The global endemic nature of financial malpractices: an analytical appraisal
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Date
2005
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Department of Business Management, Faculty of Management Sciences, University of Maiduguri.
Abstract
It is increasingly becoming a commonplace knowledge that virtually every facet of the nation’s economy is enmeshed in financial inadequacies. It is equally not in doubt that to an average educated Nigerian, fraud in the form of financial mismanagement has become a bed-mate to our national life. The above scenario brings to question as to whether Nigeria is an island of corruption and hence making saint of the rest of the world. In an attempt to address this rather imposing question, study examines financial malpractices on a global terrain in order to have the picture of the global occurrences and of course, the position of Nigeria in the comity of nations. To this end, the study specifically examines the occurrences in Nigeria using the banking industry as a showcase. From this point, it went further to examine the bank crises at a global level using the experiences as obtainable from some selected countries. The global economic mismanagement of political leaders was equally brought to light. Since all these have a devastating effect on the economy by increasing the poverty index and hence reducing the standard of life, the study further revealed the comparative standard of life of some selected countries. The Nigerian placement on the corruption index was equally delved into, all in an attempt to have the position of Nigerian in the scheme of things. The study being a theoretical exposition made use of the available records of relevant agencies of Government, World Bank reports and publications of the Transparent International. The mode of analysis was purely descriptive but supported with facts and figures. The study was concluded by, recommending that though fraud is endemic; curbing it would require organizational awareness of what it takes to prevent its occurrence. Once each organization leaves to expectation the nation and the entire world will be better for it.
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Keywords
Financial malpractices, Appraissal, corruption, fraud
Citation
Adefila, J. J., Kasum, A.S. & Olaniyi, T. A. (2005): The global endemic nature of financial malpractices: an analytical appraisal. African Journal of Management. 7: 64- 76,