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Corporate Governance and Financial Crime Prevention: Evidence from Oil and Gas Sector

Maxwell Smith OGBOTOR PhD

Abstract

This study investigates the effect of corporate governance on financial crime prevention in the Nigerian oil and gas sector through a systematic review of secondary and qualitative data sources, utilizing Stakeholders Theory and Agency Theory. The study employs thematic analysis to identify patterns and themes in the literature, drawing from various sources. The findings suggest that effective corporate governance is crucial for preventing financial crimes, and key recommendations include strengthening board composition and independence, enhancing audit committee effectiveness, promoting board diversity, and implementing robust monitoring mechanisms. By implementing these recommendations, stakeholders can enhance financial reporting integrity, prevent financial crimes, and promote sustainable development, ultimately contributing to Nigeria's economic development and a more transparent business environment, with significant implications for policymakers, regulators, and industry stakeholders. The research argues that effective corporate governance plays a crucial role in reducing financial crime and promoting transparency and accountability in the sector.

Keywords

Corporate governanceFinancial crimeGovernance frameworksOil and gas sector

References

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