FINANCIAL CRIMES OF SMALL SCALE ENTERPRISE IN BENIN CITY: PERSPECTIVE OF THE ENTREPRENEUR
ABSTRACT
This study examined financial crimes of small scale enterprise in Benin City: Perspective of the Entrepreneur. In order to actualize the objectives of the study, various literature and theoretical issues were discussed. The instrument used for the purpose of this research was gathered through primary and secondary sources. The primary source is through questionnaires while the secondary source extracts from journals by different authors and other publications. The mass of information generated from the questionnaires was summarized in form of table and analyzed using simple percentage. The researcher administered one hundred (100) questionnaires to respondents, out of which eighty (80) were retrieved for the purpose of presenting and analyzing responses to issues raise in the questionnaires. The hypotheses stated in the study were tested using Z-test statistical tool. The findings from analysis revealed among other things that inadequate cash flow policy influence financial crimes in Small Scale Enterprise. The researcher recommends that the management of small scale enterprise should frequently train and re-train their staff in order to increase their knowledge in business management.
TABLE OF CONTENTS
CHAPTER ONE: INTRODUCTION
Background to the Study                     
Statement of the Research Problems            
Objectives of the Study                     
Research Hypotheses                         
Significance of Study                         
References                         
CHAPTER TWO: LITERATURE REVIEW
2.1    Introduction                            
2.2    Review of Theoretical Studies                
2.3    Review of Empirical Studies                    
References                         
CHAPTER THREE: RESEARCH METHODOLOGY
Introduction                         
Research Design                 
Population                         
Sample Size                             
Sampling Technique                         
The Research Instrument                     
Method of Data Analysis                     
References                            
CHAPTER FOUR: DATA ANALYSIS AND INTERPRETATION
4.1    Introduction                            
4.2    Descriptive Statistics                         
4.3    Test of Hypothesis                         
CHAPTER FIVE:    SUMMARY OF FINDINGS, RECOMMENDATIONS AND CONCLUSION
Introduction                             
Summary of Findings                        
Conclusions                        
5.4    Recommendations                    
Bibliography                             
Appendix                                 
 CHAPTER ONE
INTRODUCTION
BACKGROUND TO THE STUDY
Recent statistics regarding economic crime show that financial crime is one of the most problematic issues for businesses around the world (Sadique, Roudaki, Clark and Alias, 2010).
Kasum (2007) opine that, financial irregularity is a severe problem of concern globally. It is the major concern to developing nations. It is so endemic that fraud and corruption is gradually becoming a normal way of life. Financial irregularities are so common that almost every individual cannot wash his or her hands, clean of it. Starting from the public sector to the private sector; from the presidential villa of the nation, down the political office-holding ladder, to the ward councilors; from managing directors of a company, through middle management cadre and to as low as messengers. Individual perpetrates fraud and corrupt practice according to the capacity of their office. Although financial irregularities affects private and public sector, the magnitude of public office fraud, together with the extent to which citizens are affected, calls for alarm. No money is entirely free, every Naira and Kobo has its legal use, and consequently misuse of any amount will impact negatively, on where it should legally be used. The effect of these can be on an organization or a whole nation. If the effect is not direct it may be indirect as it may affect facilities and infrastructure that is supposed to be beneficial to the concerned.
A study by Voon, Puah and Entebang, (2008) sites that issue regarding financial crime is getting more prominent among the public, especially investors, investment managers and also regulators. Financial crime is a serious crime that related to the ethical behaviour, which should not be taken lightly. Financial crime not only has deep impact on the reputation of the company affected, but also causes greater financial loss and loss of investors confidence.  
Sadique, Roudaki, Clark and Alias, (2010) says that financial crime has a negative impact on the company’s brand(s), staff morale, external business relations, relations with regulators, and the value of the company’s shares. It can be fairly said that financial crime impacts on the company, its shareholders, and society at large by way of employment and social stability. Often the parties that lose the most as a result of fraud are the minority shareholders and individual investors. The need for a more effective way to regulate, enforce, detect and prevent fraud has increased since one cannot rely upon accidental detection to combat such fraud. The regulators have to be more vigilant and effective in their efforts to fight financial crime.
