Whistleblowing Policy and Fraud Prevention and Detection of Listed Deposit Money Banks: Experience from Ekiti State, Nigeria

Niyi Solomon Awotomilusi; Akinyemi Wumi Ogunleye

doi:doi:10.11648/j.ijafrm.20210604.13

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Whistleblowing Policy and Fraud Prevention and Detection of Listed Deposit Money Banks: Experience from Ekiti State, Nigeria

Niyi Solomon Awotomilusi, Akinyemi Wumi Ogunleye

Published in International Journal of Accounting, Finance and Risk Management (Volume 6, Issue 4)

Received: 24 September 2021 Accepted: 20 October 2021 Published: 5 November 2021

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Abstract

Nigeria is a country engulfed in and defined by fraud and other forms of corruption. This has had a significant detrimental impact on the Deposit Money Banks in Nigeria and the country’s reputation around the world. To this end, the federal government launched whistleblowing policy in 2015 to fight corruption. The whistleblowing initiative aims to encourage Nigerians with useful information about a breach of financial legislation, mishandling of government funds and assets to disclose it. It was considered fit to assess the effectiveness of whistleblowing policy on fraud prevention and detection on listed Deposit Money Banks in Ekiti State, Nigeria since the policy was formulated. The study's participants were all core and managerial workers of Ekiti State's fourteen listed deposit money institutions. The study's sample of 100 respondents was carefully chosen. The instrument utilized to obtain the essential data for the investigation was a questionnaire. The instrument was evaluated by two specialists, and the instrument's reliability was ensured, yielding a reliability coefficient of 0.89, indicating that the results are accurate enough to elicit responses for the study. Only 88 of the 100 questionnaires distributed were returned, indicating an 88 percent response rate. The data was examined using inferential statistics such as chi-square, analysis of variance ANOVA, and multiple linear regression. The study's findings discovered that there exist a positive significant relationship between whistle blowing policy and monitoring and mitigation of management and outsider fraud in Nigerian deposit money banks, as well as a significant impact on the monitoring and mitigation of employee fraud in Nigerian deposit money banks. The research advised that deposit money bank management continue to implement whistleblowing policies to prevent and detect fraud before it occurs, because is as an effective and efficient way of controlling the occurrences of fraud in deposit money bank.

Published in	International Journal of Accounting, Finance and Risk Management (Volume 6, Issue 4)
DOI	10.11648/j.ijafrm.20210604.13
Page(s)	112-120
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2024. Published by Science Publishing Group

Keywords

Deposit Money Bank, Fraud, Management, Employees, Outsiders

References

[1]	Adetula, S. L. & Amupitan, M. D. (2018), Whistleblowing as a tool for combating the menace of fraud, forgery and corruption in Nigeria, International Journal of Advanced Academic Research Social & Management Sciences, 4 (3), 31-49.
[2]	Adeyemo, K. A. (2012): Frauds in Nigerian Banks: Nature, Deep-Seated Causes, Aftermaths and Probable Remedies, Mediterranean Journal of Social Sciences, 3 (2): 279-289.
[3]	Agbiboa, D. E. (2012), Between corruption and development: the political economy of state robbery in Nigeria, Journal of Business Ethics, 108 (3), 325-345.
[4]	Anya, S. & Iwanger, G. (2019), The Role of Whistle Blowing Policy as an Anti-Corruption Tool in Nigeria, Journal of Law and Criminal Justice 7 (1), 35-50.
[5]	Ayamba, I. A. (2019), Whistleblowing in a depraved Nigerian economy: challenges and prospects, International Journal of Social Science Studies, 7 (2), 1-11.
[6]	Bakre, O. M., Lauwo, S. G. and McCartney, S. (2017). Western accounting reforms and accountability in wealth redistribution in patronage-based Nigerian society, Accounting, Auditing and Accountability Journal, 30 (6), 1288-1308.
[7]	Edih, U. O. (2020). Economic gains of whistleblowing policy in Nigeria: Prospects and Challenges. International Journal of International Relations, Media and Mass Communication Studies, 6 (2), 1-13,
[8]	Emeka-Nwokeji, N. A., Okeke, P. C., & Ojimba, D. C. (2019), Whistleblowing: A panacea for fraud prevention and detection in Nigerian public companies, EPRA International Journal of Multidisciplinary Research (IJMR), 5 (5), 101-111.
[9]	Erin, O., Ogundele, I., & Ogundele, O. (2016), Whistleblowing and Quality of Financial Reporting in the Nigeria Banking Sector, 3^rd International Conference on African Development Issues (CU-ICADI 2016).
[10]	Fakunmoju, S., & Olukayode, F. (2021). Effect of Fraud Management Practices on Non Financial Performance of Selected Deposit Money Banks in Lagos State, Nigeria. The Journal of Accounting and Management. 11 (1) 145-153.
[11]	Fasua, H. K. & Osifo, O. U. I. (2017), Effective Whistle-blowing Mechanism and Audit Committee in Nigerian Banking Sector, Journal of Business and Management Sciences, 5 (1), 18-26.
[12]	Federal Ministry of Finance FMF (2016). Whistle blowing frequently asked question bulletin.
[13]	Hamilton, D. I. & Justin M. O. G. (2012), Dimensions of fraud in Nigeria quoted firms, American Journal Social Management Sciences, 3 (3), 112-120.
[14]	Ijewereme, O. B. (2015), Anatomy of corruption in the Nigerian public sector: theoretical perspectives and some empirical explanations, SAGE Open, 5 (2), 1-16.
[15]	Mbuguah, C. N. (2013). Response strategies to fraud by the listed commercial banks in Kenya (unpublished dissertation) submitted to the department of business administration, school of business, university of Nairobi, Kenya.
[16]	Okafor, O. N., Adebisi, F. A., Opara, M., & Okafor, C. B. (2020). Deployment of Whistleblowing as an Accountability Mechanism to curb Corruption and Fraud in a Developing Democracy. Accounting, Auditing and Accountability Journal 33 (6), 1335-1366.
[17]	Olaoye, C. O., Dada, R. A., & Adebayo, A. I. (2014). Analysis of Fraud in Banks: Nigeria’s Experience. International Journal of Innovative Research and Development, 3 (1), 357-369.
[18]	Onakoya, O. A. & Moses, C. L. (2016) Effect of System Factors on Whistleblowing Attitude of Nigerian Banks Employees: A Conceptual Perspective, 3^rd International Conference on African Development Issues (CU-ICADI, 300-307.
[19]	Transparency International (2020), “Corruption perceptions Index 2018”, available at: https://www. transparency.org/news/feature/cpi2020-subsaharan-africa-regional-analysis (accessed 28 April 2021).

