The impact of forensic accounting on detecting fraud in the Nigerian real estate sector: A case study of Abuja-based developers
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Background of the Study
The Nigerian real estate sector has experienced significant growth in recent years, driven by urbanization, population increase, and economic expansion. However, the rapid growth has also been accompanied by rising incidents of financial fraud, including misrepresentation of property values, embezzlement, and misappropriation of funds in property development projects. As a result, the need for effective detection and prevention of fraud has become critical in ensuring the integrity and sustainability of the sector (Adebayo & Babajide, 2024). Forensic accounting, a specialized field of accounting that focuses on investigating financial irregularities and fraud, plays an essential role in identifying and mitigating fraudulent activities within the real estate industry.
In Nigeria, real estate developers in cities like Abuja have often been accused of financial malpractice, including inflated project costs, fraudulent land sales, and the diversion of project funds. While the role of forensic accountants in detecting such fraud is widely acknowledged, the actual impact of forensic accounting on fraud detection in the Nigerian real estate sector remains under-explored. This study focuses on Abuja-based developers and aims to examine how forensic accounting techniques contribute to uncovering fraudulent practices in the real estate sector.
Forensic accounting involves the use of various investigative tools, including financial analysis, interviews, and data mining, to identify irregularities and potential fraud (Okoye & Adebayo, 2023). Through this lens, forensic accountants can provide crucial support in investigating suspicious transactions, identifying financial discrepancies, and gathering evidence that can be used in legal proceedings. The role of forensic accountants in curbing fraudulent activities in real estate development in Abuja will be analyzed to understand the methods and effectiveness of these interventions.
Statement of the Problem
The Nigerian real estate sector is increasingly vulnerable to financial fraud, yet there is limited research on how forensic accounting can effectively detect and mitigate these fraudulent practices. Fraudulent activities in the real estate sector not only undermine the financial stability of developers but also harm the reputation of the industry as a whole. Despite the growing demand for forensic accounting in fraud detection, the actual effectiveness of these methods in the Abuja-based real estate sector remains unclear.
This study seeks to address the gap in knowledge by evaluating the role of forensic accounting in detecting fraud within the Nigerian real estate sector, specifically focusing on Abuja-based developers. By assessing the methodologies employed by forensic accountants and the outcomes of their interventions, the study aims to provide insights into the effectiveness of forensic accounting in reducing financial malpractice in real estate development.
Objectives of the Study
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To assess the role of forensic accounting in detecting fraud in Abuja-based real estate development projects.
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To evaluate the effectiveness of forensic accounting techniques in preventing financial malpractice in the Nigerian real estate sector.
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To recommend strategies for enhancing the use of forensic accounting in fraud detection within the Nigerian real estate sector.
Research Questions
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How effective is forensic accounting in detecting fraud in Abuja-based real estate development projects?
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What forensic accounting techniques are most commonly used in detecting fraudulent activities in the Nigerian real estate sector?
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What challenges do forensic accountants face when investigating fraud in the Nigerian real estate sector, and how can these challenges be overcome?
Research Hypotheses
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Forensic accounting techniques significantly improve the detection of fraud in Abuja-based real estate development projects.
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There is a positive relationship between the use of forensic accounting and the prevention of financial malpractice in the Nigerian real estate sector.
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The lack of proper regulatory frameworks hinders the effectiveness of forensic accounting in detecting fraud in the Nigerian real estate sector.
Scope and Limitations of the Study
This study will focus on Abuja-based real estate developers and examine the role of forensic accounting in detecting and preventing fraud in their operations. The research will assess the specific forensic accounting techniques used and evaluate their effectiveness in curbing financial malpractice. While the study aims to cover a broad range of fraudulent activities in the real estate sector, the limited access to confidential financial records and the reluctance of developers to share information may pose challenges in gathering comprehensive data.
Definitions of Terms
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Forensic Accounting: A specialized branch of accounting that involves the investigation of financial irregularities, fraud, and other financial crimes (Okoye & Adebayo, 2023).
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Fraud: Intentional deception or misrepresentation of financial information for personal or corporate gain (Adebayo & Babajide, 2024).
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Real Estate Development: The process of developing land or property for residential, commercial, or industrial purposes, often involving construction, design, and financing activities.
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