Fraud Diamond and Financial Crimes in Nigerian Banking Industries

This study examines the fraud diamond element as key determinants of financial crimes in Nigerian banking industries. Primary data were used for this study. This study was carried out by collecting data from 14 quoted commercial banks in Nigeria as at 31st December, 2018. The study utilized ordinary least square regression model. It was noted that the existence of fraud diamond elements which are pressure, opportunity, rationalization and capacity are the major factors that determines financial crimes in Nigeria banking industries. This indicates that an increase in the existence of all these variables will increase financial crimes in Nigeria banking sector. The study recommends a quick and significant attention to these key determinants of financial crimes through: the creation a culture of honesty, openness, and assistance; and also eliminating opportunities to commit fraud and creating expectations that fraud will be punished.