An Evaluation of the Effect of Fraud and Related Financial Crimes on the Nigerian Economy

Abstract

The objective of this study is to determine the impact of fraud and related financial crimes on the growth and development of Nigerian economy. Data for the study were collected from secondary sources only. The research analyzed the data generated using regression analysis. The research findings revealed that, fraud and related financial crime has significant effect on the Nigerian economy while fraud and financial crime have no significant effect on inflation. The research therefore recommends that Auditors and Accountants in organizations and financial institutions should be trained on how to carry out forensic investigation since the fraudsters are now sophisticated in their act. Also internal control systems should be strengthened to block opportunities that attract fraud perpetrators and oversight function of the National Assembly be strengthened to make public office holders accountable.

Effect of Corruption on Corporate Governance in Selected Area Offices of Deposit Money Banks in Enugu State, Nigeria

“…The fraud coefficient of 0.732 indicate that fraud to a large extent affects the managers' accountability in selected area offices of deposit money banks in Enugu State, Nigeria, which is statistically significant (with t = 12.517). The current results are consistent with findings of Hamilton and Justin (2012) Okoye and Gbegi (2013) that fraud and related financial crime had significant effect on the Nigerian economy.…”

Economic and Non-Economic Variables Affecting Fraud in European Countries

“…By contrast, a recent study has indicated that corporate corruption increases the profitability of privately held firms (Ferris et al 2021). Moreover, several studies have provided empirical support for a positive bidirectional relation between economic growth and corruption in developing economies and a negative unidirectional relation between them in developed countries (Okoye and Gbegi 2013;Qureshi et al 2021). Consequently, corruption and fraud can both damage and sustain economic development.…”

Fraud and Business Cycle: Empirical Evidence from Fraudsters and Fraud Managers in Nigeria

“…Few studies have been conducted on the connection between corruption and economic growth in Nigeria, some of these studies includes, Okoye and Gbegi (2013) who used regression analysis to analyzed data on the Nigerian economy and observed that fraud and financial crimes have significant effects on the Nigerian economy. In the same vein, Hamilton and Gabriel (2012) used simple percentages and frequency distribution tables to analyse data gathered through the use of questionnaires and oral interviews administered on 22 firms in Nigeria, and observed that the prime cause of fraud is inadequate internal control.…”