Prof. Onafowokan Oluyombo

This study examines the nexus between bank governance, asset quality, and banking risk measured by the distance to default (DTD) and their interactions with prudential policy and macroeconomic factors. Theoretical framework: This study uses the Resource Based View (RBV) lens to examine how banks use their unique resources, asset, competencies, and governance framework to mitigate the adverse impact of risks and navigate regulatory policies and macroeconomic variables. The RBV provides context on banks' unique resources to optimise their long-term objectives in a complex economic landscape. Design/Methodology/Approach: The study analyses panel data from 12 listed banks on the Nigeria Stock Exchanges (NGX) from 2008 to 2021. This study tests autocorrelation, heteroskedasticity, and cross-sectional dependence to validate the study's analysis. Based on various diagnostic tests, the Feasible Generalised Least Squares (FGLS) are suitable for hypothesis testing. Findings: The findings revealed that bank governance interaction with asset quality has a negative and insignificant impact on bank risk. And liquidity, interest rate, inflation and gross domestic product are significant determinants of banking risk. Research, practical & social implications: Maintaining effective bank risk management requires adherence by all stakeholders to macro-prudential policies by monetary policymakers and macroeconomic factors from the fiscal policymakers. Originality/Value: This study empirically examines bank governance, asset quality, and banking risk in a developing country, incorporates macro-prudential policies and macroeconomic factors, and uses the DTD metric for risk assessment rarely used in related studies in developing countries.

This lecture reveals the summary of my major contributions to the field of Accounting based on my experience in the industry, and more importantly as an academic. It is the story of my career in Accounting that led to my elevation and appointment as the first Professor in Accounting in Pan Atlantic University, the first Professor in the Department of Accounting of PAU, and of course the first Chartered Accountant to be appointed a Professor by the University.

"Cooperative Finance in Developing Economies contains papers from notable members of the academia from four continents - Africa, Asia, Europe and North America. Specifically, twenty nine authors from nine countries namely Canada, France, Germany, Italy, Nigeria, Senegal, Spain, United Kingdom and Vietnam contributed to this work. The book covers both the theoretical and empirical research in different areas of Cooperative and Microfinance arrangement which include but not limited to the following: Capital formation and loan administration, Corporate governance, Country comparison and analysis, Financial intermediation and social capital, Financial sustainability, Impact assessment and evaluation, Integration into formal financial system, Management and members – relationship and conflict, Micro and small scale enterprise development, Poverty reduction and economic development, Products and services delivery models, Regulation, policy and control, Risk management and insurance, as well as Women empowerment and gender issues. This book makes significant contributions to current research in cooperative finance. It is also an attempt to celebrate year 2012 as the International Year of the Cooperatives as declared by the United Nations. "

ABSTRACT The availability of microfinance providers is important for some business growth and improvement in the socio economic well being of the participants. However, the ability to determine the benefits or otherwise of such microfinance providers relied majorly on the responses of beneficiaries and/or clients of the microfinance institution. Data for this study were gathered through the use of survey questionnaire administered to 126 respondents who belong to the same category of financial cooperatives operating savings and credit microfinance scheme for her members alone. The questionnaire data were analysed quantitatively using Pearson correlation coefficient and t – calculated for test of significance. The findings show that participation in savings and credit cooperative organized by monthly income earners increase their purchasing power and thus assisted them to purchase householdequipments and properties. Participants were also able to take advantage of loan facility to engage in direct and indirect investment in business activities while still retaining their jobs.

This paper examines how loans made by co-operative societies in rural areas meet the financial needs of their members and, by extension, the role of the co-operative lending in rural finance. The study makes use of primary data from nine focus group discussions comprising seventy two members selected randomly from twelve co-operatives in six local government areas. Data was analysed using tables of numbers and percentages, content analysis and quotations from participants. The study found that the financial needs of the members were met through loan granting at reduced interest rates without the pledging of fixed and financial assets as collateral. The low interest rate on loans reduces the likelihood of members patronising money lenders and of possible loan defaults. The personal guarantor arrangement greatly enhanced the inter-personal relationship among members enabling them to provide support to members in trouble and reducing their individual poverty level. However, there may b...

The study assesses the role played by cooperative societies’ loans services on members’ economic condition through household income generation in rural areas where there is no bank or other formal financial providers. Using a questionnaire technique, the study covers the activities of cooperative societies located in rural communities and villages outside the state capital and local government headquarters where there is no electricity, water, and tarred road in Ogun State, Nigeria. Data are analysed using chi-square, t-test, ANOVA, and effect size. The study found that participation in a cooperative is associated with increase in household income, while membership duration, house ownership, and marital status are the three variables that contributed significantly to the increase in household income reported by members in addition to the program loan. The result indicates specifically that being a cooperative member for a longer period of time and living in rented houses were signif...