Idowu, (2009) view that, crime and management have been the precipating factor in the distress of banks, and as much as various measures have been taken to minimize the incidence of fraud, it still rises by the day because fraudsters always device tactical ways of committing fraud. This has become a point of great attention in the banking sector as well as every organization in Nigeria. Although this phenomenon is not unique to the banking industry or peculiar to Nigeria alone, the high incidence of fraud within the banking industry has become a problem to which solution must be provided in view of the large sums of money involved and its adverse implications on the economy. Fraud in its effects reduces the assets and increases the liability of any company. In the case of banks, this may result in the loss of potential customers of banking public and in the long run end up in another failed bank situation.
This study intends to investigate financial crimes in Small Scale Business in Benin City.
STATEMENT OF THE RESEARCH PROBLEMS
Financial crime has become an industry, not just for fraudsters, academics study it, investigators explore it, lawyers litigate on it, but all this industry is built on managing the consequences of financial crime rather than on preventing crime, even publication reflect the same pattern but little has been offered by way of practical advice on what business should do to manage crime risk from day- to-day.
Against this backdrop, the following research questions are raised:
Does lack of knowledge and training of staff influence financial crimes in Small Scale Enterprise?
Does inadequate cash flow policy influence financial crimes in Small Scale Enterprise?
Does financial crimes responsible for the collapse of many Small Scale Enterprise?
 OBJECTIVES OF THE STUDY
The broad objective of this study is to examine financial crimes in small scale enterprise.
The specific objectives are:
To investigate whether lack of knowledge and training of staff influence financial crimes in Small Scale Enterprise.
To ascertain if inadequate cash flow policy influence financial crimes in Small Scale Enterprise.
To determine if financial crimes responsible for the collapse of many small scale enterprise.
RESEARCH HYPOTHESES
The following hypotheses will be tested in this study.
Hypothesis I
Ho:    Lack of knowledge and training of staff does not influence financial crimes in small scale enterprise.
H1:    Lack of knowledge and training of staff influence financial crimes in small scale enterprise   
Hypothesis II
Ho:    Inadequate cash flow policy does not influence financial crimes in Small Scale Enterprise.
H1:    Inadequate cash flow policy influence financial crimes in Small Scale Enterprise.
Hypothesis III
Ho:    Financial crimes did not responsible so the collapse of many small scale enterprise.
H1:    Financial crimes are responsible for the collapse of many small scale enterprise.
SIGNIFICANCE OF STUDY
This research work on its conclusion, together with whatever solution or findings that may arise, will prove useful to some particular group of persons or otherwise for various reasons in accordance with their varying needs.
Beneficiaries
Stakeholders: This study will be important and beneficial to stakeholders of an organization to know the effect of the financial crime in an organization.
The Government: It will acquaint the government of the effect of financial crime in an organization and how it should be properly managed.
The public: This study will help to restore the lost confidence of the public as regard the financial crime in an organization.
Academic/future researcher: Both academic and other future researchers in this similar subject matter will find it a useful source of learning and research.   
 REFERENCES
Fich and Shivdasani (2005), Financial Fraud, Director Reputation, and Shareholder Wealth, Drexel University, Philadelphia, PA 19104
Idowu, A. (2009, An Assessment of Fraud and its Management in Nigeria Commercial Banks, European Journal of Social Sciences – Volume 10, Number 4.
Sadique, R. B., Roudaki, J., Clark, M. B. and Alias, N. (2010), Corproate crime: An Analysis of Malaysian Securities Commission Enforcement Releases, World Academy of Science, Engineering and Technology.
Voon, S., Puah, C. and Entebang, H. (2008), Corporate crime Announcement Effects on Stock Performance: An Empirical Study in Malaysia, Journal of Economics Cooperation, 29, 15-23.