Prof. ORJI-OKAFOR TOCHUKWU GLORIA

Publication Title A Literature Review on the Challenges of the Use of Point of Sale (POS) Terminals in the Nigerian Banking System Download PDF
Publication Type journal
Publisher International Journal of Academic Information Systems Research (IJAISR)
Publication Authors Gilbert Ogechukwu Nworie1 , Tochukwu Gloria Okafor2
Year Published 2023-02-02
Abstract This research paper examined the challenges facing the use of Point of Sale (POS) Terminals in the Nigerian Banking System. The researchers adopted exploratory research design whereby secondary data were sourced from already published journal articles. Thematic approach was deployed in presenting the research findings. The study found that POS services help banks keep and enhance the loyalty of their obtainable customers, provide opportunity to the banks to increase market share and increase customer satisfaction. Among the factors identified as responsible for the low adoption of POS terminals in Nigeria are exorbitant transaction charges, lack of adequate infrastructure required to run POS, irregular network connectivity which erodes the trust of the users, and security of network communications. The study recommends that the charges and fees on the use of POS terminals should be considerably lessened in order to avoid discouraging banked and unbanked population from using such channel to access the services of the banking cubicle
Publication Title INTERNATIONAL ACCOUNTING STANDARD 37 (IAS 37) AND CREATIVE ACCOUNTING PRACTICES BY COMPANIES Download PDF
Publication Type journal
Publisher International Journal of Advanced Academic Research | ISSN: 2488-9849
Paper Link 10.46654/ij.24889849
Publication Authors Okafor, Tochukwu G. 1 and Nweke, Fidelis C. 2
Year Published 2021-07-07
Abstract The study appraised the effect of IAS 37 on the Creative Accounting practices of manufacturing firms in Nigeria. The use of IAS 37 Provisions, and Assets to smooth profits by companies led to this research study. The study was guided by the following objectives; evaluate the effect of Provisions on Profit Smoothing in manufacturing firms in Nigeria, ascertain how Contingent Assets affect Income Manipulation in manufacturing firms in Nigeria. The study was anchored on Agency theory. Ex post facto design was adopted for the study while the population comprised of the thirty-four quoted (34) manufacturing firms in Nigeria. Judgmental sampling technique was used in selecting five samples being Nigeria Brewery Plc, Guinness Nigeria Plc, Nestle Nigeria Plc, Cadbury Nigeria Plc and Unilever Nigeria Plc. Descriptive statistics, and panel least squares were adopted as the analytical techniques of the study. The study found out that IAS 37 Provisions have significant effect on Profit Smoothing in manufacturing firms in Nigeria, Contingent Assets significantly affect Income Manipulation in manufacturing firms in Nigeria The study recommended that for transparency in financial reporting which is key in Corporate Governance, companies need as much as possible avoid, minimize or eliminate the use of IAS 37 Provisions to distort the objectivity of financial statements.
Publication Title Assessment of the Influence of Foreign Directors on Integrated Sustainability Reporting of Consumer Goods Firms Listed on Nigerian Stock Exchange Download PDF
Publication Type journal
Publisher Indonesian Journal of Sustainability Accounting and Management
Paper Link http://unpas.id/index.php/ijsam
Publication Authors Chidiebele Innocent Onyali1* | Tochukwu Gloria Okafor2
Year Published 2019-05-01
Abstract The purpose of this paper is to explore the influence of foreign directors on integrated sustainability reporting of listed consumer goods firms in Nigeria. Specifically, the study investigated the impact of foreign directors on the economic, social, and governance disclosure of listed consumer goods firms in Nigeria. The study used the ex post facto research design. Population and sample size comprised of 21 listed consumer goods firms on the Nigerian Stock Exchange. The duration of the study is from 2011 to 2017 financial year. Multiple regressions analysis was adopted in testing the formulated hypotheses. The dependent variable sustainability integrated reporting was measured using an Economic, Social, and Governance (ESG) index. The independent variable was measured as the number of foreign directors on board. The results show a significant influence of foreign directors on the economic, social, and governance disclosure of listed consumer goods firms in Nigeria. Based on this, the study recommends the adoption of a genetic heterogeneous board structure to leverage the diverse set of skills brought by foreign board members to decision–making.
