Table of Contents

Evaluation of Remuneration Policy’s Influence on Performance of Staff of Access Bank Plc, Bida

R.L. Aliyu, B.M Tudun Wada  and K.S. Oladejo                                                                         1 – 10

Sustainability of Micro Finance Institutions: A Comparative Case Study from Kwara State, Nigeria

Babatunde, M. O. and Bakare, A. A.                                                                                         11 – 27

A Review of Microfinance as a Catalyst for Economic Empowerment in Developing Nigerian Economy

Kehinde, S.O., Ombugadu, B.A., and Zubairu, I.T.                                                                    28 – 35

Assessment of ATM Banking Charges: Opportunities and Challenges

Danladi Ibrahim Musa                                                                                                                        36 – 42

Marketing Research and Entrepreneurship Development:   Conceptual and Empirical Assessment

Ogah Arome V., Ademokoya Joshua I. and Ali Mohammed A.                                                           43 – 58

Tests of Random Walk and Efficient Market Hypothesis in Developing Economies: Evidence from Nigerian Capital Market

Agbam, Azubuike S.                                                                                                                59 – 125

Tests of Random Walk and Efficient Market Hypothesis in Developing Economies: Evidence from Nigerian Capital Market

AGBAM, AZUBUIKE SAMUEL

Department of Finance and Banking

University of Port Harcourt, Choba, Nigeria.

E-mail: azubuikesamuelagbam@yahoo.com

asagbam@gmail.com

ABSTRACT

Stock exchange markets play a critical role in the economies. They facilitate the movement of capital, often aggregating resources of small individual savers into sufficiently large capital sums that can be successfully invested by commercial companies and at the same time provide opportunities for investors to generate returns. Fluctuation in this markets influence personal and corporate financial live and economic health of the country. The debate on random walk hypothesis has been pointed out as dealing with whether or not security price fully reflect historical prices or returns information. This study empirically investigates whether or not stock prices in Nigeria Stock Exchange follow a random walk model so that the price return cannot be predicted from historical price returns. The study employed serial correlation tests and runs tests to analyze weekly price returns for thirty companies whose stocks constitute the component stocks of the Nigeria Stock Exchange.  The scope of the study consists of 30 component stocks traded on the floor of the Nigerian stock Exchange. The period covers January 5, 2010 to January 6, 2011. The findings suggest that random walk model is not a  good description of successive price returns in the Nigeria Stock exchange, implying that results obtained are contrary to the hypothesis that successive stock prices are independent random variables and also not consistent with efficient market hypothesis.

Marketing Research and Entrepreneurship Development: Conceptual and Empirical Assessment

¹OGAH AROME V., ²ADEMOKOYA JOSHUA I. AND ³ALI MOHAMMED A.

^1&2Department of Marketing, Federal Polytechnic, Ado –Ekiti, Ekiti State.

³Department of Public Administration, Federal Polytechnic, Idah, Kogi State.

E-mail: Victorogah2008@yahoo.com, mohammedattaiali@yahoo.com

ABSTRACT

Marketing research and entrepreneurship development has been conceptually and empirically analyzed in this study. Marketing research play a dominant role in the execution and operation of entrepreneurship development. Descriptive and survey research design was used. The study acquires its data from primary and secondary sources. Stratified sampling technique was used to select 200 respondents for the study. Structure questionnaire were design using 4 point likert scale; strongly Agreed (SA), Agreed (A), strongly Disagreed (SD) and Disagreed (D), to acquire needed information concerning study. Two hypotheses were tested using marketing research and marketing environment (independent) and entrepreneurship development (dependent). Both independent variables have significance effect on dependent variable through chi square statistics tools.  The study attracts recommendations among are: both potential and existing entrepreneur should imbibe the culture of conducting marketing research. It gives sense of direction in accomplishing their business goals and objectives and Entrepreneur must scan marketing environment in the course of executing any venture in a competing environment in order to gain advantages over others.

Assessment of ATM Banking Charges: Opportunities and Challenges

DANLADI IBRAHIM MUSA

Department of Banking and Finance

The Federal Polytechnic Damaturu, Yobe State

E-mail: yayakatuzu@gmail.com

ABSTRACT

This paper intends to look at the assessment of ATM banking charges, opportunities and challenges. The opportunities derived from the bank charges include effective banking services to the customers, relive banks of financial burden of maintaining the ATMs redress the unhealthy habit of abuse of the use of ATM, help customers to have financial discipline about the way they spend their money and thus to meet the Nigerian Payment Vision 20:2020. The challenges of bank charges constitute policy inconsistency of banking industry long queues outside the banking halls, multiple of charges on ATM card by banks for insurance renewals of the cards, SMS charges and sometimes they charge the money before informing the customers. Finally, summary, conclusions and recommendations are made.

