Abstract
This research work examines the role of the forensic
accountant in fraud detection in Nigeria with comparative analysis
of public and private sectors. Forensic accountant plays a significant role in
the Nigeria
organizations whereby he investigates with the use of technological equipment
in its assignment. The researcher employs primary data (questionnaire and
personal interview) to collect data. Hypotheses were tested with the use of z-
test at 5% level of significance and the result reveal that a good forensic
accountant will assist in the growth and development of any organization in
which he/she carry out his/her assignment. This study recommends among others
that a high degree of mutual trust, respect and understanding should exist
among the forensic accountants, in the public and private sectors and
management in order to achieve the organizational objectives should have a
mutual relationship with the preparers of financial statements.
TABLE OF CONTENTS
Title Page
Certification
Dedication
Acknowledgements
Abstract
Table of Contents
Chapter
One: Introduction
1.1 Background to the Study
1.2 Statement of Problem
1.3 Research Questions
1.4 Objective of the Study
1.5 Statement of Hypothesis(es)
1.6 Significance of the Study
1.7 Scope of the Study
1.8 Limitations of Study
1.9 Definition of Terms
Chapter
Two: Review of Related
Literature
2.1
Introduction
2.2 Economic
Growth and Development
2.3 Relationship
between Capital Market and Economic Growth and Development
Chapter Three: Research
Method and Design
3.1
Introduction
3.2
Research Design
3.3
Description of Population of the Study
3.4
Sample Size
3.5
Sampling Techniques
3.6
Source of Data Collection
3.7
Method of Data Presentation
3.8
Method of Data Analysis
Chapter Four:
Data Presentation, Analysis and Interpretation
4.1
Introduction
4.2
Presentation of Data
4.3
Data Analysis
4.4
Hypothesis Testing
Chapter Five:
Summary of Findings, Conclusion and Recommendations
5.1
Introduction
5.2
Summary of Findings
5.3
Conclusion
5.4
Recommendations
References
CHAPTER ONE
INTRODUCTION
1.1
Background to the Study
The role of long-term
capital in the economic development of a nation cannot be overemphasized. Most
economic managers recognize that a well organized many developing countries;
capital has been a major constraint to economic development.
The Nigerian economic
has over the years been subject to series of social, political and economic
policies and reforms. In the pre-1970 era, the economic was basically agrarian
and food security was largely achieved with the various regional governments
then. The need to encourage private capital in development was realized long
enough, with the establishment of the Nigerian Stock Exchange (NSC), then
called the Lagos Stock Exchange in 1961 to develop the capital market (Alile
& Anao, 1986).
The capital market is a
highly specialized and organized financial market and indeed essential agent of
economic development because of its ability to facilitate and mobilize savings
and investment. The capital market provides the much needed liquidity making
documentary evidence of ownership of securities trade-able (Sule & Momoh,
2009, p. 67). To a great extent, the positive relationship between capital
accumulation and real economic growth has long been affirmed in economic
theories (Anyanwu, 1996).
Success in capital
accumulation and mobilization for development varies among nations, but it is
largely dependent on domestic savings and inflows of foreign capital.
Therefore, to step-up the current efforts on economic recovery, effort must be
geared toward effective resource mobilization. It is in realization of this
that consideration is given to measure the development of capital market as an
institution for the mobilization of finance from the surplus sector to deficit
sector.
Undoubtedly, potential
investable funds abound in Nigeria,
but the overriding consideration on this project will be to examine the role of
the capital market in harnessing and mobilizing these resources to generate
economic growth in the country and consequently, economic development.
1.2
Statement of Problem
There is abundant
evidence that most Nigerian businesses lack long-term capital. The business
sector has depended mainly on short-term financing such as overdrafts to
finance even long-term capital. Based on the maturity matching concept, such
financing is risky. All such firms need to raise an appropriate mix of
short-term and long-term capital (Demirguc-Kunt & Levine, 1996, pp.
223-239).
