Faculty of Management Sciences

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An Exploratory Investigation of Foreign Portfolio Investment in Money Market Instruments and the Nigerian Stock Market Performance
(The Internatinal Journal of Business & Management, 2019) Iriobe, Grace
This paper investigated whether foreign portfolio investment in money market instruments have an influence on the performance of the Nigerian stock market. The study employed ex-postfacto research method using monthly time series data for 11 years between 2007 and 2017. The Autoregressive Distributed Lag (ARDL) model was used to specify the influence of foreign portfolio investment in money market instruments on stock market performance. The results of the analysis revealed a significant and positive relationship between foreign portfolio investment in money market instruments and the performance of the Nigerian stock market (t-stat= 2.6110; P= 0.0258<0.05; R2 = 0.77). The study concluded that foreign portfolio investment in money market instruments had significantly predicted stock market performance in Nigeria. Hence, the study recommended that policies formulated towards a more developed stock market should consider importance the influence of foreign portfolio investments in the market
Anticipated Impact of Monetary Union on Bilateral Trade among ECOWAS Members
(Journal of Global Economics, Management and Business Research, 2017-03-07) Iriobe, Grace
The pattern of growth of International Trade and Bilateral Trade among West African Countires has again brought to light the need for a common currency aimed at financial integration of the ECOWAS community. In this light, this study adopts the explanatory survey design and uses the questionnaire as a primary research instrument to solicit responses from experts in monetary policy, foreign exchange and international business with a view to examine and analyze the potential impact of the proposed ECO currency on Bilateral trade among the ECOWAS members. Data was analysed using the simple linear regression to determine the relationship between the dependent (bilateral trade) and the independent variable (monetary union). Findings from the study indicate there is a positive linear relationship between bilateral trade and monetary union; consistent with Akinyede (2014). The relationship is moderate and significant at 5% level of significance (pvalue=. 001< alpha value=. 05). Therefore, we conclude that the development of monetary union has significant impact on bilateral trade in ECOWAS.
Dividend Policy and Wealth Creation by Firms Quoted on the Nigeria Stock Market: A Study of NSE-30 Index
(Redeemer's University Journal of Management and Social Sciences ·, 2015-01) Iriobe, Grace
Dividend policy has remained one of the most important issues in Corporate Finance. This study examined the relationship between the proxy of dividend policy, dividend payout ratio and the proxies of firms’ wealth creation like capital structure, profits and investment. Panel Least Squares (PLS) regression model was used to investigate the effect of dividend policy on wealth creation by firms in Nigeria. Data were extracted from the financial statements of 30 firms listed on the Nigerian Stock Exchange Index (NSE-30 Index) and the NSE Fact Books for the period 2004 to 2010. The results showed that, in isolation, while capital structure had significant negative effect on dividend payout (t-stat p-value = 0.0089 < 0.05), profitability had significant positive effect (t-stat p-value = 0.0000 < 0.05); but fixed asset-dominated investment had insignificant negative effect as evidenced by t-stat p-value = 0.5969 > 0.05level of significance. On the aggregate, the wealth creation indices jointly significantly determined dividend policy of the firms as evidenced by the p-value of the F-statistic (p-value = 0.0000 < 0.05). This indicated that though wealth creation significantly determined dividend policy of the firms, payouts were explained more by factors other than these components of firms’ wealth creation in Nigeria.
