A crucial component of corporate accountability and transparency is timely financial reporting, especially in developing nations like Nigeria where institutional frameworks may be inadequate. This study examined the effect of audit committee characteristics on financial reporting lag of quoted financial services firms in Nigeria. The specific objectives of the study are to evaluate the effect of audit committee diligence audit committee size, and audit committee financial expertise on financial reporting lag of quoted financial services firms in Nigeria. The research design adopted by the study is ex-post facto research design and the population constitutes all the forty-five (45) financial services firms quoted on the Nigerian exchange group (NGX group) as at 31st December, 2024. Secondary data were extracted from the audited annual reports of the sampled firms from 2015-2024. The study used random effect regression as the techniques of analysis using STATA 17.0 software. The findings revealed that audit committee diligence has an insignificant positive effect on audit report lag of quoted financial services firms in Nigeria. However, audit committee size and audit committee financial expertise has a significant positive effect on audit report lag of quoted financial services firms in Nigeria. The study recommended that firms should maintain an optimal committee size that promotes efficiency without compromising diversity of expertise. The study further recommended that firms should prioritize the appointment of members with strong accounting, auditing, and financial management knowledge. Financially literate committee members are better equipped to understand complex financial issues and ensure quicker completion of audit processes.

It was the 1970s, and Venezuela was awash in oil money. A lavish metro system was being built in Caracas, Skyscrapers were rising across the country as foreign companies took part in the growth. Venezuela was a poor country until the discovery of oil in 1922. The government nationalized foreign-owned assets and began a sparring match with the United States, only to run out of cash when oil prices crashed. Millions fled as the country buckled under American sanctions. Venezuela’s economy collapsed. It no longer manufactured many of the most basic items, and it could not afford to import them from abroad. Years of price controls meant it was difficult to earn profits since the prices rarely covered costs. Persistent inflation, growing fiscal deficits, and shortages of foreign currency continued. The government required all requests for foreign currency to go through a government agency with exchange at the official rate. The country devalued its currency by 32% on February 13, 2013, to address persistent inflation. The official exchange rate for its currency, the Bolívar, moved from 4.3 per dollar to 6.3 dollar. The U.S invasion on January 3, 2026, captured President Maduro and transferred him to the U.S. to stand trial. The U.S. invaded without a specific plan for the next steps. Despite the stated formation of a transition government and U.S. oil companies were expected to revive the oil industry, it appeared any transition in the economic, legal, and political systems were not immediately forthcoming.