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FORENSIC ACCOUNTING AND FORENSIC LITIGATION IN 

EMERGING ECONOMY, NIGERIAN DEPOSIT MONEY BANKS 
 

1Femi Joshua F. PhD, 2Omowumi Olanike Oshatimi PhD and 3Igbozulike 

Blessing Onyinye 
1,3Department of Accountancy, Nnamdi Azikiwe University, Awka 

2Department of Accounting, Federal University, Oye-Ekiti 

Email: fj.falope@unizik.edu.ng; omowumi.oshatimi@fuye.edu.ng; bo.igbozuluike@unizik.edu.ng 

DOI: https://doi.org/10.5281/zenodo.16684644 

 

Abstract: The study ascertained the Forensic Accounting and forensic litigation in Nigerian 

deposit money banks. Ex Post Facto research design was employed. Data were generated from 

annual reports and accounts of the sampled banks in Nigeria. Cross sectional data were sourced 

from audited financial reports of quoted banks spanning from 2020-2024. Ordinary least square 

method was used to determine the extent to which forensic accounting help to detect and prevent 

fraud in quoted banks in Nigeria. After cross examination of the validity of the pooled effect, fixed 

effect and the random effect, the study accepts the fixed effect model. The study found that there is 

no significant effect of litigation support service on the value relevance of forensic accounting 

quoted banks in Nigeria. The study thus recommended that the management ensures that the bank 

adapts to new technological changes taking place in the world to ensure that they have a well-

structured system to accommodate these changes.  

Keywords: Forensic Accounting, Forensic litigation and Litigation support service 

 

Introduction 

In the ever-evolving world of finance, fraud remains a constant threat, with global fraud losses 

reaching a record high of $1.03 trillion, (GASA, 2024). From asset misappropriation and 

embezzlement to accounting irregularities to manipulated financial statements, fraudulent activities 

cause significant damage to businesses of all sizes and types. Fraud is a prevalent and persistent issue 

in the business world. Li and McMurray (2022) estimated that organizations lose 5% of their annual 

revenue to fraud, making it a significant concern for businesses and stakeholders. Fraud can lead to 

severe consequences, such as financial loss, damage to reputation and even bankruptcy. While fraud 

is a significant concern for businesses worldwide, Nigeria is no exception to this problem. The impact 

mailto:fj.falope@unizik.edu.ng
mailto:omowumi.oshatimi@fuye.edu.ng
mailto:bo.igbozuluike@unizik.edu.ng


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of fraud on the economy of Nigeria is significant and far-reaching (Sambo et al., 2023). Fraudulent 

activities can result in substantial financial losses, undermine investor confidence and hinder 

economic growth and development. “In Nigeria, the   cases   of   Cadbury   Nigeria   Plc, Afribank 

Nigeria Plc, NAMPAK, Oceanic Bank Nigeria Plc, and African Petroleum Plc were relatively caused by 

massive fraud” (Bello et al., 2022). “The growing level of fraud in Nigeria and the world at large 

creates the need for the use of forensic accounting skills in fraud management.  There has also been 

an increase     in     financial     misappropriation in government ministries, departments, and agencies 

(MDA) in Nigeria” (Ahmed & Emer Takiah, 2020). Banking sectors were not left out as the amount 

lost to fraud in 2024 grew by 350%, rising from N11.61 billion to N52.26 billion within the same 

period (NIBSS, 2024). The recent financial scandals that occurred in the    Niger    Delta    

Development Commission) for over N2.6 billion in school feeding scandals in Federal Government 

Schools, the Ministry    of Education scandals, and the Chairman of the Economic and Financial 

Crimes Commission (EFCC) scandals” (Ismail, 2020). Several alarming and scandalous cases of fraud 

have occurred in Nigeria in the last ten years, including the 195 billion Maina pension scam, the $6 

billion fuel subsidy, and the $20 billion missing from the NNPC and CBN accounts” (Agbata et al., 

