Tag Archives: Transparency

The Public Procurement Reforms in Nigeria: Implementation and Challenges (Published)

The paper presents as analyzed insight to the public procurement reforms in Nigeria. The public procurement as one the major functions of government in Nigeria is playing a significant roles toward infrastructural development in Nigeria. Reforming in the public procurement sector was necessary to regulate the entire procurement process. The set up of the due process policy in 2011, Public Procurement Act 2007 his revealed a lot as to the unprofessional nature in the public process in Nigeria. The paper proffer sound public procurement practices as a panacea to the reform and implementation in Nigeria. It revealed that weak public procurement system and practices characterized by corruption and lack of accountability, transparency, competition and fairness. Data were sourced basically from secondary source. The study identified the factors that undermine integrity in the public process.

Keywords: Implementation, Public Procurement, Reforms, Transparency

Transparency Index as a Preface to Support Financial Reports Transparency and to Increase Shareholder Protection Level (Published)

Purpose: The study aims to display negative effects on users of financial reports because of the lack of level of financial reports transparency, which makes it imperative to support the level of transparency of financial reports through organizing Voluntary disclosure using a proposed Transparency Index in order to meet the needs of financial reports users from information. The study also deals with trying to determine the nature of relationship between the level of transparency of the financial report and the financial performance and the level of shareholder protection in the Egyptian Exchange.Methodology: To verify the validity of the study hypotheses, the we conducted the Experimental Study through applying it to the Egyptian Exchange Index companies EGX50 after excluding the Financial Institutions through examining the financial statements, the attached Notes, the Board of Directors report, the governance report and the sustainability report for the EGX50 index companies for a period of three years 2016, 2017, 2018.Practical Results: The study sample presented in the forty-one companies listed in the Egyptian Exchange EGX50 index after excluding financial institutions from the index’s companies. The Experimental Study examined the financial statements, the attached Notes, the Board of Directors report, the governance report and the sustainability report for a period of three years 2016, 2017, 2018. After examination it was found that the average level of the Transparency Index in the financial reports for the whole years of study reaches 62.2%, which is a low rate indicating that the EGX50 index’s companies represent low transparency companies. In addition, it was found that the average level of the shareholder protection index in the EGX50 index companies reaches 58%. The foregoing confirms the need to support both the level of transparency and the level of shareholder protection through the application of the proposed Transparency Index. it has been concluded that the Transparency Index has a meaningful impact on both Tobin’s Q (financial performance) (the relationship between them is positive) and also on the stockholders’ protection Index (SPI) (the relationship between them is positive). Authenticity/ Value: The study deals with one of the most important study issues related to measure transparency level of financial reports in the Egyptian Exchange and determines the impact of supporting transparency level on financial performance as well as on supporting protection level of shareholders, The research also extends to suggest transparency index that allows providing most of information needs of users of financial reports according to the aforementioned. In many studies, the importance of research becomes evident In the context of the limited accounting research related to assessing the level of transparency of financial reports at Egyptian Exchange and indicating the positive effects on both the financial performance and the levels of shareholder protection resulting from supporting the level of transparency of financial reports, this is what the authors believe can represent a contribution to the debate about levels of transparency and shareholder protection in the Egyptian Exchange.

Keywords: Financial Performance, Transparency, Voluntary Disclosure, stockholders’ protection., transparency index

Implementation Effect of Treasury Single Account on the Economy of Nigeria: The Perspective of Banking Sector (Published)

Treasury Single Account (TSA)’s prime purpose is to ensure accountability, improve transparency, and prevent abuse and mismanagement of public funds. Nigeria had to domesticate the law implementing TSA in 1999, however, the government ran a pilot scheme in 2012 to fully domesticate and observe the impact of such policy on the growing economy of the nation. Thus, this study aimed to examine the implications of TSA from its domestication, identify its benefits, examine the challenges and study its prospects considering the perspectives of the banking sector employees. The descriptive research design was adopted for the study using fifty (50) bank employees within Ondo State, Southwestern Nigeria who were randomly selected. Software for the Social Sciences Statistical System (SPSS) was used to obtain descriptive statistics such as central tendency, the measure of variability, kurtosis and skewness. The calculated values range from 2.60 to 3.88, 0.72 to 1.28, -0.08 to -2.20, -1.73 to 4.09 for mean, standard deviation, skewness and kurtosis respectively. All calculated p-values range between (.000 to .003), which are less than the level of significance of 0.05 (2-tailed). Hence, the null hypotheses are rejected while the alternate hypotheses are accepted. The strong relationship of up to 0.985 between the opinions of the respondents is a strong indication that the application of TSA has led to a reduction of monetary misappropriation and a drastic reduction of corrupt practices. Therefore, TSA should be implemented in every sector of the economy both public and private to ensure financial prudence, accountability, transparencies and as a tool in monitoring, expenses incurred.


