Fraud and Other Financial Crimes Prevention: The Legal and Regulatory Frame Work Versus Zero Tolerance Fraud in Nigeria

WURIM, BEN PAM

Department of Business Studies

Plateau State University, Bokkos, Jos, Plateau State, Nigeria.

E-mail: wurimpam@yahoo.com 

ABSTRACT

Nigeria was ranked as the most corrupt nation among 54 nations studied in 1996 by a Corruption Perception Index (CPI) of Transparency International. The paper is a non empirical assessment of the legal provisions of some of the prominent fraud prevention legislations in Nigeria using some selected examples from the Nigeria’s fraud case file with the view of ascertaining the impact of these legislations in the achievement of zero – tolerance fraud in Nigeria. The paper reveals that corruption has eaten so deep into the fabric of the society and the battle against corruption being prosecuted by men who are not morally qualified to lead the crusade. The anti-corruption agencies are only allowed to operate within visible boundaries imposed by the government of the day. The paper concludes that corruption has an inherent capacity within its operational framework that sustains it and gives it life in perpetuity; anti-corruption laws and agencies have not been allowed to take their cause as a result of deeply rooted socio-economic collapse of the system. As a result, the paper recommended a mechanism for the eradication and transformation of the culture and legacy of corruption; the establishment of a National Integrity System and a national value re-orientation program; and the reinforcement of the legal and regulatory framewor