The uncertainty surrounding oil and gas reserves estimation and the cost of gathering reserves data discourage firms from disclosing sufficient data to satisfy SORP (statement of recommended practice) requirements, especially where oil and gas reserves disclosure is discretionary. However, the need to reduce agency cost and signal to stakeholders induces firms to disclose oil and gas reserves. The contrasting views on the rationale guiding the extent of disclosure were examined in this study. A sample was drawn from 83 United Kingdom (UK) oil and gas exploration and production companies listed on the London Stock Exchange. Appropriate statistical tools were used to investigate the extent of oil and gas reserves disclosure. The findings provide mixed results about the extent of disclosure to meet SORP's requirements. There was no particular evidence that UK oil and gas companies provide qualitatively acceptable oil and gas reserves quantity information. The observed varying degrees of disclosure in the market could be attributed to a discretionary regime that allows firms to determine how and when to disclose. Policy makers and industry regulators could find the results useful in assessing the current extent of disclosure compliance.Correspondence: Cosmas Ogobuchi Odo,
This paper examines the impact of information technology on bank profitability. Using a sample comprising one-quarter of the banks in Nigeria currently quoted on the Nigerian Stock Exchange, regression results were in conflict with a priori expectations, which indicated that information technology spending in the study period had no significant impact on future operating performance. The results remained robust irrespective of alternative measures of profitability. This surprising outcome, among other things, is likely connected with the fact that investment in information technology is now a common denominator for all banks and that the data set is from a sub-Saharan African country where investment in information technology by banks is not yet at its prime level. However, what the results show is that information technology investment is inevitable for banking institutions to enable them to continue to operate efficiently in the current competitive banking industry.
The paper reviews the compliance status of the Federal, State and private sector pension systems in Nigeria after the reform in 2004 that changed the funding strategy from pay-as-you-go to the contributory modality. It first spotlighted the grim factors of the old pension system that made reform inevitable. The paper in the main argues that compliance with the provisions of the law remains the only guarantee of workers' retirement future. It further points out the specific role labour leadership must play in this regard. The paper disclosed that the observed failure to implement the provisions of the law across the tiers, especially the federal and state government segments, arose in part due to a conspiracy of factors, including, recession, legislative loopholes, supervisory negligence, and absence of sustained engagement of labour leadership with employers across the tiers. The paper therefore concludes by recommending a more focused engagement strategy by labour leadership and a stricter penalty that makes default in making contributions less attractive.
Failure of leadership and inefficient utilisation of human capital have continued to agitate the minds of researchers and managers alike in Nigeria. Therefore, this paper evaluated the relationship between leadership development and human capital condition of non-metallic product manufacturing firms registered with Manufacturers Association of Nigeria (MAN) in South East, Nigeria. A survey research design was used for the study. A sample size of 310 was utilized and drawn from a population of 2862 personnel. Data collected were presented in tables and were further analysed using mean scores and standard deviation, and the hypotheses were tested using the F-statistic. Three major findings were made, namely: that there was significant positive relationship between leadership skills and employee output at work of non-metallic product manufacturing firms in South East, Nigeria [ F(4,20 = 13.07771), p < 0.05]; there was significant positive relationship between managers’ level of education and operational cost of non-metallic product manufacturing firms in South East, Nigeria [ F(4,20 = 19.89737), p < 0.05] and that there was a significant positive relationship between leadership training and team building and or cohesion among staff of non-metallic product manufacturing firms in South East, Nigeria [ F(4,20 = 15.98143), p < 0.05,5]. Hence, it was concluded that there was positive relationship between leadership development and human capital condition of non-metallic product manufacturing firms in South-East, Nigeria. It was therefore recommended that management of non-metallic manufacturing firms in South-East, Nigeria, should install and implement regular staff training and retraining programmes, coupled with robust staff welfare/reward packages, which motivate them for optimum productivity.
Protagonists of free trade such as the World Bank and IMF are loud in proclaiming the virtues of international trade and globalization. They are quick to point out that granting free rein to these concepts would not only lead to optimal resource allocation but also engender growth in global economy. This paper sought to probe the veracity of these claims in the context of a developing economy like Nigeria. The paper first clears up conceptual issues involved and later cast the operations of these phenomena within the Nigerian economic setting. It was found that whereas industrial countries, in joint operation with their multinational corporations, may have benefited immensely from the opportunities created by international trade and globalization, developing countries, characterized by weak technological base and unfavourable macro-economic factors, have hitherto benefitted minimally, but her losses far outweigh her gains such that she could rightly be characterized as a net loser in the competition. It therefore argues that countries like Nigeria should protect their domestic markets from the negative impact of foreign trade and globalization. It however recommends that Nigeria should adopt a selective technological transfer that fits into her domestic need for economic diversification via private sector-led initiatives.
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