Keywords: Accountability, Banking Sector, Economy, Transparency, treasury single account

The Transparency Issues Associated with China’s Sovereign Wealth Fund (Published)

Sovereign wealth funds (SWF), though a relatively recent financial vehicle has had a profound impact in the world’s political and financial arenas.  SWF’s have the potential to provide a much needed source of capital for a nation or enterprise which could foster and spur economic growth as well as international trade.  In the long-run, such international collaborations and investments could pave the way for a more peaceful globalization of the world.  However, such governmental intrusions could also lead to unwanted foreign governmental control and possible loss of trade secrets and other sensitive national security interests.  Perhaps an even greater issue is the possible political implications that could arise when it comes to SWFs.  For example, certain SWFs could choose to invest capital with political allies thereby indirectly punishing their political foes.  However, at the central issue with any SWF, is the issue of transparency.  SWFs have been notorious for being shrouded in secrecy, from the way a fund is managed to how they choose to invest.  With China, this issue is highlighted even more given the political climate coupled with its history and customs regarding foreigners.  This paper will take an in-depth look into China’s largest SWF, the China Investment Corporation and compare it to SWFs of other nations and analyze as to what possible solutions China can take to make its SWF more transparent in the eyes of the international community and whether given China’s historical past, current political climate and unique culture and traditions can allow such changes and reforms to be possible.  After all, what works for the western world may not necessarily work for China.  Finally, this paper will examine certain reforms China’s SWF can make and what collateral benefits such changes could potentially bring.

Keywords: China Investment Corporation, Santiago principles, Sovereign wealth fund, Transparency, economic reform

An Assessment of the Implication of Treasury Single Account Adoption on Public Sector Accountability and Transparency (Published)

Government is saddled with the responsibility of being accountable to its citizenry through effective and efficient service delivery. In order to achieve this goal, government enacted the treasury single account (TSA) policy for mobilization of government revenue. The objective of this study is to assess the implication of adoption of TSA on accountability and transparency in the Nigerian public sector; with a view to find out if the policy is capable of promoting government accountability function. The study consist of all ministries, departments and agencies (MDAs) in the public service with sample size of ten (10) MDAs involved in revenue generation selected using purposive sampling technique. The hypotheses were tested using regression analysis (ANOVA). The finding of the study showed that, TSA significant positive impact on financial leakages, transparency and curb financial misappropriation. Hence, considering the findings of this study, it is recommended that government should continue to sustain the adoption of the policy and enact laws that will extend it to state and local governments.

Keywords: Accountability, Public Sector, Transparency, Treasury Single Account (TSA)

Corruption in the Education Industry in Nigeria: Implications for National Development (Published)

This paper sees corruption generally as a condemnable behaviour and particularly identifies corruption in the education industry as a practice that has multiple capabilities for undermining the national development of Nigeria. Corruption in the education industry terribly creates infrastructural deficits that result in poor instructional delivery and making many people not to have access to education which in addition to being a fundamental human right is a spring board for their empowerment and emancipation infrastructural deficits and inability of a people to have access to education systematically renders useless the ability of the people to engineer  national development as generations of citizens are left frustrated, disgruntled and disenchanted in addition to manifesting terrible immorality in the forms of militancy and insurgency. Embrace of militancy and insurgency as a result of lack of access and infrastructure owe their sources to corruption, which disastrously has multiplier effects on the economy and the national development of the Nigerian state: potential human beings who ideally are great assets for the development of Nigeria are lost to actions/activities that are not investor and investment friendly. The paper recommends among other things the teaching of skills that can promote greater transparency and accountability in managing issues in education, stronger and implementable in managing issues in education, stronger and implementable social justice measures for the citizens to developing curricular and pedagogical measures for sensitizing citizens to rise up to kill corruption in Nigeria.

