulting in a negative real return for eleven years out of sixteen years of this study. Therefore, the Nigeria's persistently high and volatile inflation rate raises concerns. I view of the above, this study examines the effect of inflation on the real return of RSA Fund, using annual time-series data covering the period 2010 to 2025. Real returns are derived from nominal Fund returns and headline inflation using the Fisher relation. Ordinary Least Square regression is employed, in a bivariate model of real return on inflation, and in a multiple regression that additionally controls for the nominal return and the Monetary Policy Rate. The findings indicate that bivariate model shows that inflation has a negative and statistically significant effect on real RSA returns (β = −0.576, p < 0.001). The multiple regression confirms the robustness of this negative relationship after controlling for nominal returns and monetary policy stance. The paper concludes that nominal return targets and portfolio strategies pursued by PFAs have not kept pace with inflation and recommends greater allocation to inflation-linked assets, more frequent inflation-indexed performance benchmarking by National Pension Commission, and complementary macroeconomic measures to stabilize the general price level.

Keywords: Inflation, Real Returns, Pension Funds, Retirement Savings Account, Nigeria

Keywords Keywords: Inflation Real Returns Pension Funds Retirement Savings Account Nigeria

Environmental risks disclosure on financial performance of Deposit Money Banks in Nigeria: A Conceptual Review

Abdulhakeem Yahaya — Ahmadu Bello University, Zaria

This seminar paper presents a conceptual review of the relationship between environmental risk disclosure and the financial performance of deposit money banks in Nigeria. The study synthesizes existing theoretical and empirical literature to examine the concept of environmental risk disclosure, dimensions of financial performance, disclosure frameworks, and the mechanisms through which environmental disclosure may influence financial performance. The review draws upon Stakeholder Theory, Legitimacy Theory, Signaling Theory, and Institutional Theory to explain why banks engage in environmental disclosure and how such disclosures affect stakeholders' perceptions and organizational outcomes. The paper highlights significant inconsistencies in prior empirical findings. While several studies report a positive association between environmental disclosure and financial performance through improved corporate reputation, investor confidence, operational efficiency, and regulatory compliance, others reveal insignificant or even negative relationships due to the high implementation costs of environmental initiatives and varying disclosure quality. Furthermore, the review highlights methodological limitations in existing studies, including differences in measurement techniques, disclosure indices, sample sizes, geographical focus, and performance indicators.The paper concludes that environmental risk disclosure has the potential to enhance financial performance when implemented strategically and supported by effective regulatory frameworks and sound corporate governance. It recommends the development of standardized environmental disclosure guidelines for Nigerian banks, stronger regulatory enforcement, and increased investment in sustainable banking practices to promote long-term financial stability.

Keywords Environmental risks financial performance Deposit Money Banks Nigeria

IMPACT OF RISK MANAGEMENT STRATEGIES ON SMALL AND MEDIUM-SIZED ENTERPRISES PERFORMANCE IN KADUNA METROPOLIS

Enobun-nwidi Patience Enyiamaka — Federal University Of Education, Zaria

Nasiru Abdullahi — Department Of Entrepreneurship Education, Federal University Of Education, Zaria.

Mathew Ahmed Sule — Department Of Business Education, Federal University Of Education, Zaria.

The study investigated Impact of Risk Management Strategies on Small and Medium sized Enterprises (SMEs) Performance in selected registered SMEs in Kaduna Metropolis, Kaduna State. Lack of effective risk management strategies affect SMEs performance. The study employed a descriptive survey research design. The population of the study was 65 selected registered SMEs in Kaduna Metropolis consisting of 10 manufacturing firms, 45 retail firms and 10 service firms. Purposive/judgmental technique was employed to select respondents with relevant knowledge and experience regarding the management practice and SMEs performance. Thus, all the 65 respondents were selected based on the value judgement, including 25 SME owners and 40 managers who constituted the unit of analysis. The instrument for data collection was closed-ended structured questionnaire. The Cronbach’s alpha was used to determine the reliability coefficient of instruments used. Data were coded using SPSS version 23.0. The null hypotheses were tested using multiple regression. The findings revealed that risk transfer, risk reduction and risk avoidance have positive and significant influence on SMEs performance. The result indicates that effective implementation of these risk management strategies enhances operational efficiency, business sustainability and overall organizational performance among SMEs. The study recommended that; SMEs in Kaduna Metropolis should continue to utilize structured risk transfer mechanisms such as insurance policies and financial risk-sharing agreements; continue to strengthen risk reduction practices by putting in place efficient Enterprise Risk Management (ERM) systems, which include risk identification, monitoring, internal control measures, and mitigation planning; SMEs should implement proactive risk avoidance strategies by carefully assessing and avoiding highly volatile markets, untrustworthy suppliers, and high-credit-risk clients to enhance optimum performance of SMEs. The study contributed to knowledge by providing empirical evidence on the impact of risk management strategies in enhancing SMEs performance within the Nigerian business environment, providing valuable insight for SME owners, managers and policymakers.

