Frauds Extinction and Resurgence: Existing threats to Medium Large-Scale Businesses in Nigeria

Abstract

This paper investigated frauds extinction and Resurgence: Existential threats to medium and large-scale businesses in Nigeria. Anambra state is chosen to represent Nigeria as one of the states in Nigeria. The population of this study is 20,000 which comprised 15,000 males and 5,000 females in medium and large-scale businesses in Anambra state. Stratified sampling was used to obtain 2, 00 respondents which made up of 110 males and 90 females from Onitcha municipality and Ihiala local government area in Anambra state. This paper adopted descriptive survey research design aimed at identifying the meaning of fraud, different types of frauds and ways of mitigating the effects of frauds in medium and large-scale businesses. One research question and one hypothesis guided this study. Instrument used for data collection was researcher developed questionnaire “titled, fraud perpetration: frauds extinction and Resurgence: Existential threats of medium and large-scale businesses in Nigeria “, was used,” with four rating scale of strongly agree, agree, dis agree and strongly disagree. The instrument was validated by two specialists. Cronbach alpha statistics was used to determine the reliability coefficient of this study at 0.78 and 0.97, which shows that the instrument is reliable to be used for this study. Mean and standard deviation were used to analyze the data while t test of independent was used to test the hypothesis. The findings from this study reveals that frauds have caused unexpected fold of many medium and large-scale businesses in Nigeria using Anambra state as a case study. Frauds have also, caused conflicts in both medium and large-scale businesses in Nigeria. It was recommended from this study that adequate business protection against frauds should be established. In Nigeria. Security detecting machines and forensic experts should be installed and employed. These would reduce the impacts of frauds in medium and large-scale businesses in Nigeria.