Mandatory Environmental Disclosures by Companies Complying With IAS/IFRS: A Case of Nigeria (Published)
The Report of the Vision 2020 Committee set up to provide a roadmap that will propel Nigeria among the top 20 world economies by 2020 acknowledged that the country is faced with many environmental problems such as the continuous exploitation of marginal lands, drought and desertification in the north, severe gully erosion in eastern and northern states, uncontrolled logging with inherent problems of the destruction of bio-diversity, inappropriate agricultural practices, destruction of watershed, destruction of vast agricultural lands, creation of burrow pits due to bad mining practices and road works, oil pollution from spillage and gas flaring, urban decay and squatter settlements, industrial pollution and municipal waste generation among other things. In view of the above, this paper examines mandatory disclosure of environmental accounting by companies complying with IFRS/IAS in Nigeria. Contents analysis research design was adopted by reviewing the available literature in the field of this study. It was discovered that Nigeria was facing with challenges of inaccurate data, incompetent manpower, and lack of transparency among companies. Despite these shortcomings Mandatory reporting present several advantages such as the creation of standardized and comparable measures that enable benchmarking and best practices among companies complying with IFRS/IAS in Nigeria. It was concluded that aside from complying with IFRS/IAS, Incentives and enforcement was also identified as a factor for full convergence and comparability among companies.
Theoretical Analysis of Globalisation and Corporate Performance in Chemical Industry: The Mediating Role of Corporate Governance (Published)
Good corporate governance practice is a major yardstick for standardizing business practices in the midst of a high rate of diversities and inconsistencies in global business practices. Industries are operating in a global business environment that is deeply embedded in interdependency, and is being subjected to good corporate governance requirements. In this sense, the paper examined the definitions of corporate governance, its principles and control mechanisms. It also focused on the phenomenon of globalization and links it with good corporate governance principles that can promote values in the area of code of conduct in supporting excellence and the creation of an ethical culture in the industry. The study suggested a framework for chemical industries for enhanced performance and their continuous growth and development of industries. It is concluded that globalization is a phenomenon that has assumed a new proportion in present day global political economy for which companies must equip and package themselves effectively and thoroughly to face their challenges in the 21st century. In recommendation, managers of industries must strictly follow principles/regulations of corporate governance in a global economy.
The activities of multinational oil companies in Nigeria have remained a source of controversy over the years. The study examined the impact of multinational oil companies in the economic growth of Nigeria (1960-2010). Hence, the specific objective is to ascertain the extent of economic growth impacted by the multinational oil companies in Nigeria. The study adopted a survey design. Data were obtained through secondary sources. The findings revealed that the extent of economic growth impacted by the multinational oil companies in Nigeria was significant based on the Ordinary Least Square (OLS) regression analysis result where the calculated F-statistics of 212.1293 is greater than the tabulated F-statistics of (5.35147). The study found that extent of oil contribution to economic growth in Nigeria was significant.
Although the concept of the invalidity of company has been included in the law only in recent years, in practice, this change has encountered some controversy, particularly in the context of the comparison between the invalidity of legal acts and the invalidity under commercial law. Judicial practice, albeit limited to the number of issues on this aspect, has elaborated in detail the concept of invalidity by stating that, unlike civil legislation, the Law “On Business Organizations” establishes a number of specific rules that are deviated from the principles of the generality of the invalidity of legal transactions and, in particular, of contracts as mutual legal actions. Article 231 of the above-mentioned law provides that: “The invalidity of a company or an act that modifies the statute may only result from a particular provision of this law or those legally regulating the invalidity of contracts”, while in paragraph thirdly, this provision cites: “The invalidity of acts or actions other than those provided for in the paragraph above may only result from a violation of a lawful provision or lawfulness in force for contracts.”