C. A. OKAFOR

This study investigates the relationship between capital structure components and corporate financial performance in Nigerian firms, focusing on the consumer goods sector listed on the Nigerian Exchange (NGX). Specifically, it examines the influence of equity capital, short-term debt, long-term debt, and working capital on financial performance, using Return on Assets (ROA) as a key performance indicator. The study adopts a descriptive research design, utilizing secondary data from audited annual reports of 13 consumer goods firms over a five-year period (2019-2023). Findings indicate that equity capital and short-term debt have a significant positive impact on firm profitability, suggesting that a strong equity base and effective short-term debt management are crucial for financial stability and growth. However, long-term debt showed a negative but statistically insignificant relationship with performance, while working capital had a positive but insignificant effect. The study recommends that firms strengthen equity financing, optimize short-term debt, and reduce excessive long-term debt reliance. It also calls for improved working capital management and government policies to reduce borrowing costs for SMEs. The study contributes to capital structure theory in emerging markets, offering insights for financial managers, policymakers, and investors in Nigeria

This study investigates the relationship between corporate board diversity and the financial performance of quoted oil and gas companies in Nigeria. Conducted within the context of governance reforms and performance challenges in the sector, the research examines how national, ethnic, age, and gender diversity influence Earnings Per Share (EPS), which was adopted as the measure of financial performance. An ex-post facto research design was employed, using panel data extracted from the annual reports of twelve oil and gas companies listed on the Nigerian Exchange Group between 2014 and 2023. Descriptive statistics, correlation analysis, and Ordinary Least Squares (OLS) regression were applied to evaluate the hypothesized relationships. The findings reveal that ethnic and age diversity exert significant positive effects on EPS, while national and gender diversity show statistically insignificant influences. The results indicate that board heterogeneity in certain dimensions enhances shareholder value, though some forms of diversity remain underutilized in Nigeria’s corporate governance framework. The study concludes that meaningful representation across diversity dimensions can strengthen decision- making and improve financial outcomes, especially in a highly regulated and capital-intensive industry. The study recommends that regulators and policymakers enforce inclusive governance policies that encourage balanced board representation, while companies should adopt strategic diversity practices that integrate ethnicity, age, gender, and nationality to enhance performance and competitiveness.

This study investigates the relationship between corporate board diversity and the financial performance of quoted oil and gas companies in Nigeria. Conducted within the context of governance reforms and performance challenges in the sector, the research examines how national, ethnic, age, and gender diversity influence Earnings Per Share (EPS), which was adopted as the measure of financial performance. An ex-post facto research design was employed, using panel data extracted from the annual reports of twelve oil and gas companies listed on the Nigerian Exchange Group between 2014 and 2023. Descriptive statistics, correlation analysis, and Ordinary Least Squares (OLS) regression were applied to evaluate the hypothesized relationships. The findings reveal that ethnic and age diversity exert significant positive effects on EPS, while national and gender diversity show statistically insignificant influences. The results indicate that board heterogeneity in certain dimensions enhances shareholder value, though some forms of diversity remain underutilized in Nigeria’s corporate governance framework. The study concludes that meaningful representation across diversity dimensions can strengthen decision- making and improve financial outcomes, especially in a highly regulated and capital-intensive industry. The study recommends that regulators and policymakers enforce inclusive governance policies that encourage balanced board representation, while companies should adopt strategic diversity practices that integrate ethnicity, age, gender, and nationality to enhance performance and competitiveness.