Fraud and corruption – definitions and impact

What is fraud?

Fraud is dishonest activity causing actual or potential financial loss to any person or entity including theft of personal identity, moneys or other property by employees or persons external to the University and where deception is used at the time, immediately before or immediately following the activity. This also includes the deliberate falsification, concealment, destruction or use of falsified documentation used or intended for use for a normal business purpose or the improper use of information or position for personal financial benefit.

The concept of fraud involves fraudulent or corrupt conduct by internal parties or external entities targeting the University, or fraudulent or corrupt conduct by the University itself targeting external entities.

What is corruption?

Corruption is dishonest activity in which a person abuses his/her position of trust in order to achieve some personal gain or advantage for themselves, or provide an advantage/disadvantage for another person or entity.

Corrupt conduct can take many forms including:

  • conflicts of interest
  • taking or offering bribes
  • dishonestly using influence
  • blackmail
  • fraud
  • theft
  • embezzlement
  • tax evasion
  • forgery
  • nepotism and favouritism

NOTE: Corruption does not include mistakes or unintentional acts.

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Author: godphraim

I am a citizen of Nigeria, a graduate of professional diploma (PGDE) in education at Ahmadu Bello University Zaria and graduate of Higher National Diploma (HND), Accountancy at Ramat Polytechnic Maiduguri all in Nigeria. Also, an Associate member of Chartered Institute of Loan and Risk Management of Nigeria and Technical member (Association of Accounting Technician West Africa) of Institute of Chartered Accountants of Nigeria (ICAN). I am a business man dealing in information technology and other finance and investment related activities. Specialised in web designing and development, IT training, computer engineering and distribution and supply of IT equipment.

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