“Do illiteracy and unemployment affect financial inclusion in the rural areas of developing countries
(Investment Management and Financial Innovations, 2023) Iriobe, Grace
The aim of this study is to examine the effects of illiteracy and unemployment on financial inclusion in rural areas of Nigeria between 2017 and 2022. Most rural areas in developing countries have high illiteracy and unemployment rates, creating challenges for research ers to measure the inclusiveness of financial services and products. This study examined the effect of illiteracy and unemployment on the inclusiveness of financial services and products in rural areas of Nigeria. The ex-post facto research design, systematic sampling, dummy for latent variables (erratic power supply and insecurity in rural areas), and au toregressive distributed lag (ARDL) techniques were employed. The result showed that the coefficient estimate for the illiteracy rate is negative (-0.5318), indicating that higher illiteracy is associated with lower financial inclusiveness, and the coefficient estimate for unemployment rate is also negative (-2.1977) and statistically significant, suggesting that the higher unemployment rate is associated with financial inclusiveness. These findings indicate that a decline in the delivery of financial services in developing nations attest to illiteracy and unemployment. This study concluded that there is a need to improve edu cation and employment rates in rural areas of de
Effect of Foreign Portfolio Investment in Bond Stocks on the Performance of the Nigerian Stock Market
(Archives of Business Research, 2018-12-22) Iriobe, Grace
Emerging markets like Nigeria have consistently utilized foreign portfolio investments inflows to boost the economy. While economies consistently harness Foreign Portfolio Investment (FPI) in equity stocks to grow the economy, the report on foreign portfolio investments in bond stocks is too low to bridge the savings-investment gap in the economy. Therefore, this study examines the effect of foreign portfolio investment in bond stocks on the performance of the Nigerian stock market. The study employed expost facto research method using monthly time series data from 2007 to 2017. Using the Auto-Regressive Distributed Lag (ARDL) model, the study found that foreign portfolio investment in bond stocks have a positive and significant influence on the Nigerian stock market performance at 5% level (t-stat= 2.91380, P= 0.0038< 0.05; R2= 0.73). The study concludes that foreign portfolio investment in bond stocks significantly predict stock market performance in Nigeria, and therefore recommends that the market regulators need to further encourage foreign investments in bond stocks as this financial instruments do not attract much investment as equity stocks. Also, there is need for sound corporate governance and transparency as well as full disclosure of financial information by listed firms in order to increase the attraction of foreign portfolio investment in debt stocks to Nigeria.
Factors Influencing Ponzi Scheme Participation In Nigeria
(Advances in Social Sciences Research Journal, 2018-05-25) Iriobe, Grace
This study examined the factors influencing Ponzi scheme participation in Nigeria. A multi-stage sampling procedure was used to select 384 participants for the study. Descriptive statistic and One-Way ANOVA was employed to analyze the data. The result of the analysis revealed that friends’ recommendation, expected benefits, current economic situations, ease of obtaining funds and the get rich quick syndrome were the most influencing factors on Ponzi scheme participation and these factors were significant with the gender, age, marital status, employment status and educational level at 5% level of significance. The study concluded that ponzi scheme participation was mostly influenced by friend’s recommendation, expected benefit, current economic situations, ease of obtaining funds and the Get rich quick syndrome. Therefore, the study recommended that the Nigerian government should integrate Ponzi schemes into the Nigerian financial system and subject them to the country’s regulatory environment to minimize the consequences of future failure of the schemes.
Financial Literacy and Financial Inclusion for Entrepreneurship Development in Nigeria
(West African Journal of Business and Management Sciences, 2017-07-10) Iriobe, Grace
The study was conducted to determine the importance of financial literacy and financial inclusion on entrepreneurship development with the aim of accessing the knowledge of Nigerian entrepreneurs in respect to financial literacy and the availability of financial services available. Primary data was generated from the use of questionnaire. The survey covered educated entrepreneurs with the minimum of O’levels. A total sample size of 385 respondents were randomly selected from an infinite population. The study employed an ordered probit regression model for the analysis with the help of STATA (14) because both dependent and independent variables in the study are ordered in the context of multivariate latent structural model. The result with Prob> chi2= 0.0000 showed that both financial literacy and financial inclusion influences the growth and development of entrepreneurship in Nigeria. Also, the size of Nigerian businesses and their locations have significant positive impact on the entrepreneurship growth and development in Nigeria. Hence, we conclude that increase in the financial activities in order to ensure financial literacy and financial inclusion of the Nigerian populace will have direct effect on entrepreneurship development in the country. The study identified areas of inadequacies and proposed recommendations to improve the financial literacy level and availability of financial services for entrepreneurs.
Financial Technologies’ Evolution and Traditional Banking: A Study of Retail Payments in Nigeria
(Global Journal of Business, Economics and Management: Current Issues, 2021-11-30) Iriobe, Grace
The world of digitalisation is impacting on all aspects of socioeconomic life. This notable change also applies to the financial sector of the global economy. The activities and services of financial technology (FINTECH) overlap with that of traditional banking services. The study seeks to investigate the impact of FINTECH evolution on traditional banking institutions to picture the future of payment systems in Nigeria. Two methods of data analysis were used in the study. An econometric method of data analysis was used to conceptualise the findings of the study. Results from the test of hypotheses reveal that FINTECH affects traditional banking. In conclusion, the present FINTECHs in the Nigerian financial system seem to be slow but are positioned to provide better financial services, especially in payment systems than the traditional banking. The study recommends that the regulators of the Nigeria financial system should incorporate policies into the retail payment system that would ensure full application.