2023). “The growing trend of personnel manipulating financial statements to conceal their pathways 

in order   to   protect   their   infamous   activities   for personal   or   managerial   gain   is   cause   for 

concern, necessitating   the   implementation   of necessary mechanisms or controls to stop this 

cancerous behavior in the system, as they will always    try    to    compromise    the    accounting 

system. These motives are frequently carried out through   a   variety   of   methods   or   schemes, 

whether   in   revenue   recognition   or   expense classification or recognition” (Olaniyan & Awe, 2021; 

Ewa, 2022). “As a result of   these   criminal   acts, Nigeria's   corruption perception ranking has 

suffered, resulting in a drop   in   investment   in   Nigeria, which   has   a negative impact on economic 

growth” (Okoye & Gbegi, 2013; Ewa, 2022). According to the 2022, “corruption    perception    index    

by    the Transparency   International   Corruption   Index, Nigeria ranked 150th out of 180 countries 

listed. As a result, “exposing and   addressing   these   dishonest   and   illegal financial flows 

necessitates the establishment of relevant   and   effective   control   mechanisms. Financial   

misappropriation, income   leakages, budget padding, and money laundering are all components of 

fraud and other corrupt practices in government in Nigerian banking industry, necessitating the use 

of forensic accounting skills” (Olaniyan & Awe, 2021).   

In recent years, a series of fraud have been committed both in the public sector and the private sector 

of the economy including the banking industry. These frauds in no doubt are perpetrated under the 

supervision of the internal auditors of the organisation. It suffices to say that the independence of the 



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internal auditors is not guaranteed because he works as an employee of the organisation. Then comes 

the ideal of external auditors, yet frauds are still being perpetrated daily. The above scenario indicates 

that as more and more development is recorded both in the information communication technology 

(ICT) world and in other fields, fraudsters continue to groom their tactics towards fraudulent 

practices. It, therefore, becomes pertinent that forensic accounting be introduce, practiced and fully 

implemented since the external auditors do not or may not have the required training to tackle 

modern frauds like white collar crimes such as security fraud, embezzlement, bankruptcy, contract 

disputes and possibly criminal financial transactions including money laundering by organised 

syndicates. This study therefore sought to ascertain the ability of the forensic accountant to provide 

litigation support and investigative accounting.  

Conceptual Framework 

Forensic Investigation  

Investigation is necessary for forensic accounting and auditing procedures; however, they are only 

employed in dubious situations. A forensic investigation is necessary when it becomes difficult to 

establish who is at fault, why the action was taken, and how much harm was done. Olofinsola (2020) 

noted that forensic investigation is about the determination and establishment of fact in support of 

the legal case. That is, to use forensic techniques to detect and investigate a crime is to expose all its 

attending features and identify the culprits. To ascertain whether and why keeping the data produced 

a gap, as well as who is responsible for it, Kasum (2012) stated that conducting a thorough search and 

analysis of documents in accordance with established rules is necessary for conducting a fraud 

investigation. An investigation is the process of obtaining testimony and supporting documentation in 

response to a claim of improper behaviour. Fraud is proven to occur and is supported by evidence 

found during an investigation. Fraud is thought to involve lying with the goal of deceiving. Fraud is a 

serious and expensive issue in today's society that not only causes money loss but also catastrophic 

injuries and fatalities.  

Most fraud investigations start with a meeting between the investigator and the client. The 

investigator collects all relevant evidence and gives the detectives an explanation of the factors that 

led to the suspicion of fraud. A competent fraud investigator will use these crucial details to find more 

evidence and facts. The fraud detector uses a range of methods to investigate a case, such as asset 

searches, background checks, personnel, business, and surveillance investigations. The forensic 

investigation is primarily focused on financial transactions rather than the rest of the entity's activities 

because the on going leakage of organizational resources is the existing system's problem.  



