Respected global audit and financial advisory firm, KPMG, has rated Nigeria as the most fraudulent country in Africa, with the cost of fraud during the first half of 2012 estimated at N225 billion ($1.5 billion).

The firm’s Africa Fraud Barometer, instituted this year, measures fraud on the continent and asses the fraud risk that confronts companies in their operations.

In KPMG’s second report, issued last Wednesday, it identified Nigeria, Kenya and South Africa as accounting for 74% of the total number of cases on the African continent, with Nigeria recording the highest overall value of fraud in the first half of the 2012.

Reported cases of fraud, however dropped from 520 in the first half of 2011 to 503 in the first half of 2012, and the value of fraud fell from $ 3.3 billion to $ 2 billion.

KPMG compiles the data for the Africa Fraud Barometer by analysing available news articles and reviewing fraud cases from designated databases.

The new report observed that Nigeria’s fraud profile has been compounded by fraud and corruption in the oil sector, with “bribes in the private and public sector, misappropriation, and contract inflation” as common forms of fraud.

By contrast, Nigeria’s President, Mr. Goodluck Jonathan, last Sunday in his chat with the media bragged that his administration is fighting and winning the war on corruption, and that he has done better than his predecessors in combating corruption.

In another report, “Global States of Mind: New Metrics for World Leaders,” published on November 14, Gallop Poll declared Nigeria one of the two most corrupt countries in the world, superior only to Kenya.

Contrary to Mr. Jonathan’s claims, the Gallup report showed that 94 percent of Nigerians believe there is widespread corruption in the government.

http://mobile.saharareporters.com/news-page/nigeria-most-fraudulent-country-africa-kpmg-report-says

Na 2day?

This is not really news is it? Even my 2 year old son knows that corruption is a nigerian

Evil reports shooting up left, right and centre but my dear Nigerians still choose to live in denial of ultra-huge problems.
Until we start to kill these criminals in positions of authority things are going to continue downhill.

Authority stealing pass armed robbery oh!

A very unholy reputation indeed.

. . . and another one !!!

All these rankings popping up lately with Nigeria @ the wrong end.

- Worst out of 80 places to be born.
- Most fraudulent
- . . . . . . . . . .


What's next ?

Of course.....only Nigeria has to be number one in everything BAD...MTCHEWWWW

Im not like this. But im being put on the defensive with people because of the country i come from that will just not get it right? Nigeria needs an overhaul ASAP. Things are really really going bad.

and so?........ My unborn children knows this.

GOD WILL NEVER CHANGE A SOCIETY ONSTILL THE SOCIETY CHANGE WHAT IT'S WITH ITSELF (EVILS)...OUR LEADERS TAMED US TO BE WHAT WE ARE AND WE ARE HAVING THEM BECAUSE WE ARE NOT GOOD PEOPLE OURSLVES, THEREFORE, IF WE CHANGE GOD WILL REPLACE'EM FOR US...I AM PROUD TO BE A MUSLIM; AL HAMDULLAH!!!

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If not that they said d truth, i would have fought for my dear country, but now, im handicapped in d sense dt we nigerians ourselves know dt they are not far from d truth.

The issue is what arê going to do about it? What are individual leaders thinking? How do the masses react to a gov. who uses public funds to buy private jet? It's up to us.

We're untop of everything baad...

Let nigeria crash like calabash

I jus hope things get better soon

I don't think anyone living in this country will be surprised to hear that. My opinion. The only people who will deny this, are those in government and their conspirators like Otodola. They'll tell you how legitimate their business is.

Nigerian problem(s) is/are with Nigerians. They have also been named the NOTORIOUS WEB BLOWERS in the world. Only mouth mouth and no action!! Am sure when Arab spring began, we never read any plan ONLINE, it just started and today over 7countries have bowed to people's demand. Kai!! Nigerians, do something before that country is sold.
The leaders will never change as they have known that the citizens cant do em anything. Too Bad!! They will continue recycling powers amongst them till citizens ACT.

Another rating is out.its begining to sound like a broken record

Nigeria is going to get better, all this will pass eventually and the whole world will be left looking like Huh?

Before nKo?

“I believe that the effort this government has put in, in terms of fighting corruption, I don’t think any other person (administration) has done that before.”-GEJ

And so? Nigeria issue can sweet pple to discuss. Anyway na we nor know ourselves

Its nt enuf to just drop ur comment..proffer a solution or else there wld b no nation left for our kids nd grand kids to grow in. Revolution i wld say is imminent.

1forall: Evil reports shooting up left, right and centre but my dear Nigerians still choose to live in denial of ultra-huge problems.
Until we start to kill these criminals in positions of authority things are going to continue downhill.

Authority stealing pass armed robbery oh!

Yes Yes Yes we nigerians we must do something about this nonsense

Oya Nigerians begin to abuse yourselves by yourselves as if that will help our ordinary innocent citizens that pays the price for reports like this one ,while the crooks live in their cities and grow their economy...mtcheew.......

Although I consider this an under-assessment of the real situation, I think (abeg no insult me o), I think that individual change is beginning to set in. I think the awe with which people in the past looked at affluence/wealth no matter how gotten, has begun to wane (fade). U drive one spectacular car wey no fit your persona pass some low-end street and nobody raise head look sef (just one example o). It seems more and more people are beginning to have self-pride (the good kind). I don't know about you, but this is what I've observed.

Mtcheew! Before nko.

@Topic: at least we are important and faster than they can. I believe Nigerria is one of the country USA or Britain can't explit at the moment. This is a cheap shot.