Foreign Portfolio Equity Investment and the Performance of the Nigerian Stock Market: A Sectoral Distribution Analysis
(International Business and Management, 2018-05-12) Iriobe, Grace
Most developing countries, such as Nigeria, have always been challenged by saving-investment gap, while many of them have consistently harnessed the Foreign Portfolio Investment (FPI) inflows to bridge the gap. In spite of the increased inflow of this type of investment to the Nigerian economy, its influence on stock market performance has been less consensual while such investment is also vulnerable to economic shocks. Therefore, this study examines the effect of foreign portfolio equity investment on stock market performance in Nigeria. The study employed ex-post facto research method using monthly time series data from 2007 to 2017. Using Kruskal-Wallis non-parametric test and the Autoregressive Distributed Lag (ARDL) model, the results reveal that there exists a significant difference in the sectoral distribution of FPI inflows to the Nigerian economy. It also finds that foreign portfolio equity investment has a significant positive influence on the Nigerian stock market performance at 5% level (t-stat= 6.8913, P= 0.0000< 0.05; R2= 0.77). The study concludes that foreign portfolio equity investment significantly predict stock market performance in Nigeria, and therefore recommends that the regulatory authorities should deepen the equity stocks of the market and encourage more firms to get listed on the Nigerian Stock Exchange with a view to channelling more investments into the economy thereby fast-tracking industrialisation and economic development.
Impact of Environmental Factors on Foreign Exchange Fluctuations in Nigeria
(International Journal of Economics and Financial Research, 2017) Iriobe, Grace
The study tried to examine the effect of environmental forces on foreign exchange market in Nigeria. The PEST- Political variables such as change in government (CIG) and democratic rule (DMR); Economical variables such as interest rate spread (IRS) and inflation in consumer prices (ICP); Social variable like population growth (PGR); and Technological variables such as fuel exports in merchandise (FEM) and technology export (TEX) were used to evaluate the impact these environmental factors have on foreign exchange market (official exchange rate). This study employed a time series data with the time frame 1973- 2015. A multiple regression model was developed and analyzed using the ordinary least square method (OLS) with the help of E-views, a statistical package. The result showed that in isolation, IRS, FEM and DMR significantly influenced dealing rates in the Nigerian foreign exchange market while ICP, CIG, PGR, and TEX did not show any significant influence on foreign exchange market in Nigeria. However, the overall result showed a significant positive relationship between the environmental forces and the foreign exchange market in Nigeria with a p -value of 0.000000. We therefore concluded that environmental factors have significant influence on the Nigerian Foreign Exchange market. Hence, we recommended that relevant stake holders should pay proper attention to those environmental factors with significant impact on our Foreign Exchange Market in Nigeria.
Microfinance Impact Assessment Methodologies: Is it Qualitative, Quantitative or Both?
(Springer Nature, 2017-09-27) Iriobe, Grace
Microfinance impact assesment is essentially a way of determining the effect of microfinance programme on the participants over a period of time. However, the research approach and method to derive the effect vary. The positivists argue for the use of quantitative method to explain the reason for changes among microfinance programme beneficiaries. This is achievable by using statistical tests for explanation nd prediction of the phenomena under study. This leads to generalisation of results such that the outcome of sample can be used to determine the result of the population. However, the interpretivists lend their work to the inductive strategies that meaningful microfinance impact assessment cannot be determined by using quantitative methods of data collection and analysis. Rather, a coherent and useful microfinance impact should be based on qualitative methods. It is recommended that future studies should strive for the use of mixed method such that both the qualitative and quantitative approaches are used in a single study.
The Nexus between Finance and Entrepreneurship for the Nigerian Economic Growth
(Advances in Social Sciences Research Journal, 2018-08-25) Iriobe, Grace
This study examined the nexus between finance and entrepreneurship for the Nigerian economic growth, using endogenous growth framework. Multivariate time series was employed to analyze the secondary data. Tests such as the unit root, co-integration and the vector error correction model were carried out for the empirical analysis. The normalised long-run co-integrating equation supported by the short-run dynamics showed that finance, entrepreneurship, interest rate, and industrial productivity are significant to economic growth in Nigeria. The paper concluded that the government should formulate effective macroeconomic policy targeted to entrepreneurship financing and growth. The paper further called for the overhauling of agencies and institutions set up for entrepreneurship to maximize the impact of entrepreneurial finance on the Nigerian economic growth.