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APA Style

Niyi Solomon Awotomilusi, Akinyemi Wumi Ogunleye. (2021). Whistleblowing Policy and Fraud Prevention and Detection of Listed Deposit Money Banks: Experience from Ekiti State, Nigeria. International Journal of Accounting, Finance and Risk Management, 6(4), 112-120. https://doi.org/10.11648/j.ijafrm.20210604.13

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ACS Style

Niyi Solomon Awotomilusi; Akinyemi Wumi Ogunleye. Whistleblowing Policy and Fraud Prevention and Detection of Listed Deposit Money Banks: Experience from Ekiti State, Nigeria. Int. J. Account. Finance Risk Manag. 2021, 6(4), 112-120. doi: 10.11648/j.ijafrm.20210604.13

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AMA Style

Niyi Solomon Awotomilusi, Akinyemi Wumi Ogunleye. Whistleblowing Policy and Fraud Prevention and Detection of Listed Deposit Money Banks: Experience from Ekiti State, Nigeria. Int J Account Finance Risk Manag. 2021;6(4):112-120. doi: 10.11648/j.ijafrm.20210604.13

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@article{10.11648/j.ijafrm.20210604.13,
  author = {Niyi Solomon Awotomilusi and Akinyemi Wumi Ogunleye},
  title = {Whistleblowing Policy and Fraud Prevention and Detection of Listed Deposit Money Banks: Experience from Ekiti State, Nigeria},
  journal = {International Journal of Accounting, Finance and Risk Management},
  volume = {6},
  number = {4},
  pages = {112-120},
  doi = {10.11648/j.ijafrm.20210604.13},
  url = {https://doi.org/10.11648/j.ijafrm.20210604.13},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijafrm.20210604.13},
  abstract = {Nigeria is a country engulfed in and defined by fraud and other forms of corruption. This has had a significant detrimental impact on the Deposit Money Banks in Nigeria and the country’s reputation around the world. To this end, the federal government launched whistleblowing policy in 2015 to fight corruption. The whistleblowing initiative aims to encourage Nigerians with useful information about a breach of financial legislation, mishandling of government funds and assets to disclose it. It was considered fit to assess the effectiveness of whistleblowing policy on fraud prevention and detection on listed Deposit Money Banks in Ekiti State, Nigeria since the policy was formulated. The study's participants were all core and managerial workers of Ekiti State's fourteen listed deposit money institutions. The study's sample of 100 respondents was carefully chosen. The instrument utilized to obtain the essential data for the investigation was a questionnaire. The instrument was evaluated by two specialists, and the instrument's reliability was ensured, yielding a reliability coefficient of 0.89, indicating that the results are accurate enough to elicit responses for the study. Only 88 of the 100 questionnaires distributed were returned, indicating an 88 percent response rate. The data was examined using inferential statistics such as chi-square, analysis of variance ANOVA, and multiple linear regression. The study's findings discovered that there exist a positive significant relationship between whistle blowing policy and monitoring and mitigation of management and outsider fraud in Nigerian deposit money banks, as well as a significant impact on the monitoring and mitigation of employee fraud in Nigerian deposit money banks. The research advised that deposit money bank management continue to implement whistleblowing policies to prevent and detect fraud before it occurs, because is as an effective and efficient way of controlling the occurrences of fraud in deposit money bank.},
 year = {2021}
}