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In an investigation, questioning, interviewing, and observation are the primary techniques used to 

extract information from the accused or suspect. It is important to keep in mind, nonetheless, that the 

investigator (observer, interviewer, or interrogator) does not have the power of the court with 

competent jurisdiction if they find the suspect or accused guilty. It is his or her obligation to find 

evidence to support or contradict the behaviour (Oyedokun, 2014). The Kinesic Interview method 

looks at a person's behaviour to assess dishonesty. According to Oyedokun (2014), an interview is not 

a fast process. Even if the investigator has solid evidence that the suspect lied or committed the crime, 

he should not be charged if the investigator is unable to comprehend. 

Fraud 

Diverse academics have provided diverse definitions of fraud, forgeries, and errors. Others 

characterized fraud as "false depiction, distorting someone's civil liberties for personal gain or 

exploitation of position." Williams (2005) described incentives, favouritism, bribery, political 

donations, fake pricing, and frauds of all kinds as forms of fraud. The strategies mentioned here are 

just a few of the techniques related to fiscal malfeasance. Fraud is described by Enofe, Agbonpolour, 

and Edebiri (2015) as the use of dishonesty designed to enhance one's own interests or cause 

forfeiture to a third person. Fraud is a broad category of felonies that includes information 

concealment, fraud, and manipulation. "Fraudulent Practice" describes an act or omission including 

falsification that desperately fools, or seeks to fool, a person in order to get financial advantage or 

escape a requirement. Kasum (2012) documented that fraud is "false portrayal, misrepresenting 

someone, a fabrication of a statement or behaviour with the intention of obtaining financial benefit. 

This suggests that the act of creating or maintaining a false impression in order to persuade someone 

to sign a contract is fraud. 

Safiyanu, et al (2019) described fraud as a deliberate act of deception intended to gain an advantage. 

Fraud is an unethical practice that entails manipulating data and/or figures in order to benefit 

oneself. Adding to this, Olaoye and Adebayo (2019) contended that scammers' ultimate objective is to 

gain an unfair financial advantage, even though the planned benefits might not be immediate cash in 

hand. Chukwu (2011) offered evidence in favour of this definition, defining fraud as the intentional 

use of deceit to wrongfully acquire, abuse, or damage the assets of a business institution or 

organization. According to these definitions, deceit is criminal, and its only objective is to reduce an 

organization's earnings. As a result of DMBs continuing to produce financial products in tandem with 

technological advancement and the current difficult economic conditions, the number of attempted 

fraud and forgery cases recorded increased significantly to 80,658 incidents in 2023, which is a 4% 

less than 84,130 recorded in the previous year. 



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Empirical Review 

Otaru and David (2023) determined the effect of forensic accounting investigation techniques and 

fraud detection and mitigation of listed Deposit Money Banks in Nigeria. Survey research design was 

adopted by the study, and it had a population of 140 respondents drawn from only operational staff of 

listed banks in Nigeria while the sample size of 104 was arrived at scientifically using Yaro Yamani’s 

sample size determination technique. Data was gathered using questionnaires administered to the 

respondents and it was analysed using multiple regression technique. The study revealed that 

application of interview technique had positive and insignificant effect while application of data 

mining analysis technique and technology technique had positive and significant effect on fraud 

detection and mitigation of listed banks in Nigeria. Ojo-Agboju et al. (2022) determined the effect of 

forensic accounting influenced fraud detection on prevention in a few Deposit Money Banks (DMBs) 

in Nigeria. Using their survey design, Access Bank, First Bank, GT Bank, Union Bank, UBA, and 

