The separation of ownership from control creates an agency problem which continue to revebrate across the globe due to the perenial failure of firms soon after the publication of juicy profits. Management out of the desire to earn enhanced bonuses, avoid violation of debt covenants, massage taxes and influence market outcomes create information ambiguity through signaling, timing of financial reports and falsification of reported earnings. Exacerbating the problem is the weakness in institutional and poor enforcement of laws. This study therefore examines information asymmetry through the lens of stock volatility and investment efficiency effects on accrual and real earnings management using audited financial statements of manufacturing firms for the period 2004 to 2023. The study adopted Hausman test for selection of models and correlatrion analysis for determination of relationship. Causality test was carried out to determine direction of causality. Various diagnostic tests were conducted Findings revealed a positive association between stock returns volatility and real earnings management. Also noted is the positive connection between investment efficiency and discretionary accruals. A positive association between stock return volatility and discretionary accruals was indicated by the study. Strong positive association was indicated between investment efficiency and real earnings management. It is therefore recommended that Firms should be required to report their discretionary accruals and real earnings so that users can understand significant variances each year. Doing this helps make financial facts clearer and so investors can better judge the company’s earnings.To lessen the possibility of opportunistic manipulation, board audit committees should examine accrual-based accounting entries more closely, especially those that have a major impact on profits figures.Despite the weak direct association found in the study, investors and regulators should keep an eye on stock return volatility as an early warning indicator for potential manipulation, particularly in companies with erratic earnings patterns.