The study examines the dynamics and determinants of target capital structures among manufacturing firms listed on the Nigeria Stock Exchange during the period from 2012 to 2021. The study is motivated by the disparity in the Speed of Adjustment (SOA) to target leverage, which is influenced by firm-specific attributes largely dependent on macroeconomic indices. Therefore, understanding the determinants of SOA to target leverage is germane because no two macro-economic environments are the same. A longitudinal research design is used with a population of 75 manufacturing firms. The sample consists of 42 firms, drawn using a simple random technique. Secondary data is sourced from the annual report. Generalized Method of Moments is the estimation technique. The result shows that manufacturing firms adjust to a target capital structure with a high speed of 72%. This confirms the application of dynamic trade-off theory among listed manufacturing firms in Nigeria. Profitability, firm size, and asset tangibility are significant determinants of SOA to a target capital structure, confirming pecking order, agency, and static trade-off theories, respectively. Tax shelter and growth were not significant determinants. The study concludes that there is evidence of dynamic adjustment to the optimal capital structure of listed manufacturing firms in Nigeria. Governments and policymakers in firms should make effective policies that aid speedy access to long-term funds by these firms to increase their SOA to target capital structure.

Outcrop information from Abakaliki and Anambra were used in this study to characterize the source and reservoir rocks in the two basins in order to give indication(s) for hydrocarbon generation potential in the basins to minimize uncertainty and risk that are allied with exploration and field development of oil and gas. Outrop mapping method was used to carry out geological, stratigraphical, geochemical, structural, petrographical, and sedimentological studies of rock units from outcrop sections within the two basins. Thirty-eight samples of shale were collected fromthese Basins in stratified mode of random sampling, and geochemical analysis (rockeval) was performed on the samples to determine the total organic content (TOC) and to assess the oil generating window. The results were analyzed, to properly characterize the potential source rock(s) and reservoir rock(s) in the basins, and factor(s) that can favour hydrocarbon traps. The results of the geological, stratigraphical, sedimentological, geochemical, and structural mapping were used to develop a new model for hydrocarbon generation in the Basins. The result of the geochemical analysis of shale samples from the Anambra Basin shows that the TOC values are ≥ %, Tmax ≥ ℃, Vitrinite reflectance values are ≥ . %, and S1+S2 values are > . / for Mamu Formation while shale samples from other formations within Anambra Basin fall out of these ranges. The shale unit in the Mamu Formation is the major source rock for oil generation in the Anambra Basin while others have potential for gas generation with very little oil generation. The shale samples from Abakaliki Basin show that S1+S2 values range from < − / , TOC values range from 0.31-4.55wt%, vitrinite reflectance ranges from 0.41-1.24% and Tmax ranges from ℃ − ℃. This result also shows that there is no source rock for oil generation in Abakaliki Basin; it is either gas or graphite.

Two geophysical Tomography techniques-Electrical resistivity and Seismic refraction were used to investigate the subsurface of a potentially polluted dumpsite in Palladan a densely populated area of Zaria, with a view to examining the possible subsurface distribution of groundwater contamination plume. The presence of domestic wells in the residences of the people which are distances 10.0 to 30.0 m from the dump facilitated analysis of water chemistry to enhance the geophysical interpretation. The groundwater level in the dumpsite site was found to be higher than the surrounding area, thereby creating a local deviation from the regional groundwater flow. Due to this the contaminants from the waste site spread out in the nearby soil and groundwater. The resistivity models clearly show a top layer of about 10.0 m thickness with low resistivity, whereas the resistivity has an inverse correlation with distance from the waste disposal site. Bore hole log shows that the top upper 10.0 m of soil consists of loose permeable laterite with high water content followed by a layer of degraded sand before the weathered basement which suggests the possibility of the contamination penetrating deeper into the regolith aquifer. This agrees with the result of the water chemistry analysis which shows elevation in concentration of contaminants above the WHO guidelines. The borehole log also indicated the presence of fracture basement at a depth of 23.0 m this correlated well with the Seismic refraction result. The study therefore suggests that these fractures also facilitate the migration of the contaminants. Based on the combined results, the contamination plume seems to have migrated not less than 500.0 m in the southern direction which is also the direction of hydraulic gradient.

PurposePrior studies have shown that heterogeneity plays a crucial role in addressing soft issues linked to a firm’s corporate social responsibility stance. The purpose of this paper is to extend the prior literature on the effect of gender heterogeneity on environmental, social and economic performance dimensions, specifically, whether the female boardroom presence weakens or strengthens the performance along the three dimensions, commonly referred to as the corporate sustainability.Design/methodology/approachThe study from a positivist philosophy adopts a quantitative approach, and the final sample consisted of forty-six companies listed on the Nigerian Stock Exchange for the year 2011–2018. The final sample was a balanced panel of 344 firm years. The dependent variables were return on assets (ROA), environmental performance (ENV) and donations made for social causes (SOP). The ENV was measured using a content scoring system, with range of 1 to 5. The data were analysed using the fixed effects and GLM regression models. To further address the issue of endogeneity, a two-stage least squares regression was conducted.FindingsThe findings show a positive relationship between gender heterogeneity and ROA, which was also confirmed for the environmental performance index. However, the sign reversed in the SOP model and showed a negative relationship between gender heterogeneity and donations, the proxy for SOP. The results are in tandem with the stakeholder axioms that argue that commitment to other stakeholder groups strengthens firm performance in the long run.Research limitations/implicationsAn implication of this study is the fact that information availability has been rapidly escalating in the country, leading to rising social movements and civic unrest; therefore, corporations that face negative castigations may pay the huge price of product boycott and loss of market value.Originality/valueThe findings of this study provide additional insight into the influence of female boardroom presence on the environmental, social and economic performance of firms. The findings suggest the relevance of the resource dependence theory, especially from a developing country context, to ensure an improved corporate governance structure in Nigerian manufacturing firms.

In this research work, the schlumberger array was adopted. The investigation was carried out in two locations; Ambrose Alli University sports ground and Ujemen village area (Ekpoma environs) in the central part of Edo state, Nigeria. The interpretation of the data showed a resolution of six geoelectric layers. Analyzing the curves, the interpretation gave a total depth of 334.90m (1115.22ft) and 362.60m (1207.46ft) from both VES. Since the dropping of the resistivity in the VES curves indicates an aquifer layer, the depth zone corresponds to the existing saturated aquifer in the study area. These values are found to be in close correlation with the hydrogeological profile of the Ishan plateau. A maximum drill depth range of 320m (1065.6ft) to 350m (1165.5ft) in the study area is suggested.