An investigation of corporate executive fraud by CEOs in the Nigerian banking sector
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Date
2013
Authors
Olatunde, J.O
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Abstract
A number of studies and reports have associated corruption with the misuse of public office
for private financial gain, but they have rarely examined the involvement of corporateexecutives in fraudulent and corrupt financial practices. This paper argues that the recent
banking crisis in Nigeria has exposed the activities of bank executives in corruption and
fraudulent practices. The paper locates the role of corporate executives within the
institutional anomie theory called American dream’ theory, whereby the pursuit of monetary
success has come to dominate society and non-economic institutions have tended to become
subservient to the economy. The paper argues that, given the strong and relentless pressure
for everyone to succeed, understood in terms of an inherently elusive monetary goal, people
formulate wants and desires that are difficult, if not impossible, to satisfy within the ambit of
legally permissible behaviour. The paper uses publicly available data to show that bank
executives and directors are involved in corrupt practices in Nigeria which have had negative
outcomes. Evidence is provided to show that, in pursuit of their own personal desires to
accumulate capital, corporate executives have designed novel schemes to circumvent laws
and regulations. The paper encourages reflection on predatory banking practices and offers
some suggestions for reform.
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Keywords
Banking crisis , Financial corruption , Nigeria , Corporate executive fraud
Citation
Olatunde, J.O (2013), An investigation of corporate executive fraud by CEOs in the Nigerian banking sector, African Journal of Accounting, Auditing and Finance, vol.2 (1).).