CPPE: MSMEs lose N5-10 trillion yearly to employee fraud
Nigeria's micro, small, and medium enterprises (MSMEs) are losing between N5 trillion and N10 trillion annually to employee fraud and workplace corruption, according to the Centre for the Promotion of Private Enterprise (CPPE). This hidden drain threatens the country's entrepreneurial economy, with occupational fraud now a strategic economic risk requiring coordinated action from businesses, regulators, and policymakers. CPPE analysis shows internal fraud and corruption account for trillions in annual losses, weakening government revenue through reduced tax collections. Risk is highest in cash-intensive sectors like retail, manufacturing, distribution, hospitality, and field-based services with weak documentation and dispersed supervision. CPPE recommends fraud prevention, governance strengthening, and digital transparency as central pillars of enterprise policy to unlock MSMEs' growth potential.