Nigeria Is The Most Fraudulent Country in Africa - KPMG Reporters

«§» 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.

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Posted: at 24-11-2012 05:55 AM (11 years ago) | Hero

KPMG u are rite.

Posted: at 24-11-2012 09:48 AM (11 years ago) | Addicted Hero

 I HAIL

Posted: at 24-11-2012 10:44 AM (11 years ago) | Newbie

KPMG, ure absolutely ryt. Any1 disputing it wit u is among d fraudulent pple in d country.

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Posted: at 24-11-2012 10:54 AM (11 years ago) | Gistmaniac

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?

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Posted: at 24-11-2012 11:48 AM (11 years ago) | Gistmaniac

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.

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Posted: at 24-11-2012 01:16 PM (11 years ago) | Hero

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!!!

Posted: at 24-11-2012 02:38 PM (11 years ago) | Newbie

ok

Posted: at 24-11-2012 03:35 PM (11 years ago) | Hero

Yet we have the highest number of churhes, roadside mosques, pastors, and immams.

Posted: at 24-11-2012 05:21 PM (11 years ago) | Gistmaniac

ok

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Posted: at 24-11-2012 06:44 PM (11 years ago) | Addicted Hero