Microfinance impact assessment is essentially a way of determining the effect of microfinance programme on the participants over a given 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 and prediction of the phenomena under study. This leads to generalisation of result 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 an...

The paper set out to examine if rural enterprises that participate and patronise informal microfinance providers are also finding it difficult to grow their business activities.The respondents were classified into two groups – loan and no loan members. This study made use of primary data through the use of impact survey questionnaire administered on 302 business owners in rural areas who are members of cooperative societies and their responses were analysed using cross tabulation analysis, means, pearson chi square test and independent sample t-test. The findings show that members who had access to loan improved their businesses significantly through expansion of business facilities, addition of new products and hiring of more workers more than those without loan. Keywords : Microfinance, rural enterprises, cooperative, poverty

The study assesses the roles played by the loan service of cooperatives on household assets acquisition among cooperative members in rural communities of Ogun State where there is no bank.Independent student test and one way analysis of variance were used to analyze the data collected through questionnaire from 302 members. The study shows that the following assets – land, generator, television, radio and refrigerator – were more likely to be acquired by members than non-members. This is an indication of improvement in members’ standard of living made possible through access to cooperative loans. The study provided more evidence on the importance of land ownership, and how this is enhanced when rural communities have access to affordable loans. The study did not find evidence that cooperative members took advantage of the program, which is self sustained by their own savings, to acquire buildings and motor vehicles.

This paper x-ray the contribution of microfinance bank to the economic development of Nigeria for fifteen years by using secondary data collated from the Central Bank of Nigeria records, annual reports and statistical bulletin. The ordinary least square estimation technique was adopted using linear regression model. The study found a weak positive relationship between microfinance banks finance and long run economic growth in Nigeria, and between microfinance banks finance and capital formation. There was large positive correlation between microfinance banks finance and penetration ratio. The results suggest a net outflow of finance from the microfinance banks that may jeopardize the economic development of the nation. There should be a policy framework that constrains the microfinance bank to channel a minimum percentage of their deposit to productive sector of the economy in form of credit and the productive sector must be properly defined and classified for easy compliance by the microfinance banks and monitoring by the regulatory authorities.

This lecture reveals the summary of my major contributions to the field of Accounting based on my experience in the industry, and more importantly as an academic. It's the story of my career in Accounting that led to my elevation and appointment as the first Professor in Accounting in Pan Atlantic University, the first Professor in the Department of Accounting of Pan Atlantic University, and of course the first Chartered Accountant to be appointed a Professor by the University.

The study assesses the roles played by cooperative societies' loans services on members' economic condition, standard of living and in meeting participants financial needs in rural areas. Using questionnaire techniques, the study covers the activities of cooperative societies located in rural communities and villages outside the state capital and local government headquarters in Ogun State, Nigeria. The responses from the questionnaires are analysed with independent sample t-test to evaluate statistically significant differences in means between the two groups. One way analysis of variance (ANOVA) was computed where the t-test result is statistically significant. The findings help to appropriately identify the roles of rural cooperative societies to increase in household income, ownership of household assets and acquisition of enterprise assets. The existing cooperatives need to be developed with access to cheap fund from the government for on-lending to their members at reduced interest rate because the cooperatives are trusted part of the rural economy.

This paper x-ray the contribution of microfinance bank to the economic development of Nigeria for fifteen years by using secondary data collated from the Central Bank of Nigeria records, annual reports and statistical bulletin. The ordinary least square estimation technique was adopted using linear regression model. The study found a weak positive relationship between microfinance banks finance and long run economic growth in Nigeria, and between microfinance banks finance and capital formation. There was large positive correlation between microfinance banks finance and penetration ratio. The results suggest a net outflow of finance from the microfinance banks that may jeopardize the economic development of the nation. There should be a policy framework that constrains the microfinance bank to channel a minimum percentage of their deposit to productive sector of the economy in form of credit and the productive sector must be properly defined and classified for easy compliance by the microfinance banks and monitoring by the regulatory authorities.

