Programme: Accounting

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Chief financial officer roles and enterprise risk management: An empirical based study
(Heliyon, 2019) Ojeka Stephen A.; Adegboye Alex; Adegboye Kofo; Alabi Oluwaseyi; Afolabi Mosinmileoluwa; Iyoha Francis
This study investigates the influence of CFO roles on the implementation of ERM initiatives in a sample of Nigerian financial institutions (between 2013-2017). We develop three distinct factors representing the CFO roles namely CFO power, CFO experience and CFO knowledge using principal component factoring. Like prior work, we measure ERM components simultaneously to capture the extent of sophisticated ERM system. Our findings pose that the CFO involvement in ERM implementation remains minimal while the CRO is solely responsible for ERM implementation, which could undermine cost-benefit effectiveness. Our empirical evidence reports that the sophisticated ERM only promote the market evaluation while the accounting performance is undermined. The result then contravenes the expectation that effective ERM enhances accounting performance by mitigating risk exposure. While the sophisticated ERM is significantly positive with leverage, which reveals that ERM implementation does not necessarily reduce the firm risk. This indicates that the ERM implementation remains ineffective to mitigate risks, where the CFO involvement in the ERM initiative is limited. We then advocate that CFOs should be allowed to contribute strongly on some specific aspects of ERM initiatives namely identification and analysis of key risk indicators, the financial implication of risks and integration of ERM into traditional finance activities.
DOES CEOs POWER MODERATE THE EFFECT OF AUDIT COMMITTEE OBJECTIVITY ON FINANCIAL REPORTING QUALITY IN THE NIGERIAN BANKING SECTOR?
(Academy of Strategic Management Journal, 2019) Ojeka Stephen A.; Fakile Fakile; Iyoha Francis O.; Adegboye Alex; Olokoyo Felicia
This study empirically examined the impact of audit committee objectivity (contingent on CEO Power) on the quality of financial reporting in the Nigerian Banking Sector. The study adopted a survey research approach and secondary data extracted from financial statement. The OLS and LSDV analysis were used to investigate the impact of Audit Committee objectivity on the quality of financial reporting with or without CEO power and influence. The findings showed, that, while audit committee independence impact positively on the relevance and reliability of financial report, the same cannot be said when there was CEO power. CEO power in the audit committee mitigated the benefits of independence and caused its overall effects on financial reporting quality of no significant in terms of relevance and reliability. The study therefore recommended that having a majority of independent directors would increase the quality of board oversight, lessen the possibility of damaging conflicts of interest and helps to repose inventors’ confidence especially foreign investors that would invariably draft in FDI. This will align boards’ decisions with the interests of shareholders they represent. This will reduce significantly the ability of the CEO overbearing influence on the committee activities in ensuring financial reporting quality.
Board Expertise and Sustainability Reporting in Listed Banks in Nigeria
(2019) Umukoro O. E.; Uwuigbe O. R.; Uwuigbe U.; Adegboye Alex; Ajetunmobi O.; Nwaze C.
Despite the growing evidence on the determinants of sustainability reporting, there exist limited and inconclusive studies on the impact of board expertise on sustainability reporting. This study investigates the influence of environmentally sensitive, certified or educated board members on the disclosure of sustainability report. Based on the static panel data regression estimators for 10 Nigerian Deposit Money Banks over the period of 2014- 2016, the study revealed that highly educated directors have an altogether constructive influence on the sustainability report disclosure while controlling for corporate administration and firm-level qualities. In addition, we find that the executive and non-executive directors have low experience in environmental issues resulting in an insignificant effect on the disclosure of sustainability reporting. This paper suggests that firms should allow more directors with environmental background, who have a lower motivation to boost transient returns since they are likely to influence environmental performance
Chief financial officer roles and enterprise risk management: An empirical based study
(Heliyon, 2019) Ojeka Stephen A.; Adegboye Alex; Adegboye Kofo; Alabi Oluwaseyi; Afolabi Mosinmileoluwa; Iyoha Francis
This study investigates the influence of CFO roles on the implementation of ERM initiatives in a sample of Nigerian financial institutions (between 2013-2017). We develop three distinct factors representing the CFO roles namely CFO power, CFO experience and CFO knowledge using principal component factoring. Like prior work, we measure ERM components simultaneously to capture the extent of sophisticated ERM system. Our findings pose that the CFO involvement in ERM implementation remains minimal while the CRO is solely responsible for ERM implementation, which could undermine cost-benefit effectiveness. Our empirical evidence reports that the sophisticated ERM only promote the market evaluation while the accounting performance is undermined. The result then contravenes the expectation that effective ERM enhances accounting performance by mitigating risk exposure. While the sophisticated ERM is significantly positive with leverage, which reveals that ERM implementation does not necessarily reduce the firm risk. This indicates that the ERM implementation remains ineffective to mitigate risks, where the CFO involvement in the ERM initiative is limited. We then advocate that CFOs should be allowed to contribute strongly on some specific aspects of ERM initiatives namely identification and analysis of key risk indicators, the financial implication of risks and integration of ERM into traditional finance activities.
