Abstract
The two objectives set for this research were to assess how well, the Cressey’s hypothesis, also known as fraud triangle theory, can explain the reasons behind corruption in Nigerian institutions, and to assess the significance of capability from the fraud diamond theory, towards the detection and prevention of corruption in Nigeria. The researcher adopts a critical review approach of past literature. From the conclusion reached, two recommendation for successful eradication of corruption in Nigeria are: (1) to adopt the Cressey’s fraud triangle approach as well as the fraud diamond to fight corruption (in micro level), from organization to organization and (2), to adopt a more fundamental approach similar to the Hong Kong’s Two-Pronged approach to improve overall accountability and fight opportunity for corruption from a wider macro level. Suggested step for the federal government of Nigeria to successfully fight corruption at a macro level, is to merge the Economic and Financial Crimes Commission (EFCC) and Independent Corrupt Practices and Other Related Offences Commission (ICPC) to form one single and properly resourced independent corruption fighting agency, similar to that of Hong Kong’s Independent Commission Against Corruption (ICAC).
Highlights
This review has sufficiently discussed the extent of corruption in Nigeria and the methodological approaches used in the prevention and detection of fraudulent activities
Cressey’s fraud triangle model and the fraud diamond seem to be relaxed on the issue of accountability compared to the corruption equation and even the Hong Kong Three-Pronged Approach
This means that there is a possibility that the impact of Cressey's model and the fraud diamond model may be greatly undermined by the overall lack of accountability in Nigeria, which would mean that a more fundamental approach like the Hong Kong model may need to be applied
Summary
The world of business has been a vital strategy and tool, which helps people in earning income to make a living. Private parties to buy many things provided by central or local governments can use them, or officials may seek bribes in supplying those things [28] (Dike, 2012) Previous authors such as [28] Dike (2012), [55] Olusegun, Ogunbode, Ariyo, & Michael [25] Dada (2014), and [44] McLaren (1993) enumerate channels through which bribery is perpetuated in Nigeria. For legal outcomes, bribes change the outcome of the legal process as it applies to private parties, by inducing the government either to ignore illegal activities (such as drug dealing or pollution) or to favour one party over another in court cases or other legal proceedings [71] (WorldBank, 2017) These are different ways bribes can be practised ; this present research is designed to take into account these aspects of bribery in the design of the questionnaire. A questionnaire can be distributed to employees of various institutions and organizations and data can be collected
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