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FINANCIAL CRIME IN NIGERIA PUBLIC SECTOR: A STUDY OF LAGOS STATE MINISTRIES
A b s t r a c t
This study investigated the existence of financial crime in the Nigerian public sector and the effects of government reforms implementation in Lagos state ministries. The study further examined the intensity and effectiveness of punishment against such crimes. Questionnaire survey was used as primary data collection method. Out of 160 copies of questionnaire, 83 were retrieved as response from accountant and auditors across 10 ministries. The t-test statistics was used in testing the hypotheses stated in the study. This revealed that contract fraud and payroll fraud where prevailing fraud in the ministries during the previous administration. Government reforms have also been brought into way to reduce and curb the effects of financial crime and to seal loopholes. The study recommends the effectiveness of the legal anticorruption agencies in charge of reducing the rate of financial crimes and there should an increase in the level of their enforcement. There should be high profile penalties and charges involving fraud in order to discourage its reoccurrence in the public sector.
Keywords: Financial Crime, Fraud, Public Sector, Ministries, Department and Agencies.