Implication of Financial Crimes and Corruption on Manufacturing Firms in Osun State, Nigeria

Abstract

This research work examines the implication of financial crimes and corruption on manufacturing firms with the objective to find a means to minimize or possibly to eliminate the menace of financial crimes and corruption in an organisation and to identifies the consequences or implications of financial crimes and corruptions on manufacturing firm. The sample comprises seventy (70) employees who were randomly selected from different six categories of manufacturing firms in Osun State, Nigeria. Data were collected from both primary and secondary source while the descriptive analysis was used to analyze the data collected with aid of (ANOVA) Analysis of Variance tool to test hypotheses. The results showed that the financial crimes and corruption has significance implication on manufacturing firms and organisations have preventive measures to curb or minimize the incidence of financial crime and corruption. The implications are the needed revenue for development of the firm have drained away and it damage critical management of organisation and scare away both foreign and domestic investors if there are no preventive measure put in place. It was recommended that the executives should ensure that the cases of financial crimes and corruption are reported to EFCC and ICPC and to installed and maintained effective internal control system, policies and operations.

Keywords: Financial crime, corruption, money laundry, manufacturing firms, implications.