FRAUD AND FINANCIAL MALPRACTICE AS A LEADING FACTOR IN BUSINESS FAILURE
A CASE STUDY OF NIGERIAN
TELECOMMUNICATION [NITEL] ENUGU
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1.1 Background to the study 1
1.2 Statement of the problem 3
1.3 Objective of the study 3
1.4 Scope of the study 4
1.5 Research question 4
1.6 Research hypothesis 5
1.7 Significance of the study 6
- Definition of terms 7
Review of related literature 9
- Definition of Distress/failure of a corporation 9
- Causes of Business failure 12
2.3 Summary of related reviewed literature. 28
Research design and methodology 30
- Research Design 30
- Area Of Study 30
- Population of the study 30
- Instrument for data collection 34
- Validity of the instrument 35
- Reliability of the instrument 35
- Method of administration of
the research instrument 36
- Method of data analysis 36
Data presentation and results 38
Research question 1 41
Research question 2 43
Research question 3 46
Summary of results/findings 49
Discussion of results, conclusions
Implications and recommendations 51
- Discussion of findings 51
- Conclusions 53
- Implications of the study 54
- Recommendations 54
- Suggestion for further study 56
- Limitation For The Study 56
Appendix A 59
LIST OF TABLES
TABLE 3.1 Sample size Determination and Allocation
of Questionnaire …………………………35
TABLE 4.1 Factors responsible for non-achievement
of objectives by NITEL Ltd
TABLE 4.2 Analysis of the first Research hypothesis
TABLE 4.3 Factors responsible for
Fraudulent practice in NITEL Ltd
TABLE 4.4 Analysis of the second
TABLE 4.5 Factors responsible for
Ineffective internal control system
In NITEL Ltd
TABLE 4.6 Analysis of the third
TABLE 4.7 Impact of assessment of factors
In fraud Elimination/minimisation
TABLE 4.8 Analysis of the fourth research
The study is concerned with an investigation into found and financial Malpractices as a leading factor in Business failure – A case study of Nigerian Telecommunication Ltd (NITEL)
By way of background, the study commenced with an overview of the business environments and its effects on business growth and survival.
Using NITEL as a case study it was established that in spite of its privatisation. NITEL is still saddled with the problem of bad image arising mostly from fraudulent practices
With the above stated problem, the specific objectives of the study were.
I To ascertain why NITEL Ltd is still saddled with problem of fraudulent practices.
Ii To determine whether there is significant weakness in NITEL internal control system.
Data collection were analysed using weighted mean and standard deviation suing T-test statistical analysis. Majors findings of the study were.
I The study revealed that the NITEL is unable to achieve its objective
Ii It was also revealed that found and financial malpractices was the most important factors that has contributed to poor performance of NITEL.
At the end, the following recommendations were made:
I NITEL management should design appropriate policies.
Ii The organisation should also strengthened its internal control system.
- BACKGROUND TO THE STUDY
In all human endeavours and activities there are usually stories
of successes (achievements) and failures.
Businesses are therefore no exception. Initially, a motive for setting up a company is for economic reasons which are usually taken to be profit maximization. In periods of booms as was experienced in the mid – seventies during the oil boom, many businesses including the public sector organisations thieved in an era of abundance and squanderminio
In such an era, employment, production and income were at their peak levels and governmental expenditures at all levels rise considerably without any corresponding rise in productivity.
During this period also, no one complained, and managers of our various businesses did not think of means of survival and substance
Efficiency and effectiveness in the use of sources resources were never thought of and there were total absence of resource control mechanisms
Economic planners in such periods makes unrealistic projections and assumptions as they plan to build high – ways , sky – scrappers, organisation now think of lost reduction and minimisation of fraud and financial malpractices which hither to plunged such organisation into distressed conditions.
The adverse macro – economic conditions in Nigeria today has attained a dimension that can best be described as “crisis” level. This has led to some drastic measures or programmes being initiated by the government to keep the nation afloat.
Such measures have come in different names at different times, ranging from the belting tightening of the Shangri administration through Economic Emergency order of Buhari regime to the structural Adjustment programme (SAP).
As a result of these measures, firms, and individuals have found themselves in extremely hard condition to the extent that some have failed completely, others are stagnated and distressed.
What factors are specifically responsible for such state of affairs of the business firms? This project is set out to investigate how fraud and financial malpractices can bring is highly profitable organisations into distressed and untimely liquidation.
- STATEMENT OF PROBLEM
In spite of the Federal Government privatising the
telecommunication industry, NITEL Ltd is saddled with the problem of bad image orising mostly from fraudulent management and staff of the company.
There is inherent weakness in the internal control system of NITEL Ltd.
NITEL Ltd management does not consider policy on fraudulent cases as strategic in its decision taking.
NITEL Ltd has not net-up with the expectation of investors as