This study examined the Impact of Information and Communication Technology and financial innovation on the performance of commercial banks in Nigeria, using conveniently selected eleven Commercial Banks in the country. The study used the banks' annual data and Central Bank of Nigeria facts book over the period 2001 to 2013. The study applied ordinary least square (OLS) in its analysis to ascertain the impact of E-Banking services and ATM on the performance of commercial banks in Nigeria. The findings of the study indicate that an increase in banks' profitability performance increases commercial banks' Return on Equity (ROE). Investments in e banking services and ATMs do not really improve banks' performance. The study recommends among other things that more emphasis should be on corporate governance and policies that will increase proper and efficient utilization of financial innovation gadgets rather than simply acquiring additional investments. Keywords: e-banking, Information Communication Technology, and Automated Teller machines INTRODUCTIONThe importance of Information and Communication Technology (ICT) and Innovations in banking system cannot be over emphasized. An ICT innovation has become an indispensable tool to improve the human lives and connect the nations of the world. The last decade has seen ICT dramatically transforming the world, enabling Banking innovations and productivity increases; connecting people and communities; improving standards of living and creating employment opportunities across the globe.Information and Communication Technology has become global tool for any Banking system to reach global markets. Thus every Banking system must be ICT compliance in order to survive in global competitive environment. The introduction of ICT has changed manual and traditional forms of doing business. The use of sophisticated technology based on automation and interconnection of computers and other electronic devices are becoming the norm rather than exception. For instance, ledger books, paper invoice, printed materials and business trips are being replaced with online billing and payments, elaborate website with product information and real-time teleconferencing across continents and time zones (Ojokuku and Sajuyigbe, 2012). Ovia (2001) observes that the Banking system has moved into an era of menu-driven ultra-robust specialized software programmes called Banking system applications and these applications can carry out virtually all Banking system functions relying heavily on information collection, storage, processing and transfer. Similarly, Woherem and Adeogri (2000) rightly says that only banking systems that overhaul the whole of their payment and delivery systems and apply Information Communication Technology (ICT) to their operations are likely to survive and prosper in the new millennium. Banking system should therefore re-examine their service and delivery systems in order to properly position themselves within the framework of the dictates of the dynamism of information and co...

In this study, the effect of sectoral allocation of deposit money banks' credit on the growth of the Nigerian real economy from 2008Q 1 to 2017Q 4 was evaluated. We were inspired by the unsettled disparity in empirical literature on the effect of sectoral allocation of deposit money banks credit on the growth of the real economy. Specifically, we ascertained the effect of deposit money banks' sectoral credit on agricultural, industrial, building & construction and wholesale & retail trade Original Research Article

In this study, the empirical effect of monetary policy tools on performance of the Nigerian capital market was reexamined. The real effect of monetary policy tools on capital market performance is still not clear both from theoretical and empirical background, especially in emerging economies like Nigeria. Explicitly, this study evaluated the effect of monetary policy rate (the rate at the Central Bank of Nigeria extend credit facility to other financial institutions operating in the country), cash reserve ratio, liquidity ratio and loan to deposit ratio on the performance of the Nigerian capital market. Nigerian Stock Exchange and Central Bank of Nigeria annual reports of various edition supplied the relevant data for analysis. The Autoregressive Distributive Lag (ARDL) was the technique applied in estimating the model and for co-integration assessment, while granger causality analysis aided in ascertaining the effect of monetary policy tools on capital market performance. The result of the analysis illustrated that monetary policy tools and capital market Original Research Article

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Agency cost is an internal cost which arises between management (agent) and shareholder (principal), because of the diverging interest of the two parties. Dividend payments are often employed to mitigate this cost. Studies have examined the effect of dividend pay-outs on agency costs documenting mixed findings. However, the literature on the reverse effect of agency costs on dividend pay-outs is still nascent. The main objective of the study is to examine the effect of agency cost on dividend pay-out of listed manufacturing firms in Nigeria. The study used a panel research design. The population of the study comprised listed manufacturing firms, but delimited to firms in conglomerate and consumer goods sectors of the Nigerian Stock Exchange. Data for the study were collected from yearly financial statements of the selected firms. The hypotheses were tested using pooled OLS Regression. The dependent variable of the study was dividend pay-out, while assets to sales ratio, leverage, and free cash flow were proxies of agency cost. Firm size and profitability measures (ROA and ROE) were used as control variables in the study. The study found a significant and positive effect of assets to sales ratio and free cash flow, and a significant and negative effect of leverage on dividend pay-out. The study recommended amongst others that, managers should consider the implication of agency costs in the design of in the design and implementation of a dividend policy.