Effect of organized crime on institutional fraud risk management in Nigeria: evidence from Edo State Polytechnic, Usen, Edo State

Abstract

Purpose: This study assesses the effect of organized crime on institutional fraud risk management in Nigeria. The study examined how organized crime prevention, detection, and protection strategies influence fraud management practices.

Methodology: A total population of 594 staff and students was identified, from which 396 respondents were sampled using a stratified sampling technique, and 342 valid responses were analyzed. Data was collected through a structured Five-Point Likert Scale questionnaire and analyzed using SPSS.

Results and Conclusion: The results showed a moderate-to-strong positive relationship (R = 0.613) between organized crime management strategies and fraud management, with R² = 0.576. Prevention had a positive and significant effect, detection had a negative but significant effect, while protection was positive but insignificant. The study concludes that strengthening preventive and detection measures is crucial for effective fraud control in Nigeria.

Implication of findings: The implications of this research are significant for policymakers, institutional managers, and anti-fraud practitioners in Nigeria. The study recommends, amongst others, that corporate organisations should prioritise preventive measures over reactive responses to curb fraud effectively.