‘Financial Disclosure Critical to Banking Industry’

A university lecturer, Dr. Mercy Ogbari has described financial disclosure as critical to the banking industry. She stated so at the launch of a new book the subject titled Corporate Disclosure in the Banking Industry, Evidence from Nigeria, that will further enrich the practice of financial disclosures among corporate organizations has being launched in Lagos.

The book which was written by Dr, David Isiavwe, was described by stakeholders drawn from both town and gown, who graced the launch described it as a well researched academic endeavour. They stated that considering the waning confidence in the financial disclosure among corporate organization globally the book cannot be more timely..

While reviewing the book, Ogbari who is a lecturer at the Accounting Department, Covenant University, stated that the book “is a work of critical study and research, and compares corporate disclosure as done in Nigeria and internationally” adding that “it recognizes the that financial disclosure is critical to the banking sector as it took into consideration all the financial disclosure items that needed to be included,” she stated.

“The book was primarily motivated by the failing credibility of financial report prepared and disseminated by companies across the world. There is organizational failure based on mismanagement and inadequate or incorrect disclosure. I started working on the book essentially in 2011 and was eventually published in this year.

“It is a two step process, the first step was more or less a pilot study of the Nigerian banking environment in the year 2010 and that study involved 14 banks and it looks at the connection between disclosure and corporate governance practices among bank in Nigeria. That initial study was published in the year 2012 and then subsequently I went further to expand the study to include all the banks in Nigeria as at 2013, covering the period of nine years,” he explained.