IMPACTS OF ECONOMIC CRIMES ON NATIONAL ECONOMY: A COMPARATIVE STUDY OF NIGERIA AND INDIA

ABSTRACT

A nation whose emerging economic growth is deliberately being undermined and siphoned by few highly organised criminals, is sitting on a keg of gunpowder. Official corrupt practices, Informal payments on public projects, scams, money laundering, tax evasion/avoidance, over-invoicing, advanced fee fraud, illegal currency manipulation, improper foreign exchange dealings, banking fraud, stealing, smuggling, kidnapping, human and drug trafficking etc altogether  constitute crucial economic problem that needs practical oriented and urgent solution in India and Nigeria. It undermines confidence in the government, whose moral authority is diminished.
In this work, I intend to reiterate and pointedly demonstrate how economic crimes have become more sophisticated, endemic and constitute graver danger to Indian and Nigerian economic growth today. It is my resolve here to show that law alone is not the best instrument to fight economic crime. I also wish to justify how economic criminality, in both the public and private sectors of the economies, impacts negatively and poised to crumble the economy of the second fastest growing economy (India) on one the hand and to forestall the economic fortunes of Nigeria despite her abundant natural resources, on the other hand. 

 H. Uchenna Okoronkwo, LL.B, BL, LL.M, Dip.UN & I.U.
uchenna.okoronkwo@gmail.com

Comments

Post a Comment

Popular posts from this blog

NULAI's 3rd Competition

N U L A I Network of University Legal Aid Institutions Website: www.nulainigeria.org REPORT OF THE 4TH NIGERIAN CLIENT INTERVIEWING AND COUNSELLING SKILLS COMPETITION ORGANISED BY NETWORK OF UNIVERSITY LEGAL AID INSTITUTIONS (NULAI) IN PARTNERSHIP WITH MACARTHUR FOUNDATION AND HELD AT THE FACULTY OF LAW, UNIVERSITY OF NIGERIA, ENUGU CAMPUS ON NOVEMBER 28 & 29, 2008. OBJECTIVE OF THE COMPETITION The competition is aimed at promoting greater knowledge and interest among Law Students and Lawyers in developing interviewing, planning, analytical and preventive (ADR) skills in the Lawyer-Client relationship in office. The competition serves as an advocacy platform for promoting clinical legal education and access to justice and provides an opportunity for valuable educational and cultural interchange amongst students, law teachers and legal practitioners. PROGRAMME OF EVENTS DAY 1: 27th Nov, 08 Arrival of Participants DAY 2: 28th Nov, 08 8.00 – 9.00am: Registrati...
Read more

Black Mark On India

Indiatimes| The Times of India| The Times of India Crest Edition| The Economic Times| more Hi, Uchenna | My Account| Sign out | | Tuesday, July 09, 2013  Home  > Society  > Black mark on India STATE SCAN Black Mark on India MAKING AN EFFORT: Most African students in India face discrimination and racism but some try hard to build bridges by participating in Indian festivals and traditions Campus life in the country is charged with racial undercurrents towards African students. At Lovely Professional University (LPU) in Jalandhar, Punjab, the mood on campus is quiet. It's a week after 21 African students were arrested following a local brawl and charged with a non-bailable offence of theft, assault and rioting, they are currently in jail. Though over 200 LPU students are from the African continent, most refuse to talk about the incident and fear of repercussions is clearly palpable. "The entire African student community is being branded villains, " s...
Read more

Football: Beauty on the Defensive?

Some say it is Pelé, some others attribute it to Didi, even as the official credits go to commentator Stuart Hall. All are talking about ‘The Beautiful Game’. In any case, there is no doubt: football deserves that title. And, what is a better time to bend the ball around our ongoing reflection on beauty than now, as the World Cup is just round the corner? It is adrenaline season, not just in the host country, but everywhere in the world, where this ball is alive and kicking. But do the spirit on the field, carnival colours and billions of fans suffice to efface the game’s decadent environment today? The market, social inequities, and the sheer counter-effects of its worldwide success have tarnished many a vital dimension of this sport-culture. Is football still the Beautiful Game? In the next four weeks, Brazil may provide an updated response to football’s legendary equation with beauty. In this week’s Inter-actions, writer  NS Madhavan  returns to the early association of fo...
Read more