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STRENGTHENING FRAUD DETECTION IN NIGERIAN FMCGS USING FORENSIC ACCOUNTING TOOLS

Chinedu Oluwaseun Adebayo·Aisha Temidayo Balogun·Ifeanyi Nkemdilim Okonkwo
Published 02 June 2025
Vol. 13, No. 2 (2025)
pp. 1-35
CC BY 4.0
  1. 1
    Chinedu Oluwaseun Adebayo
    Department of Accounting, School of Management and Social Sciences, Pan-Atlantic University, Lekki, Nigeria.
    NG
  2. 2
    Aisha Temidayo Balogun
    Department of Accounting, School of Management and Social Sciences, Pan-Atlantic University, Lekki, Nigeria.
    NG
  3. 3
    Ifeanyi Nkemdilim Okonkwo
    Faculty of Management Sciences, Lagos State University (LASU), Ojo, Nigeria.
    NG

The study explores the influence of forensic accounting practices on fraud management in selected listed fast moving consumer goods (FMCGs) in Nigeria. Survey research design was used as the method for this study. The sample size was 20 quoted consumer goods companies as at 31st December, 2023 and 15 questionnaires each were allotted to each selected company which gave 300 observations out of which 258 were found useful. The sample size determination adopted was Taro Yemane which gave 20 companies. The Simple random sampling was the method employed for the sample. A structured questionnaire was employed as the data gathering tool. The research tool adopted for descriptive statistics was simple table, mean and standard deviation while the two hypotheses were tested using inferential statistics, analysis of variance (ANOVA), and ordinary least square (OLS). The findings revealed that forensic accounting practices have significant influence on fraud prevention of FMCGs in Nigeria (F= 2.071, p-value =0.000). Also, it was also discovered that forensic accounting practices significantly influence fraud detection in FMCGs (F= 1.698, p-value =0.000) indicating that forensic accounting practices enhance fraud management in FMCGs sector in Nigeria. From the findings of this study, revealed that fraud prevention in Nigerian fast-moving consumer products is significantly correlated with the use of forensic accounting techniques. Also, it was observed that forensic accounting practices significantly detect fraudulent activities easily in Nigerian fast moving consumer goods. According to the report, it is critical to update the organizational structure of the business to better accommodate forensic accounting services. Additionally, the business needed to develop precise guidelines to direct forensic accounting practices in the quickly evolving consumer products industry

JournalInsurance and Financial Risk Journal
ISSN3065-0313
Volume / IssueVol. 13, No. 2 (2025)
Pages1-35
Published02 June 2025
DOI10.5281/zenodo.15573873
Access Open Access
LicenseCC BY 4.0 — reuse with attribution
PublisherKeith Publications
Adebayo, C., Balogun, A., Okonkwo, I. (2025). STRENGTHENING FRAUD DETECTION IN NIGERIAN FMCGS USING FORENSIC ACCOUNTING TOOLS. Insurance and Financial Risk Journal, Vol. 13 No. 2, pp. 1-35. DOI: https://doi.org/10.5281/zenodo.15573873

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