Appraisal of Change in Investors’ Behaviour During and After the Speculative Bubbles and Crashes of the Nigerian Capital Market


OKE, MARGARET ADEBIMPE
Department of Economics,
Ajayi Crowther University, Oyo State, Nigeria.
E-mail: oke_margaret@yahoo.co.uk
ABSTRACT
The high appraisal of the aggregate market in respect to high price earnings
ratio and high asset prices experienced in the equity and asset markets in the
end of 1990s and the imminent fall 2008 ascribed to the speculative bubble
crash and consistent with investors’ irrational behaviour, wrong human
judgement of the 2008 market decline due to bad credit lending. It is against
this background, that the study appraises how both active private and
institutional investors’ are influenced by these biases and what influences them
to change their investment portfolio during and after the speculative bubble and
crash of 1998 to 2009. The use of questionnaires was adopted and directed to
both institutional and private investors to get an understanding of what their
trading pattern was like; and looks at the behavioural bias that influenced their
method of stock picking in the past. The result obtained during the analysis
shows that market participants during the speculative bubble and decline of the
market are irrational in their decision and this change the composition of the
market. During the high valuation in equity price of companies, behavioural
factors influenced investors’ decision. This result shows that the fundamental
value of a company did not affect market overvaluation. The media also played
an important role in disseminating information to both investors. Media proved
to be most effective in determining the fundamental valuation of assets today
when personal intuition has a great impact on investment decision. The
overconfidence bias also influences the decision of investors’ greatly during the
speculative bubble this explains the self-attribution and hindsight bias in
investors. The fact that most investors’ consider the market overvalued shows
the manifestation of this bias. This supports the EMH theory that investors’
think that they can predict and outperform the market. Conclusively, the
common knowledge of the factors underlying the speculative bubble before its
imminent burst and the way psychological factors influences our decisionmaking
should stand as a guide against a reoccurrence of this phenomenon and
improve the efficiency of today’s reviving financial market.


The Anti Trypanosomal Potential of Vanadium: Its Effect on the Lipid Profile of Trypanosoma congolense in Vitro




ISHAYA Y. LONGDET
Department of Biochemistry
University of Jos, Jos, Nigeria.
E-mail: islongdet@yahoo.com
Abstract
In search for new therapeutic agents against Human African
Trypanosomiasis, an in vitro investigation of the impact of vanadium
on the lipid profile of T. congolense, a causative agent of nagana in
animals, was carried out. Purified bloodstream forms of the
parasites were incubated with graded concentration (1.0 x 10-1M to
1.0 x 10-8M) of V2O5 and the effect on total lipid, total polar, total
neutral and fractions of both polar and neutral lipid components
studied separately. Data from this investigation reveal that
vanadium, as its oxide; bring about a reduction in the total lipid
content of the parasite by about 48.94% to 52.20% while the total
polar and total neutral lipids suffered reduction by about 56% to
60% and 40% to 47% respectively. The effects of the metal on the
polar and neutral lipid fractions show greater variation. This reduced
level of total and fractional lipid components may pose a challenge to
the parasite in terms of membrane structure and function as well as
general metabolic activity. Therefore, vanadium may be a basis for a
potent chemotherapeutic agent useful against Trypanosoma species,
the pathogens of trypanosomiasis.




