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An Evaluation Of The Effect Of Fraud And Related Financial Crimes On The Nigerian Economy
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Commer (2008) noted that motivations for corporate
fraud include: Personal greed; Possibility of getting away; Low
prosecution rate; societal pressures; Opportunity; Staff morale problems
and Anti-institutional posture.
However, Nigerian government like
many other governments of developing countries until recently has been
very slow in putting in place strict policy measures and legislative
framework in combating the effects of economic and financial crimes. As a
result economic and financial crimes have eroded the integrity of
Nigerian financial institutions since sizeable numbers of them were
actively involved in money laundering and other financial crimes on the
economy and socio¬political development of Nigeria as a developing
nation. It is instructive to stress from on set that this study is not
intended to delve into details legal discussion on the concept of
economic and financial crimes and the relevant provisions of Nigerian
law regulating same. This of course will not obviate occasional
reference being made to various forms of economic and financial crimes
as known to Nigerian law and relevant statutory laws regulating those
forms of crimes.
This study aims at evaluating the effect of fraud and related financial crimes on the economy of Nigeria.
1.2 STATEMENT OF THE PROBLEM
There
have been concerns about the management of the country’s resources,
particularly oil and its revenues, has been on the operation of the
Excess Crude account by the government because it does not comply with
relevant provisions of the 1999 constitution. Section 162 of 1999
constitution specifically stated that “internally Generated Revenues
(IGR) of the federal government of Nigeria must be paid into the
federation Accountâ€, but the operation of the Excess Crude Account (ECA)
by the Federal Government violates this provision. Apart from concerns
over the mismanagement of the Excess Crude Account, there are also
worries about revenues from the sale of gases.
Falana (2010) noted
that facts have continued to emerge daily on huge sums of money that
have either been looted, misappropriated, shared, mismanaged or
committed into white elephant projects. It is worrisome to observe the
highest level of profligacy and irregularities by all tiers of
government in the management of the country’s resources and wealth of
the nation. In view of the above development, the researcher is
interested to investigate the impact of fraudulent fiscal practices and
financial crimes on the growth and development of Nigeria economy.
1.3 OBJECTIVES OF THE STUDY
The
main objective is to determine the impact of fraud and financial crimes
on the growth and development of Nigerian economy. The specific
objectives include the following:-
i. To examine the effect of fraud and related financial crime on Gross Domestic Product.
ii. To examine the effect of fraud and related financial crime on inflation in the economy. RESEARCH QUESTIONS
i. To what extent do fraud and related financial crime affect Gross Domestic Product?
ii. To what extent do fraud and related financial crime affect inflation in the economy?
1.4 STATEMENT OF THE HYPOTHESES
Hoi: Fraud and related financial crime have no positive and significant effect on the Gross Domestic Product.
Ho2: Fraud and related financial crime have no positive and significant effect on inflation in the economy.
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ABSRACT - [ Total Page(s): 1 ]The objective of this study is to determine the impact offraud 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 t ... Continue reading---
