Ethical Policy of the Lagos Journal of Banking, Finance and Economic Issues

The ethical policy of Lagos Journal of Banking, Finance and Economic Issues (LJFFEI) follows the Standard Code of Conduct for Research Integrity .

Authors must be honest in presenting their results and conclusions of their research. Research misconduct is harmful for knowledge. It could mislead other researchers.

Research results
Fabrication, falsification or selective reporting of data with the intent to mislead or deceive is unethical, as is the theft of data or research results from others. The results of research should be recorded and maintained to allow for analysis and review. Following publication, the data should be retained for a reasonable period and made available upon request. Exceptions may be appropriate in certain circumstances in order to preserve privacy, to assure patent protection, or for similar reasons.

All those who have made a significant contribution should be given chance to be cited as authors. Other individuals who have contributed to the work should be acknowledged. Articles should include a full list of the current institutional affiliations of all authors, both academic and corporate.

Reproducing text from other papers without properly crediting the source (plagiarism) or producing many papers with almost the same content by the same authors (self-plagiarism) is not acceptable. Submitting the same results to more than one journal concurrently is unethical. Exceptions are the review articles. Authors may not present results obtained by others as if they were their own. Authors should acknowledge the work of others used in their research and cite publications that have influenced the direction and course of their study.

Duplicate submission
Simultaneous submissions of the same manuscript to different journals will not be tolerated. The submitted article will be removed without consideration.

Whilst striving to promote freedom of expression wherever possible, OUP aims to avoid publishing anything that harms the reputation of an individual, business, group, or organization unless it can be proven to be true. We take all possible measures to ensure that published work is free of any text that is, or may be considered to be libellous, slanderous, or defamatory.

Corrections and retractions
All authors have an obligation to inform and corporate with journal editors to provide prompt retractions or correction of errors in published works.

The journal will issue retractions if:
■    There are clear evidence that the findings are unreliable, either as a result of misconduct (e.g. data fabrication) or honest error (e.g. miscalculation or experimental error);
■    The findings have previously been published elsewhere without proper crossreferencing, permission or justification (i.e. cases of redundant publication);
■    It constitutes plagiarism;
■    It reports unethical research.

The journal will issue errata if:
■    A small portion of an otherwise reliable publication proves to be misleading (especially because of honest error);
■    The author list is incorrect (i.e. a deserving author has been omitted or somebody who does not meet authorship criteria has been included).

Other forms of misconduct include failure to meet clear ethical and legal requirements such as misrepresentation of interests, breach of confidentiality, lack of informed consent and abuse of research subjects or materials. Misconduct also includes improper dealing with infringements, such as attempts to cover up misconduct and reprisals on whistleblowers.

The primary responsibility for handling research misconduct is in the hands of those who employ the researchers. If a possible misconduct is brought to our attention, we will seek advice from the referees and the Editorial Board. If there is the evidence, we will resolve the matter by appropriate corrections in the printed and online journal; by refusing to consider an author's future work, for a given period, and by contacting affected authors and editors of other journals. In some cases, notification of misconduct can be sent to an author’s local institution, superior, and/or ethics committee.

Minor misdemeanours may not lead to formal investigations, but are just as damaging given their probable frequency, and should be corrected by teachers and mentors.

All manuscripts submitted will be checked for plagiarism (copying text or results from other sources) and self-plagiarism (duplicating substantial parts of authors' own published work without giving the appropriate references). Plagiarism is not tolerated.











SEPTEMBER 11 - 12, 2019


Theme: Leveraging the capital market for economic

              growth and Development



The Department of Finance, University of Lagos in collaboration with the Office of the Chief Economist, Securities and Exchange Commission Nigeria   is pleased to announce the First International Conference on Capital Market

The Global Financial crisis of 2007/2009 with the resulting crash of various stock markets and the  recovery efforts of  various countries has brought dynamic changes in the capital market. This conference intends to bring together scholars and practitioners to present state-of-the-art research in the field of Capital Market. Its objective is to facilitate the dissemination of research on topical issues regarding capital markets that are addressed from various perspectives.