Effect of Aframomum danielli on the Keeping Quality Characteristics of Akara

1J.K. IKYA, 1P.T. NONGOMIN AND 1A. IORBEE 1Department of Food Science and Technology, University of Agriculture, Makurdi. Benue State, Nigeria. 1E-mail: aveyina2012@gmail.com
Abstract
Akara has remained to be popular diet in Nigeria and other African
countries because it is cheap, readily available and contains good
quality protein that could sustain health growth and normal
development in children. Akara is traditionally produced by deep
frying in oil paste obtained from mixing cowpea flour and water. In
spite of the fact that preparation of Akara from fresh cowpea seed
is labour intensive and time consuming, it has a shorter shelf-life due
to its high moisture and fat contents. Associated with the fat
content is the lipid oxidation occasioned by high temperature of
deep-frying and putrefaction, causing ropiness by Bacillus subtilis
respectively. In this study to elongate the shelf life of Akara
cowpea flour: Aframomum danielli powder formulated blends were
mixed with water to form a paste which were made into balls, deep
fried, cooled and packaged and unpackaged to study the effect of
the Aframomum danielli on microbiological, chemical and sensory
properties of Akara. Results of microbiological analysis showed
that Aframomum danielli exhibited inhibitory effect on spoilage
microorganisms both for packaged and unpackaged Akara samples
kept at ambient condition. Analysis of Peroxide value showed the
samples maintaining the 10 threshold with sample D (3g Aframomum
danielli powder + 100g cowpea flour) having a relatively low value
compared to the other samples from day 1 to 5 thus implying a
lesser chance of going rancid. Free Fatty Acid values observed for
sample D(0.22, 0.67) from day 1 to 5 were lower than other samples
particularly A(0.56, 1.35) thereby indicating the storage stability of
fat present in the product. In terms of Thiobarbituric Acid, sample
D(0.5 – 0.73) had lower values from day 1 to 5 compared with A(0.55
– 1.42), B(0.53 – 0.97) and C(0.51 – 0.87) further stressing increased
storage stability of the Akara due to low level lipid oxidation in
samples containing Aframomum danielli. Sensory evaluation results
Effect of Aframomum danielli on the Keeping Quality
Characteristics of Akara
148
showed Samples A and B as most preferred in terms of color and
texture while sample D was significantly different from other
samples in taste and overall acceptability. In all the study showed
that akara spiced with Aframomum danielli at levels 1g-3g were
generally more acceptable and showed greater shelf stability than
un-spiced Akara.


Effect of Tillage on the Yield of Bitter Leaf (Vernonia amydalina) in Southern Nigeria


NMOR E.I. AND ODEH O.H.
Department of Agricultural Technology, School of Agriculture,
Delta State Polytechnic, Ozoro.
Email: edithnmor@yahoo.com
Abstract
This research was carried out in School of Agriculture teaching
farm in Delta State Polytechnic, Ozoro between June – October

  1. Most farmers do not carry out tillage before planting, the
    need therefore to evaluate the effect of tillage on the growth
    performance of bitter leaf. Bitter leaf stems collected from Oleh
    Market, a nearby village were planted in a Complete Randomized
    Block Design (CRBD) with three (3) replications. Some stems were
    planted on ridges while others were planted on flat land. Parameters
    measured are number of leaves, number of branches and plant
    height. Data collected were subjected to student T-test. The result
    revealed that bitter leaf planted on ridges had more number of
    leaves of 24.67. 63.17, 77.67, and 120.0 as against those planted on
    flat land of 19.33, 55.67 and 95.67cm. Bitter leaf planted on ridges
    had better number of branches of 8.3, 8.3, 13.67 and 13.67cm than
    those planted on flat land of 5.6, 10.33 and 10.33cm. The plant
    height followed the same trend of those planted on flat land having
    13.0, 19.33, 25.83 and 44.73cm as against 19.33, 30.0, 43.83 and
    63.27cm. There was significant difference between the
    performance of bitter leaf planted on ridges with those planted on
    flat land in terms of; number of leaves, number of branches and
    plant height at (P>0.05). Hence, planting on ridges is recommended to
    farmers to boost the growth performance of bitter leaf.

Determination of Conformance of Germination in Seeds of Different Size Classes of Nauclea diderrichii


1IJOMAH, J.U., 2UZOWULU, G.I., AND 3OVAT, O.I.
1 & 2Department of Forestry and Wildlife Management,
Cross River University of Technology, Obubra Campus
3Department of Forestry and Wildlife Resources Management
University of Calabar, Calabar.
Abstract
Three different size classes (Large, Medium and Small) of the seeds of
Nauclea diderrichii were tested under humid propagator and in the open
nursery bed. The seeds were weighed and the average fresh weights
were 0.75kg, 0.70kg and 0.50kg for the large, medium and small seeds
sizes respectively. The average lengths varied from 2.2cm and 2.9cm
while the girths were from 2.0cm and 2.6cm. Results show that the
medium seed size class had the highest germinative capacity of 92.5%
though not significantly different from others. It is obvious the
environmental conditions under which the seeds were kept contributed
significantly to their germination. However, a spurious peak value
observed was higher than the true peak value for all seed size classes.
The small seed size class had the best germination value which is an
interaction between mean daily germination and the peak value both in
the open and under humid propagator.
Keywords: Humid propagator, Germinative capacity,


