How white collar corruption effects economy

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How white collar corruption effects economy

We use cookies to give you the best online experience. By using our website you agree to our use of cookies in accordance with our cookie policy. Two years later he pled guilty in a Southwark Crown Court to 10 ten counts of fraud, money laundering and corruption.

Why is it that the Nigerian anticorruption prosecutors always seem to get it wrong with the investigation, arrest and the prosecution of such crimes?

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Corruption is the scourge of most underdeveloped, developing and to a considerable extent, the so called developed countries. The outright misappropriation, conversion, diversion and theft of public funds and resources, has left Nigeria with a damaged reputation and a negative perception of being a mismanaged and dysfunctional country.

It is clear that public officials need to be held to a higher level of accountability and the introduction of punitive measures that aid deterrence need to become entrenched in the system.

This paper intends to examine the anti-corruption legal framework in Nigeria, its relation to development and to proffer solutions based on evaluation of current structures.

The history of corruption in Nigeria can be traced as far back as the early pre-colonial times. The autocratic and authoritarian rule of the British colonialists may have set an enabling environment for corruption.

The British colonialists gradually transferred formal authority to rule to their " These affiliations and partnerships were largely honorary and powerless.

During this period there was also the opportunity for accumulation of private wealth that became open to the Nigerian ruling class and influential politicians.

These individuals were made ministers and chairmen of parastatals with powers to award contracts for public projects, issue licences; award scholarships etc.

How white collar corruption effects economy

The newly found powers were limited only by the veto of the ultimate colonial authority. All these new roles in the public domain opened the doors to new forms of corrupt and substantial capital accumulation to major members of the Nigerian ruling class unlike during the pre-decolonized era when, because of their position on the sidelines, they had very limited access to corrupt accumulation.

The phenomenon of "Ten percent" or "kickbacks" dates as far back as the decolonization period. Under the code of conduct for ministers, a government official was required to relinquish his holdings in private businesses when he assumed public office.

The Tribunal believed that Mr. Azikiwe did not cut off his ties to the bank when he became minister but he continued to use his influence to further the interests of ACB.

How white collar corruption effects economy

Government officials looted public funds with impunity. Federal Representatives and Ministers flaunted their wealth with reckless abandon. The Ironsi regime tried to go after government officials that looted and misappropriated public funds; however this zeal died with the Gowon coup that ended the Ironsi government and freed politicians that were held in detention.

The newly elected leaders continued with the looting spree showing that the military leaders were not different from the ousted politicians when it came to corruption. The Gowon regime was equally entangled in deep-seated corruption. There were many reports of unaccountable wealth and misappropriation by his military governors and other public office holders.

This coup was amongst other things, an attempt to end corruption in the public service.Nov 12,  · Corruption is considered a strong constraint on growth and development. The academic literature, however, finds different effects of corruption on economic performance.

Some research considers corruption a ‘grease the wheels’ instrument. In this view, corruption helps to . White Collar Crime and the United States' Economy Abstract This paper attempts to study white collar crime and the cost it has on the United States' economy. Early Australian History, by Charles White, free ebook.

INTRODUCTORY. How strangely the links fit in! Little did the British Government think when issuing the orders in Council in for establishing a Convict Settlement in New South Wales, that they were taking the initial steps towards founding a "New Britannia in the Southern World.".

From the era of slavery to the rise of Donald Trump, wealthy elites have relied on the loyalty of poor whites. All Americans deserve better.

I’m just a poor white .

Financial crisis of – - Wikipedia

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Impact of white collar crime on the economy is also extremely unclear Many blame the financial crisis,, on major incidents of white collar crime A recession-fuelled spate of bribery and corruption is set to keep fraud at record highs in , according to experts at KPMG.

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