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TY  - JOUR
T1  - Whistleblowing Policy and Fraud Prevention and Detection of Listed Deposit Money Banks: Experience from Ekiti State, Nigeria
AU  - Niyi Solomon Awotomilusi
AU  - Akinyemi Wumi Ogunleye
Y1  - 2021/11/05
PY  - 2021
N1  - https://doi.org/10.11648/j.ijafrm.20210604.13
DO  - 10.11648/j.ijafrm.20210604.13
T2  - International Journal of Accounting, Finance and Risk Management
JF  - International Journal of Accounting, Finance and Risk Management
JO  - International Journal of Accounting, Finance and Risk Management
SP  - 112
EP  - 120
PB  - Science Publishing Group
SN  - 2578-9376
UR  - https://doi.org/10.11648/j.ijafrm.20210604.13
AB  - Nigeria is a country engulfed in and defined by fraud and other forms of corruption. This has had a significant detrimental impact on the Deposit Money Banks in Nigeria and the country’s reputation around the world. To this end, the federal government launched whistleblowing policy in 2015 to fight corruption. The whistleblowing initiative aims to encourage Nigerians with useful information about a breach of financial legislation, mishandling of government funds and assets to disclose it. It was considered fit to assess the effectiveness of whistleblowing policy on fraud prevention and detection on listed Deposit Money Banks in Ekiti State, Nigeria since the policy was formulated. The study's participants were all core and managerial workers of Ekiti State's fourteen listed deposit money institutions. The study's sample of 100 respondents was carefully chosen. The instrument utilized to obtain the essential data for the investigation was a questionnaire. The instrument was evaluated by two specialists, and the instrument's reliability was ensured, yielding a reliability coefficient of 0.89, indicating that the results are accurate enough to elicit responses for the study. Only 88 of the 100 questionnaires distributed were returned, indicating an 88 percent response rate. The data was examined using inferential statistics such as chi-square, analysis of variance ANOVA, and multiple linear regression. The study's findings discovered that there exist a positive significant relationship between whistle blowing policy and monitoring and mitigation of management and outsider fraud in Nigerian deposit money banks, as well as a significant impact on the monitoring and mitigation of employee fraud in Nigerian deposit money banks. The research advised that deposit money bank management continue to implement whistleblowing policies to prevent and detect fraud before it occurs, because is as an effective and efficient way of controlling the occurrences of fraud in deposit money bank.
VL  - 6
IS  - 4
ER  -

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Author Information

Niyi Solomon Awotomilusi

Department of Accounting, College of Social and Management Science, Afe Babalola University, Ado Ekiti, Nigeria
Akinyemi Wumi Ogunleye

Department of Vocational and Technical Education, Faculty of Education, Ekiti State University, Ado Ekiti, Nigeria

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APA Style

Niyi Solomon Awotomilusi, Akinyemi Wumi Ogunleye. (2021). Whistleblowing Policy and Fraud Prevention and Detection of Listed Deposit Money Banks: Experience from Ekiti State, Nigeria. International Journal of Accounting, Finance and Risk Management, 6(4), 112-120. https://doi.org/10.11648/j.ijafrm.20210604.13

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ACS Style

Niyi Solomon Awotomilusi; Akinyemi Wumi Ogunleye. Whistleblowing Policy and Fraud Prevention and Detection of Listed Deposit Money Banks: Experience from Ekiti State, Nigeria. Int. J. Account. Finance Risk Manag. 2021, 6(4), 112-120. doi: 10.11648/j.ijafrm.20210604.13

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AMA Style

Niyi Solomon Awotomilusi, Akinyemi Wumi Ogunleye. Whistleblowing Policy and Fraud Prevention and Detection of Listed Deposit Money Banks: Experience from Ekiti State, Nigeria. Int J Account Finance Risk Manag. 2021;6(4):112-120. doi: 10.11648/j.ijafrm.20210604.13