Publication Title Business Ethics and Financial Performance in the Nigerian Banking Industry Download PDF
Publication Type journal
Publisher IOSR Journal of Business and Management (IOSR-JBM)
Paper Link 10.9790/487X-2411085263
Publication Authors Uchechukwu Pius Nwachukwu1 , Tochukwu Gloria Okafor2 , Chike Pius Nwachukwu3
Year Published 2022-11-11
Abstract Background:In the Nigerian banking industry, growth and profitability have not necessarily translated to meeting the banking and non-banking needs of the public as would be expected from such a sector. Over the years, the sources of revenues for the Banks have significantly shifted from core commercial banking activities like interests and deposits to other less risky, guaranteed income schemes like derivatives and trading in bonds and treasury bills. At the core of the shift from consumer/commercial lending to trading in derivatives and fixed income earnings by Banks is the quest for profitability and business sustainability. Banks are unwilling to take risks on people or the communities. The fear appears to be that implementation of ethical banking practices will lead to reduction in financial performance and profitability. This led us to this review of ethics in the Nigerian Banking Industry and how it affects financial performance in the sector. The aim of this research study was to identify the relationship between ethical business practices and financial performance in the Nigerian banking industry. Specifically to determine the implication of ethical business operations on profitability of Nigerian banks. Materials and Methods: The research method was both quantitative and qualitative. Primary and secondary data were collected using desktop research, survey questionnaires and Key Informant Interviews. The sampling was stratified purposive because all the banks in Nigeria that have been in existence for more than 5 years were reviewed and these banks were also sub-divided into commercial banks, development banks and other finance institutions. This research did not include microfinance banks. The survey instrument was validated by experts in the Management Faculty of Nnamdi Azikiwe University. Pilot testing of the instrument was done with the Bank of Industry. The data collated was analyzed using descriptive statistics, ANOVA, standards deviation and multiple regression analysis was conducted to determine correlation of ethics to financial performance in the Nigerian Banking Industry. Hypothesis was tested at 5% significance level. Results: The results showed that there is very low adoption of ethical banking guidelines by Nigerian banks (less than 30% of banks). The results also showed that adoption and implementation of ethical banking standards is positively correlated to higher financial performance in the Nigerian banking industry (R – 0.715; R2 – 0.512; pvalue 0.032). Conclusion:The study finds a high correlation between ethical business practices and financial performance in the Nigerian banking industry. We recommend that Banks in Nigeria should adopt ethical business practices as this not only helps the internal and external stakeholders, but also boosts profitability.
Publication Title The Use Of Cloud Computing And Accounting Packages For Corporate Business Transactions In Nigeria: An Explorative Study Download PDF
Publication Type journal
Publisher IOSR Journal of Business and Management (IOSR-JBM)
Paper Link 10.9790/487X-180702113117
Publication Authors Onyali, Chidiebele Innocent Okafor, Tochukwu Gloria (Phd) and Egolum, Priscilla
Year Published 2016-07-07
Abstract Recent changes in technology informed by the advent of the 21st century technological advancement has drastically transformed the face of accounting in recent time from its analogue nature to a digitalized package. These advancements has modernized accounting systems and packages and have created room for accounting tasks to be performed in a more easier, faster and efficient manner. By the virtue of these technological advancements, the concept of cloud computing and accounting was discussed, examining the perception of corporate stakeholders on the use of thisconcept as an accounting system for corporate firms in a developing economy. Using a sample of 100 respondents, comprising of accounting academics who fall within the category of investors, chartered accountants and customers drawn from across Anambra state in southeastern Nigeria, the effect of the use of cloud computing package soncorpo rate Stakehol ders wasascertained. In addition to descriptive statistics, Kolmogorov-Smirnov(K-S), One Sample t-test was used in analyzing the primary data. The results of the data analysis showed that the use of cloud computing packages by corporate firms is a welcomed development in Nigeria, however, it was observed that the use of these packages by corporate firms have high cost implication for corporate stakeholders in addition to been affected by unstable internet access and poor network connection among other challenges. Based on the findings of the study, it was concluded among others that effective standards should be put in place, not only to protect stakeholders from exploitation but also to guarantee the quality of the use of these cloud computing packages for corporate business transactions
Publication Title EFFECT OF EARNINGS MANAGEMENT ON PERFORMANCE OF CORPORATE ORGANISATION IN NIGERIA. Download PDF
Publication Type journal
Publisher International Journal of Business Management and Economic Review
Paper Link http://ijbmer.org/
Publication Authors Okafor, Tochukwu Gloria (Phd), Ezeagba, Charles Emenike (Phd) and OnyaliChidiebele Innocent
Year Published 2018-03-03
Abstract Infection Prevention (IP) and control is a programme which prevents cross infection between This study considers the effect of Earnings Management on Performance of Corporate Organisations in Nigeria. To achieve the objective of this study, a total of 17 firms quoted in the Nigerian stock exchange market under the consumer goods sector were selected and analyzed. The data for the study were extracted from corporate annual reports and accounts of selected firms for the period 2010-2014.T he study adopted Jones model ( ). Earnings management was measured by Non- discretionary accruals obtained from modified Jones model and firm’s performance estimated by return on shareholders’ fund (ROSF), return on capital employed (ROCE), net profit after tax (PAT) and return on assets (ROA). Four research hypotheses were formulated for the study. The study adopted simple regression techniques for analysis with the aid of Statistical Package for Social Sciences (SPSS) version 20. We found that earnings management has negative, but insignificant effect on the performance of corporate firms. Consequent upon this study, it was recommended that further research should be carried out on earnings management as it affects the performance of corporate firms in the entire sectors of the economy to ascertain the major areas where it significantly affect performance of firms. This will aid management by exception.
