Mainstreaming whistleblowing as a regulatory mechanism against fraud in Nigeria’s capital market

Edith O. Nwosu, Uchechukwu Nwoke, Collins Chikodi Ajibo, Fochi Nwodo and Ikenna Okoli

Journal of Financial Crime, 2021, vol. 28, issue 4, 1008-1021

Abstract: Purpose - This paper aims to analyze the importance and application of whistleblowing in the fight against fraud in Nigeria’s capital market. Design/methodology/approach - Drawing from existing legislation and literature in the area, the paper (by adopting a doctrinal approach), analyzes the application of whistleblowing in the Nigerian capital market. Findings - As a result of an inadequate legislative framework (a structure consisting mainly of mere policy directives and voluntary codes), whistleblowing is seldom used in Nigeria’s capital market. Originality/value - This paper extends the body of knowledge in the area of whistleblowing in Nigeria’s capital market by not only identifying the non-utilization of the concept but also offers creative suggestions, which will help it is to normalize as a regulatory tool for reducing fraud in this sector.

Keywords: Nigeria; Regulation; Corporate governance; Capital market; Whistleblowing; Fraud and illegal activities (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jfcpps:jfc-10-2020-0209

DOI: 10.1108/JFC-10-2020-0209

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