Fraud and Extravagant Life Styles Among Bank Employees: Case of Convicted Bank Workers in Nigeria
Author(s) / Creator(s)
Balogun, Shyngle K.
Selemogwe, Morekwe
Akinfala, Femi
Abstract / Description
Extensive studies have shown fraud to be pervasive in Nigeria. Findings from numerous studies which investigated the typology and occurrence of fraud in the Nigerian financial institutions show that most fraudulent behaviours occur in the banking industry. The researchers however have marginally examined the lifestyles of people who commit these crimes; as such the current study examined the relationship between fraudulent behavior and extravagant lifestyle among convicted bank employees in Nigeria. A total of 600 participants were used for the study, divided into three samples: convicted bankers, non-convicted bankers, and employees other than bankers. Data was collected using demographic questionnaire and the Extravagant Lifestyle Scale (ELAS). The results showed that the convicted bankers had significantly higher ELAS scores than non-convicted bankers and non-bankers (F(2,597) = 26.94; p < .01). The results suggest that fraudsters are likely to have extravagant lifestyles as a result of their fraudulent acts and this is also supported by the findings from the prior studies. The findings have implications for bank management and law enforcement, and as such recommendations are provided.
Keyword(s)
bankers extravagant life style fraud NigeriaPersistent Identifier
Date of first publication
2013-10-25
Journal title
Psychological Thought
Volume
6
Issue
2
Page numbers
252–263
Publisher
PsychOpen GOLD
Publication status
publishedVersion
Review status
peerReviewed
Is version of
Citation
Balogun, S. K., Selemogwe, M., & Akinfala, F. (2013). Fraud and Extravagant Life Styles Among Bank Employees: Case of Convicted Bank Workers in Nigeria. Psychological Thought, 6(2), 252–263. https://doi.org/10.5964/psyct.v6i2.68
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psyct.v6i2.68.pdfAdobe PDF - 365.33KBMD5: ba3e710d38ff58753c31473813b991f6
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Author(s) / Creator(s)Balogun, Shyngle K.
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Author(s) / Creator(s)Selemogwe, Morekwe
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Author(s) / Creator(s)Akinfala, Femi
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PsychArchives acquisition timestamp2018-11-28T10:01:53Z
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Made available on2018-11-28T10:01:53Z
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Date of first publication2013-10-25
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Abstract / DescriptionExtensive studies have shown fraud to be pervasive in Nigeria. Findings from numerous studies which investigated the typology and occurrence of fraud in the Nigerian financial institutions show that most fraudulent behaviours occur in the banking industry. The researchers however have marginally examined the lifestyles of people who commit these crimes; as such the current study examined the relationship between fraudulent behavior and extravagant lifestyle among convicted bank employees in Nigeria. A total of 600 participants were used for the study, divided into three samples: convicted bankers, non-convicted bankers, and employees other than bankers. Data was collected using demographic questionnaire and the Extravagant Lifestyle Scale (ELAS). The results showed that the convicted bankers had significantly higher ELAS scores than non-convicted bankers and non-bankers (F(2,597) = 26.94; p < .01). The results suggest that fraudsters are likely to have extravagant lifestyles as a result of their fraudulent acts and this is also supported by the findings from the prior studies. The findings have implications for bank management and law enforcement, and as such recommendations are provided.en_US
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Publication statuspublishedVersion
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Review statuspeerReviewed
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CitationBalogun, S. K., Selemogwe, M., & Akinfala, F. (2013). Fraud and Extravagant Life Styles Among Bank Employees: Case of Convicted Bank Workers in Nigeria. Psychological Thought, 6(2), 252–263. https://doi.org/10.5964/psyct.v6i2.68en_US
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ISSN2193-7281
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Persistent Identifierhttps://hdl.handle.net/20.500.12034/1563
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Persistent Identifierhttps://doi.org/10.23668/psycharchives.1929
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Language of contenteng
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PublisherPsychOpen GOLD
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Is version ofhttps://doi.org/10.5964/psyct.v6i2.68
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Keyword(s)bankersen_US
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Keyword(s)extravagant life styleen_US
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Keyword(s)frauden_US
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Keyword(s)Nigeriaen_US
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Dewey Decimal Classification number(s)150
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TitleFraud and Extravagant Life Styles Among Bank Employees: Case of Convicted Bank Workers in Nigeriaen_US
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DRO typearticle
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Issue2
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Journal titlePsychological Thought
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Page numbers252–263
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Volume6
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Visible tag(s)Version of Record