Zenith Bank recruited 115 resident internal control officials, branch operation managers, and cash 

officers/head tellers as a sample for the study. The questionnaire was given to the participants using a 

straightforward, proportionate random sample approach. Their investigation, which employed basic 

linear regression, revealed a strong correlation between forensic accounting and fraud detection even 

if it had no effect on fraud prevention in the DMBs they mentioned. Aminian and Tahriri (2021) 

assessed the impact of creating an interpretative structural model of the factors affecting the quality of 

forensic accounting in Iran. The study found that the goals and missions of forensic accounting, 

forensic accounting standards and reviews, professional skills, academic training, enactment of 

forensic accounting, and the need for a forensic accountant in organisations improve the quality of 

forensic accounting. Ojukwu, et al. (2020) also conducted a study titled on Forensic Accounting and 

Fraud Detection in Nigerian Universities of Cross River University of Technology. This study 

discovered a substantial association between forensic accounting and financial fraud detection, as 

well as a large relationship between forensic accounting and financial reporting quality. Okoye and 

Ndah (2019) ascertained the connection between forensic litigation support techniques and fraud 

detection in Nigerian manufacturing firms. Data was gathered from primary sources by sending fifty 

(50) standardized questionnaires to ten (10) accounting departments of the selected manufacturing 

firms. Multiple regression tests were performed on the collected data using the Ordinary Least Square 

method. The study revealed that fraud investigation activities and fraud prevention in manufacturing 

firms have a favourable and statistically relevant relationship. The results also revealed that fraud 

litigation activities and fraud prevention in manufacturing companies have a favourable and 

statistically relevant relationship.  



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Methodology 

In this study, survey was used. A survey is used to obtain information which can be analysed and 

pattern formed which lend themselves to interpretation and comparison. In most cases, a survey will 

aim to obtain facts and opinion from a representative selection of the population being researched. 

From that sample, the researcher will then be able to present findings as being representative of the 

study as a whole. 

There are twenty six (26) banks currently operating in Nigeria as at 2025. Out of these 26 deposit 

money banks in Nigeria, a total of fifteen of (15) banks were listed on the Nigerian Exchange Group, 

therefore, a sample of 6 banks was drawn from a population of 26.  

Method of Data Collection  

This study adopted Ex-Post Facto research design. Data were collected from secondary (qualitative) 

sources. Ex-post facto research design studies facts that have already occurred and collected but not 

necessarily amassed for research purposes. The population of the study are the banks whose shares 

are listed in the Nigerian Exchange Group as of 2025. They consist namely, First Holdco Plc, Eco 

Bank Transnational Incorporated, United Bank for Africa Plc, Fidelity Bank Plc, Union Bank Plc, 

Stanbic IBTC Holdings Plc, Access Holding Plc, Zenith Bank Plc, FCMB Group Plc, Guaranty Trust 

Holding Company Plc, WEMA Bank Plc, Unity Bank Plc, Sterling Bank Plc, and Jaiz Bank Plc. The 

researcher employed convenient sampling technique to select ten (6) quoted banks on the Nigerian 

Exchange Group that met the post consolidation requirements of CBN as of May 2025. Convenient 

sampling technique is adopted where the population of the study is large as it is the case in this study. 

For the purpose of this study, secondary data were collected from publications of Nigerian Exchange 

Group Fact Books and audited financial statements of the quoted banks. The data obtained were used 

to analyse the variables. 

Reliability of the Instrument 

The reliability of a research instrument concerns the extent to which the instrument yields the same 

results on repeated trials. Although unreliability is always present to a certain extent, there exists a 

good deal of consistency in the results of a quality instrument gathered at different times. Reliability 

of research instrument is the measure of the dependability and the internal consistency of the items of 

the instrument of data collection. In this research work, the researcher adopts Cronbach’s Alpha 

statistical test as it is the most popular internal consistency reliability estimate. The pilot test 

conducted using 40 questionnaires with Cronbach’s Alpha statistical test of 0.783 obtained (this 

exceeds the standard of 0.70) therefore was appropriate in achieving the research objectives.  

Method of Data Analysis 



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In this study, the data analysis method employed is panel data multiple linear regression using" 

Ordinary Least Square (OLS) method". Multivariate analysis technique is an inferential method for 

analysing relationship between many variables. 