Keywords: Accountability, Corruption, Curriculum, Education, Innovation, National Development, Nigeria, Pedagogy, Transparency

Ideology in News Reports: Al-Jazeera Reporters As Representative: A Critical Discourse Analysis (Published)

This paper adopts a critical discourse analysis approach to investigate the way reporters of Al-Jazeera English Satellite Channel use to covey events and actions during the Syrian crisis. The study aims to find out whether reporters are neutral in their coverage or they carry an ideology which accords with one of the warring parties of conflict. It also aims at finding out the ideological implications that reporters have in the news texts toward the parties of conflict in Syria. The study hypothesizes that news reporters of Al-Jazeera are not neutral, but rather they have a prejudiced and a one-sided ideology towards the conflicted parties. For the analysis of the data, the study follows Van Dijk’s (1998) model of ‘ideological square’. The analysis is limited to investigate some discourse features, among many others, for their importance and their abundance in the data under scrutiny. Finally, the study has come with some conclusions that validate the hypotheses.

Keywords: : Modality, CDA, Contrasts, Crisis, Ideology, Media, Topics, Transparency

A Decade of Operationalizing Ghana’s Public Procurement Law: Suppliers’ Perspective (Published)

This paper evaluated the perceptions of Ghanaian suppliers on key procurement principles, after a decade of operationalizing Ghana’s Public Procurement Law. A One-way ANOVA, complimented by a Turkey-b test for homogeneity of means was applied; with sample size of 204 registered suppliers drawn from eight out of the ten regions of Ghana. The results indicated that suppliers had negative perceptions on the principles of; transparency, ethics and professionalism, efficiency and effectiveness. They had moderately positive perceptions for fairness.

Keywords: Efficiency & Effectiveness, Ethics & Professionalism, Fairness, Ghana, Public Procurement Law, Transparency

Compliance of Nigerian Oil and Gas Industry with Disclosure Requirements of Sas 14 and Sas 17. A Case Study of Oando Plc (Review Completed - Accepted)

This study was carried out with a view to reviewing the financial statements of companies/operators in the Nigerian petroleum industry with emphasis on determining their level of transparency which is a function of their level of compliance with the provisions of Statements of Accounting Standards (SAS) 14 for the upstream operators and Statements of Accounting Standards (SAS) 17 for the operators in the downstream sector of the industry. It focuses primarily on the financial statements of OANDO PLC for the upstream and downstream analysis being an integrated oil company. The study adopted purely secondary data from the financial statements of OANDO PLC for the period 2006 – 2010. The findings were presented via tables of compliance index which revealed a substantial compliance with the disclosure requirements of the two standards. The study concludes by making some recommendations to the regulators especially the newly established Financial Reporting Council of Nigeria (FRCN) formerly the Nigerian Accounting Standard Board (NASB) with respect to the enforcement of all issued standards and application of stipulated sanctions to all forms of breach to the provisions of the standards.

Keywords: Accounting Standard, Disclosure, Downstream, Transparency, Upstream

The Governance Capability to Support Accounting & Financial Disclosure in the financial Statements (Case Study – Industrial Sector) (Review Completed - Accepted)

In the last years we can see increased in attention of disclosure & transparency, because it have an important role to providing the necessary information that will help to improve & understand the financial instrument and improve the joint-stock companies performance in order to provide specific information to be used .then the companies can take the appropriate accounting policies and the best way to risk management, because all the investors need to achieve those goal and maximization wealth in legitimate ways. This study reached to the existence of the basis of an arbitrator & effective governance rules through fit the requirements of the rules of governance with the amount of disclosed in the joint-stock companies under study, that provide a regulatory framework that will help to give an effectively controls all aspects of governance and corporate performance and provide clear legislation sets out the responsibilities to ensure that the interests of public in joint-stock companies.The study proved the existence of an effective working mechanism between stakeholders and the Board of Directors to provide continuity of the company and provide an opportunity for stakeholders to get proper compensation when their rights are violated

Keywords: Disclosure, Financial Statement, Governance, Industrial Sector, Joint-stock Companies, Transparency

Effects of the Proposed Removal of CBN Autonomy on the Nigerian Economy: An Informed Analysis (Published)

In Nigeria, an important issue that has engaged the attention of policy makers and the general public in recent past is the issue of appropriate autonomy for the Central Bank of Nigeria (CBN). The issue is not whether or not the Government should oversee the CBN but rather, which arm of Government should oversee the Bank – the Executive or the Legislature and to what extent. This paper examines this seemingly controversial issue from different perspectives and from an informed opinion concludes that while the CBN autonomy is essential, the issue of transparency and accountability in the conduct of the Bank’s affairs remain imperative and CBN autonomy should not be misconstrued as latitude for frivolity and unwholesome dabbling, especially by the CBN leadership, into political matters at every turn of events.

Keywords: Accountability, Autonomy, Central Bank, Independence, Transparency