KPMG has recently conducted a global audit assessing the level of corruption of countries throughout the world. The audit found that fraud and corruption are a larger concern in Nigeria than any other country in Africa.
These findings are a serious concern for Nigeria’s current president, Goodluck Jonathan. Jonathan has told his constituents that he has worked harder to end corruption in Nigeria than any of his predecessors.
KPMG said that there were more cases of fraud in Nigeria between January and June of 2012 than any other country in Africa. The cost of this fraud amounted to over $1.5 billion.
The largest complaints were centered around government officials and executives in the private sector. KPMG also found that there was a higher prevalence of corruption in the oil industry than most other sectors.
This report suggests that Jonathan’s administration will need to do more to address the level of corruption throughout Nigeria. However, the incidence of fraud is still improving. The report found that the number of fraud cases dropped from 520 to 508 from the last half of 2011 to the first half of 2012. The cost of fraud also declined slightly as well.