Tag Archives: Finance

Prospects of Local Government Finance towards Rural Development. A Case Study of Umuahia North Local Government Area of Abia State (Published)

Several challenges have emerged over the years to impede the performance of local government councils in the discharge of their constitutionally assigned responsibilities. One of such challenges is the dwindling revenue base of the local government which has remained an impediment to national development. This paper focuses on how local government can identify revenue sources available to them and ensure effective management of their finances to enhance rural development. A 5 point Likert scale is used to rate hypotheses. It is found that effective utilization of local government finance have significant effect on rural development and a solid financial base have significant effect on the enhancement of rural development. It is recommended that there should be efficient management and utilization of available fund; and also accountable leadership.

Keywords: Finance, Local Government, Revenue, Rural Development

The Metalanguage of Corruption in Cameroon- Part I1: The Registers of Health, Judiciary and Finance (Published)

Across the world, corruption has become almost endemic in many countries. Although very few people admit to be involved in it, no continent is exempted from the ill practice. This paper, which is the second of a series of two, examines the coded language used to ask for / give bribe in three sectors in Cameroon. Health, judiciary and finance, which are the domains concerned, count among the most corrupt sectors of the country according to the National Anti Corruption Commission 2010 Report. The data analysed was obtained through questionnaires administered to some state agents of the three domains (N=150). Like in the previous sectors already studied (Safotso 2015), the findings reveal that, in addition to the general coded expressions used to ask for / give bribe in all the administrations in Cameroon, there are many specialised words and expressions that Cameroonians use in Cameroon English, Cameroon Pidgin English and Cameroon French when they indulge in corrupt practices in the sectors of health, judiciary and finance

Keywords: Bribery, Coded Language, Corrupt, Finance, Health, Judiciary

Real Estate Investment Trusts (Reits) And Mortgage Backed Securities (Mbs) As Emerging Trends For Financing Real Estate Development In The Nigerian Capital Market (Published)

Before now, real estate was regarded as a very cumbersome investment media to venture into. This was largely due to the huge financial outlay required for real property projects, which were often difficult to raise and as such, only the few privileged elite invested in real estate. However, of recent, real estate investment is now securitized (that is, sold as securities in the capital market), thus making it easier for the average investor to engage in. This paper studies the Real Estate Investment Trust (REIT) and Mortgage Backed Securities (MBS) as new channels of harnessing finance for real estate development and the effectiveness of securitization in the Nigerian real estate sector.

Keywords: Capital market, Finance, Investment, Mortgage Backed Securities, Real Estate, Real Estate Investment Trust, and Securitization.

The Rating Agencies in the Toxic Game of Finance (Published)

The real problem is the nature of our crisis : anthropological and not economic . The rational culture has changed the Economy- DNA from social science to positive and exact science . Instead the technical-rational culture applied to a social science like economics has produced a non-science ; Friedrich von Hayek already warned us of this in his speech on accepting the Nobel Prize in Economic Sciences in 1974:‘It seems to me that this failure of the economists to guide policy more successfully is closely connected with their propensity to imitate as closely as possible the procedures of the brilliantly successful physical sciences – an attempt which in our field may lead to outright error. […] This brings me to the crucial issue. Unlike the position that exists in the physical sciences, in economics and other disciplines that deal with essentially complex phenomena, the aspects of the events to be accounted for about which we can get quantitative data are necessarily limited and may not include the important ones’.

Keywords: Finance, Rating Agencies, Toxic, game

Local Government Finance and Rural Development: A Case of Umuahia North Local Government Area of Abia State (Published)

Several challenges have emerged over the years to impede the performance of local government councils in the discharge of their constitutionally assigned responsibilities. One of such challenges is the dwindling revenue base of the local government which has remained an impediment to national development. This paper focuses on how local government can identify revenue sources available to them and ensure effective management of their finances to enhance rural development. A 5 point Likert scale is used to rate hypotheses. It is found that effective utilization of local government finance have significant effect on rural development and a solid financial base have significant effect on the enhancement of rural development. It is recommended that there should be efficient management and utilization of available fund; and also accountable leadership.

Keywords: Finance, Local Government, Revenue, Rural Development

Alternative Sources of Financing Secondary Education in Ebonyi State by the School Administrators (Published)

In discussing this topic, Ocho (2005) defined education and the need for education. Okanamiri (2002) also defined education financing as a branch of knowledge that deals with important examination of the cost and expenditure in the production of education services. Various alternative sources of financing secondary education according to various authorities were explained to include: PTA, proceeds from the school farm, Donations, Endowments, Community Involvement, Fund raising activities, Old Students Associations etc. Conclusion and recommendation were made

Keywords: Education, Finance, Secondary School

REAL ESTATE INVESTMENT Trusts (Reits) AND MORTGAGE BACKED SECURITIES (MBS) AS EMERGING TRENDS FOR FINANCING REAL ESTATE DEVELOPMENT IN THE NIGERIAN CAPITAL MARKET (Published)

Before now, real estate was regarded as a very cumbersome investment media to venture into. This was largely due to the huge financial outlay required for real property projects, which were often difficult to raise and as such, only the few privileged elite invested in real estate. However, of recent, real estate investment is now securitized (that is, sold as securities in the capital market), thus making it easier for the average investor to engage in. This paper studies the Real Estate Investment Trust (REIT) and Mortgage Backed Securities (MBS) as new channels of harnessing finance for real estate development and the effectiveness of securitization in the Nigerian real estate sector.