“Corporate dynamism and cash holding decision in listed manufacturing firms in Nigeria”
(Problems and Perspectives in Management, Volume 17, 2019) Ozord, Emmanuel; Adetula, Dorcas; Elueya, Damilola Felix; Eluyela, Damilola Felix; Aina, Adenike; Ogabi, Mautin Arinola
Cash holding decision is a very crucial decision that strongly affects the performance of an organization. Corporate dynamism as a corporate governance tool was explored in this study in order to establish its relationship with cash holding decision in listed manufacturing companies in Nigeria. Board skill, female leadership, foreign directors, board ownership and directors’ compensation were used as proxies for corporate dyna mism. A panel regression model was adopted in this study to examine the implication of corporate dynamism on cash holding decisions spanning six years from 2012 to 2017. Random sampling technique was employed in order to arrive at thirty firms out of thirty-seven listed manufacturing firms, which comprised industrial and consumer goods sector. Board ownership and the existence of foreign expatriates were found to have a significant effect on cash holding decisions. It is concluded that directors with significant holdings tend to be more aggressive towards activities that enhance the performance of a firm, one of which is ensuring that optimal level of cash is held at a particular point in time in order to guide against liquidity problems, which may be caused by overtrading or even keeping excess idle cash, which is supposed to be invested in profitable ventures. Also, the fact that the existence of foreign expatriates will affect cash holding decisions, which may be justified by the fact foreign expatriates are displaying expertise because of diverse experience that they have been able to gain from different parts of the world.
THE FINANCIAL IMPACT OF COVID-19 ON POULTRY INDUSTRY IN NIGERIA
(European Journal of Accounting, Auditing and Finance Research Vol 8, 2020) Alawode, Olufemi
The covid-19 pandemic as declared by WHO in March 2020 is a game changer that introduced a “new normal” of every facet of life, every sector of the economy and every cluster of the population. The key indicators of business plan and continuity, government policies and security imopacting logistics have been affected and in all affecting the short-term survival rate of the poultry industry.The analysis revealed that all proxies of covid-19 indicators such as business plan and continuity, government policies and security impacting logistics have a significant positive effect on the financial health of the poultry industry (Adjusted R2= 0.949, F-statistics = 5.512 : p= 0.000<0.05). Thus, the research concluded that a well-managed Covid-19 indicators and proxies have a significant positive effect on the financial health of the poultry industry in Nigeria.
MANAGEMENT INFORMATION SYSTEM AND QUALITY OF CORPORATE REPORTING IN NIGERIA
(International Journal of Business and Management Review Vol.8,, 2020) Alawode, Olufemi Peter; Adegbie, Folajimi Festus
With the whole world now a global village with all wired via computer systems the business system environment is then dominated by computerised technology. The purpose of this paper was to examine the effect of management information system as a process for improving the key variants of organisation functions as it affects revenue, cost, data security and consequentially the organizational achievement of contributing to the stakeholders welfare.There is hardly any distinction in the utilisation of management information system from small to large organisations, it’s a function of birds nesting according to size and thus the review is taken from the statutory compliance, customer database management and the safety of the data involved including the hardware devices. Accounting information system and the operational information system combined with separate or integrated forecasting and reporting tool are essential components of information management and most critically the people that will operate the system. The research design was descriptive survey to study and observe the influence of management information system in organizational success in a competitive cyber-crime prone environment. The analysis revealed that all proxies of management information system such as general information system, production simulation system, reporting package, forecasting tool have a significant positive effect on the statutory reporting compliance (Adjusted R2= 0.945, F-statistics = 351.505. : p= 0.000<0.05). All proxies of management information system have a significant positive effect on customer relationship management (Adjusted R2= 0.847, F-statistics = 113.534.: p= 0.000<0.05). The result also shows all proxies of management information system have a positive effect on data storage and security (Adjusted R2= 0.935, F-statistics = 291.517.: p= 0.000<0.05). Thus, the study concluded that the proxies of management information system considered have a significant positive influence on the quality of corporate reporting.