Physical Contaminants and Organoleptic Acceptability of Cassava Flour and Fufu Made from Its Ball and Chunks


OGORI A.F. AND UTIM S.M.
Department of Home Economics
Federal College of Education Kontagora, Niger State, Nigeria.
E-mail: faradaygoogle@gmail.com , ogorifaraday@gmail.com
Abstract
The research work tend to bring to the public the extent in which
cassava balls and chunks are contaminated after processing
traditionally, its acceptable processed form as flour and fufu from
cassava ball and chunks. The characteristic quality of flour from meal
of retted dried balls and chunks had Seventy six percent (76%)
respondents which indicate washing of the chunks before sun drying
cassava. Flour obtained from cassava balls had (10-20%) physical
contaminant and flour obtained from cassava chunks had (16-20%)
physical contaminant. Sensory evaluation showed that fufu and flour
obtained from the various cassava balls and chunks were acceptable.


Evaluation of Nutritional, Physicochemical Properties and Acceptability of Undehulled ‘Ofada’ Rice and Soybean Flour Blends


FALOLA, A.O., OLATIDOYE, O.P., BALOGUN, I.O. AND OPEIFA, A.O
Department of Food Technology,
Yaba College of Technology, Yaba, Lagos.
E-mail: arinlinks@yahoo.com
Abstract
The study was carried out to evaluate the effect of soy flour
fortification on the nutritional, physicochemical and acceptability of
rice flour paste (local name: tuwo). Ofada rice was cleaned, sorted and
soaked in water for 12hrs and dried at 600C for 12hrs to produce four
blends with soy-bean flour. Ofada rice was fortified with soybean flour
at 10, 20 and 30% (w/w) with the aim of producing more nutritionally
balanced product (tuwo). The crude protein, crude fibre, and ash
content of the soybean flour supplemented cereal (SBF) increased with
progressive increase in the proportion of soy flour, with the 30% soy
flour inclusion having higher values of 22.4%; 6.2% and 2.2%
respectively, while lowest values we recorded for 100% Ofada rice
(ORF). The carbohydrate content was observed to decrease with
corresponding increase in the percentage of soybean flour in cereal
from 67.85% to 58.63%, swelling power (5.6 to 5.1%) and water
absorption capacity(10.28 to 5.03%). Microbial analysis showed low
mould and plate counts which invariably made it fit for consumption.
The data obtained from the study clearly show the nutritional
potentials of the as alternative food ingredient for protein
supplementation and its reliability as a good source of amino acids for
school children and adults.


Evaluation of Nutritional, Physicochemical Properties and Acceptability of Undehulled ‘Ofada’ Rice and Soybean Flour Blends


FALOLA, A.O., OLATIDOYE, O.P., BALOGUN, I.O. AND OPEIFA, A.O
Department of Food Technology,
Yaba College of Technology, Yaba, Lagos.
E-mail: arinlinks@yahoo.com
Abstract
The study was carried out to evaluate the effect of soy flour
fortification on the nutritional, physicochemical and acceptability of
rice flour paste (local name: tuwo). Ofada rice was cleaned, sorted and
soaked in water for 12hrs and dried at 600C for 12hrs to produce four
blends with soy-bean flour. Ofada rice was fortified with soybean flour
at 10, 20 and 30% (w/w) with the aim of producing more nutritionally
balanced product (tuwo). The crude protein, crude fibre, and ash
content of the soybean flour supplemented cereal (SBF) increased with
progressive increase in the proportion of soy flour, with the 30% soy
flour inclusion having higher values of 22.4%; 6.2% and 2.2%
respectively, while lowest values we recorded for 100% Ofada rice
(ORF). The carbohydrate content was observed to decrease with
corresponding increase in the percentage of soybean flour in cereal
from 67.85% to 58.63%, swelling power (5.6 to 5.1%) and water
absorption capacity(10.28 to 5.03%). Microbial analysis showed low
mould and plate counts which invariably made it fit for consumption.
The data obtained from the study clearly show the nutritional
potentials of the as alternative food ingredient for protein
supplementation and its reliability as a good source of amino acids for
school children and adults.


