Anti-corruption Efforts in Nigeria Essay Example | Topics and Well Written Essays - 4000 words

Anti-corruption Efforts in Nigeria - Essay Example Corruption is characterized as a â€Å"global phenomenon†, and only capable of being understood in â€Å"its social context†.5 In the case of Nigeria, there is a range of complex and deeply-seated institutional and social factors contributing to corruption, most of which emanate from the experiences of colonial and post-colonial Nigeria. Corruption emerged as the primary method by which to survive during the period of decolonisation and with no other viable means of survival, corruption ultimately informed political conduct and â€Å"competition† in post-independent Nigeria.6 The corrupt reputation of Nigeria corresponds with post-colonial Africa’s long series of political and economic let downs. To begin with, colonial rule created conflicts among ethnic groups, alienated Nigerians from the country’s resources, exploited Nigerians and their natural resources and essentially deprived Nigerians of representation. Colonialism in all of Africa involved the use of â€Å"material inducements† as a means of compelling chiefs and African administrators to support and cooperated with colonists’ projects characterized by exploitation.7 Corruption in post-colonial Africa, including Nigeria is merely a learned and inherited political policy acquired during colonialism.8 During decolonization, Nigerians were left struggling to regain control of a deeply divided nation and continuously confronted significant economic and political chaos.9 Thus the post-colonial chaotic state of Nigeria’s socio-political and economic systems, together with the corrupt and dehumanising political experiences of colonialism created and perpetuated corruption in Nigeria. Nigeria is described as among the world’s most corrupt countries and is often associated by outsiders with fraud and dishonesty. However, it has been argued that just as political and economic degradation contributes to corruption, corruption likewise results in poli tical and economic degradation.10 Regardless of whether corruption is an obstacle to development or contributes to underdevelopment, corruption is so widespread throughout Nigeria that the country is perhaps a unique case. Arguably there is no real rational explanation for the link between corruption and underdevelopment in Nigeria. Since corruption is so widespread in Nigeria and has persisted for so long it is impossible to know with any degree of certainty whether or not corruption is responsible for underdevelopment in Nigeria or underdevelopment is the cause of corruption. The only rational conclusion is that that corruption has become a learned way of life in Nigeria. It is argued that corruption has become so entrenched in the political and social spheres, that even the members of society who may be victims or critics can hardly go around it and so, they are also prone to reproduce and perpetuate corruption.11 Therefore, despite efforts to counter corruption via anti-corrupti on policies and laws, corruption in Nigeria continues on unabated.12 Building on the central idea of its topic which suggest that ‘

Exam(account) Essay Example | Topics and Well Written Essays - 1250 words

Exam(account) - Essay Example (Abrema, 2009) There are many methods which are preferred by the Accounting Standards for the valuation of the stock, e.g. Specific Identification, FIFO, LIFO, Weighted Average etc. In order to assess the stock valuation model to be adopted by the company, following points would be considered: Specific Identification method is the most favorable and an ideal method to be used. Here, the actual cost of the Inventory can be identified but there are some limitations as it can be used in large and easily traceable good manufacturing industries such as Vehicles and Furniture. (Money Central, 2009) In FIFO (First In First Out) method, it is assumed that the goods that were bought first were also sold first. As a result, during a rising trend in prices FIFO will give a better assessment of the cost of ending Inventory. (CBA, 1998) LIFO (Last In First Out) method assumes that the goods bought in at the end are being sold first. Therefore, the ending inventory will be valued at a lower price during a rising trend in prices and vice versa. (CBA, 1998) but one of the advantages of using LIFO is that it reduces the amount of taxes during rising trend of prices. In Weighted Average, an average of the whole rate is determined and that rate is applied to the Ending Inventory. It is easy to calculate but it doesn’t show the exact effect of Inflation on prices. (CBA,