Papers by Samuel Faboyede
Higher education is the instrument par excellence for development and there is the ultimate need ... more Higher education is the instrument par excellence for development and there is the ultimate need to make it relevant and responsive to the needs of the society. A reliable and sufficient funding platform is a necessity for achieving access to and excellence in university education in Africa. Sources and systems of funding for Nigerian Universities have proven inadequate and innovative or alternative funding mechanisms have become very important more than ever before. This paper examines the funding debacle in Public and Private Universities in Nigeria. It presents the case study of Nigeria Higher Education Foundation (NHEF). Using the secondary data research methodology, it finds that private higher education is the fastest growing segment of higher education worldwide and African universities can as well be more active in getting funds from local institutions and global philanthropic support sources. It recommends, amongst others, the putting in place of a National University educa...
Higher education is the instrument par excellence for development and there is the ultimate need ... more Higher education is the instrument par excellence for development and there is the ultimate need to make it relevant and responsive to the needs of the society. A reliable and sufficient funding platform is a necessity for achieving access to and excellence in university education in Africa. Sources and systems of funding for Nigerian Universities have proven inadequate and innovative or alternative funding mechanisms have become very important more than ever before. This paper examines the funding debacle in Public and Private Universities in Nigeria. It presents the case study of Nigeria Higher Education Foundation (NHEF). Using the secondary data research methodology, it finds that private higher education is the fastest growing segment of higher education worldwide and African universities can as well be more active in getting funds from local institutions and global philanthropic support sources. It recommends, amongst others, the putting in place of a National University educa...
Manager Journal, 2013
This study aims at exploring the relevance of forensic accounting in curbing crime and corruption... more This study aims at exploring the relevance of forensic accounting in curbing crime and corruption in public sector. The objective of the research work seeks to explore the role a forensic accountant can play in the fight against corruption by applying his investigative skills, providing litigation support service and documentation and reporting. The population used in the research was the Federal Inland Revenue Service (FIRS). The research design employed was the survey research. Data were majorly collected from primary sources. The hypothesis testing in this research work was done using regression analysis. The results of the empirical findings show that forensic accountants are relevant in investigating crime and corruption in the public sector. Forensic accountants play a role in litigation support services in the public sector, and forensic accountants are relevant in documentation and reporting. It was observed that the forensic accountants play a significant role in curbing crime and corrupt practices in any public sector since they provide a mechanism to hold people accountable, such that those who manage resources in a fiduciary capacity do not easily abuse that trust without detection. Amongst other proferred solutions, it was recom
Lack of accountability, unethical behaviour and corrupt practices have become so pervasive and ev... more Lack of accountability, unethical behaviour and corrupt practices have become so pervasive and even institutionalized in African nations such as Nigeria. These practices have had untold negative impact on productivity; the responsiveness, legitimacy and transparency of governments; the effective implementation of policies; and efforts to bring about recovery and development in general in Nigeria. The enforcement of ethical values is the starting point for good governance and accountability. Nigeria has recorded some landmark progress in the war against corruption by making a declaration towards commitment to institutional credibility, integrity and transparency in conduct of government businesses This paper explores the fact that never before has so much premium been placed on the expertise and integrity of the accountants by society and the business community in ensuring fair resource management, security of assets, ethical best practices and good governance by enunciating the contributions of forensic accounting in this direction. It concludes that the way out of the quagmire of unethical and unaccountable practices in governance is a focused and intense engagement of forensic accountants/auditors in the polity.
In the present dynamic business environment of corporate governance and regulations, financial re... more In the present dynamic business environment of corporate governance and regulations, financial reporting is an inevitable and extremely significant process for every business enterprise. In the current state of information access, information is provided in many different proprietary data formats, making it difficult to access, integrate and analyze this information in a timely, complete and accurate manner. Using the secondary data methodology, this paper presents the implications of the eXtensible Business Reporting Language (XBRL) which is becoming the digital and transparent method of presenting the financial statistics of businesses worldwide. XBRL addresses business reporting information on internet and bases on eXtensible Mark-Up Language (XML), which is a standard for electronic data exchange on internet. The paper finds that as XBRL becomes the norm for financial reports, automated validation will be increasingly important not only for the success of the system, but for peace of mind for investors/users and preparers of information. As a result of the fact that accounting industry is in the midst of a technological tsunami in which antiquated closed, proprietary financial reporting systems are being challenged by more cost effective, XBRL-based systems, the paper recommends, amongst others, that regulatory bodies, corporate organizations, software companies, the government, professional bodies, and educational institutions, should immediately set in motion activities that will culminate into a full embrace of the XBRL digital reporting technology in order to take advantage of this historic revolutionary development.
