«§» 24 November 2012
Respected global audit and financial advisory firm, KPMG, has rated Nigeria as the most fraudulent country in Africa, with the cost of fraud during the first half of 2012 estimated at N225 billion ($1.5 billion).
The firm’s Africa Fraud Barometer, instituted this year, measures fraud on the continent and asses the fraud risk that confronts companies in their operations.
In KPMG’s second report, issued last Wednesday, it identified Nigeria, Kenya and South Africa as accounting for 74% of the total number of cases on the African continent, with Nigeria recording the highest overall value of fraud in the first half of the2012.
Reported cases of fraud, however dropped from 520 in the first half of 2011 to 503 in the first half of 2012, and the value of fraud fell from $ 3.3 billion to $ 2 billion.
KPMG compiles the data for the Africa Fraud Barometer by analysing available news articles and reviewing fraud cases from designated databases.
The new report observed that Nigeria’s fraud profile has been compounded by fraud and corruption in the oil sector, with “bribes in the private and public sector, misappropriation, and contract inflation” as common forms of fraud.
By contrast, Nigeria’s President, Mr. Goodluck Jonathan, last Sunday in his chat with the media bragged that his administration is fighting and winning the war on corruption, and that he has done better than his predecessors in combating corruption.
In another report, “Global States of Mind: New Metrics for World Leaders,” published on November 14, Gallop Poll declared Nigeria one of the two most corrupt countries in the world, superior only to Kenya.
Contrary to Mr. Jonathan’s claims, the Gallup report showed that 94 percent of Nigerians believe there is widespread corruption in the government.
Reply #1 by Uchey90
on: 24 Nov 12, 07:30 AM (3 years ago) Upcoming (m)
but that is not what really matters, for me, what matters is how they spend the money
Reply #2 by winace
on: 24 Nov 12, 09:48 AM (3 years ago) Addicted Hero (f)
Reply #3 by crusifixo
on: 24 Nov 12, 10:29 AM (3 years ago) Gistmaniac (m)
Reply #4 by Dguy2
on: 24 Nov 12, 10:44 AM (3 years ago) Newbie (m)
Reply #5 by micc
on: 24 Nov 12, 10:50 AM (3 years ago) Hero (m)
Reply #6 by Sophyrocks
on: 24 Nov 12, 10:54 AM (3 years ago) Gistmaniac (f)
KPMG, ure absolutely ryt. Any1 disputing it wit u is among d fraudulent pple in d country.
Reply #7 by Activated
on: 24 Nov 12, 11:28 AM (3 years ago) Upcoming (m)
Am not surprised, so KPMG your news is stale news
Reply #8 by nzewyte
on: 24 Nov 12, 11:48 AM (3 years ago) Gistmaniac (m)
Habba wetin! Economist says it is d worst place to b born......... Now una say na d most fraudulent country! Mama 9ja na wetin u do dem na?
Reply #9 by sudyjoe
on: 24 Nov 12, 01:08 PM (3 years ago) Newbie (f)
Reply #10 by aso4life1
on: 24 Nov 12, 01:16 PM (3 years ago) Hero (m)
Naija no win any medal at the London Olympics but we are winning some of field awards,. anyway, KPMG this one no be news because everybody sabi this tey tey.
Reply #11 by ZION7ZION
on: 24 Nov 12, 01:40 PM (3 years ago) Gistmaniac (m)
Reply #12 by jerusalem88
on: 24 Nov 12, 02:38 PM (3 years ago) Newbie (m)
Politically, it's Nigeria, South Africa & Kenya. Bcos there are strong opponents in their political parties who are working ceaselessly to uncover the illegal acts of the ruling parties. But other countries are too blind and weak to oppose the ruling parties in power. What a shame to those weak countries!!!
Reply #13 by bigdad95
on: 24 Nov 12, 02:52 PM (3 years ago) Upcoming (m)
it is in their blood,nigerian ppliticians can not live with out fraud,its their destiny
Reply #14 by Senegal
on: 24 Nov 12, 03:35 PM (3 years ago) Hero (m)
Reply #15 by vantheo
on: 24 Nov 12, 04:09 PM (3 years ago) Hero (m)
Reply #16 by Neglito
on: 24 Nov 12, 05:21 PM (3 years ago) Gistmaniac (m)
Reply #17 by colenzo
on: 24 Nov 12, 06:44 PM (3 years ago) Gistmaniac (m)
they are waiting for the drug peddlers at the airport forgetting the one that matters
Reply #18 by mallorca
on: 24 Nov 12, 06:44 PM (3 years ago) Addicted Hero (m)
Reply #19 by HOPEA23
on: 24 Nov 12, 06:50 PM (3 years ago) Addicted Hero (f)