Model Specification  

FA=f (LS, VR);  

Model I: Forensic Accounting and Value Relevance. The study adopts the panel data method of data 

analyses which involve the pool effect, fixed effect, the random effect and the Hausman Test.  

Pooled Effect Model 

The functional relationship is expressed as  

VR=f (LS,)  

Equation can be expressed in a linear form or mathematically as VR=β。+β, LS 

By turning equation (v) into econometric model, to include random term, is expressed as VRit = 

βo+βILS+U.  

Fixed Effects  

The fixed effects focus on whether there are differences by using a fixed intercept for each of the 

different cross-sectional structures.  

Data Analysis 

The study adopts the panel data method of data analyses which involve the pool effect, fixed effect, 

the random effect and the Hausman Test. 

Pooled Effect Model 

The functional relationship is expressed as 

VR=f (LS,) 

Equation (iv) can be expressed in a linear form or mathematically as 

 
By turning equation (v) into econometric model, to include random term, is expressed as 

 
Fixed Effects 

The fixed effects focus on whether there are differences by using a fixed intercept for each of the 

different cross-sectional structures. If we assume that the dummy variable for a conglomerate 

company is 1 or 0, then which is the dummy variable for firm, can be expressed as: 

  
The regression of total samples can be expressed as: 



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The dummy variables are expressed as follows: 计fj=i, then Di=1; otherwise  

To further investigate the effect of forensic accounting and quality of financial reporting in quoted 

banks in Nigeria, Adebayo (2012) analyzed whether the independent variables affect the dependent 

variable, this regresses the effect of the independent variables on the dependent variables. 

  

Because the fixed effects account for both cross-sectional and time-series data, the increased 

covariance caused by individual-firms’ differences is eliminated, thereby increasing estimation-result 

efficiency. Random Effects 

Random effects focus on the relationship with the study sample as a whole; thus, the samples are 

randomly selected, as opposed to using the entire population. The total sample regression (a function 

of the random effect) can be expressed as: 

  

If this is represented with random variables, then , which indicates that the difference 

occurs randomly, and the expectation value of 

  

VR=Value relevance 

LS=Litigation Support 

Ut=Error term 

Discussion and Results 

Presentation of Results 

Table 1: Presentation of Fixed Effect Model 

Variable Coefficient           Std. Error t-Statistic Prob. 

MODEL 1: Forensic Accounting and Value Relevance 

LS 37.58611            35.32686 1.063953 0.2891 

C 140.2249           210.7427 0.665384 0.5068 

 
 

Effects Specification 
 



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R-squared 0.616716             Mean dependent var 0.652200 

Adjusted R-squared 0.481306              S.D. dependent var 0.453580 

S.E. of regression 0.256059              Akaike info criterion 0.225353 

Sum squared resid 5.769847               Schwarz criterion 0.537973 

Log likelihood 0.732374              Hannan-Quinn critter. 0.351876 

F-statistic 22.24021              Durbin-Watson stat 1.698267 

Prob(F-statistic) 0.000000  

 
 

MODEL 2:  

LS -0.155199            0.125126 -1.240344 0.2181 

C 2.074683            0.205823 10.07996 0.0000 

 
 

Effects Specification 
 

R-squared 0.592515             Mean dependent var 1.838500 

Adjusted R-squared 0.220921              S.D. dependent var 0.434224 

S.E. of regression 0.438742              Akaike info criterion 1.302358 

Sum squared resid 16.93954               Schwarz criterion 1.614978 

Log likelihood -53.11788             Hannan-Quinn critter. 1.428881 

 

F-statistic 0.815574 Durbin-Watson stat 2.343672 

Prob(F-statistic) 0.624561   

Test of Hypotheses 

Decision Rule: Reject or discard null hypothesis when calculated t value is greater than t value in 

critical value table at 1.080 

HO,: There is no significant effect of litigation support services on the value relevance of forensic 

accounting on quoted banks in Nigeria. 