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@article{10.11648/j.ijafrm.20210604.13,
  author = {Niyi Solomon Awotomilusi and Akinyemi Wumi Ogunleye},
  title = {Whistleblowing Policy and Fraud Prevention and Detection of Listed Deposit Money Banks: Experience from Ekiti State, Nigeria},
  journal = {International Journal of Accounting, Finance and Risk Management},
  volume = {6},
  number = {4},
  pages = {112-120},
  doi = {10.11648/j.ijafrm.20210604.13},
  url = {https://doi.org/10.11648/j.ijafrm.20210604.13},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijafrm.20210604.13},
  abstract = {Nigeria is a country engulfed in and defined by fraud and other forms of corruption. This has had a significant detrimental impact on the Deposit Money Banks in Nigeria and the country’s reputation around the world. To this end, the federal government launched whistleblowing policy in 2015 to fight corruption. The whistleblowing initiative aims to encourage Nigerians with useful information about a breach of financial legislation, mishandling of government funds and assets to disclose it. It was considered fit to assess the effectiveness of whistleblowing policy on fraud prevention and detection on listed Deposit Money Banks in Ekiti State, Nigeria since the policy was formulated. The study's participants were all core and managerial workers of Ekiti State's fourteen listed deposit money institutions. The study's sample of 100 respondents was carefully chosen. The instrument utilized to obtain the essential data for the investigation was a questionnaire. The instrument was evaluated by two specialists, and the instrument's reliability was ensured, yielding a reliability coefficient of 0.89, indicating that the results are accurate enough to elicit responses for the study. Only 88 of the 100 questionnaires distributed were returned, indicating an 88 percent response rate. The data was examined using inferential statistics such as chi-square, analysis of variance ANOVA, and multiple linear regression. The study's findings discovered that there exist a positive significant relationship between whistle blowing policy and monitoring and mitigation of management and outsider fraud in Nigerian deposit money banks, as well as a significant impact on the monitoring and mitigation of employee fraud in Nigerian deposit money banks. The research advised that deposit money bank management continue to implement whistleblowing policies to prevent and detect fraud before it occurs, because is as an effective and efficient way of controlling the occurrences of fraud in deposit money bank.},
 year = {2021}
}

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TY  - JOUR
T1  - Whistleblowing Policy and Fraud Prevention and Detection of Listed Deposit Money Banks: Experience from Ekiti State, Nigeria
AU  - Niyi Solomon Awotomilusi
AU  - Akinyemi Wumi Ogunleye
Y1  - 2021/11/05
PY  - 2021
N1  - https://doi.org/10.11648/j.ijafrm.20210604.13
DO  - 10.11648/j.ijafrm.20210604.13
T2  - International Journal of Accounting, Finance and Risk Management
JF  - International Journal of Accounting, Finance and Risk Management
JO  - International Journal of Accounting, Finance and Risk Management
SP  - 112
EP  - 120
PB  - Science Publishing Group
SN  - 2578-9376
UR  - https://doi.org/10.11648/j.ijafrm.20210604.13
AB  - Nigeria is a country engulfed in and defined by fraud and other forms of corruption. This has had a significant detrimental impact on the Deposit Money Banks in Nigeria and the country’s reputation around the world. To this end, the federal government launched whistleblowing policy in 2015 to fight corruption. The whistleblowing initiative aims to encourage Nigerians with useful information about a breach of financial legislation, mishandling of government funds and assets to disclose it. It was considered fit to assess the effectiveness of whistleblowing policy on fraud prevention and detection on listed Deposit Money Banks in Ekiti State, Nigeria since the policy was formulated. The study's participants were all core and managerial workers of Ekiti State's fourteen listed deposit money institutions. The study's sample of 100 respondents was carefully chosen. The instrument utilized to obtain the essential data for the investigation was a questionnaire. The instrument was evaluated by two specialists, and the instrument's reliability was ensured, yielding a reliability coefficient of 0.89, indicating that the results are accurate enough to elicit responses for the study. Only 88 of the 100 questionnaires distributed were returned, indicating an 88 percent response rate. The data was examined using inferential statistics such as chi-square, analysis of variance ANOVA, and multiple linear regression. The study's findings discovered that there exist a positive significant relationship between whistle blowing policy and monitoring and mitigation of management and outsider fraud in Nigerian deposit money banks, as well as a significant impact on the monitoring and mitigation of employee fraud in Nigerian deposit money banks. The research advised that deposit money bank management continue to implement whistleblowing policies to prevent and detect fraud before it occurs, because is as an effective and efficient way of controlling the occurrences of fraud in deposit money bank.
VL  - 6
IS  - 4
ER  -

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