Effect of upper echelons’ demographic characteristics on earnings management in troubled non-listed companies in Nigeria
(Cogent Arts & Humanities, 2020) Taleatu, Taofiki Akinwumi; Adetula, Dorcas; Iyoha, Francis Odianonsen
Research has shown that companies in a financial crisis are usually successful in hiding their poor performance through aggressive earnings manage ment at the detriment of stakeholders like investors and loan providers. The wave of current bank loan defaulters rocking the Nigerian banking system afforded a unique opportunity to study earnings management in troubled, non-listed companies in Nigeria to contribute to the attainment of the sustainability goal 9 on industriali zation in developing countries. This study aimed at investigating the influence of top management’s demographic characteristics on corporate earnings management. Using Slovin’s 1960 sampling size formula, 80 non-listed companies were selected for the study from the list of 98 non-listed companies among the debtors of Assets Management Corporation of Nigeria (AMCON). Copies of a questionnaire were administered on 240 financial officers (3 participants per company). Descriptive statistics involved computation of percentages, means and standard deviations while hypotheses were tested with structural equation modelling using AMOS SPSS. Findings revealed a relatively high level of earnings management with significant positive relationships with age, tenure, educational level and gender of the CFOs. Lower earnings management was observed among middle-aged, female, more educated and short-tenure CFOs. The study concludes that there is a positive sig nificant relationship between upper echelons’ demographic characteristics and earnings management in troubled, non-listed companies in Nigeria. The study recommends the appointment of more middle-aged, female and financially literate individuals into the upper echelons’ positions with a moderate tenure of five to ten years to promote corporate sustainable development in Nigeria.
CORPORATE GOVERNANCE AND CREATIVE ACCOUNTING PRACTICES IN THE LISTED COMPANIES IN NIGERIA
(Academy of Accounting and Financial Studies Journal, 2020) Olojede, Paul; Iyoha, Francis Odianonsen; Ben-Caleb, Egbide
The idea that firms should be ‘governed’ as opposed to just being ‘managed’ is a recent phenomenon that has caught the attention of the stakeholders because of the global financial crisis of 2008. Despite the various governance reforms, the managers take undue advantage of imperfections in the market to manage earnings to the detriment of other stakeholders. This paper empirically studied the impact of corporate governance mechanisms on creative accounting practices in the listed companies in Nigeria. We used a longitudinal design for the study because repeated observation of the same variables are involved (corporate governance mechanisms and creative accounting practices) over a 13-year period (2005 -2017). The study population was 166 listed companies on the Nigerian Stock Exchange as at 31st December, 2017 and 70 companies were selected as a sample, using multi sampling technique. We collected data for the variables from the companies’ annual reports and accounts sourced from African Financials, Nigerian Stock Exchange and individual company websites. The study used descriptive statistics, correlation, OLS regression, panel fixed effects model (FEM) and panel random effects model (REM) for the analysis and hypothesis testing. The outcome of the study revealed that corporate governance mechanisms jointly have a great significant impact on creative accounting practices (CAP) in Nigeria, but the level of impact differs among individual corporate governance mechanisms. Audit committee and gender diversity have negative and significant relationship with creative accounting practices, showing that increase in either of them reduces unethical practices and manipulation of accounting numbers. The ownership concentration has a positive and significant impact on creative accounting practices. However, board size, board independence, managerial ownership and CEO duality are positive and do not have any significant impact on creative accounting practices. The study recommends for the use of both sanctions and moral suasion in compelling compliance with relevant laws, accounting standards and corporate governance codes. In addition, more women participation on the board and audit committee independence should be encouraged.
Corporate environmental reputation management and financial performance of environmentally sensitive companies in Nigeria
(Cogent Social Science, 2020) Oluseyi-Sowunmi, Sharon O.; Iyoha, Francis Odianonsen; Owolabi, Akintola A.
