RESEARCH JOURNAL OF BUSINESS AND ECONOMIC MANAGEMENT
Integrity Research Journals
ISSN: 2756-6676
Model: Open Access/Peer Reviewed
DOI: 10.31248/RJBEM
Start Year: 2017
Email: rjbem@integrityresjournals.org
Financial misappropriations, internal control, and Pentecostal Churches in Nigeria
https://doi.org/10.31248/RJBEM2022.075 | Article Number: 7E06D6311 | Vol.5 (2) - December 2022
Received Date: 24 April 2022 | Accepted Date: 30 October 2022 | Published Date: 30 December 2022
Authors: FABOYEDE, O. Samuel* , OGUNNIYI, Olajumoke R. , ATANDA, Olabamiji , ADESINA, Kehinde and BEN-CALEB, Egbide
Keywords: Nigeria., Churches, corporate governance, financial misappropriations, internal controls
The spate of financial misappropriations and reckless spending of funds belonging to religious organizations in Nigeria has attained worrisome heights. Fraud can occur in any organization, but Churches are extremely susceptible due to their trusting nature. This research seeks to find out the existence or otherwise of internal controls in sacred organizations. The research employs survey and literature review methodologies in evaluating the soundness or inadequacy of the internal control systems of Pentecostal Churches in Nigeria and at the global level. The research finds out that strong internal control systems were not in existence in these Churches. There was also no positive correlation between the trust reposed in Church officers and lower operating costs as officers could leverage on their trusted positions to exploit. The paper, therefore, suggests that good corporate governance should be extended to non-profit making organizations for more accountability, probity, and transparency.
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