Leveraging the capital market for economic growth and Development


1.    Equity Market and Corporate Finance
2.    Fixed Income Market and Portfolio Management
3.    Infrastructure Financing and the capital market
4.   Capital Market Regulation, Securities Exchanges,  Securities Clearing, Custodian, Registrars, Unclaimed Dividends and Investors Protection
5.  Collective Investment Schemes, Funds Management and Portfolio Management
6.   Corporate Governance, Financial Reporting, Tax Issues, Risk Management and the Capital Market
7.  Capital market Literacy, Financial Inclusion and Retail Investor participation
8.     Derivatives, Commodity Exchanges and Export Diversification
9.     Financial Development, Monetary policy and the capital market
10.   Fintech, Data Management and the Capital market
11.   Non-Interest and Islamic Capital Market Products
12.   Public Sector Finance and the capital market
13.   Climate Change, Green Growth and the Capital Market
14.   Ph.D Colloquium





Researchers, Academics and Practitioners world-wide are hereby invited to submit rigorous papers in any of the areas of the sub-themes. Submission are to be done online at the conference website. Please follow the Conference guidelines in your submission. Papers can be submitted here.


Paper and Abstract Deadlines and Requirements

Papers should be structured as follows: Title and Author’s affiliation, Abstract and Key words, Introduction, Literature Review, Methodology, Results and Discussions, Conclusions and Recommendations, References (APA 6th ed is the recommended referencing style)

All submissions will be peer reviewed. Accepted papers will be published in the digital version of the conference proceedings .

Each accepted paper must have a separate, paid registration.

Contributed Paper Deadlines

  • August 8, 2019: Electronically submit contributed papers not previously published or presented.  Each submission must be in Microsoft Word format. Submission implies that an author will attend the 2019 UNILAG-SEC Capital Market conference and present the paper, and all clearance required for publication of the paper will be obtained by September 2, 2019. Submissions must be made through the conference website (
  • August 17, 2019: Notification of acceptance
  • August 24, 2019: Authors electronically submit corrected papers through the conference website.


Registration Deadline

 September 8, 2019



Selected papers presented at the conference will be published in the SEC Journal and the Lagos Journal of Banking, Finance and Economic Issues.


Keynote Speeches
■    Capital Market, Innovation, Regulation and Economic Development: Past, Present and Future
■   Stock Market, Governance, Technology and Business Models: Emerging Trends
■   Financial Literacy, Digital Finance, Inclusion and the Democratization of Wealth in Africa
■    Frontiers of Trading in Fixed Income Products and Derivatives in Africa
■  Commodity Exchange and Development of ecosystem for agricultural trade, risk management and finance in Africa
■    Stock Market Innovativeness for SME Financing in Africa
■   Stock Markets, Fund Managers and Stockbroking: Rebuilding Investors’ Trust
■    Infrastructure Finance and the Capital Market: Role of Multilateral DFIs



Early Bird  -   $100 or ₦22,000 per delegate

Regular      -  $110 or ₦25,000 per delegate

Corporate  -  $150 or ₦30,000 per delegate


Conference Contact

This email address is being protected from spambots. You need JavaScript enabled to view it.

With funding from United Bank for Africa PLC to endow a chair of Finance in the University of Lagos the department was established in 1972/73 session and had its first intake of B.Sc (Finance) students in 1973/74 session.  The department initiated the M.Sc. (Finance), and Master of Banking and Finance (MBF) degrees in 1980 and 1991, respectively.  The department also began to offer Master of Philosophy and Doctor of Philosophy degrees in 1987.



Volume 4 Issue 1 December 2018




Table of Contents

Pension Reforms and Capital Formation Development in Nigeria 1981-2013

P. O. Eke, A. K. Onafalujo A and Y. A. Soyebo


Foreign Private Investment and Stock Market Volatility in Nigeria

I.O. Osamwonyi and A. K. Ikponmwosa  


The Determinants of Financial Inclusion and its Impact on Economic Growth in Nigeria

Joseph A. Omojolaibi and Lawrence O. Ogbeifun


The Debt Maturity Structure of Nigerian Quoted Firms

Oluseun A. Paseda and Rufus A. Olowe


Does Institutional Ownership in Insurance Company Motivates Insurance Decisions?

Olajide S. Fadun  


Agricultural Output and per Capita Income: Evidence from Nigeria

Osagie Osifo, Lawson E. Igbinovia and Peter .O. Eriki


Dividend Policy Determinants in the Nigerian Manufacturing Sector

Charles I. Onyeiwu and Bolaji K. Olukomaya


Human Capital Expenditure and School Enrolment in Nigeria: an Interactive Effect

Olawunmi Omitogun and Adedayo E. Longe       





The following submission forms are published on the website

Forms Target Group
Article Submission Form Authors
Article Review Form Reviewers




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