Business activities have direct and indirect effects on their immediate environment. The degree of impact a business venture would have on the envir onment depends on the nature of business. This work examines the impact of environmental reputation management on the financial performance of environ mentally sensitive companies in Nigeria. This work includes an extensive review of relevant literature, hinging this research on stakeholder theory. Data were gathered from corporate annual reports and sustainability reports sourced on-line. The ana lytical research design was utilised in undertaking the study. A sample of 46 companies was selected from public limited liability companies listed on the Nigerian stock exchange and operating in environmentally sensitive sectors. The corporate reports were analysed from 2008 to 2017 financial years. Linear Regression analysis was employed to test the hypothesis. Findings revealed a significant positive relationship between corporate environmental reporting quality and financial performance; reputation risk management and financial per formance of environmentally sensitive companies in Nigeria. The level of environ mental reporting quality by environmentally sensitive companies in Nigeria causes 13.1% change in the financial performance of the reporting company. Corporate reputation risk management of environmentally sensitive companies in Nigeria causes 11.4% change in the company’s financial performance. It is hereby, recom mended that environmentally sensitive companies should ensure high-quality environmental reputation management to achieve their profit maximisation aim. This high-level environmental management contributes to the achievement of the fifteenth sustainable development goal (life on land), set to attain sustainable management of forests, freshwater and ecosystem.
Agricultural Revamping via Major Capital Outlay the Antidote to Food Insecurity Challenges in Nigeria
(Academy of Entrepreneurship Journal, 2020) Omodero, Cordelia Onyinyechi; Adetula, Dorcas; Iyoha, Francis Odianonsen
Food insecurity in Nigeria has necessitated this study which emphasizes agricultural revamping as the antidote to the prevailing circumstance of food crisis in the country. This study draws the attention of the present administration to the urgent need for significant capital investment in agriculture as a means to proffer a permanent solution to food insecurity in Nigeria. This study employs literature review approach and discovers that the factors impeding food safety in Nigeria include farmers' lack of access to the credit facility, insufficient farmlands, security threat on farmers and farmers’ lack of education. However, relevant econometric techniques and statistical tools are specifically applied to examine the impact of government expenditure and agricultural output on food safety using a secondary source of data spanning from 2008 -2019. From the findings of this study, agricultural output has a considerable influence on food safety, but government expenditure on agriculture is yet to gain momentum in affecting adequate food production in the country. Thus, this study concludes that there is an urgent need for the government to invest significantly in agriculture which serves as an antidote to food security challenges in Nigeria.
MODERATING EFFECT OF GOVERNANCE QUALITY ON THE RELATIONSHIP BETWEEN CFOs’ NARCISSISM AND CORPORATE EARNINGS MANAGEMENT IN NIGERIA
(Journal of Management Information and Decision Sciences, 2020) Taleatu, Taofiki Akinwumi; Adetula, Dorcas; Iyoha, Francis Odianonsen
Upper echelons in an organization such as chief financial officers (CFOs) have been implicated in corporate fraudulent earnings management. Their narcissistic traits have also been linked with unethical accounting practices while little is known on the moderating effect of corporate governance quality on this relationship. Hence, this study investigated the moderating effect of corporate governance quality on the relationship between CFOs' narcissistic trait and earnings management in troubled, non-listed companies in Nigeria. The primary data for the study was obtained from the survey of 80 non-listed companies indebted to the Asset Management Corporation of Nigeria (AMCON). The survey involved the distribution of copies of a structured questionnaire to two hundred and forty (240) CFOs and other financial officers in the sampled companies. Two hundred and four (204) copies of the questionnaire, which represents a response rate of 85%, were found suitable for data analysis. Descriptive statistics involves the computation of means and standard deviations. Moderated regression analysis was employed to test the hypothesis of the study. Our findings revealed high CFOs' narcissism (Mean = 3.6961, SD = 1.03428, Min = 1, Max = 5), upward earnings management (Mean = 3.8137, SD = 1.00472, Min = 1, Max = 5) and moderate corporate governance quality (Mean = 3.2353, SD = 1.25299, Min = 1, Max = 5). The study also revealed a significant positive relationship between earnings management and CFOs' narcissistic trait (beta = 0.636, t-value = 21.628, P<.05, Sig. = 0.000). A significant negative relationship was observed between corporate governance quality and earnings management (beta = -.360, t value = -12.251, P<0.05, Sig. = 0.000). However, further finding revealed that corporate governance quality has a significant moderating effect on the relationship between CFOs' narcissistic trait and corporate earnings management (beta = 0.145, t-value = 9.582, P<0.05, Sig. = 0.000). The policy implications of these outcomes include the need to strengthen corporate governance quality in non-listed companies in Nigeria. Consequently, the study recommends sensitization of the stakeholders of non-listed companies in Nigeria on the implementation of the Nigerian Code of Corporate Governance 2018 to reduce unethical accounting practices and promote corporate financial reporting quality in the country.