This paper examines how loans made by cooperative societies in rural areas meet the financial needs of their members and, by extension, the role of the cooperative lending in rural finance. The study makes use of primary data from nine focus group discussions comprising seventy two members selected randomly from twelve cooperatives in six local government areas. Data was analysed using tables of numbers and percentages, content analysis and quotations from participants. The study found that the financial needs of the members were met through loan granting at reduced interest rates without the pledging of fixed and financial assets as collateral. The low interest rate on loans reduces the likelihood of members patronising money lenders and of possible loan defaults. The personal guarantor arrangement greatly enhanced the inter-personal relationship among members enabling them to provide support to members in trouble and reducing their individual poverty level. However, there may be need for emergency loans that can be repaid over a longer period of time to ease the financial burden of the members and enhance social and financial capital.

Microfinance is fast becoming a household name globally due to its acceptance as a means of reaching those that were not served by the conventional big banks. The survival of microfinance institutions in any country depends majorly on the overall political and economic environment of such a nation. However, the greatest challenge the microfinance institutions will face globally in pursuance of its financial intermediary role is how best to manage its credit and risk exposures in comparison with the rising competition, sophistication and turbulent economic and social environment especially in developing nations. After examining different concept of microfinance and risk management, this paper focus on those peculiar risks associated with microfinance business and suggested how regulators and operators in the sector can best guide against distress or imminent collapse while striking a balance between profitability and unhealthy risk exposure.

The increasing rate of poverty in Africa and especially in Nigeria with her vast economic natural endowments pose a unique challenge to the managers of Nigerian economy charged with finding a solution to the poverty situation in the country. Different reports have classified Nigeria among the poorest countries of the world despite the huge income she derives from oil. Instead of the situation improving, it continues to get worse with each administration. This paper examines poverty locally and globally. It goes further to look at different concepts of microfinance in theory and practice and relates it to the poverty issue in Nigeria including a strategic approach of integrating microfinance policy at the grass root level to fight poverty from its foundation in the country. The paper concludes that the era of total control by the government is past, and is the view that the involvement of the organized private sector in the ownership, management and control of microfinance with their services and products targeted towards the poor will reduce the rate of poverty in the country within a short period of time.

The practice of interest free banking is still a novelty in Nigeria. A lot of people have heard about it, but most do not really know what it is all about. Interest free banking evolved as a result of Islamic view about money that it should not be priced as it is done by Western or conventional banks operating around the world.

This paper examines the extent to which savings products offered by cooperative societies in some parts of Nigeria meet the financial needs of the rural dwellers. The study used the data from interviews and focus group discussions from randomly selected members of cooperative societies in six local governments. The data are analzed using percentages, content analysis and quotation. The study found that the savings product helps to inculcate a good savings habit among the participants because they find it easier to save now than when they were introduced to the program. The members also developed self esteem as " part owners " of the program because of the compulsory savings that they participate in, and they do not want the program to collapse. Members are also satisfied because they are able to save in the scheme which helps them to reduce their expenses on frivolous spending such as leisure drinking and acquisition of more wives. The members' inability to withdraw from their savings when in financial need, except on cessation of membership, was found as the drawback of the program.

The study assesses the role played by cooperative societies' loans services on members' economic condition through household income generation in rural areas where there is no bank or other formal financial providers. Using a questionnaire technique, the study covers the activities of cooperative societies located in rural communities and villages outside the state capital and local government headquarters where there is no electricity, water, and tarred road in Ogun State, Nigeria. Data are analysed using chi-square, t-test, ANOVA, and effect size. The study found that participation in a cooperative is associated with increase in household income, while membership duration, house ownership, and marital status are the three variables that contributed significantly to the increase in household income reported by members in addition to the program loan. The result indicates specifically that being a cooperative member for a longer period of time and living in rented houses were significant contributory factors towards increase in household income. However, there was no difference in the number of increase in household income reported based on marital status of the members. The use of cooperative loan increases household income level of the borrowers because the loan serves as additional investment and therefore helps to improve economic position for better living standard of the members. The increase in household income through cooperative loan is a financial capital which supports the social capital theory to explain the role of cooperatives in rural finance at the household level.

The study assesses the roles played by the loan service of cooperatives on household assets acquisition among cooperative members in Ogun State rural communities where there is no bank. Independent student test and one way analysis of variance were used to analyze the data collected through questionnaire from 302 members. The study shows that the following assets – land, generator, television, radio and refrigerator – were more likely to be acquired by members than non-members. This is an indication of improvement in members' standard of living made possible through access to cooperative loans. The study provided more evidence on the importance of land ownership, and how this is enhanced when rural communities have access to affordable loans. The study did not find evidence that cooperative members took advantage of the program, which is self sustained by their own savings, to acquire buildings and motor vehicles.

