BRIBERY, CORRUPTION, AND COMPLIANCE: STRENGTHENING ANTI-FINANCIAL CRIME STRATEGIES IN NIGERIA'S FINANCIAL SYSTEM

Abstract

The study successfully examined the effectiveness of anti-corruption compliance measures in Nigeria, evaluated the role of anti-bribery frameworks, and assessed enforcement mechanisms to provide actionable strategies for strengthening compliance and reducing financial crimes in the country. Using a cross-sectional design, the study focused on professionals in Nigeria’s financial institutions, regulatory bodies, and government sectors. A sample of 150 respondents was selected through stratified random sampling. Data were collected using structured questionnaires and analyzed with SPSS for descriptive and inferential insights. The findings showed that compliance components, including regulatory oversight, internal controls, and policy enforcement, significantly influenced anti-corruption efforts. Policy enforcement was the strongest predictor (t = 7.892, p < 0.05), followed by regulatory oversight (t = 5.297, p < 0.05) and internal controls (t = 4.647, p < 0.05). Together, these variables explained 65.9% (R² = 0.659) of the variations in bribery and corruption, with the model being highly significant (F = 78.84, p < 0.05). The study concluded that a holistic and transparent compliance strategy is essential for reducing bribery and corruption in Nigeria’s financial system.