Authors :
Adesina Biola Hammed; Kolawole Oyegoke; Olalere Mayowa David; Olorundare Kehinde Joseph
Volume/Issue :
Volume 8 - 2023, Issue 4 - April
Google Scholar :
https://bit.ly/3TmGbDi
Scribd :
https://tinyurl.com/4x9zuft5
DOI :
https://doi.org/10.5281/zenodo.8280977
Abstract :
Over the years, Nigerian oil and gas
companies have faced significant mismanagement risks
and problems. These failures include management issues
for oil and gas companies, capital requirements issues,
idiosyncratic financing issues, and bankruptcy for oil
and gas companies. This study explores the impact of
internal controls on risk management in Nigerian oil and
gas companies. Research approach was adopted in this
study. Topics of this study include 100 internal control
officers, executives in oil and gas finance companies,
compliance officers, senior and middle managers, and
internal audits of selected oil and gas companies in Lagos
State, Nigeria.Analyze data using descriptive and
inferential statistics. This study shows that internal
control has no significant effect on the credit risk
management of Nigerian oil and gas companies (p>0.05).
This study shows that internal control has a significant
impact (p>0.05) on the commercial risk management of
Nigerian oil and gas companies.This study shows that
internal control has a significant impact (p < 0.05) on the
financial risk management of Nigerian oil and gas
companies. The study concluded that internal control
affects risk management in Nigerian oil and gas
companies. A regular review of the internal management
of oil and gas companies is recommended to ensure
compliance with guidelines set out in international best
practice to minimize fraud, fraud and error.
Keywords :
Risk Management, Internal Control, Credit Risk Management, Market Risk Management, Financial Risk Management.
Over the years, Nigerian oil and gas
companies have faced significant mismanagement risks
and problems. These failures include management issues
for oil and gas companies, capital requirements issues,
idiosyncratic financing issues, and bankruptcy for oil
and gas companies. This study explores the impact of
internal controls on risk management in Nigerian oil and
gas companies. Research approach was adopted in this
study. Topics of this study include 100 internal control
officers, executives in oil and gas finance companies,
compliance officers, senior and middle managers, and
internal audits of selected oil and gas companies in Lagos
State, Nigeria.Analyze data using descriptive and
inferential statistics. This study shows that internal
control has no significant effect on the credit risk
management of Nigerian oil and gas companies (p>0.05).
This study shows that internal control has a significant
impact (p>0.05) on the commercial risk management of
Nigerian oil and gas companies.This study shows that
internal control has a significant impact (p < 0.05) on the
financial risk management of Nigerian oil and gas
companies. The study concluded that internal control
affects risk management in Nigerian oil and gas
companies. A regular review of the internal management
of oil and gas companies is recommended to ensure
compliance with guidelines set out in international best
practice to minimize fraud, fraud and error.
Keywords :
Risk Management, Internal Control, Credit Risk Management, Market Risk Management, Financial Risk Management.