Most recent literatures
on the Nigerian capital market have recognized the tremendous performance the
market has recorded in recent times. But the performance of the capital market,
especially the Nigerian Stock Market, was overcast in 2009 by the global
financial and economic crisis with the exorbitant lending rate mounting
pressure on the stock market as a result of massive borrowed fund in the
market. The rush by stock investors to liquidate their investment to repay
their loans in order to avoid the excessive lending rate caused the Nigeria
Stock Market to crash. However, Sere-Ejembi (2008, p.4) argue that it was not
the global financial crisis and the speculative subprime mortgage bubbles
abd-bust along that was responsible for the crash of the stock market, other
contributory factors lent support. Some of these included: margin lending by
the Deposit Money Banks (DMBs), Stock price appreciation that had no
correlation with the fundamentals in the quoting companies and local investors’
opting to invest in foreign capital markets to take advantage of the low stock
prices.
However, the vital role
of the capital market in economic growth and development has not been
empirically investigated thereby creating a research gap tool for economic
development.
1.3
Research Questions
This research shall be
guided by the following research questions:
a.
How does the
capital market impact on the economic growth process in Nigeria?
b.
What is the
trend activities on the capital market?
c.
What is the rate
at which new stocks are issued on the Nigerian capital market?
d.
How could the
capital market, through its crucial role, stimulate economic growth in Nigeria?
1.4
Objective of the Study
The main purpose of
this study is to examine the activities and performance of Nigeria capital market. The
specific objectives of this study are as follows:
a.
To evaluate the
impact of the capital market in relation to the economic growth in Nigeria.
b.
To examine the
trends of having activities on the capital market.
c.
To examine the
rate at which new stocks are issued on the capital market.
d.
To find out how
the capital market through its crucial role stimulate economic growth in Nigeria.
1.5
Statement of Hypothesis
The hypothesis that
would be tested in the course of this research is stated below as:
Ho: There is no significance relationship between the
capital market operations and the Nigerian economic growth.
Hi: There is significance relationship between the
capital market operations and the Nigerian economic growth.
1.6
Significance of the Study
The study will explore
the impact of effectiveness of capital market instruments on Nigeria economic growth. Though the
scope of the study will be limited to the capital market,
i.
It is hope that
the exploration of this market will provide a broad view of the operations of
the capital market.
ii.
It will
contribute to existing literature on the subject matter by investigating
empirically the role, which the capital market shows in the economic growth and
development of the country.
iii.
The main
importance of this study is that it will provide policy recommendations to
policy-makers on ways to improve operations and activities of the capital
market.
iv.
Researchers:
Researchers will find the study relevant because it will serve as a spring bond
and contributes to existing literature.
v.
Students:
Students will find this research work relevant as it will help them in their
studies.
vi.
Regulators of
the capital will find this work of importance as it creates the gap that exist
between what is currently in operations and that expected to be in operation.
vii. Investors, stockbrokers and the officials of the NSE
will see this study of relevance to them as it will give an eye opening on how
much a nation stands to gain from effective activities in capital market.
1.7
Scope of the Study
The economy us a large
component with lots of diverse and sometimes complex parts. This study will
focus on a particular part of the economy (the financial sector). This study
will not also cover all the facets that make up the financial sector, but shall
focus on the capital market only and its impacts on the Nigeria
economic growth. The empirical investigation of the impact of the capital
market on the economic growth in Nigeria shall be restricted to the
period between 2003 – 2013 due to the non-availability of some important data.
1.8
Limitations of Study
In the course of this
research, some problems were encountered which include the following:
1.
Non-availability
of relevant materials as it relates to the subject matter.
2.
Since the study
is limited to the NSE if the result is generalized it may not show a true
picture of what is obtainable in other emerging economies due to the
environmental factors peculiar to the Nigerian.
3.
The biasness of
responses received from respondents as regards the questionnaire is a limiting
factor.
1.9
Definition of Terms
·
Equity: This
is the residual right of ownership over the assets of a company. A right that
can be enforces only when everyone else (e.g. creditors) has been paid. It is
specifically the ordinary shares of company.
·
The Daily Official List: The closing prices of all listed securities as at
the end of each day are normally compiled and published in a daily report
called The Stock Exchange Daily Official List. This list reflects at any
particular time, last price, which was bid for each security irrespective of
the date of such bid.
·
The Stock Exchange Price Index: The index is an aggregate of the market
capitalization of all the industrial equities listed in the market.
·
Market Capitalization: This is the total volume of funds, which the stock
market is able to raise and made available for investment purpose at a
particular time.
·
Financial Intermediation: This is the process by which financial
intermediaries provide a linkage between surplus units and deficit unit in the
economy.
·
Gilt-Edge Securities: These are government securities that yield interest.
They are generally regarded as low risk investment.
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