Post COVID-19 and Naira Redesign in Nigeria: Implications for E-banking Service Quality Attributes and Outcomes
(International Journal of Academic and Applied Research (IJAAR), 2023-04) Iriobe, Grace
The COVID-19 pandemic of 2020 and the recent naira redesign policy in Nigeria have brought about several challenges to banks. One of the challenges is the quality of e-banking services, which has been critical for bank customers. The purpose of the study is to ascertain the e-service quality attributes that affect perceived e-banking quality and examine the relationships between e-banking perceived quality, perceived e-value, e-satisfaction and e-loyalty from e-banking users perspectives. The study adopted a cross-sectional research design and a quantitative approach. The researchers collected the data using a standardized questionnaire. A total of 384 questionnaires were administered via Google Form to e-banking users in Osun State, Nigeria, however, 171 responded to the survey. The data were analyzed using Structural Equation Modeling. The findings revealed that convenience, security, personalization and responsiveness best explain perceived e-banking quality. The results further indicated that the outcome categories (perceived e-value, e-satisfaction and e-loyalty) have strong associations with perceived e-banking quality. The route co efficient between perceived e-value and e-satisfaction, as well as e-satisfaction and e-loyalty, were significant. The study's findings will provide a framework for bank executives to evaluate their e-banking performance and identify areas of e-service delivery that they need to work on to improve customer perceptions of e-banking quality, e-value, e-satisfaction, and e-loyalty.
The Effect of Financial Technology Services on Banks Customer Satisfaction in Nigeria
(ISSRN, 2017-07-13) Iriobe, Grace
The research project sets out to examine the impact of financial technology services on bamks' customer satisfaction in Nigeria. The objective is to spcifically examine whether financial technology has improved customer satisfaction. The study adopted the explanatory and casaul research design. The population of the study comprised of university students who were randomly selected. The primary data was collected through the administration of 250 structured questionnaires of which 243 were properly filled and returned. The OLS regression analyis was done using SPSS and the result revealed that the accessibility to financial technology services, transaction costs, availability and the operation of these technology services impact on customer satisfaction. Hence, the study recommends an improvement in financial technology services since it helps satisfy and retain bank customers, thereby increasing the performance of the banks in the Nigeria Banking industry.
The Nexus Between Financial Education and Entrepreneurship Development in Osun State
(Obafemi Awolowo University, Ile-Ife, 2017) Iriobe, Grace
The Role of Nigeria Export Import (NEXIM) Bank in Economic Development of Nigeria: A Review
(International Journal of Economics, Commerce and Management, 2017-03) Iriobe, Grace
The paper was written to review the role of the Nigeria Export-Import (NEXIM) bank in the development of Nigerian economy. The NEXIM bank which was set up in 1991 with enviable mandate of propelling the economy through trade finance, export market advisory services and Export Guarantee facility among others could not fulfill the objectives of its funding fathers. This was due to poor management team and poor funding. The bank has been resuscitated in 2010 under the new leadership of Mr. Roberts’s Orya who has outperformed his predecessors due to his management doggedness and the cooperation of the current government in terms of funding. It was therefore recommended that the management should be given free hand to perform, and be empowered with more funds and the management should open a cordial linkage with other EXIM banks in bigger economies of the world. Through these, the NEXIM would be able to perform maximally.
Youth Programmes and Entrepreneurship Education at the Higher School Level in Sub-Saharan Africa
(2021) Iriobe, Grace
Majority of the higher institutions in sub-Saharan Africa do not offer specialization in entrepreneurship courses. In Swaziland, Dlamini and Bimha conducted a study to ascertain the effectiveness of a youth entrepreneurship education program in tertiary institutions. The government in Swaziland initiated this program in 2002 with the primary aim of teaching the practical aspect of entrepreneurship in tertiary institutions. Youth programs, especially at the tertiary level, must be structured to include entrepreneurship courses targeted at developing entrepreneurial skills and abilities, thereby making youths/graduates owners of their own business. According to Dlamini and Bimha, youth programs must include entrepreneurship education, which is regarded as a potent tool at fighting unemployment. Many scholars have identified the need for governments in sub-Saharan Africa countries, to inculcate entrepreneurship education in their youth programs.

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