ANALYSIS OF FINANCIAL CRIMES IN NIGERIA: A REVIEW OF CONCEPTS, THEORIES, AND LITERATURES

Abstract

This paper examined financial crimes in Nigeria, with emphasis on the concepts, theories, causes, and effects associated with the phenomenon. Financial crimes such as corruption, money laundering, cybercrime, bribery, embezzlement, and advance fee fraud have become major challenges affecting Nigeria’s economic growth, political stability, and international reputation. The paper aimed to review existing literature and theoretical perspectives explaining the prevalence of financial crimes in the country. The methodology adopted for the paper was a doctrinal approach based on the review of secondary sources of data, including textbooks, journal articles, government publications, reports, and relevant online materials. Relevant theories such as the Rational Choice Theory, Strain Theory, Differential Association Theory, and Routine Activity Theory were reviewed to explain the motivations and persistence of financial crimes in Nigeria. The findings revealed that financial crimes in Nigeria are driven by factors such as unemployment and poverty, among others. Based on the findings, the study recommended strengthening anti-corruption agencies and improving judicial processes.