Keywords: Capital market, Finance, Investment, Mortgage Backed Securities, Real Estate, Real Estate Investment Trust, and Securitization.

CORRUPTION IN ELECTRICITY STEALING ACCORDING TO ARTICLE 2 PARAGRAPH (1) OF LAW NUMBER 31 OF 1999 ON CORRUPTION CRIME ERADICATION (Published)

This paper entitled Corruption in Electricity Stealing was intended to answer questions on whether an electricity stealing can be qualified as a corruption crime and to the extent of which electricity stealing crimes may bring about losses in the state’s finance. This paper was prepared by a juridical-normative writing method, that is, by studying legislations contained both in the law itself and in legal literatures/books, particularly those related to stealing and corruption. The result in a juridical aspect form was then written down in a descriptive-analytical way. The conclusion of this paper was the answer to the problems abovementioned as follows: that electricity stealing can be qualified as a corruption crime and that any electricity stealing brings about losses in the state’s finance.

Keywords: Corruption, Electricity, Finance, Loss, Stealing

ENTREPRENEURSHIP: FUNDING AND FINANCING STRATEGIES IN NIGERIA (Published)

The contribution of entrepreneurship in the economic development cannot be over-emphasized nor should be underestimated for any reason as this is already a known fact that it plays a prominent role as a change agent and as a prime mover of economy. In developed, developing or underdeveloped economy, the essence of entrepreneurship is highly significant as this exist in both private and public sectors of any economy. The roles of enterpreurship are worldly acclaimed but yet as laudable as these roles there can be no significant success by any entrepreneur except with availability of finance. Nevertheless, mere availability of finance also cannot guarantee the success of an enterprise but there must be in place appropriate financial strategies for the funding/investment needs of an enterprise. Using secondary data, this paper examine various options of funding/financial entrepreneurs today. It establishes financing alternatives that are best suited to financing needs of small scale enterprises which is clearly differ to that of large scale enterprises.

Keywords: : Enterprises, Entrepreneurship, Finance, Strategies., Success

Entrepreneurship in Nigeria – Funding and Financing Strategies (Published)

The contribution of entrepreneurship in the economic development cannot be over-emphasized nor should be underestimated for any reason as this is already a known fact that it plays a prominent role as a change agent and as a prime mover of economy. In developed, developing or underdeveloped economy, the essence of entrepreneurship is highly significant as this exist in both private and public sectors of any economy. The roles of entrepreneurship are worldly acclaimed but yet as laudable as these roles there can be no significant success by any entrepreneur except with availability of finance. Nevertheless, mere availability of finance also cannot guarantee the success of an enterprise but there must be in place appropriate financial strategies for the funding/investment needs of an enterprise .However, little has been said when it comes to strategies needed to access various sources of finance. Using secondary data, this paper therefore establishes appropriate strategies to obtain funds from sources of finance by both small and medium enterprises.

Keywords: : Enterprises, Entrepreneurship, Finance, Strategies., Success

Factors Affecting Value Addition in the Leather Industry in Kenya (Published)

The leather industry holds a significant position in the agricultural sub-sector in Kenya. The industry has a high potential to make products of high quality that can address socio economic problems, and create employment and wealth. The success of the industry depends on value addition, which unfortunately has been minimal, and most of Kenya’s exports have been in the form of unprocessed raw hides and skins. As a result, the industry has not realized its full potential. The objective of this study was to investigate factors affecting value addition in the leather industry in Kenya. Adopting a case study design, the study focused on the influence of capacity building, technology, finance and quality control on value addition. The study population consisted of both incubatees and graduate incubatees of Leather Development Centre in Kenya Industrial Research and Development Institute. The findings show that the industry is characterised by low capacity building, and unskilled employees take long to upgrade their skills on the job. The industry uses old technology, does not practice expeditious machine upgrade; and repairs and maintenance are quite slow. Further, the leather industry is inadequately financed, and quality is compromised because of unavailability of affordable chemical inputs. The study recommends that in order to increase value addition, manufacturers need to invest resources with a view to upgrading their human capital and technology. The different players in the industry should analyse weaknesses in the present national policy framework, and address the loopholes that exist.

Keywords: Capacity building, Finance, Quality control, Technology, Value addition