Business Digest 24052022
On BU$I₦£$$ DIG£$T this morning, May 24, 2022
WHY DO PEOPLE STEAL?
HOW DO PEOPLE STEAL?
….Once an individual is character bankrupt he or she will steal and commit fraud! QED
There is no amount of money that can ever satisfy human needs in this life time, you know why? When wealth increase those that consume them will also increase. Therefore CONTENTMENT is the word!
It is thesame ingenuity you need to commit fraud that you will use to legitimately earn and sleep in peace.
Every fraud is created within what we call Fraud Triangle 🔺️
The fraud triangle is a framework commonly used in auditing and investigation to explain the reason behind an individual’s decision to commit fraud. The fraud triangle outlines three components that contribute to increasing the risk of fraud: ●Opportunity,
●Incentive, and ●Rationalization
For magnitude of fraud being uncovered in Nigeria and indeed any where you will need several layers of collaboration to successfully commit it. “The fraudster’s greatest liability is the certainty that the fraud is too clever to be detected.”-Louis J. Freeh. Sadly all fraudsters think this way.
The way accounting process and procedures are, there has to be a source document, a processor and an authoriser and this means several people are aware and in the know of the fraud.
With the recent revelation, it can also be alleged that IPPIS has been used as a tool to perpetuate some of these frauds and a vindication of ASUU’s position on the bias of IPPIS platform which doesn’t represent the peculiar nature of University System in Nigeria.
In conclusion, “ever since I discovered many things money can’t buy, I ceased to make acquisition of money a priority. I drew a line of contentment. That decision has helped me to experience uncommon peace that those who even earn more than me can never experience because they cannot wean themselves off illicit dealings. If you earn ₦2million monthly, it will take 42 years to amass ₦1billion (actually ₦1,008,000,000). I really don’t know how much money we need to be alive and happy but I know it is a sign of mental ill-health for a person to steal ₦80billion. No one needs that much to be alive and happy.” Omoniyi Ibietan PhD
Business Digest….your indispensable daily business companion.
Yours-In-Entrepreneurship
Dr. Emmanuel Idenyi Shaibu
animn, ace, f.hcd, f.dss, m.frcn, fimc, cmc, cms, FAiPA, DPA, ACCrFE
The Millennium Entrepreneur!
MakingAMarkGlobally