Keywords Risk Management Risk Transfer Risk Reduction Risk Avoidance Strategies SMEs Performance.

Shari'ah Governance in Nigerian Pension Fund Administration: A Phenomenological Study of Compliance Realities and Framework Design

Shehu Nasiru Muhammad — Ahmadu Bello University, Zaria

The absence of a comprehensive Sharī'ah Governance Framework (SGF) for pension fund administration remains a significant gap in Nigeria's Islamic finance ecosystem, limiting the effective implementation of Sharī'ah-compliant pension products. This study seeks to develop a contextually relevant SGF by exploring the lived experiences of key stakeholders, including pension regulators, pension fund administrators, Sharī'ah scholars, Islamic finance experts, and academics. Adopting a qualitative research design, the study employs Giorgi's descriptive phenomenological approach to capture governance challenges, institutional practices, and stakeholder perspectives. The theoretical foundation integrates Stakeholder Theory, Agency Theory, and Institutional Theory, with Maqāṣid al-Sharī'ah serving as the overarching normative framework. Data will be analyzed thematically to identify governance structures, accountability mechanisms, institutional requirements, and Sharī'ah compliance expectations. The study is expected to propose a practical and context-specific Sharī'ah governance framework that aligns Nigeria's pension regulatory environment with international best practices, particularly AAOIFI and IFSB standards, thereby strengthening governance, enhancing regulatory coherence, and promoting confidence in Sharī'ah-compliant pension administration.

Keywords Shari'ah Governance Pension Fund Framework Compliance

The Nigeria Insurance Industry Reform Act (NIIRA) 2025 and the Business Case for Takaful

Abdulyakeen Shuaib — Ahmadu Bello University, Zaria, Nigeria

Halimah Sani Sambo — Ahmadu Bello University, Zaria

Yusuf Muhammed Shafa — Ahmadu Bello University, Zaria

Yahaya Abdulhakeem — Ahmadu Bello University, Zaria

Abdullahi Nuruddeen — Ahmadu Bello University, Zaria

The Nigerian Insurance Industry Reform Act (NIIRA) 2025 represents the most comprehensive overhaul of Nigeria’s insurance regulatory architecture since independence. By repealing five disparate pieces of legislation and consolidating them into a single, coherent framework, the Act introduces sweeping changes that fundamentally reshape the operating environment for all insurance operators, with particular significance for intermediaries and intermediaries. This paper critically examines the provisions of NIIRA 2025 through the lens of the insurance broking profession, analysing the regulatory obligations, capital implications, market opportunities, and strategic challenges that arise from the new legislative order. The paper further explores the growing business case for Takaful insurance within the reformed regulatory framework, arguing that intermediaries are uniquely positioned to drive financial inclusion through Takaful and microinsurance distribution. Drawing on industry data spanning 2011–2020 and a close reading of the Act’s 232 sections, the paper provides strategic recommendations for intermediaries seeking to navigate compliance pressures while capitalising on emerging market opportunities in Nigeria’s post-reform insurance landscape.

Keywords NIIRA 2025 Insurance Intermediaries Takaful Microinsurance Risk-Based Supervision Recapitalisation Financial Inclusion Nigeria Insurance Reform

Building Financial Resilience in Nigerian Universities through Digital Transformation, Risk Governance and Sustainable Financing

Mbobo Erasmus — Federal University Of Technology, Ikot Abasi

Esther Uwem Obodoechi — Akwa Ibom State University, Ikot Akpaden, Akwa Ibom State, Nigeria