Effect of bank internal control system on non-financial performance of selected quoted deposit money bank in Nigeria
(Journal of Management, Economics, and Industrial Organization, 2020) Nwobodo, Helen; Adegbie, Fola. F.; Banmore, O. O|.
The increasing trend of declined in bank efficiency and operational performance m recent years raised unquestionable concerned and pose serious threats to the stability and survival of deposit money banks across the globe. Studies have shown that most deposit money banks in Nigeria have experienced declined in bank efficiency and operational performance due to weak internal control system thus caused financial losses to banks and loss of public confidence in the banking sector. The study employed a survey research design and the population was 568 staff and the sample size used was 292 using Cochran sample size determination. The reliability coefficient ranged from 0.71 to 0.94. The study found out that internal control system has positive and significant effect on bank efficiency and operational performance of the selected quoted deposit money banks with (P<5%). The study concluded that internal control system has effect on bank operational performance and efficiency. The study recommended that the management should ensure that their banks have strong internal control environment and embrace infonn policies and procedures that are adequate in order to achieve operational performance and bank efficiency.
Financial System Theory: Banker-Customer Relationship and Nigerian Deposit Money Banks' Performance: An Empirical Investigation
(WSEAS TRANSACTIONS on SYSTEMS and CONTROL, 2020) Olokoyo, Felicia O.; Isibor, Areghan; Adegboye, Folasade; Adesina, Tolulope; Osuma, Godswill; Adebayo, Mercy
ENVIRONMENTAL ACCOUNTING AND REPORTING PRACTICES: SIGNIFICANCE AND ISSUES AND JOURNEY AHEAD IN NIGERIA CORPORATE ORGANISATION
(European Journal of Accounting, Auditing and Finance Research Vol.8, 2020) Alawode, Olufemi Peter; Adegbie, Folajimi Festus
Environmental accounting and reporting practices as an emerging trending issue is dynamically fruitful to the fulfilment of the yearnings and aspirations of the key stakeholders in the corporate set up. It introduces transparency and accountability particularly in the area of resources management more so with natural resources. It involves the identification, measuring and controlling of costs, liabilities and consequentially assets that may be affected in the course of ordinary business and it encompasses sustainability reporting as well. A combination of primary and secondary data revealed that environmental accounting is still at infancy and the need for an implementation roadmap backed by the necessary statutes will be desired to ensure that all the accruable benefits of environmental accounting and reporting are enjoyed.
Financial Management Practices and Performance of Small and Medium Scale Poultry Industry in Ogun State, Nigeria
(Journal of Finance and Accounting, 2020) Adegbie, Festus Folajinmi; Alawode, Olufemi Peter
Small and Medium-Sized Enterprises (SMEs) and the Agricultural sector is a combination that constitute a recognisable driving force for the development of an economy and the contribution of this sector cannot in any way be overlooked by any developing country particularly one that is struggling to diversify from petrol-carbon revenue and generate employment. The efficiency or otherwise of applicable financial management practices combined with the peculiarity and uncertainty of the business environment can make or mar the success of such SMEs operating in the poultry industry and this is the focus of this study. The study employed survey design. The study population comprised Poultry farmers in 162 farms as registered with the Poultry Association of Nigeria-Ogun State Chapter with the total of 200 farm managers, excluding farm attendants and other non-managerial staff. The Cochran formula was used to obtain a sample size of 150. The owners/managers of these Poultry farms were selected through a multi-stage sampling technique which involves the stratified, proportionate, and simple random sampling method. The instrument validity was established through scrutiny and evaluation by the research supervisors and experts in the study area, and reliability was determined via Cronbach’s alpha coefficient computed from pilot study responses. By the use of instrument codes, responses were processed into quantitative data for descriptive and empirical analysis. The analysis revealed that all proxies of financial management practices such as annual budget process, capital structure management and working capital management have a significant positive effect on profitability of poultry industry (Adjusted R2= 0.258, F-statistics = 9.407.: p= 0.000<0.05). Thus, the study concluded that financial management practices proxies, of profitability, cash solvency and economic value added, has a significant positive effect on the performance of poultry industry in Ogun State, Nigeria
AMismatch between External Debt Finances and Consumption Cost in Nigeria
(Journal of Open Innovation: Technology, Market, and Complexity, 2020) Omodero, Cordelia Onyinyechi; Egbide, Ben-Caleb; Madugba, Joseph Ugochukwu; Ehikioya, Benjamin Ighodalo