This paper attempts to contextualize the development of SMEs given the Nigerian experience, while... more This paper attempts to contextualize the development of SMEs given the Nigerian experience, while also highlighting the role forensic accountants can play in liberating SMEs from the clutches of poor enabling environment and diverse encountered challenges. It recognizes that forensic accountants can stimulate SMEs for growth and expansion, tackle their safeguard / internal control challenges, demystify their fraud / investigation and litigation puzzles, encourage them to move into the formal sector, and generally assist their evolution from smallness to largeness. It recommends that the small business entrepreneur, through the forensic accountant, can set up policies, strategies and procedures which constitute a crucial part of efforts necessary towards addressing his business growth challenges.
Entrepre.neurship plays an important role on the economic development in free market economies. G... more Entrepre.neurship plays an important role on the economic development in free market economies. Globally, entrepreneurship has been known as the engine for economic growth through technology, innovation and opportunities for employment and income generation. However, women entrepreneurs are facing a number of challenges, which include financial, managerial and gender inequality in the labour market. I7zese challenges have not only affected level of input in their businesses but it also affected their quality of life. This has negatively affected their impact and contributions to overall socio-economic development of Nigeria. This paper examines how business support services can be used to improve women entrepreneurs' activities and their quality of life. Both primary and secondary sources were used for data collection of this paper. A total number of 129 women entrepreneurs were surveyed. Among other things, the results showed that lack of access to finance and electricity/power were seen as the worst challenges affecting women entrepreneurs in Nigeria. Based on the · results, among other things it was recommended that there is need to encourage the establishment of more business support services in Nigeria and they should be more gender sensitivity in rendering their services.
The innovation of e-governance enhances good governance, strengthens the democratic process, faci... more The innovation of e-governance enhances good governance, strengthens the democratic process, facilitates access to information, improves citizen participation and the quality of life, using the instrument of Information and Communications Technology (ICT). There is growing concern that e-governance at the local government level can: improve the quality of services to its constituents, improve efficiency, effectiveness, transparency of government operations, build the capacity of civil society to participate in the government policy, reduce corruption and foster accountability. This paper discusses the concept, benefits, state and challenges of e-governance in developing countries, using the empirical analysis of a local government in Ogun State, Nigeria. Findings show that there is real need for harvesting the potential to streamline administrative systems and improve the delivery of government services. It concludes that although e-governance holds great prospects across Nigeria, vast majority of local governments in Nigeria are miles away from e-governance and recommends, amongst others, that local governments should be mandated under law to use electronic means in their operations.
The Nigerian government established the National Economic Empowerment and Development Strategies ... more The Nigerian government established the National Economic Empowerment and Development Strategies (NEEDS) in 2003 to achieve its trade policy of which the reform of Nigeria Custom Services is one of the major functions. Over the years, custom and excise duties have been major sources of revenue apart from crude oil. However, the problems of corruption, fraud and malpractices together with inefficiencies and ineffectiveness in operations have hindered the desire to contribute maximally to the economic development of the nation. The central objective of trade policy was to provide protection for domestic industries and reduce the perceived dependence on imports; reduce level of unemployment and generate more revenues from the non-oil sector, hence tariffs on raw materials and intermediate capital goods were scaled down. Duty exemptions and concessions remain some of the quantitative policy instruments for attracting investment and boost domestic production. This paper will review; discuss Tax Expenditure and the Nigerian experience, especially on loss of revenue from customs.
This study aims at exploring the relevance of forensic accounting in curbing crime and corruption... more This study aims at exploring the relevance of forensic accounting in curbing crime and corruption in public sector. The objective of the research work seeks to explore the role a forensic accountant can play in the fight against corruption by applying his investigative skills, providing litigation support service and documentation and reporting. The population used in the research was the Federal Inland Revenue Service (FIRS). The research design employed was the survey research. Data were majorly collected from primary sources. The hypothesis testing in this research work was done using regression analysis. The results of the empirical findings show that forensic accountants are relevant in investigating crime and corruption in the public sector. Forensic accountants play a role in litigation support services in the public sector, and forensic accountants are relevant in documentation and reporting. It was observed that the forensic accountants play a significant role in curbing crime and corrupt practices in any public sector since they provide a mechanism to hold people accountable, such that those who manage resources in a fiduciary capacity do not easily abuse that trust without detection. Amongst other proferred solutions, it was recom
Nigeria, which is a developing country, runs the most expensive legislature in the world. Its Nat... more Nigeria, which is a developing country, runs the most expensive legislature in the world. Its National Assembly is the world’s biggest democracy cost centre. The current emolument structure of the political office holders in Nigeria has since implementationthrown up hues and cries in the polity because the emoluments, when compared with the salary structure of federal or state civil servants, shows a disparity which gives an insight into the desperation for political offices in the country. This research employs the secondary data approach to explore the implications and concerns this phenomenon portends for good governance, transparency, equity, and sustainable development. The study finds that the bias emolument, which shows a 150 percent increase over year 2000 recommendations, taunts Nigeria with dangerous socio-economic consequences. It presents the emerging discipline of forensic accounting which is the application of accounting, auditing and investigative techniques to legal issues as the way out of this leadership quagmire by recommending a strong political resolve towards the promotion of forensic accounting techniques to solving corruption and development related problems.