Abstract
Universities across the world are increasingly confronted with unprecedented financial challenges arising from technological disruptions, economic volatility, inflationary pressures, declining public funding, and growing demands for accountability and sustainable development. In Nigeria, these challenges are exacerbated by chronic underfunding, exchange rate instability, rising operational costs, infrastructure deficits, and increasing enrolment pressures, all of which threaten the financial sustainability of public universities. Against this backdrop, financial resilience has emerged as a strategic imperative for ensuring institutional continuity, adaptability, and long-term sustainability. This paper examines how digital transformation, risk governance, and sustainable financing strategies can build financial resilience in Nigerian universities within the context of global economic uncertainty. Drawing on contemporary literature, policy documents, and international best practices, the paper adopts a qualitative conceptual approach to synthesise current knowledge on institutional financial resilience in higher education. The study argues that financial resilience extends beyond the traditional objective of balancing budgets to encompass an institution's capacity to anticipate, withstand, adapt to, and recover from financial shocks while sustaining its core mandates of teaching, research, innovation, and community engagement. The paper proposes an integrated Digital–Risk–Finance (DRF) resilience framework that positions digital transformation, enterprise risk governance, and sustainable financing as mutually reinforcing pillars for enhancing institutional resilience. It concludes that Nigerian universities must embrace digital innovation, institutionalize comprehensive risk governance frameworks, diversify revenue sources, strengthen financial accountability, and cultivate strategic partnerships to achieve long-term financial sustainability. The paper contributes to the growing discourse on higher education finance by providing a holistic framework that offers practical guidance for policymakers, university governing councils, vice-chancellors, bursars, and other stakeholders seeking to build resilient university systems capable of navigating future economic and technological disruptions.

Keywords Keywords: Financial resilience Nigerian universities Digital transformation Risk governance Sustainable financing Higher education.

EFFECT OF LEADERSHIP, SKILLED STAFF AND TECHNOLOGY ADOPTION ON REVENUE COLLECTION OF FEDERAL REVENUE AGENCIES IN NIGERIA

Mohammed Nasiru Yusuf — Phd Finance Candidate, Department Of Finance, Faculty Of Management Sciences, Abu Zaria-nigeria

Tijjani Bashir Musa — Department Of Finance, Faculty Of Management Sciences, Abu Zaria- Nigeria

Muhammad Kabir Lawal — Department Of Finance, Faculty Of Management Sciences, Abu Zaria- Nigeria

Nasiru Yunusa — Department Of Accounting, Faculty Of Management Sciences, Abu Zaria- Nigeria

Abstract
Technology adoption is critical for fiscal sustainability as manual processes, leakages, and limited data analytics constrained revenue collection of federal revenue agencies in Nigeria. This study investigated the effect of leadership, skilled staff, technology adoption and mediating effect of technology adoption on revenue collection of federal revenue agencies in Nigeria. Five hypotheses were formulated in a null form. Ex-post facto research design was used based on secondary data. Data were collected from annual reports and accounts for two sampled federal revenue agencies; Nigeria Customs Service and Nigeria Revenue Service from 2001 to 2025. Transformational leadership is the main underpinning theory. Ordinary least square regression model was employed with aid of stata 15 software package for the analysis. Findings from the study revealed that leadership and skilled staff have direct positive and significant effect on revenue collection of federal revenue agencies in Nigeria. Leadership and skilled staff have indirect positive and significant effect on revenue collection through technology adoption by federal revenue agencies in Nigeria. The study therefore recommends that federal ministry of finance would encourage the leaderships of federal revenue agencies to drive reform and inspire change which would result in improved revenue collection of federal revenue agencies in Nigeria. Management of federal revenue agencies would support acquisition of higher educational qualifications and professional certification that would increase technical expertise of staffs, which may likely improve revenue collection in Nigeria. Federal government of Nigeria would create modalities through which the leaderships of federal revenue agencies would have clearer visions for technology adoption that may likely improve revenue collection in Nigeria.

Keywords OLS Regression Revenue Collection Skilled Staff Leadership Technology Adoption

IMPACT OF INTERNALLY GENERATED REVENUE (IGR) MOBILIZATION STRATEGIES ON PUBLIC EXPENDITURE EFFICIENCY IN ADAMAWA STATE, NIGERIA, FROM 2018 TO 2025.

Dr. Ibrahim Babbuli Mohammed — Adamawa State University, Mubi.

Babangida Tuta Ibrahim — Adamawa State University, Mubi.

