Global Journal of Management and Business Research, B: Economics and Commerce, Volume 20 Issue 1

administration itself transposes the expected purposes of the organizations; by forcing participants to follow what otherwise would be termed unacceptable ways and punishing those who resist and try to live up to the formal norms (International Center for Economic Growth, 1999). Agbu, (2001) went on to say that Corruption is a global problem, and exists in varying degrees in different countries Corruption is not only found in democratic and dictatorial politics but also feudal, capitalist and socialist economies. Dike, (2005) says that Christians, Muslims, Hindus, and Buddhists cultures are equally bedevilled by corruption. Corrupt practices according to Lipset and Lenz, (2000) say that corruption is not an issue that just begins today; but the history is as old as the world. The World Bank (1997) defines corruption as the abuse of public office for private gains; and Public office is abused through rent-seeking activities for private gain when an official accepts, solicits, or extorts a bribe. Public office is also abused when private agents actively offer bribes to circumvent public policies and processes for competitive advantage and profit. Public office can also be abused for personal benefit even if no bribery occurs, through patronage and nepotism, the theft of state assets or the diversion of state resources. A public official is said to be corrupt if he accepts money for doing something that he is either under obligation or duty to do or not. Corruption is a betrayal of trust more especially in public office resulting directly or indirectly from the subordination of public goals to those of the individual interest. Thus a person who engages in nepotism has committed an act of corruption by putting his family interests over those of the larger society (Gire 1999). It is a cankerworm that has eaten deep in the fabric of our nation. It ranges from petty corruption to political/bureaucratic corruption or Systemic corruption (International Center for Economic Growth, 1999). World Bank studies put corruption at over $1 trillion per year accounting for up to 12% of the Gross Domestic Product of nations like Nigeria, Kenya and Venezuela (Nwabuzor, 2005). In the opinion of Agbu, (2003) corruption is endemic as well as an enemy within a nation. Economic and Financial Crime Commission (EFCC), 2005) says that corruption is a cankerworm that has eaten deep in the fabric of this country and had made the various sectors of GDP to have stunted growth. Independent Corrupt Practices Commission (ICPC), 2006) says that corruption has been the primary reason behind the country difficulties in developing fast. This is evident in Transparency International’s consistent rating of Nigeria as one of the top three most corrupt countries in the world. Corruption has always been in existence with human development and efforts at curbing its menace has always been short-lived. Modern waves of corruption, of which fraud is a subset, do not seem to recognize the essence of sovereignty, territorial boundaries or race. Corruption is a global phenomenon not peculiar to Nigeria alone. Transparency International, a non-government organization using the Corruption Perception Index (CPI) categorized Nigeria as the first in the ranking of corrupt nations of the world in the year 2000. In 1999, Nigeria was ranked 98 out of the 99 countries according to Salisu, (2006). In 2001 the image of Nigeria slipped further to 90 out of 91 countries and coming as the second most corrupt nation with Bangladesh as the most corrupt. Nigeria maintained the same position as Bangladesh in 2003, (Ike 2009). A onetime Nigerian Head of State was reported to have paid a total sum of N12.4 billion between September 1988 and 30th June 1994 into a "Special Dedicated Account", funds which under normal conditions should have been paid into the Federal Accounts as required by law, News watch (2004) and The Punch Editorial (2003). Out of this amount, the report further reveals that the military President and the Governor of the Central Bank clandestinely disbursed N12.2 billion without any explanation as to the extra- budgetary expenditures. Many factors account for the spate of corruption in Nigeria’s social life. One is that the incapacitating socio-economic situation of Nigerians must have heightened the potential for corrupt and sharp practices in the public and private sectors of the economy. Secondly, the leaders get deep-rooted in corruption because they lack independent economic base; and therefore rely on the state for survival, and they who are perpetrators of fraud and corrupt enrichment often go scot-free. Former President Obasanjo in 2000, highlighted the elements of corruption in Nigeria as (i) use of one’s office for pecuniary (money), (ii) gratification (iii) influence peddling, (iv) insincerity in advice to gain, tardiness, slovenliness and less than a full day’s work for a full day’s pay. In Nigeria, corruption cannot be detached from poverty amongst the populace who on the average earn just $260 a year which is far less a pay that can’t stop an average Nigerian from being corrupt. It is of prime importance to know that less than one per cent of the population own over 60 per cent of the nation’s wealth; and over 50 per cent of the wealth is however kept overseas thus leaving Nigeria’s economy in very bad shape, poor and in servitude. As a result of mismanagement and relentless assault on the public, Nigeria’s GDP per capita dropped from $1,010 in the Constructive Trust: The only True Potent Weapon to Fight Corruption Among Public Officers In Nigeria © 20 20 Global Journals 42 Global Journal of Management and Business Research Volume XX Issue I Version I Year 2020 ( ) B early 1980s to less than $300 in 2006 (CBN Statistical