The Effect Of Financial Crime On The Growth Of Small/medium Scale Businesses

The Effect Of Financial Crime On The Growth Of Small/medium Scale Businesses

Chapter One

Preface

fiscal crimes have been the order of the day for quite a long time especially in our society moment. This miracle ranges from colorful confines, similar as Bank fraud, embezzlement of public finances, plutocrat laundering, credit cards fraud etc. It can be described as a conscious premeditated action of a person or group of persons with the intention of altering the verity, or data for selfish particular financial gain.

This has been a general quietus in the whole wide world and the Nigerian society has not seen spared moreover.

The important effect of crimes has on the global request has now come a source of great concern to unborn logic stakeholders profitable enterprises are closing businesses and innocent members of the society not shamefaced of a fiscal crime are moan with pain under the weight of a heavy debt burden and a not hopeful future.

Unexpectedly, after the attack in the United States trading centre on September 11, several fiscal irregularities were uncovered in some major business conglomerates with ruinous goods on the global fiscal request or businesses.

Agbuba and Egbunike( 200314) “ At the sixth indigenous factory on plutocrat laundry and fiscal crimes organized by West African Institute for Financial and Economic Management( WAIFEM) in Lagos, its Director General Chris Itsedo bared that an estimated$ 10 billion( N1.28 trillion) was lost yearly in the ECOWAS sub region through plutocrat laundering conditioning lone.

In the same vain the recently introduced ATM card isn’t helping situation is fluently accessible to these advance fraudsters. Due to no acceptable security measure which incorrectly place in the system.

It’s getting veritably clear that fiscal crimes live in oursociety.However, it’s dejecting to learn that colorful forms of crimes or lawlessness have eaten so deep into the structure of our fiscal institutions, If not worse. This singular conditioning has caused a great damage in our Frugality similar as loss of jobs, loss of investors, loss of confidence in the fiscal institutions, youth no longer interested in learning or reading due to they’re allowing on how to defraud and come rich over night similar as some youth in Edo State moment that took over leadership from elders of their time and engage on dealing lands and buying buses forgetting the future of the yet on born child. These now serve as means of escape of huge totalities of plutocrat from our developing frugalityetc.

To annihilate this miracle becomes delicate due to top government functionaries and unconscionable politi9cians and other high place individualities citizens both then at home and abroad engage in these conditioning that made translucency transnational in several occasion ranked Nigeria as one of the most loose Nation on the earth.

Ranging from stealing public finances throughnon-completion of systems and some other cases work will be contracted on paper( faceless point) awarded on political base not indeed executed they will partake the plutocrat among themselves and conceivably kill any body that come across their way.

The frugality is suffering its own share of decay gradationally, as a result of this stinking/ exodus, which move frequently than not the finances are taken abroad. Million staffs of our Nation have been thrown into the labour request and numerous investors in our frugality, have been thrown into fear as they watch their hard earned plutocrat go down the drain. The investors are now distrusting the fiscal translucency of our fiscal institutions and the frugality at large.

Technology of moment and vast internet connectivity with just the process of pressing a button transfermillion of bones into strange accounts. These stolen millions rather further help to jeopardize the life of our people. These unconscionable individualities come largely connected, fraudulently buy arms, buses and drove authoritatively unchallenged, kill and go down with.

Statement Of The Problem

To be kindly finance is so important, if not the most important in all aspect of any frugality. On the other hand, crime is an unwanted aspect of our societies to growth. Financial crimes could thus be likened to bringing together the hitch axes of our frugality. The degree to which fiscal crimes do in any society would affect the position of profitable conditioning, which are carried out. The statements of the problems thus are

1. What’s the rate of occurance of fiscal crimes in Nigeria?

2. Does the actuality of fiscal crimes actually affect our Economy Development?

Objects Of The Study

The sole points of this exploration work is to Examine the goods of the fiscal crimes on the growth of small/ medium scale business. A study of named transport companies in Edo State.

i) To identify the rate of occurance of fiscal crimes on transport companies in Edo State and its effect on the Frugality growth of the state.

ii) To determine the government liabilities, involvement to enhance development structure in that sector.

thesis

thesis is a conditional answer to a exploration question. It’s frequently stated in the form of a relationship between a dependent variable and an independent variable( Yomere 1999) motifs of this nature are nonstop, stating our thesis would give us an ending point.

The following suppositions are formulated and are to be tested.

i) Null thesis There’s a low rate of occurance of fiscal crimes in Nigeria.

Indispensable Hypothesis Financial crimes have affected our profitable development.

ii) Null thesis There’s a high rate of occurance of fiscal crimes in Nigeria.

Indispensable Hypothesis Financial crimes have affected our profitable development.

Base For The Study

The base for this study of the effect of fiscal crimes on the growth of small/ medium scale businesses. A study of named transport companies in Edo state can not be over emphasized. The study will deal with a problem which important study has not been given too important attention. else making it new in nature. This exploration arms to serve as a spring board for others, who chose to dig further into the areas of fiscal crimes affecting growth of small/ medium scale businesses in transport sector in Edo State.

The study will as well serve as a base for putting into place colorful procedures and programs which will help domestic fiscal crimes and bring it to its conclusion end.

These new exposure in nature would help to jump start our frugality on this sector,re-introduce confidence and bring investors both original and transnational out of their caching point.

Methodology

Data collected for the purpose of this study shall be anatomized and used meetly where necessary in other to bring out the natural value of data which is the base of this study and conclusion drawn as information will be inspired from motor transport companies publications discussion and thesis applicable to the study.

Compass Of The Study

This exploration work will concentrate on the effect of fiscal crime on the growth of small/ medium scale businesses. A study of named transport companies in Edo State.

Limitations

Being a fairly new area in nature where not important exploration has been done on the content. I image this will place constraint asnon-availability of important literature workshop and textbook. Due to the sensitive nature of the study of profitable development this would place a constraint to the system of analysis available for this study. High cost of sourcing for accoutrements and time in which this study most be completed, as I’m a pupil that’s supposing oneself with little income. Despite these failings, this exploration will aim to roundly carry out a comprehensive analysis and empirical job on this study.