EVALUATION OF FINANCIAL MALPRACTICES ON THE SERVICE PRODUCING COMPANIES OF NIGERIA

ABSTRACT
The recent occurrence of financial malpractices in the service producing companies in Nigeria has made the country economic condition to be deteriorating on a geometrical bases, this has really caused an adverse effect on the entire economy. Financial malpractices are stooge that has to be up rooted and totally eradicated; else the entire sector of the economy will be eaten up by the menace.
This research study is embarked upon to evaluate the effect of financial malpractice on the service producing companies in Nigeria, this study also provide the necessary solution that can be adopted to solve the problem of financial malpractice on the service producing sector of the economy.
In doing this, questionnaires were distributed to the staffs and customer of PHCN, which are analyzed and the used as the main research methodology for concluding on the research findings.

TABLE OF CONTENT

TITLE PAGE i

CERTIFICATION ii
DEDICATION iii
ACKNOWLEDGEMENT iv – v
ABSTRACT vi
CHAPTER ONE: INTRODUCTION
1.1 BACKGROUND TO THE STUDY 1 – 4
1.2 PROBLEM OF THE STUDY 5 – 6
1.3 OBJECTIVES OF THE STUDY 7 – 8
1.4 STATEMENT OF HYPOTHESES 8 – 9
1.5 JUSTIFICATION FOR THE STUDY 9
1.6 SIGNIFICANCE OF THE STUDY 10
1.7 SCOPE OF THE STUDY 10-11
1.8 PLAN OF THE STUDY 10
1.9 DEFINITION OF TERMS 11- 13

               CHAPTER TWO:    LITERATURE REVIEW 

2.1 CONCEPTUAL ISSUES 14
2.2 MEANING OF FINANCIAL MALPRACTICES 14-16
2.3 MEANING OF CORRUPTION 16-19
2.4 FORMS OF FINANCIAL MALPRACTICES 19-22
2.5 FORMS OF CORRUPTIOIN 23-29
2.6 EFFECT OF FINANCIALMALPRACTICES IN
THE SERVICE COMPANIES 29-31
2.7 EVILS OF FINANCIAL MALPRACTICES
IN THE SERVICE COMPANIES 32-36
2.8 THEORETICAL FRAMEWORK 36
2.9 EFFECTIVE CONTROL OF CORRUPTION 36-43
2.10 CODE OF CONDUCT, ETHICS AND
FINANCIAL MALPRACTICES 43-45
2.11 NIGERIA AND FINANCIAL MALPRACTICES 46-49

2.12 THE STRUCTURE OF NIGERIA SERVICE
COMPANIES 49-50
2.13 EMPERICAL EVIDENCE 50
2.14 FINANCIAL MALPRACTICES CASES
IN NIGERIA 50-53
2.15 BILLING SYSTEM IN P H C N 53
2.16 PRIVATIZATION OF POWER HOLDING
COMPANIES OF NIGERIA 54-56
CHAPTER THREE: RESEARCH METHODOLOGY
3.1 INTRODUCTION
3.2 RESEARCH DESIGN 57
3.3 SOURCES AND TYPES OF DATA 57-58
3.4 INSTRUMENTS OF DATA COLLECTION 58
3.5 POPULATION OF THE STUDY 58
3.6 SAMPLING AND SAMPLE SIZE 59
3.7 METHOD OF DATA ANALYSIS 59 – 60

CHAPTER FOUR: DATA ANALYSIS AND PRESENTATION
4.1 QUESTIONNAIRE DISTRIBUTION
AND COLLECTION 61-63
4.1.1 RESPONDENTS PERSONAL PROFILE 63-98
4.2 TEST OF HYPOTHESIS 99
4.2.1 HYPOTHESIS I 99-100
4.2.2 HYPOTHESIS II 100-102

CHAPTER FIVE: SUMMARY, CONCLUSION
AND RECOMMENDATION
5.1 SUMMARY 103-104
5.2 CONCLUSION 104-105
5.3 RECOMMENDATION 105-107
REFERENCE
APPENDIX

CHAPTER ONE

1.10 BACKGROUND TO THE STUDY

Financial malpractices are enemy to environment, environmental protection is not effective where financial malpractices in the public sector of an economy is pervasive and quality of life degraded. This study will give an overview of the Nigerian’s recent experience in the context of economic reform programme. It will discuss the possible cause and effect of financial malpractices and evaluate, such financial malpractices, which are seen to have rocked to socio-cultural, political practice and economic situation of the country. Corruption is an effort to secure wealth or power through illegal means for private and personal gain at the public expense for private benefit. Corruption as a phenomenon is a global problem and exists in a varying degree in different countries (Agbu, 2001). Corruption practices are not issues that just begin today but its history is as old as the world itself. (Lipset and Lenz,2010). However, the magnitude is not equal in every society as some countries are more corrupt than others. Orwell George in the widely read book; Animal farm: said “All animals are equal, but, some animals are more equal than the others”.
The epileptic power supply in the economy reduces the living standard drastically and at the same time increase the cost of production in the country. In 2010, President Good Luck Jonathan revealed that generating power from generator add more than 40 percent to the cost of goods and services in Nigeria and that Nigerian spend about N1.95trillion yearly running generator. In a recent published report by British Broadcasting Corporation (BBC). It was said that Nigeria lost 15Billion Dollars per year to corruption which means between 2001-2011 Nigeria has lost 150Billion Dollars in a span of 10years. In the final report of the Nigeria corruption and survey study (June, 2011) the following institutions in Nigeria are rated based on their level of corruption.