Table 3: Test of hypothesis One 

R2 61.6 

Adjusted R 48.1 

T calculated 1.063953 

T table 1.080 



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Significant level 5%=0.025 (two tail) 

Probability 0.2891 

Decision 

With computed t value of ±1.063953 less than the critical t value of 1.080 the researcher therefore 

rejects the alternate hypothesis and accepts the null which says there is no significant effect of 

litigation support service on the value relevance of forensic accounting quoted banks in Nigeria. 

Conclusion and Recommendation 

The study concludes that forensic investigation and forensic litigation were statistically significant in 

explaining changes in financial performance of commercial banks in Nigeria. The study found that 

there is no significant effect of litigation support service on the value relevance of forensic accounting 

quoted banks in Nigeria, which has improved transparency in commercial banks hence it has curb 

financial fraud thus increasing profitability.  

The study thus recommended that the management ensures that the bank adapts to new 

technological changes taking place in the world to ensure that they have a well-structured system to 

accommodate these changes.  

References 

Li L. and Mcmurray A. (2022). Corporate Fraud across the Globe, Springer Publisher. 

Sambo, H.S. et al. (2023). Cash management and financial performance, FULafia International 

Journal of Business and Allied Studies. 1, 1, 337 – 351. 

Bello, A. et al. (2022). Evaluating the impact of domestic debt on private investment in Nigeria. 

International Journal of Finance and Economics, 14, 234 – 250. 

Ahmad M., Emer & Takiah B. M. I. (2020). The Impact of Computer Assisted Auditing Techniques 

(CAATs) on Development of Audit Process: an assessment of Performance Expectancy by the 

Auditors. International Journal of Management and Commerce Innovation, 7(2), 1199 – 1205. 

Ewa U. E. (2022). Forensic accounting and fraud management in Nigeria. Journal of Accounting, 

Business and Finance Research, 14(1), 19 – 29. 



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Olaiyan N. O. & Awe S. O. (2021). Forensic accounting as a tool for fraud detection and prevention in 

public sector: moderating on MDAs. International Journal of Business and Management, 15(1), 

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Okoye, E.I. & Gbegi, D.O. (2013). Forensic Accounting: A Tool for Fraud Detection and Prevention in 

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Ojo-Agbodu, A., Abiola, J. & Ndubusi, E. I. (2022). Effect of forensic accounting on fraud detection 

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Aminian, A. & Tahriri, A. (2021). Presenting an interpretive structural model of factors affecting the 

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Okoye, E.I. & Ndah, E. N. (2019). Forensic accounting and fraud prevention in manufacturing 

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Kasum, S.A. (2012). Forensic accounting for financial malpractice in developing countries: An 

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Olaoye, O. F. & Adebayo, O. C. (2019). Forensic accounting as a tool for fraud detection and 

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Williams, I. (2005). Corrupt practices: implications for economic growth and development of Nigeria. 

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Kasum, A. (2019). The relevance of forensic accounting to financial crime in private and public sector 

of third world economies: A Study from Nigeria. The 1st International Conference on 

Governance Fraud Ethics and Social Responsibility. pp. 11-13. 



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Chukwu, N. & Asaolu, C. (2019). The impact of basic forensic accounting skills in financial reporting 

credibility among listed firms in Nigeria. IOP Conference Series: Earth and Environment 

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Chukwu, E. M. (2011). Survey of skills required by forensic accountants: evidence from a developing 

country. International Journal of Contemporary Business Studies, 4(2), 54-86. 

Safiyanu, S., Safiyanu, S. I. & Armaya’u, A. S. (2019). The effect of forensic investigation in detecting 

financial fraud: a study in Nigeria. International Journal of Academic Research in Business & 

Social Sciences, 9(2), 545-553. 

 

 