ABSTRACT
This study examined the impact of Internally Generated Revenue (IGR) mobilization strategies on public expenditure efficiency in Adamawa State, Nigeria, covering the period 2018–2025. The specific objectives were to examine the effect of tax administration strategies, revenue diversification strategies, and digital revenue mobilization strategies on public expenditure efficiency. The study adopted an ex post facto research design using secondary time-series data obtained from relevant government publications and official financial reports. Data were analyzed using Ordinary Least Squares (OLS) multiple regression analysis in EViews 13. Prior to estimation, diagnostic tests comprising the Augmented Dickey-Fuller (ADF) unit root test and Variance Inflation Factor (VIF) test were conducted to ensure the validity and reliability of the regression model. Hypotheses were tested at the 5% level of significance. The ADF results showed that all variables were stationary after first differencing, indicating that they were integrated of order one, I(1). The regression results revealed that tax administration strategies have a positive and significant effect on public expenditure efficiency (β = 0.018, p = 0.014). Revenue diversification strategies also exerted a positive and significant influence on public expenditure efficiency (β = 0.021, p = 0.017). Furthermore, digital revenue mobilization strategies recorded the strongest positive effect on public expenditure efficiency (β = 0.029, p = 0.009). The study concluded that effective tax administration, diversified revenue sources, and digitalization of revenue collection significantly enhance public expenditure efficiency by improving revenue generation, transparency, accountability, and fiscal sustainability in Adamawa State. The study recommends strengthening tax administration reforms, broadening non-oil revenue sources, and investing in modern digital revenue management infrastructure to improve public financial management and ensure efficient utilization of public resources.

Keywords Efficiency expenditure generated internally mobilization public revenue strategies

IMPACT OF LEADERSHIP AND TECHNOLOGY ON TAX REVENUE OF PUBLIC AGENCIES IN NIGERIA: MODERATING ROLE OF REGULATORY QUALITY IN A MODERATED-MEDIATION MODEL

Mohammed Nasiru Yusuf — Phd Finance Candidate, Department Of Finance, Faculty Of Management Sciences, Abu Zaria-nigeria

Tijjani Bashir Musa — Department Of Finance, Faculty Of Management Sciences, Abu Zaria-nigeria

Muhammad Kabir Lawal — Department Of Finance, Faculty Of Management Sciences, Abu Zaria-nigeria

Nasiru Yunusa — Department Of Accounting, Faculty Of Management Sciences, Abu Zaria-nigeria

Abstract
Manual processes and leakages constrained tax revenue of public agencies in Nigeria. This study examined the impact of leadership, technology, mediating impact of technology and moderating role of regulatory quality on tax revenue of public agencies in Nigeria. Four hypotheses were formulated in a null form. Ex-post facto research design was used based on secondary data. Data were collected from annual reports and accounts for two sample public agencies from 2001 to 2025. Technology acceptance model is the main underpinning theory. Ordinary least square regression model was employed with aid of stata 15 software package for the analysis. Findings from the study revealed that technology has indirect positive and significant impact on tax revenue of public agencies in Nigeria. Leadership has indirect positive and significant impact on tax revenue through technology of public agencies in Nigeria. The study therefore recommends that federal ministry of finance would encourage e-customs and e-tax for public agencies which may likely improve tax revenue in Nigeria. Federal government of Nigeria would support leaderships of public agencies who drive reform that leads to increased use of technology which may likely improve tax revenue in Nigeria.

Keywords OLS Regression Tax Revenue Leadership Technology Regulatory Quality

Moderating role of Government Budget on the Relationship between Digital Transformation and Internally Generated Revenue: Evidence from KADGIS, Nigeria (2016–2026)