Many researches over the years have pinned down the lack of finance as the greatest and deadly plight of majority of small enterprises around the world. This paper briefly examine this as well as those businesses that can be classified as micro and small in today's economy. Concept of microfinance was explored to identify if this can be applied to meet the financial needs of Micro and Small Scale Enterprises (MSSE). It conclude that, the issue of grants, subventions and loan disburse by the government do not reach the intended users. But if microfinance approach is adopted, while the organized private sector runs such microfinance institution, many Micro and Small Scale Enterprises (MSSE) who are hitherto unserved by the conventional bank will have access to loan facility structures after their peculiar needs, and if these Micro and Small Scale Enterprises (MSSE) can operate in groups, it will alleviate the issue of providing fixed and financial assets collateral which will be substituted with group based collateral that is acceptable to micro finance institutions.

The revolution in the Nigeria Financial Industry of recent is note worthy with the N25billion capital base for banks and new capital base for insurance and assurance companies. This paper therefore examines salient issues in respect of the new minimum capital base for Banks, Insurance companies, Community Banks and Capital Markets operators, in

Microfinance bank is fast becoming a household name globally due to its acceptance as a means of reaching those that were not served by the conventional big banks. However, the concept and practice of Microfinance bank is still a novelty in Nigeria. This paper examines different concept of Microfinance as well as the origin of this sustainable finance idea. Salient issues that need to be considered by the government, regulators, operators and the general public were examined and further make relevant recommendation that will accelerate the growth of this type of banking in Nigeria.

The study assesses the impact of cooperative society schemes on the socioeconomic well-being of the participant children in rural areas of Ogun State, Nigeria. The study used random sampling technique with the aid of questionnaire on 287 respondents who are members of cooperative societies. Data was analysed with chi-square and student t-test. The study found that access to cooperative loan among the members lead to improvement in household welfare through the number of children in school. A significant difference (p=0.000) was found between the mean score of loan members (M=1.8543, SD=1.47842) and no-loan members (M=1.0114, SD=1.55729) on level of education completed by members children. The results brought to the fore, the need for a free education system by the state government especially in rural areas to alleviate the plight of rural dwellers that may not have the financial resources to enrol their children in a fee paying school. This is because most of the respondents took loans to enrol their wards/children in school.

In many developing countries the rural poor are often denied access to financial support because of inadequate infrastructure and pro-urban banking systems. This may be overcome where microfinance systems are introduced. A system of microfinance usually signifies a financial arrangement designed to help the rural poor transform their economic condition. However it can also be viewed as a means to transform rural economic, environmental and social development by empowering communities to find their own solutions to their developmental needs. In order to assess the provision of microfinance systems in Nigeria, and to identify any positive effect on the socioeconomic well-being of rural areas, I carried out an analysis of the pattern and the value of loans, advances and credit disbursed to people in different segments of the rural economy over a fifteen year period. The results revealed a major downward trend in the value of credits to rural people compared to the deposits mobilized from them. Hence it appears that there is a net outflow of finance from the rural poor jeopardizing the sustainable development of the rural areas. My research therefore assesses the changes needed in microfinance schemes if the rural poor are to be helped.

The study assess the roles played by cooperative societies’ savings and loans services on members’ economic condition, standard of living and in meeting participants financial needs in rural locations where there is no bank nor other formal financial providers. Using a combination of interview, focus group discussion and questionnaire techniques, the study covers the activities of cooperative societies located in rural communities and villages outside the state capital and local government
headquarters where there is no electricity, water and tarred road in Ogun State, Nigeria. From its findings, this study identified and discussed potential areas for the improvement of cooperative societies that could be of benefit to rural finance providers and the cooperative members. The study is the first empirical investigation in Nigeria that focuses on the
relevance of cooperative societies on members’ standard of living in rural
communities and villages. The study shed light on how rural communities
function – how their relationships develop, how individual esteem is increased, how interdependence grows, how hierarchies are maintained – and how this is facilitated in part by the loan-making of members promoted cooperatives. It has also provided more evidence on the importance of land ownership, and how this is enhanced when rural communities have access to cheap and affordable loans. It has also provided insights into the development of rural businesses, how complex they are, and how they require more input than the financing
received through cooperative loans. The study breaks new ground in informal cooperative functioning, community development and rural finance research by providing a distinction between standard of living and quality of life variables in measuring the economic condition of rural dwellers, and the production of circle of social capital theory that the role of cooperatives to the members involve financial capital, physical
capital and social capital which are interrelated. This helps to appropriately identify the roles of cooperative societies in rural finance to increase in household income, ownership of household assets and acquisition of enterprise assets. However, participation in the cooperative does not lead to enterprise profitability, while rural financial needs are more accessible from cooperatives than other sources.