Article Version of Record

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 Nigeria

Persistent 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
  • Author(s) / Creator(s)
    Balogun, Shyngle K.
  • Author(s) / Creator(s)
    Selemogwe, Morekwe
  • Author(s) / Creator(s)
    Akinfala, Femi
  • PsychArchives acquisition timestamp
    2018-11-28T10:01:53Z
  • Made available on
    2018-11-28T10:01:53Z
  • Date of first publication
    2013-10-25
  • 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.
    en_US
  • Publication status
    publishedVersion
  • Review status
    peerReviewed
  • 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
    en_US
  • ISSN
    2193-7281
  • Persistent Identifier
    https://hdl.handle.net/20.500.12034/1563
  • Persistent Identifier
    https://doi.org/10.23668/psycharchives.1929
  • Language of content
    eng
  • Publisher
    PsychOpen GOLD
  • Is version of
    https://doi.org/10.5964/psyct.v6i2.68
  • Keyword(s)
    bankers
    en_US
  • Keyword(s)
    extravagant life style
    en_US
  • Keyword(s)
    fraud
    en_US
  • Keyword(s)
    Nigeria
    en_US
  • Dewey Decimal Classification number(s)
    150
  • Title
    Fraud and Extravagant Life Styles Among Bank Employees: Case of Convicted Bank Workers in Nigeria
    en_US
  • DRO type
    article
  • Issue
    2
  • Journal title
    Psychological Thought
  • Page numbers
    252–263
  • Volume
    6
  • Visible tag(s)
    Version of Record