Tamasi Sulaiman Ali — Air Force Institute Of Technology

Suleiman Hussaini Muhammad — Air Force Institute Of Technology

Oluseyi Ayomide Oyelami — Air Force Institute Of Technology

This study examined the moderating role of government budget in the relationship between digital transformation and internally generated revenue (IGR) in the Kaduna Geographic Information Service (KADGIS), Nigeria, over the period 2016–2026. Anchored on the Resource-Based View, Dynamic Capability Theory, and Technology Acceptance Model, the study adopted an ex post facto longitudinal design using eleven years of annual secondary data on electronic land registration (the proxy for digital transformation), government budgetary allocation, and IGR obtained from KADGIS, the Kaduna State Budget Office, and the Kaduna State Bureau of Statistics. Data were analysed using hierarchical moderated regression in SPSS (version 26), with predictors mean-centred to reduce non-essential multicollinearity. The results show that electronic land registration (B = .0005, p = .029) and government budget (B = .7227, p = .044) each had a significant positive effect on IGR, jointly explaining 99.8% of its variance (R² = .998, F(2,8) = 1976.42, p < .001). Introducing the electronic land registration × government budget interaction term significantly improved the model (ΔR² = .0019, F change (1,7) = 103.09, p < .001), and simple-slope analysis confirmed that the revenue-generating effect of electronic land registration strengthened as budgetary allocation moved from low to high levels. These findings indicate that government budget significantly and positively moderates the relationship between digital transformation and internally generated revenue, such that digitalisation delivers its fullest revenue benefits only when backed by adequate and sustained financial resources for ICT infrastructure, capacity building, system maintenance, and institutional innovation. The study contributes to the digital government and public financial management literature by repositioning government budget as a theoretically grounded moderator rather than a mere control variable, and it offers evidence-based recommendations for policymakers seeking to maximise land-based revenue through sustainable digital governance reforms.

Keywords Digital Transformation Government Budget Internally Generated Revenue KADGIS Electronic Land Registration GIS Public Sector Innovation Nigeria.

EFFECT OF FINANCIAL TECHNOLOGY ON CUSTOMER SATISFACTION IN SELECTED MICROFINANCE BANKS IN NASARAWA STATE

Dr. Ahmed Abdullahi Ibrahim — Department Of Business Administration Nasarawa State University, Keffi

Dr Tse Joseph Mbakpenev — Nasarawa State University Keffi

Despite growing investment in these fintech channels by microfinance banks in the state, customers continue to report network failures, transaction delays, and unresolved complaints, raising doubts about whether ATM and mobile banking genuinely translate into customer satisfaction. This study examined the effect of financial technology on customer satisfaction in selected microfinance banks in Nasarawa State, with specific focus on automated teller machine (ATM) and mobile banking. Anchored on the Technology Acceptance Model, the study adopted a descriptive survey research design, drawing a sample of 369 customers from Ada Microfinance Bank, Nasarawa Microfinance Bank, and NSUK Microfinance Bank using Cochran's formula for an infinite population. Primary data were collected through a structured five-point Likert-scale questionnaire and analysed using Partial Least Squares Structural Equation Modeling (PLS-SEM) via SmartPLS software. Findings from the structural model revealed that ATM has a positive and significant effect on customer satisfaction (β = 0.312, p < 0.05), while mobile banking also has a positive and significant effect on customer satisfaction (β = 0.428, p < 0.05), with mobile banking exerting a comparatively stronger influence than ATM. The study concludes that fintech adoption, through ATM and mobile banking, meaningfully drives customer satisfaction in Nasarawa State's microfinance sub-sector, with mobile banking emerging as the more influential channel. It recommends that microfinance banks improve ATM infrastructure reliability while prioritising continuous enhancement of mobile banking platforms to sustain and deepen customer satisfaction.

Keywords Financial technology ATM mobile banking customer satisfaction microfinance banks

Social Capital and Entrepreneurial Training as Drivers of Youth Entrepreneurial Success: The Mediating Role of Entrepreneurial Self-Efficacy: A Conceptual Perspective

Hamza Aliyu Galadanchi — Al-qalam University Katsina

Youth entrepreneurship has emerged as a critical strategy for addressing unemployment, poverty reduction, innovation, and sustainable economic development, particularly in developing economies. Despite increasing investments in entrepreneurship development programmes, many young entrepreneurs continue to experience business failure due to inadequate entrepreneurial capabilities, weak social networks, and limited confidence in their entrepreneurial competencies. This paper conceptually examines how social capital and entrepreneurial training contribute to youth entrepreneurial success through the mediating role of entrepreneurial self-efficacy. The study seeks to integrate existing theoretical and empirical knowledge into a comprehensive conceptual framework that explains the psychological and social mechanisms underlying entrepreneurial success among young entrepreneurs. The paper adopts a conceptual research approach based on an extensive review and synthesis of contemporary literature published between 2015 and 2026. The literature consistently suggests that social capital and entrepreneurial training are essential resources that enhance entrepreneurial competencies, opportunity recognition, business resilience, and venture performance. The review further indicates that entrepreneurial self-efficacy functions as a central psychological mechanism through which social relationships and entrepreneurship education influence entrepreneurial behaviour and success. Individuals who possess strong entrepreneurial self-efficacy are more likely to identify business opportunities, mobilize resources, overcome challenges, and sustain entrepreneurial ventures. Consequently, the integration of social, educational, and psychological factors provides a more comprehensive explanation of youth entrepreneurial success than examining these constructs independently.
The paper recommends that governments, universities, entrepreneurship development centres, and business support organizations should strengthen entrepreneurship education by incorporating experiential learning, mentoring programmes, networking opportunities, incubation support, and self-efficacy development into entrepreneurial training initiatives. Policies that facilitate access to social networks and entrepreneurial ecosystems are equally important for promoting sustainable youth entrepreneurship.