A Review of Microfinance as a Catalyst for Economic Empowerment in Developing Nigerian Economy

¹KEHINDE, S.O., ²OMBUGADU, B.A., AND ³ZUBAIRU, I.T.

¹Department of Banking & Finance, Federal Polytechnic, Bida Niger State

            ²Department of Accountancy, Nassarawa State Polytechnic, Lafia Nassarawa State

³Department of Business Administration & Management, Federal Polytechnic, Bida

E-mail:kenny4victry@g.mail.com;

ABSTRACT

This paper on Microfinance Banking as a Catalyst for Economic Empowerment reviews the task and activities of microfinance banks by discussing the past initiatives, the current policy, and the justifications for establishing MFBs as well as the implications of the current policy on some economic challenges in the country within the context of achieving the Vision 20-20-20 agenda. The study is a desk research which relies basically on secondary data where textbooks, journals and periodicals were consulted to arrive at the conclusion and recommendations. It is then concluded that many rural communities do not have functional microfinance bank, even those that have do not have access to loan facilities because the microfinance banks are not adequately funded by the government to cater for the people’s welfare. The writer therefore recommends that though microfinance policy is good and especially coming at a time the country is poised to joining the league of the twenty largest economies in the world by the year 2020, the number of Microfinance Banks has to increase. Also, adequate and quality social infrastructural facilities should be provided to create viable microfinance activities as human beings can only be economically active if there are facilities to work with to enable them perform optimally in their chosen activities.

Sustainability of Micro Finance Institutions: A Comparative Case Study from Kwara State, Nigeria

¹BABATUNDE, M. OYEWALE AND ²BAKARE, AKEEM ADEWALE

^1&2Department of Economics and Financial Studies

Fountain University, Osogbo, Osun State, Nigeria.

E-mail: babatundewale94@gmail.com, akeembakare2012@gmail.com

ABSTRACT

Recently, the Microfinance Banks (MFBs) have emerged to seal the gap between the many formal and informal financial institutions such as banks, credit unions and moneylender in Nigeria financial institutions. The foremost objective of MFBs is to alleviate poverty by offering loans and related financial services to the poor: individuals who are not self-sufficient. This paper aims to understand the extent to which MFBs have attained sustainability in Nigeria, a developing country scenario. The paper examines the sustainability attained by Microfinance banks in Nigeria by way of measuring their Outreach, Financial sustainability and Welfare impact. The data was collected with the help of Semi-structured Interviews and Focus Group Discussions of Micro Finance Banks in twin cities (Ilorin and Offa) of Kwara state and data collection through secondary sources available in Kwara state on MFB`s. A descriptive analysis was carried out by using triangle theory of Meyer and Zeller (2002). It was discovered that the MFBs of Kwara state, Nigeria are not quite sustainable especially after the reform agenda been introduced by the apex bank (CBN) in the country.

Evaluation of Remuneration Policy’s Influence on Performance of Staff of Access Bank Plc, Bida

¹R.L. ALIYU, B.M TUDUN WADA² AND K.S. OLADEJO³

¹Department of Business Administration, Kano State Polytechnic, Kano, Nigeria.

²Department of Banking & Finance, Kano State Polytechnic, Kano, Nigeria.

³Department of Banking & Finance, Federal Polytechnic, Bida, Nigeria.

E-mail: rahamalaliyu@gmail.com, saleemabubakar10@gmail.com

ABSTRACT

Many commercial entities especially Banks place high priority on staff remuneration, this is because the ability of a commercial bank to achieve its goals at minimal cost will depend mostly on how motivated its employees are, be it skilled labour, semi-skilled or unskilled labour, all depend or believe strongly on competitive remuneration. This research work assessed how compensation policies can be used effectively to enhance productivity in Commercial banks. The works of other scholars have been reviewed to enable the researcher take a position. Primary data and other information were used. The population of the study is 16 members of staff, due to the size of the population; the entire population shall constitute the sample size. Simple random sampling technique was adopted in administering the questionnaire. The study found out that, once members of staff are well compensated above the industrial/industry average, then, productivity will be enhanced. Another finding is that, the current remuneration packages of the bank is not adequately competitive, members of staff expressed displeasure over the compensation policies. The work concluded by recommending that the bank under investigation should review its compensation policies in-line with the practices in other leading banks, that is, compensation policies should be made more competitive to minimize labour turnover in the bank.