Authors : Okpede, Lilian, M.; Akpanvan, Esla N.; Silas, Jothan; Akpanvan, Joseph

Volume/Issue : Volume 10 - 2025, Issue 9 - September

Google Scholar : https://tinyurl.com/4j3k7hch

Scribd : https://tinyurl.com/8cpndz5m

DOI : https://doi.org/10.38124/ijisrt/25sep1053

Note : A published paper may take 4-5 working days from the publication date to appear in PlumX Metrics, Semantic Scholar, and ResearchGate.

Note : Google Scholar may take 30 to 40 days to display the article.

Abstract : This paper is an empirical study that employed the survey method to assess the level of integration and impact of forensic accounting on Nigeria’s economic growth and development. The study used primary data obtained through a questionnaire modelled after the 4-points Likert scale as well as secondary data from various sources to explore the theme of the research. The researchers leaned on agency and fraud triangle theories to underscore the challenge of fraud/financial mismanagement in public institutions as well as the role of forensic accounting in curbing the menace. Working with a sample of 38 staff, and employing simple percentage for data analysis, the study found that forensic accounting is well entrenched in the financial management of College of Education, Akwanga which financial soundness is confirmed by successive audit reports. The research also highlighted the role of forensic accounting in the process of transiting from national economic growth to economic development through prevention and detection of fraud, recovery of stolen assets as well as strengthening investors’ confidence on the economy. The study recommends that forensic accounting training should be further enhanced among staff of the finance units of institutions through increased funding; that there should be an increased integration of forensic accounting in the activities of public institutions and that a follow-up study of the impact of forensic accounting on profit-oriented organizations should be undertaken by other scholars.

Keywords : Forensic Accounting, Economic Growth, Economic Development, Financial, Fraud, Public Institutions.

References :

1. Akinninyi, Akpan & Umoren (2025). Forensic accounting and financial integrity in the public sector. Journal of Accounting and Financial Management. 11(3), 122-145. doi: 10.56201/jafm.vol.11.no3. 2025.pg122.145
2. Alhassan, I. (2020). Forensic accounting and fraud detection and prevention in the Nigerian public sector. International Journal of Accounting research. 5 (4). 108 – 115. https://www.arabianjbmr.com/pdfs/AC_VOL_5_4/1_ijar_05042020.pdf
3. Ali, B. C. (2020). Agency theory and fraud. In H. K., Baker, L. Purda-Heeler, & S. Saadi (Eds.) Corporate Fraud Exposed: A comprehensive and Holistic Approach. Emerald. (pp. 149-167). doi: https://doi.org/10.1108/9781789734171
4. Financial Crime Academy (2025, August 1). History of forensic accounting: The ethical history of forensic accounting. https://financialcrimeacademy.org/history-of-forensic-accounting/#: ~:text=Forensic%20accounting%20can%20be%20traced%20to%20ancient%20Egypt.,which%20served%20as%20a%20form%20of%20internal%20control.
5. Fernandes, A. J., Souto, R. A., Silva, S. F. & Nunes, A. (2024) Corporate governance and fraud prevention in large companies: An analysis in the light of agency theory. Journal of Humanities and Social Science. 8 (4), 12-19. doi:10.9790/0837-2908041219
6. Hayes, A. (2024, June 13). Forensic accounting: What it is, how it’s used. Investopedia. https://www.investopedia.com/terms/f/forensicaccounting.asp
7. Homer E. M. (2020). Testing the fraud triangle: a systematic review. Journal of financial crime. 27 (1) 172-187. doi: org/10.1108/JFC-12-2018-0136
8. Ishaku, J. I., Mabur, D. Z. & Bereh, M. N. (2023). Application of forensic accounting skills and fraud detection in the public sector in Nigeria. African Journal of Research and Management Sciences. 3(1). doi.org/10.62244/ajorms.v3i1.
9. National Bureau of Statistics (2021). Mineral production statistics. https://nigerianstat.gov.ng/pdfuploads/Mineral%20Production%20Statistics%202021.pdf
10. Nigeria High Commission – Ottawa (nd). Nigeria solid minerals. https://nigeriahcottawa.ca/nigeria-solid- minerals/
11. Oporiopo, M. G. (2021). Effectiveness of forensic accounting tools in the prevention and detection of fraud in the public sector in Nigeria. International Journal of Innovative Social Sciences & Humanities. 9(4). 159-173. https://www.seahipublications.org/wp-content/uploads/2024/08/IJISSHR-D-17- 2021.pdf
12. Pettinger, T. (2021, September 23). Difference between economic growth and development. Economics Help. https://www.economicshelp.org/blog/1187/development/economic-growth-and-development/
13. Saddique, A. (2024, October 14). The Economic Paradox of Nigeria: Oil weal and underdevelopment. Economics Online. https://www.economicsonline.co.uk/managing_the_economy/the-economic- paradox-of-nigeria-oil-wealth-and underdevelopment.html/
14. Sasu, D. D. (2024, December, 11). Agriculture in Nigeria -statistics and facts. Statista. https://www.statista.com/topics/6729/agriculture-in-nigeria/#topicOverview
15. Savannah Energy (2025). Nigeria market Overview. https://www.savannah- energy.com/operations/nigeria/country-overview/
16. Smart, L. N. (2014). Why Nigeria is still a developing country regardless of its abundant natural resources. (Masters dissertation, University of York). doi:10.13140/RG.2.2.33190.06725
17. Tamplin, T. (2023, December, 18). Forensic accountant: Definition, role, education, skills, tools. Finance Strategists. https://www.financestrategists.com/financial-advisor/accountant/forensic- accountant/#role-and-responsibilities-of-a-forensic-accountant
18. Uzoma, D. S. (2023). Report of the auditors on the financial statements of College of Education Akwanga for the year ended 31 December 2022. Uzo Dike & Co. p3.
19. Uzoma, D. S. (2024). Report of the auditors on the financial statements of College of Education Akwanga for the year ended 31 December 2022. Uzo Dike & Co. p3.
20. Van Akkeren, J. (2018). Fraud triangle: Cressey’s fraud triangle and alternative fraud theories. In D. Poff, A. Michalos (eds). Encyclopedia of business and professional ethics. Springer. doi.org/10.1007/978-3- 319-23514-1_216-1
21. Vutumu, A., Oshota, S. O., & Akinteye, A. S. (2025). Forensic accounting, internal control impact on Nigerian public sector fraud prevention: A descriptive analysis. Open Journal of Business and Mangement. 13(2). 781-808. doi.org/10.4236/ojbm.2025.132041.
22. World Economics (2025a). Nigeria – GDP data quality. https://www.worldeconomics.com/Country- Reviews/Nigeria/
23. World Economics (2025b). Nigeria – Population data quality. https://www.worldeconomics.com/Country- Reviews/Nigeria/