Trainees Perception of the Effectiveness of NDDC Agricultural Training


Programme on Improved Youth Livelihoods and Crime Reduction in Bayelsa
State
1NEMINE, E.L. AND 2SANGOTEGBE, N.S.
1Department of Agricultural Education,
Isaac Jasper Boro College of Education Sagbama, Bayelsa State, Nigeria
2Department of Agricultural Extension and Rural Development,
University of Ibadan, Nigeria.
Email: lulunemine@gmail.com
Abstract
The NDDC agricultural training programme was initiated in Bayelsa
State to curb criminal activities and engage idle youths. Several years
down the line, criminal activities are rife in the state. This study
assessed the NDDC trainee’s perception of the effectiveness of the
programme on their livelihoods and crime reduction in the state. Thirty
eight (38) respondents from two training centres were sampled using
snowball technique. Data was collected from focus group discussions and
with the aid of structured questionnaire. The statistical tools used for
the analysis include descriptive statistics such as mean, percentage and
inferential statistics including chi-square and Pearson product moment
correlation and a 5 point Likert scale containing pre-tested statements.
The study revealed that mean age of trainees was 38.5 years. Majority
of respondents (71%) complained of constraints such as poor feeding at
the training centres while 63% were poorly accommodated. At 0.05 per
cent level of significance, there was significant relationship between
constraints at the training centre (r=0.361) and perception of
effectiveness of the programme. 47% of trainees had favourable
perception while 53% had unfavourable perception of the programme.
It was recommended that the NDDC should enroll youths less than
thirty years of age for the programme, ensure proper feeding and
provide adequate accommodation at the training centres.


Effect of Topography on Phosphorus Forms and Distribution in Soils Formed


in Mica Schist in Ife Area
ADEGBENRO, R.O., OJETADE, J.O., AND AMUSAN A.A.
Department of Soil Science and Land Resources Management,
Obafemi Awolowo University, Ile-Ife, Nigeria.
E-mail: kemiadegbenro@yahoo.com
Abstract
This study was conducted to examine the effect of topography on
phosphorus forms and distribution in soils formed in mica schist in
southwestern Nigeria. The toposequence was delineated into
different physiographic units and soil profiles were established,
described and sampled at each of the units. Soil samples collected
were subjected to routine analyses along with total-P, organic and
available P forms. The active forms of P (Al-P, Fe-P, Ca-P and Occl-P)
were determined by fractionation. Result showed that the available
P was less that the critical level (10ppm P) set for soils of the humid
tropics, and it decreased down the slope. The organic P ranged from
50 – 232.50 ppm (19 to 29 % of the total P) in the surface soil
horizons and decreased with soil depth. It was highest at the upper
slope and lowest at the valley bottom for the A-horizon. The relative
abundance of other inorganic P forms was in the order of Fe – P > Al-
P > Ca –P> Occl-P, with Fe-P varying from 137.2 to 224.2 ppm while
Al-P ranged from 91.6 to149.5 ppm. Total P ranged from 763.1 to
418.7 ppm and was highest at the upper slope and lowest at the
middle slope. The distribution of total P within the soil profiles was
rather uniform for all the soils. The various forms of P decreased
down the slope for the A-horizon while P forms in the B and C
horizons were irregularly distributed. The soils of Egbeda, Olorunda
and Oba series were classified as Typic Paleustult, Jago as Aquic
Ustipsamment (USDA Soil Taxonomy) and as Lixisol and Fluvisol
(FAO/UNESCO) respectively. In conclusion, P forms and within the
profiles distribution varied with different topographic units. Due to
this variability, P fertilizer recommendation would need to be made
with due consideration to the physiographic units.


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