Issue Number: Vol. 7, No. 2
Year of Publication: Jun - 2018
Page Numbers: 155-165
Authors: Gabriel Babatunde Iwasokun, Raphael Olufemi Akinyede, Catherine Folake Fadamiro
Journal Name: International Journal of Cyber-Security and Digital Forensics (IJCSDF)
- Hong Kong
DOI:  http://dx.doi.org/10.17781/P002389


This paper proposes twenty investigative indices that were freely considered by the authors as relevant for the determination and evaluation of the causal factors of financial crimes in Nigeria. The indices are contained in the questionnaire that was administered on twenty one out of thirty six states that span the six geo-political zones of Nigeria to obtain relevant data. Copies of the questionnaire were administered at meetings with stakeholders of banks, insurance companies, educational institutions and other relevant government and private owned establishments. The data obtained were subjected to Principal Components Analysis (PCA) using SPSS. From the analysis, four causal factors of financial crimes in Nigeria were obtained with different set of indices. The obtained factors are technology and social pressure, poor governance, economic pressure and religion and self-centredness. The percentage contribution of each factor to the spate of financial crime in Nigeria was estimated with each percentage contribution exhibiting the degree of relevance of the associated indices. The percentage contributions of the extracted factors was less than 100, which showed that the performance indices of some extraneous factors which contribute in no small measure to the current level of financial crimes in Nigerian were not given consideration in the research instrument. Such extraneous factors include but not limited to research and cultural influences. Moreover, a factor scores coefficient matrix was generated and used to estimate and rank the contribution of each respondent to each factor.