Keywords Keywords: Social Capital Entrepreneurial Training Entrepreneurial Self-Efficacy Youth Entrepreneurial Success Entrepreneurship Development Conceptual Review.

The Effect of Digital Transformation on the Performance of SMES in Nigeria

Aishat Oyiza Otori — Ahmadu Bello University, Zaria

This study examined the effect of digital transformation on the performance of Small and Medium-sized Enterprises (SMEs) in Nigeria. Specifically, the study investigated the effects of digital payment systems, social media adoption, and e-commerce adoption on SME profitability. A quantitative research approach was adopted using a survey research design. Primary data were collected through a structured questionnaire administered to 400 SME owners and managers in Nigeria. Descriptive statistics, correlation analysis, variance inflation factor (VIF), and Ordinary Least Square (OLS) regression technique were employed to analyze the data. The findings revealed that digital payment systems and social media adoption have positive and statistically significant effects on SME profitability. Conversely, e-commerce adoption was found to have a significant but negative effect on profitability, suggesting that the costs and challenges associated with its implementation may outweigh its short-term benefits for some SMEs. Overall, the study established that digital transformation significantly influences the performance of SMEs in Nigeria. The study concludes that SMEs can improve their profitability by strategically adopting appropriate digital technologies that align with their operational capabilities and business objectives. It is recommended that SME operators increase investment in digital payment systems and social media marketing while adopting e-commerce technologies in a gradual and sustainable manner. The study also advocates improved digital infrastructure and capacity-building initiatives to support SME digital transformation in Nigeria.

Keywords Digital Transformation Small and Medium-sized Enterprises (SMEs) Digital Payment Systems Social Media Adoption E-Commerce Adoption Profitability.

The Mediating Role of Knowledge Creation in the Relationship Between Knowledge Acquisition and MSME Performance

Ihotu Odu — Ahmadu Bello University

Olowu Daudu Yini Malachy — Ahmadu Bello University

Abdullahi M. Abu-abdissamad — Ahmadu Bello University

Ibrahim Mohammed — Ahmadu Bello University

Knowledge acquisition is widely acknowledged as a strategic capability for enhancing organizational performance. However, little is known about the mechanism through which acquired knowledge translates into improved performance, particularly among micro, small, and medium-sized enterprises (MSMEs) in developing economies. This study examined the mediating role of knowledge creation in the relationship between knowledge acquisition and MSME performance in Nigeria. Drawing on the Knowledge-Based View (KBV) and Nonaka's Organizational Knowledge Creation Theory, the study adopted a quantitative cross-sectional survey design. Data were analysed using Structural Equation Modelling (SEM) with AMOS, while the mediating effect was tested using bias-corrected bootstrap estimation. The results indicate that knowledge acquisition has a positive and significant effect on knowledge creation, and knowledge creation significantly enhances MSME performance. However, the direct effect of knowledge acquisition on MSME performance was not significant. Bootstrap analysis further confirmed that knowledge creation fully mediates the relationship between knowledge acquisition and MSME performance, suggesting that knowledge acquisition improves MSME performance only when it facilitates knowledge creation within the firm. The study contributes to the knowledge management literature by providing empirical evidence on the mediating role of knowledge creation, thereby extending current understanding of the interaction among knowledge management processes. The findings also offer practical insights for MSME managers by highlighting the importance of fostering knowledge creation to transform acquired knowledge into improved organizational performance and sustained competitive advantage.

Keywords Knowledge acquisition Knowledge creation MSME performance Knowledge-Based View Structural Equation Modelling.

Corporate Financial Management and Sustainable Development