Utilisation of whole sorghum crop residues for bioethanol production

Sorghum is the fifth most important cereal worldwide and is a major source of agricultural residues in tropical regions. Bioconversion of whole sorghum crop residues comprising stalks, leaves, peduncles and panicles to ethanol has great potential for improving ethanol yield per sorghum crop cultivated, and for sustainable biofuel production. Effective pretreatment of sorghum lignocellulosic biomass is central to the efficiency of subsequent fermentation to ethanol. Previous studies have focused on bioconversion of sorghum stalks and/or leaves only to bioethanol, but the current study is the first report dealing with whole crop residues. We specifically focused on the impact of Nigerian sorghum cultivation location and cultivar type on the potential ethanol yield from whole sorghum crop residues. Efficient bioconversion of whole sorghum residues to ethanol provides a sustainable route for utilisation of crop residues thereby providing a non-food feedstock for industrial scale bioethanol production.

Effects of IFRS adoption on the financial statements of Nigerian listed entities: the case of oil and gas companies

On 28 July 2010, the Nigerian Federal Executive Council approved January 1, 2012 as the effective date for the convergence of Nigerian Statement of Accounting Standards (SAS) or Nigerian GAAP (NG-GAAP) with International Financial Reporting Standards (IFRS). By this pronouncement, all publicly listed companies and significant public interest entities in Nigeria were statutorily required to issue IFRS based financial statements for the year ended December, 2012. This study investigates the impact of the adoption of IFRS on the financial statements of Nigerian listed Oil and Gas entities using six years of data which covers three years before and three years after IFRS adoption in Nigeria and other African countries. First, the study evaluates the impact of IFRS adoption on the Exploration and Evaluation (E&E) expenditures of listed Oil and Gas companies. Second, it examines the impact of IFRS adoption on the provision for decommissioning of Oil and Gas installations and environmental rehabilitation expenditures. Third, the study analyses the impact of the adoption of IFRS on the average daily Crude Oil production cost per Barrel. Fourth, it examines the extent to which the adoption and implementation of IFRS affects the Key Performance Indicators (KPIs) of listed Oil and Gas companies. The study further explores the impact of IFRS adoption on the contractual relationships between Nigerian Government and Oil and Gas companies in terms of Joint Ventures (JVs) and Production Sharing Contracts (PSCs) as it relates to taxes, royalties, bonuses and Profit Oil Split. A Paired Samples t-test, Wilcoxon Signed Rank test and Gray’s (Gray, 1980) Index of Conservatism analyses were conducted simultaneously where the accounting numbers, financial ratios and industry specific performance measures of GAAP and IFRS were computed and analysed and the significance of the differences of the mean, median and Conservatism Index values were compared before and after IFRS adoption. Questionnaires were then administered to the key stakeholders in the adoption and implementation of IFRS and the responses collated and analysed. The results of the analyses reveal that most of the accounting numbers, financial ratios and industry specific performance measures examined changed significantly as a result of the transition from GAAP to IFRS. The E&E expenditures and the mean cost of Crude Oil production per barrel of Oil and Gas companies increased significantly. The GAAP values of inventories, GPM, ROA, Equity and TA were also significantly different from the IFRS values. However, the differences in the provision for decommissioning expenditures were not statistically significant. Gray’s (Gray, 1980) Conservatism Index shows that Oil and Gas companies were more conservative under GAAP when compared to the IFRS regime. The Questionnaire analyses reveal that IFRS based financial statements are of higher quality, easier to prepare and present to management and easier to compare among competitors across the Oil and Gas sector but slightly more difficult to audit compared to GAAP based financial statements. To my knowledge, this is the first empirical research to investigate the impact of IFRS adoption on the financial statements of listed Oil and Gas companies. The study will therefore make an enormous contribution to academic literature and body of knowledge and void the existing knowledge gap regarding the impact and implications of IFRS adoption on the financial statements of Oil and Gas companies.

Ethanol production from brown seaweed using non-conventional yeasts

The use of macroalgae (seaweed) as a potential source of biofuels has attracted considerable worldwide interest. Since brown algae, especially the giant kelp, grow very rapidly and contain considerable amounts of polysaccharides, coupled with low lignin content, they represent attractive candidates for bioconversion to ethanol through yeast fermentation processes. In the current study, powdered dried seaweeds (Ascophylum nodosum and Laminaria digitata) were pre-treated with dilute sulphuric acid and hydrolysed with commercially available enzymes to liberate fermentable sugars. Higher sugar concentrations were obtained from L. digitata compared with A. nodosum with glucose and rhamnose being the predominant sugars, respectively, liberated from these seaweeds. Fermentation of the resultant seaweed sugars was performed using two non-conventional yeast strains: Scheffersomyces (Pichia) stipitis and Kluyveromyces marxianus based on their abilities to utilise a wide range of sugars. Although the yields of ethanol were quite low (at around 6 g/L), macroalgal ethanol production was slightly higher using K. marxianus compared with S. stipitis. The results obtained demonstrate the feasibility of obtaining ethanol from brown algae using relatively straightforward bioprocess technology, together with non-conventional yeasts. Conversion efficiency of these non-conventional yeasts could be maximised by operating the fermentation process based on the physiological requirements of the yeasts.

An empirical investigation of the impact of global energy transition on Nigerian oil and gas exports

18 months embargo on the thesis and check appendix for copy right materials

Industry-academia linkages in a high tech research field

Currently academic researches' focus started changing towards protecting IP rights and to transferring them into industrial actors. Accordingly, it is argued that academic's basic research focus started shifting towards applied research as it is essential for the radical inventions to be introduced in a competitive market. This research seeks to understand industry-academia linkages in a high tech field such as nano-crystals. In regards to supporting the technology transfer process within or cross country, this study illustrates the technology development trends and actors' engagement; nano-crystals technology and their interconnections; and maps the organisational (industry-academia) linkages that enhance the commercialisation of radical inventions. The results show that the industry-academia linkages that appeared as decentralized structure are more stable compared to other linkage types. Korean and Japanese organisations present such stable linkages. The linkages are even stronger when they appear as a mono-linkage type. Chinese organisations show a great illustration of such an effective mono-linkage of co-inventorships in high tech research field. The organisations in the US maintain international linkages.