Publication Title Effect of Corporate Governance Mechanisms on Tax Aggressiveness of Quoted Manufacturing Firms on the Nigerian Stock Exchange Download PDF
Publication Type journal
Publisher Asian Journal of Economics, Business and Accounting
Publication Authors Onyali, Chidiebele Innocent1* and Okafor, Tochukwu Gloria1
Year Published 2018-09-13
Abstract Aim: The study examined the effect of corporate governance mechanisms on tax aggressiveness among selected manufacturing firms in Nigeria. Study Design: Ex-post facto research design was adopted for the study. Place and Duration of Study: The study was conducted in Nigeria and the data used for the study were derived from the financial statements of Manufacturing companies listed on the Nigerian Stock Exchange (NSE) and the NSE fact book as at the end of the year, 2016. Forty-four (44) Listed Manufacturing Firms were used for the study based on the criteria that they had complete information on the variables of study, from 2005-2016 been the period covered by the study. Methodology: The data in the study were obtained from the annual reports and accounts of the firms as well as the Nigerian Stock Exchange Fact Book. The data obtained were analyzed using the Ordinary Least Square technique with its Best Linear Unbiased Estimate (BLUE) Property. In addition, a regression model was developed to test the combined effects of corporate governance measures on tax aggressiveness of the selected manufacturing firms and the analysis was performed via STATA 13.0. Results: The outcome of the analysis of data revealed that board size has no significant effect on tax aggressiveness while board diversity, independent director and proportion of non-executive directors to executive directors is having a significant impact on tax aggressiveness among quoted manufacturing firms in Nigeria. Conclusion: The study concluded among others that quoted manufacturing firms in Nigeria should pay less attention to the size of their board, but rather focus on the quality and integrity of the members of the board. Besides, SEC and CBN code of corporate governance provisions should be strictly adhered to, by firms which provide that a firm should have one (1) and two (2) independent directors respectively. This is necessitated as the presence of independent directors ensures the independence of the board.
Publication Title EFFECTIVENESS OF TRIPLE BOTTOMLINE DISCLOSURE PRACTICE IN NIGERIA- STAKEHOLDERS PERSPECTIVE Download PDF
Publication Type journal
Publisher European Journal of Accounting Auditing and Finance Research
Publication Authors Onyali, Chidiebele Innocent, Okafor, Tochukwu Gloria (Ph.D), Onodi Benjamin (Ph.D)
Year Published 2015-03-03
Abstract The study examined the effectiveness of triple bottom line disclosure practice of corporate firms in Nigeria by focusing on the perspective of corporate stakeholders. In achieving the above objective, three research questions were raised and two hypotheses were also formulated. The descriptive method of research design was employed to generate the required data. The population of the study was made up of three distinctive groups: Investors, Customers/Consumers and Accountants. The primary data were summarized using tables and the formulated hypotheses was analyzed using one-sample z test procedure done with the aid of SPSS version 22. Our findings indicated that investors and consumers expressed dissatisfaction with the extent of firms TBL disclosure practice in Nigeria. In their own view, most Organizations' reports were often vague and far from the expression of actual performance. Also, Accountants' were negative on the level of rigour and transparency exerted in the preparation of triple bottom line report by corporate firms in Nigeria. Based on this, it was recommended that companies should disclose more quantifiable triple bottom line indicators encompassing social, environmental and economic performance indicators. The development of standards to guide companies in the identification of variables for disclosure is also suggested.
Publication Title Environmental Costs Accounting and Reporting on Firm Financial Performance: A Survey of Quoted Nigerian Oil Companies Download PDF
Publication Type journal
Publisher International Journal of Finance and Accounting 2018, 7(1): 1-6
Paper Link 10.5923/j.ijfa.20180701.01
Publication Authors Tochukwu Gloria Okafor
Year Published 2018-07-07
Abstract The study is aimed at ascertaining the effect of environmental costs on firm performance. To achieve this objective, the study made use of financial reports of Oil and Gas Companies quoted in the Nigerian Stock Exchange Market from years 2006-2015. Regression analysis was employed with the aid of Statistical Package for Social Sciences (SPSS). The results of the statistical analysis indicate that better environmental performance positively impact business value of an organization. Moreover, environmental accounting provides the organization an opportunity to reduce environmental and social costs and improve their performance.
