IIARD International Institute of Academic Research and Development

INTERNATIONAL JOURNAL OF ECONOMICS AND FINANCIAL MANAGEMENT (IJEFM )

E-ISSN 2545-5966
P-ISSN 2695-1932
VOL. 8 NO. 8 2023
DOI: https://doi.org/10.56201/ijefm.v8.no8.2023.pg112.146

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Financial Fraud and Socio-Economic Development in Contemporary Nigeria: Interrogating the Nexus

Ochi, Ijeoma Brigid, Okeke, Christian Chidi Ph.D, Chukwuma, Ogonna E.

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Abstract

The study interrogated the effect of financial fraud on the socio-economic development in Nigeria from 2015 to 2022. Nigeria is characterized by high rate of financial fraud with growing concerns on its impact on the socio-economic development of Nigeria. The specific objectives of the study, therefore, are to examine the nature of financial fraud in the country from 2015-2022, determine how financial fraud affected socio-economic development in Nigeria from 2015-2022, and identify how financial fraud can be cubed in order to boost socio-economic development in the country. To achieve the objectives of this study, the following questions were posed: (i)What is the nature of financial fraud in Nigeria from 2015 to 2022? (ii),How has financial fraud affected socio-economic development in Nigeria from 2015 and 2022? and (iii) In what ways can financial fraud be curbed in order to boost socio-economic development in Nigeria? The study is anchored on the elite’ s theory propounded by Vilfredo Pareto in 1848. It adopted ex post facto research design and documentary method for data collection, while qualitative descriptive method was used for data analysis. Among other things, the study found out that financial fraud was high in Nigeria from 2015-2022. It equally found out that financial fraud adversely affected socio-economic underdevelopments in Nigeria from 2015-2022 as some measures put in place to curb financial fraud did not effectively achieve the objectives. In view of the findings, the study proffered some recommendations as solutions to the findings and they include the need to investigate all forms of financial allegations and offenders swiftly punished in accordance with

keywords:

Financial Fraud, Nigeria, Socio-Economic Development, Legislation, Prosecution

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References:

Abdullahi, Y. (2016). Economic and financial crimes in Nigeria: Policy issues and options.
Ilupeju: Express Image.

Abiola, I. (2009). An assessment of fraud and its management in Nigeria commercial banks.
European Journal of Social Science, 10(4), 628-640.

Ade, A. & Oladimeji, R. (2020). Seized properties cornered by top EFCC officials, Magu’ s
friend – panel. Punch July 13.

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