This study scrutinizes the influence of external obligation on the cost of living in Nigeria. In recent times, Nigeria has been tagged as the headquarters of world poverty due to the unaffordable cost of living that has resulted in all manner of crimes prevailing in the country. However, the role of foreign loans being contracted by the government in reducing consumption cost has become a concern, hence this investigation. This study made use of a secondary form of statistical records covering the period 2000–2018. The result of the data analysis has shown that external debt does not improve consumption cost, but rather aids the rising cost of living in Nigeria. In a nutshell, the study suggests that the government should invest a large chunk of the borrowed funds into agriculture and local manufacturing for sufficient food supply and provision of goods and services at reasonable costs. This study recommends support for infant industries and entrepreneurship to reduce the consumption cost in the country. The study also encourages the government to seek debt rearrangement or outright revocation by the lending institutions and countries
Economic Restrictions and Currency Performance: Evidence of African Countries
(Research Square, 2021) Adegboye Alex; Ikpefan Ochei; Ojeka Stephen A.; Adeyanju Ibukunoluwa
This study explores the impact of diverse economic restrictions on currency performance. We assess a panel dataset of 30 African countries for the period 1990–2010. Our empirical evidence is based on the fixed effect regression and the Quantile regression approach. We find that the United States, European Union, economic and intensity sanctions weaken the real exchange rates. However, we establish that the U.N. sanctions are insignificant. As for the policy implication, sanctioned countries should implement a policy that could mitigate the adverse consequences of economic restrictions on currency performance.
Educational quality, social media and public accountability: a global perspective
(2021) Adegboye Alex; Asongu Simplice A.; Tchamyou Vanessa S.; Osinubi Tolulope T.; Adeyanju Ibukunoluwa
This inquiry relates to the empirical linkages between educational quality, Facebook penetration and accountability dynamics. The empirical investigation is based on the Ordinary Least Squares (OLS) technique and Quantile regression for the conditional linkages which articulate low, middle, and high initial levels of public accountability. It explores a cross-section of 168 countries. The main finding is that there is an overwhelming positive connection between Facebook penetration and accountability dynamics. The established positive nexus is apparent in all quantiles of public accountability. In addition, tertiary and secondary school enrollment positively influence public accountability. By utilizing a novel dataset in analyzing the established nexuses, this study adds to the existing literature on social media and governance (i.e., educational quality, Facebook penetration and accountability dynamics). Similarly, the posture addresses contemporary policy concerns regarding a lack of documentation on the impacts of social media.
Corporate governance and sustainability reporting quality: evidence from Nigeria
(2021) Erin Olayinka; Adegboye Alex; Bamigboye Omololu Adex
Purpose This study aims to examine the association between corporate governance and sustainability reporting quality of listed firms in Nigeria. Design/methodology/approach The authors measure corporate governance using board governance variables (board size, board independence, board gender diversity and board expertise) and audit committee attributes (audit committee size, audit expertise and audit meeting). The authors measured sustainability reporting quality using a scoring system, which ranges between 0 and 4. The highest score is achieved when sustainability reporting is independently assured by an audit firm. The lowest score refers to the absence of sustainability reporting. The study emphasizes 120 listed firms on Nigeria Stock Exchange using the ordered logistic regression technique. Findings The results indicate that board governance variables (board size, board gender diversity and board expertise) and audit committee attributes (audit committee size, audit expertise and audit meeting) are significantly associated with sustainability reporting quality. Additional analysis reveals that external assurance contributes to the quality of sustainability reporting through corporate governance characteristics. Research limitations/implications This study is restricted to a single country. Future studies should consider a cross-country study, which may help to establish a comparative analysis. Likewise, the future study could consider other regression techniques using a continuous measurement of the global reporting initiative in measuring sustainability reporting quality. Practical implications This study’s findings have important implications for policymakers and practitioners, especially the corporate executives and top management. Companies are encouraged to restructure their board to enhance better monitoring and support towards better sustainability reporting. Social implications Disclosure on sustainability reporting helps corporate organizations advance the issues of sustainability both nationally and globally. Originality/value This current study adds to accounting literature by examining how corporate governance contributes to sustainability reporting practices within the Nigerian context. Drawing from the result, the study provides strong interconnectivity between the corporate board and audit committee in driving sustainability reporting quality within an organizational context.