Effect of Foreign Ownership on the Value of Listed Financial Firms in Nigeria

This study examines the effect of foreign ownership on the value of listed financial firms in Nigeria. The study employs ex post facto research design. The study utilizes secondary data from the annual reports and financial statements of 42 purposively selected listed financial firms in Nigeria from 2012 to 2022. The data was analyzed using descriptive statistics, correlation analysis, and multiple regression techniques. The findings reveal that foreign ownership has a positive and significant effect on firm value of listed financial firms in Nigeria. The study concludes that foreign ownership has over the years increased the firm value listed financial firms in Nigeria. The study recommends that Nigerian financial regulators, particularly the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN), should develop policies that encourage foreign investment while ensuring adequate local participation in financial firms. Additionally, firms should strategically leverage foreign ownership to improve corporate governance, attract capital inflows, and enhance financial performance. Further research is suggested to explore the moderating role of corporate governance mechanisms in the relationship between foreign ownership and firm value.