Nigeria aims to be one of the twenty top-most economies in the world by the year 2020. The potent... more Nigeria aims to be one of the twenty top-most economies in the world by the year 2020. The potential of global competitiveness that abounds in Nigeria can only be translated into real growth when corruption is reduced to its barest minimum and service delivery enhanced. The fourth republic (Obasanjo's administration) was characterized by the waging of a serious anti-corruption war which became its sing-song throughout the eight years of rule. Beyond rhetorics, anti-graft agencies were established and enabled by appropriate legislations to investigate corruption cases, prosecute offenders and confiscate their properties. This research examines the transition conditions in which the crusade against corruption was waged during the Obasanjo years (1999 to 2007). It offers a critical assessment of the extent of results achieved during the years with regards to the resolve to stamp out corruption. Issues discussed, among other factors, include the anti-corruption initiatives engaged, the impact of the anti-corruption reforms, the existence of weak institutions, the dysfunctional electoral system and the ubiquitous presence of lack of leadership by example in the anti-corruption war. The study points out that although the anti-graft reforms had the potentials to reduce corruption and make Nigeria a globally competitive economic force, they were largely a failure due to the myriad of delivery challenges identified. It is against the background of the ongoing war against corruption in Nigeria that it proffers recommendations to bring to reality the laudable intentions of the anti-corruption fight in the country.
The subject of Financial Intelligence (FI) is fundamental for financial freedom, which is in turn... more The subject of Financial Intelligence (FI) is fundamental for financial freedom, which is in turn pivotal for fulfilment in life. Yet FI is missing from our school curricula from kindergartens to universities. Interestingly, it is what we spend the most part of our lives pursuing. This paper investigates the severity of this gap by examining the academic curriculum of typicalac counting programme of Nigeria Universities, from undergraduate to Ph.D., MBA as well as the syllabus of professional accounting body (ICAN) and compared with the basic financial intelligence curriculum. It was found that a clear and wide gap exist between normal academic curriculum and FI requirement. The implication of this missing link cannot be divorced from why we have so much of unemployment and poverty in the country as an average graduate lack the skill to make, manage and multiply money which is necessary condition for wealth creation to guarantee financial freedom in the medium to long term. The paper recommends the inclusion of FI in the educational syllabi of universities as well as professional bodies as a matter of urgency. This will not only arm the graduates with money management skills, and the potentials to create wealth but will also reduce poverty and ultimately translate into economic development.
Taxation provides governments with the funds needed to invest in development including in relievi... more Taxation provides governments with the funds needed to invest in development including in relieving poverty and deliver public goods and services. It offers an antidote to aid dependence in developing countries and provides fiscal reliance and sustainability that is needed to promote growth. Domestic resource mobilization fulfils two key objectives sought by developing countries: predictable and sustainable financing on the one hand and a reduction in long-term dependence on aid on the other. Tax resources allow a state to finance itself without resorting to printing money or foreign indebtedness. They, therefore, hold the key to economic stability; enabling investment in infrastructure, proactive social policies, and the accumulation of savings. Taxation is integral to strengthening the effective functioning of the state and to the social contract between governments and citizens. By encouraging dialogue between states and their citizens, the taxation process is central to more effective and accountable states. In the short run, strategies towards more effective, efficient and fair taxation in Africa typically lie with deepening the tax base in administratively feasible ways. Policy options include removing tax preferences, dealing with abuses of transfer pricing techniques by multinational enterprises and taxing extractive industries more fairly and more transparently. The paper highlights the challenges of Africa mobilizing domestic revenue for sustainable development, review some relevant literature and make some suggestions such as well-designed tax system to consolidate stable institutions, increase revenues, refocus government spending on public priorities and improve democratic accountability.
Crime and violence are development issues in the Caribbean. The proliferation of crimes and viole... more Crime and violence are development issues in the Caribbean. The proliferation of crimes and violence in the Caribbean nations has been a growing concern. This paper presents the worldwide emerging discipline of Forensic Accounting as a veritable Panacea to the challenges posed by crimes and violence. Using the secondary data methodology, it argues that Forensic Accounting which is the intersection between accounting, investigations, and legal matters, will provide the lasting solution which is being earnestly sought to tackle the menace of crimes and violence in the Caribbean. The paper therefore, amongst others, recommends a national and international implementation of Forensic Accounting based measures as a unified approach necessary to fight the Caribbean’s related crime and violence problems.
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Papers by Samuel Faboyede