Forensic Accounting as Panacea to the Management Dilemma of Oil Refineries in Nigeria

Corruption acts behind the scenes to damage economies, democracy and people's lives. Nigeria is oil rich and yet most people live in poverty. Despite its abundant energy reserves, oil has become something of a curse to the nation's populace, as the country today depends largely on importation of refined petroleum products. This paper, using the secondary data research methodology, chronicles the developments hindering the success of the oil refinery business in Nigeria and projects forensic accounting, which is the application of accounting knowledge and investigative skills to identify and resolve legal issues as panacea to Nigeria's refining capability that has been hampered by corrupt officials. It showcases the forensic accountant as a risk manager, corporate governance technocrat and anticorruption/fraud strategist who could provide the way out of the management quagmire in the oil and gas industry. Findings show that inspite of the colossal expenditure on the refineries, they could arguably be said to be worse off today. It majorly recommends that the forensic accounting profession must be conscientiously promoted in the implementation of proposed oil sector reforms if Nigeria’s petroleum-based economy, which for too long has been hamstrung by political instability, corruption and poor macroeconomic management, must be truly/substantially reformed for growth and development