An Assessment of Financial Statement Fraud in Nigerian-Listed Companies: A Study of Transcorp Plc
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Background of the Study
Financial statement fraud involves the deliberate misrepresentation or manipulation of a company's financial statements to deceive stakeholders, including investors, creditors, and regulators. In Nigeria, fraudulent practices such as overstating revenue, inflating assets, and concealing liabilities have plagued several listed companies, leading to significant financial losses and eroding investor confidence (Ibrahim & Adeyemi, 2024).
Transcorp Plc, a prominent Nigerian conglomerate with interests in hospitality, energy, and agriculture, has faced allegations of financial misconduct in the past. These incidents highlight the prevalence of financial statement fraud in Nigerian-listed companies and the need for enhanced detection and prevention measures. Examining this issue in the context of Transcorp Plc provides insights into the systemic challenges that enable such practices and offers potential solutions to mitigate the risks.
Statement of the Problem
Financial statement fraud undermines the integrity of corporate reporting, distorts investment decisions, and damages the reputation of affected companies and the broader financial market. In Nigeria, regulatory agencies such as the Securities and Exchange Commission (SEC) and the Financial Reporting Council (FRC) have implemented measures to combat fraud, but cases persist, often undetected until significant harm occurs.
Transcorp Plc’s operations and financial reporting practices serve as a microcosm of the challenges faced by Nigerian-listed companies in ensuring transparency and accountability. This study investigates the prevalence, causes, and impact of financial statement fraud at Transcorp Plc, with the aim of recommending effective preventive measures (Okoye & Nwankwo, 2023).
Objectives of the Study
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To assess the prevalence of financial statement fraud in Transcorp Plc.
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To identify the key factors contributing to financial statement fraud in Nigerian-listed companies.
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To recommend strategies for preventing financial statement fraud in Nigeria.
Research Questions
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How prevalent is financial statement fraud in Transcorp Plc?
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What factors contribute to financial statement fraud in Nigerian-listed companies?
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What measures can be implemented to prevent financial statement fraud in Nigeria?
Research Hypotheses
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Financial statement fraud is significantly prevalent in Transcorp Plc.
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Weak internal controls and regulatory enforcement contribute to financial statement fraud in Nigerian-listed companies.
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Implementing robust fraud detection measures significantly reduces the risk of financial statement fraud.
Scope and Limitations of the Study
The study focuses on financial statement fraud in Transcorp Plc from 2010 to 2025, examining financial reports, audit findings, and regulatory interventions. Limitations include restricted access to confidential financial data and potential resistance from stakeholders during data collection.
Definition of Terms
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Financial Statement Fraud: The intentional misrepresentation or omission of financial information to mislead stakeholders.
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Transcorp Plc: A Nigerian conglomerate with diverse business interests, listed on the Nigerian Exchange Group.
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Internal Controls: Mechanisms put in place by organizations to ensure accurate financial reporting and compliance with laws and regulations.
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