Abstract
The study addressed the “Misappropriation in the Nigerian Oil and Gas Sector.” The paper employed a theoretical and content analysis approach, conducting an extensive review of literature from online journals and databases of standard-setting bodies such as the Auditing Standards Board and the Association of Certified Chartered Accountants (ACCA). Drawing from the Fraud Triangle Theory, the paper highlighted the three primary factors-opportunity, pressure, and rationalization-that motivate individuals to engage in fraudulent activities. The findings underscored the role of weak governance structures, political interference, and institutional deficiencies as key drivers of misappropriation and corruption within the Nigerian oil and gas sector. Moreover, the literature reviews revealed strategies to combat corruption, including strengthening regulatory frameworks, leveraging technology, and promoting a culture of integrity and ethical leadership. Effective measures to address misappropriation in the Nigerian oil and gas sector require comprehensive reforms, collaborative efforts between stakeholders, and rigorous enforcement and monitoring of policies. As the Accountant General of the Federation, it is recommended to prioritize accountability, transparency, and good governance through regular independent audits, establishment of a specialized anti-corruption unit, adoption of international accounting standards, implementation of whistleblower protection mechanisms, and ongoing capacity building and training programs for finance professionals and public officials involved in managing finances within the sector.
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