The Effect of Financial Crime and Internet Crime on the Economy of Nigeria
CHAPTER ONE
Objective of the study
The objectives of the study are;
- To examine the negative effect of financial crime and internet crime on the Nigerian economy.
- To know whether if financial crime and internet crime have positive influence on the Nigerian economy
- To ascertain if proper supervision is given to the policy implementation in order to reduce financial crime and internet crime in Nigeria
CHAPTER TWO
LITERATURE REVIEW
INTRODUCTION
Our focus in this chapter is to critically examine relevant literature that would assist in explaining the research problem and furthermore recognize the efforts of scholars who had previously contributed immensely to similar research. The chapter intends to deepen the understanding of the study and close the perceived gaps.
CONCEPTUAL FRAMEWORK
Financial Crime
Financial crime is defined as any non violent offence that is committed by or against an individual or corporation that can result in financial loss, has a high patency to corrupt and sabotage the economic policy of the government. Financial crime cover a multitude of offence ranging from fraud to money laundering looting to financial malpractice (which includes offence committed through financial activities such as round fripping grant of unsecured loan or over draft facilities, redness activities which cause the collapse of banks) by individual and financial institutions. They also includes; obtaining money by false pretence- popularly known as advance fee fraud (419) looting and money laundering which is a generic term used to describe the process by which criminal disguise the original ownership and control of the proceed appears to have been derived from a legitimate source (Economic and Financial Crime Commission, 2002). From the definition, it can be seen that financial crime can threaten the security of consequences as it undermines initiative and effort to establish and strengthens market based economic. It hence, discourage direct foreign investment; facilitate tax evasion thereby encourage financial malpractice, exposes government financial institutions to reputation society and free movement of person.
CHAPTER THREE
Research methodology
Research Design
The research design adopted in this research work is the survey research design which involves the usage of self-designed questionnaire in the collection of data. Under the survey research design, primary data of this study will be collected from central bank of Nigeria in Imo state in order to determine the effect of financial crime and internet crime on the economy of Nigeria. The design was chosen because it enables the researcher to collect data without manipulation of any variables of interest in the study. The design also provides opportunity for equal chance of participation in the study for respondents.
Population of Study
The population of study is the census of all items or a subject that possess the characteristics or that have the knowledge of the phenomenon that is being studied (Asiaka, 1991). It also means the aggregate people from which the sample is to be drawn.
Population is sometimes referred to as the universe. The population of this research study will be Seventy-five (75) selected staffs of central bank of Nigeria in Imo state
Sample Size and Sampling Techniques
The researcher made use of stratified sampling technique because all the members have the same probability of occurrence. The researcher narrowed down the samples to staff of central bank of Nigeria in order to access the effect of financial crime and internet crime on the economy of Nigeria.
CHAPTER FOUR
DATA PRESENTATION, ANALYSIS AND DISCUSSION
This chapter is about the analysis and presentation of data collected from the field through questionnaire. The analysis of the data with particular question immediately followed by the presentation of findings.
As mentioned in chapter three, 50 questionnaires were administered and 50 were retrieved and necessary analysis was carried out on them.
Data Presentation
This is the presentation of the quantitative data collected from the respondents through the questionnaire drawn-tabulation and percent (%) age will be used to analyze the data accordingly.
CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATION
Introduction
It is important to ascertain that the objective of this study was to ascertain the effect of financial crime and internet crime on the economy of Nigeria . In the preceding chapter, the relevant data collected for this study were presented, critically analyzed and appropriate interpretation given. In this chapter, certain recommendations made which in the opinion of the researcher will be of benefits in addressing the challenges of financial crime and internet crime on the economy of Nigeria.
Summary
This study was on the effect of financial crime and internet crime on the economy of Nigeria. Three objectives were raised which included: To examine the negative effect of financial crime and internet crime on the Nigerian economy, to know whether if financial crime and internet crime have positive influence on the Nigerian economy and to ascertain if proper supervision is given to the policy implementation in order to reduce financial crime and internet crime in Nigeria. The total population for the study is 75 indigenes of staffs of CBN in Imo state. The researcher used questionnaires as the instrument for the data collection. Descriptive Survey research design was adopted for this study. The data collected were presented in tables and analyzed using simple percentages and frequencies
Conclusion
The research work has helped in evaluating the impact of financial crime and internet crime on the Nigerian economy and this bringing to line light the cause of financial crime and ways of curbing it. It data were collected through questionnaire and interview bearing in mind concrete measure put in place by the present administration to address the problem. In conclusion, it should be noted that measures put in place by the government will only be successful if everyone will ensure that they contribute their own quota to the achievement of the measure formulated by the government to curb this menace.
Recommendation
The government should ensure that good remuneration system is put in place to improve the standard of employees of the public service such that the basic necessities can be catered for by theses employee, this will go a long way to reduce the hardship faced by the poor in the hands of most rich elite of the nation.
The establishment of anti- corruption agencies by the government is a good development; they should however ensure that the public have an awareness of the ways in which these agencies work and how to assist them in the achievement of their goals. The government should also ensure the manpower to employ the man these agencies are qualify and are of credible standard and character that‟s whose judgment will not be found to be in favor of few elite in the country.
Policies implemented by the government should be those that will deter each citizens of the nation from such corrupt practice. The government should as a matter of urgency give economic reform measure a human face. The government cannot except to enforce anti- corruption policies on one hand successful prosecute a war against corrupt practice involving the people on the other hand. Though distinct, the economic reform Agenda and the corruption campaign cannot wholly be separated rather they should b implemented side by side.
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