COMPANIES 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 effect of internal control mechanisms on fraud prevention among listed companies in Nigeria, focusing on four components of the COSO framework: control environment, risk assessment, information and communication, and monitoring. A descriptive survey research design was adopted, and data were collected from 384 respondents across listed firms in Edo State using a structured questionnaire. Descriptive statistics, correlation analysis, variance inflation factor (VIF) tests, and multiple regression analysis were employed to examine the relationships between the independent variables and the dependent variable. The findings revealed that control environment, risk assessment, information and communication, and monitoring each had significant positive effects on
fraud prevention, with all variables collectively explaining 57.2% of the variation in fraud prevention outcomes. These results underscore that strong ethical leadership, systematic risk identification, transparent communication, and continuous monitoring significantly enhance fraud deterrence. The findings align with Agency Theory, which emphasises the role of governance structures in mitigating opportunistic behaviour, and with Deterrence Theory, which highlights the importance of certainty and consistency in discouraging fraud. Social Norms Theory also provides complementary insights, showing that awareness and shared values foster compliance with anti-fraud practices. The study concludes that internal controls are not merely regulatory requirements but strategic mechanisms that safeguard corporate assets and promote stakeholder trust. It recommends that listed companies strengthen ethical standards, integrate risk assessment frameworks, enhance whistleblowing and reporting systems, and adopt technology-enabled monitoring to improve fraud prevention. Regulators are encouraged to intensify oversight and ensure compliance with internal control standards.