Publication Title Foreign direct investment and the Nigerian economy: Vision 2020 mission Download PDF
Publication Type journal
Publisher Int. J. Bus. Financ. Manage. Res.
Publication Authors Onyali, Chidiebele Innocent* and Okafor, Tochukwu
Year Published 2014-04-04
Abstract This paper examined the nexus between foreign direct investment (FDI) and the vision 2020 economic growth target of Nigeria. Generally, policies and strategies of Nigerian Government towards FDI are shaped by two principal objectives of desire for economic independence and the demand for economic development. From related research and studies, it was revealed that the level of FDI in Nigeria is not adequate. Ordinary least square regression technique and equations was adopted in the analysis of the secondary data. From the findings, it was discovered that increased inflow of FDI in Nigeria is a major pathway towards achieving the vision 2020 economic growth target. The paper therefore recommended among others, the encouragement of domestic investors first before going after foreign investors in addition to Nigeria adopting its own growth and development strategy not on the basis of ideology, but based on its own geographical, historical, economic, political and socio cultural realities.
Publication Title Financial Performance of Public Companies in Anambra State Amidst the Scourges of Covid-19 Pandemic Outbreak Download PDF
Publication Type journal
Publisher INTERNATIONAL JOURNAL OF RESEARCH AND INNOVATION IN SOCIAL SCIENCE (IJRISS)
Paper Link 10.47772/IJRISS
Publication Authors Gilbert Ogechukwu Nworie1*, Tochukwu Gloria Okafor2, Ijeoma C. Mba3
Year Published 2023-01-01
Abstract The study determined the effect of Covid-19 pandemic on the financial performance of firms. Only publiclyowned companies that are located within the axis of Anambra state, Nigeria, were considered for the study. The study used Covid-19 business disruption and Covid-19 lockdown to represent the independent variable while profit level and cost level were proxies for financial performance. A sample size of 150 respondents was obtained. Using a survey descriptive research design, primary data were sourced for the study via selfadministered questionnaires. Simple regression technique was deployed in testing hypotheses 1 and 2 of the study while Paired Sample T-test was used to test the third hypothesis of the study, both at 5% level of significance. The test of hypothesis revealed that: COVID-19 business disruption significantly and negatively affected the profit level of public companies in Anambra state (F [1, 116] = 16.137, p-value = 0.000); COVID-19 lockdown had a significant and positive effect on the cost level of public companies in Anambra state (F [1, 116] = 36.802, p-value = 0.000); there was a significant difference in the profit levels of public companies in Anambra state before and after COVID-19 lockdown (t [1, 116] = 5.612, p-value = 0.000). The study recommended that public firms should focus on building robust and yet flexible operational processes that is capable of adjusting to changes in situation such as Covid-19 pandemic.
Publication Title Firm Attributes and Corporate Environmental Performance: Evidence from Quoted Industrial Firms on Nigerian Stock Exchange Download PDF
Publication Type journal
Publisher Scholars Journal of Economics, Business and Management (SJEBM)
Publication Authors Onyali Chidiebele Innocent* , Okafor Tochukwu Gloria
Year Published 2018-09-30
Abstract This study examined the effect of firm characteristics on corporate environmental performance of quoted industrial goods firms in Nigeria. Specifically, the study examined the effect of firm size, profitability and firm age on waste management cost of the industrial goods firms. The study adopted the ex-post facto research design. Population and sample size of the study is made up of eleven industrial goods firms quoted on the Nigerian stock exchange as at the year, 2017. This study utilized secondary data sourced from annual reports and accounts of the sampled firms for the study period, 2008-2017. Data analysis was done using Pearson correlation coefficient and Multivariate regression analysis. Findings of the study revealed that firm attributes (firm size, profitability and firm age) have a significant and positive effect on environmental performance (measured by waste management cost) at 5% significant level. Based on this, it was recommended that considering the need to gain competitive advantage and boost firm value, industrial goods firms should address issues partaking to environmental management by developing business models and strategies that will ensure environmental sustainability.
Publication Title FIRM-LEVEL TRAITS AND THE ADOPTION OF COMPUTERISED ACCOUNTING INFORMATION SYSTEM AMONG LISTED MANUFACTURING FIRMS IN NIGERIA Download PDF
Publication Type journal
Publisher Journal of Global Accounting
Paper Link https://journals.unizik.edu.ng/joga
Publication Authors Gilbert O. Nworie, Tochukwu G. Okafor PhD , Chitom R. John-Akamelu PhD
Year Published 2022-12-03
Abstract Inadequate investment in computerised accounting systems (CAIS) remain one of the most noticeable factors that impair the competitive edges of manufacturing firms. Thus, the study intends to ascertain the effect of firm profitability, firm size, firm capital turnover and firm liquidity on the level of accounting software used by listed manufacturing firms in Nigeria. Ex-post facto research design was used on a sample size of 21 listed manufacturing firms purposively selected from a population frame of 34 listed industrial goods and consumer goods firms on the Nigerian Exchange Group. Secondary data were collected from the 2012 to 2021 financial statements of sampled firms. The result of the Prais-Winsten regression conducted at 5% significance level revealed the following: firm profitability has no significant effect on the adoption of CAIS (Pro>|z| = 0.154); firm size has a significant positive effect on the adoption of CAIS (Pro>|z| = 0.000); firm capital turnover has a significant positive effect on the adoption of CAIS (Pro>|z| = 0.024); firm liquidity has a significant positive effect on the adoption of CAIS among listed manufacturing firms in Nigeria (Pro>|z| = 0.027). It was concluded that manufacturing firms that have satisfactory resources attain the organisational readiness status which enhances the adoption of better computerised accounting information system. The study recommends the following: managers of manufacturing companies should extend their support towards implementing and maintaining high quality accounting IT infrastructure in the firms; investors in manufacturing firms should invest in those firms whose level of adoption of CAIS is relatively adequate for the purpose of enhancing the quality of the firms’ financial reporting process; accounting software technicians should model accounting IT infrastructure in a way that they can be afforded by firms with slender financial conditions; professional accountants who man accounting IT infrastructure in firms should be regularly trained to meet up with the recent changes in computerised accounting information system.
Publication Title Implementing Accounting Information Systems in Financial Management Operations of Transportation Companies: A Review of Literature Download PDF
Publication Type journal
Publisher International Journal of Academic Information Systems Research (IJAISR)
Paper Link http://www.ijeais.org/ijaisr
Publication Authors Gilbert Ogechukwu Nworie1 , Tochukwu Gloria Okafor2
Year Published 2023-02-02
Abstract The study determines the effect of accounting information system (AIS) on the financial management operations of transport companies. The specific objectives of the study include: to determine how the timeliness, accuracy and reliability of accounting information affects state of financial management. Exploratory research design was deployed in the study. Based on the review of literature carried out, the study concluded that timeliness of accounting information, accuracy of accounting information and reliability of accounting information are critical success factors of AIS which enhance the financial management operations of firms. The study recommends that managers of every transport company should develop its own AIS in line with the nature and scope of the firm’s operation so as to produce accounting information that are accurate.
Publication Title INTERNATIONAL ACCOUNTING STANDARD 37 (IAS 37) AND CREATIVE ACCOUNTING PRACTICES BY COMPANIES Download PDF
Publication Type journal
Publisher International Journal of Advanced Academic Research | ISSN: 2488-9849
Paper Link 10.46654/ij.24889849.s776
Publication Authors Okafor, Tochukwu G. 1 and Nweke, Fidelis C. 2
Year Published 2021-07-07
Abstract The study appraised the effect of IAS 37 on the Creative Accounting practices of manufacturing firms in Nigeria. The use of IAS 37 Provisions, and Assets to smooth profits by companies led to this research study. The study was guided by the following objectives; evaluate the effect of Provisions on Profit Smoothing in manufacturing firms in Nigeria, ascertain how Contingent Assets affect Income Manipulation in manufacturing firms in Nigeria. The study was anchored on Agency theory. Ex post facto design was adopted for the study while the population comprised of the thirty-four quoted (34) manufacturing firms in Nigeria. Judgmental sampling technique was used in selecting five samples being Nigeria Brewery Plc, Guinness Nigeria Plc, Nestle Nigeria Plc, Cadbury Nigeria Plc and Unilever Nigeria Plc. Descriptive statistics, and panel least squares were adopted as the analytical techniques of the study. The study found out that IAS 37 Provisions have significant effect on Profit Smoothing in manufacturing firms in Nigeria, Contingent Assets significantly affect Income Manipulation in manufacturing firms in Nigeria The study recommended that for transparency in financial reporting which is key in Corporate Governance, companies need as much as possible avoid, minimize or eliminate the use of IAS 37 Provisions to distort the objectivity of financial statements.