What did he mean with this statement that “Law grows with the growth, and strengthen with the strength of the people and finally, dies away as the nation losses its nationality .

INTRODUCTION

Volksgeist is a part of historical studies which law is defined as a product of times the germ if which like the germ of the state, exists in the nature of men as being made for society and which develops from this germ various forms, according to the environing influences which play upon it.  The Volksgeist theory was coined by Von Savigny (1778-1861) which the nature of any particular system if law was a reflection of the spirit of the people who evolved it. This was later characterized as the Volksgeist by Puchta, a disciple of Savigny.

LAW GROWS WITH THE GROWTH, AND STRENGTHEN WITH THE STRENGTH OF THE PEOPLE  AND FINALLY, DIES AWAY AS THE NATION LOSSES ITS NATIONALITY

A nation and its state are as an organism which is born, matures and declines and dies[1]. Law is a vital part of this organism. “Law grows with the growth, and strengthens with the strength of the people, and finally dies away as the nation loses its nationality.” Nations and their law go through three developmental stages. At the outset of a nation there is a “political” element of law: there are principles of law which are not found in legislation but are part of “national convictions” (Volksglauben). These principles are part “implicitly present in formal symbolic transactions which command the high respect of the population, form a grammar of the legal system of a young nation, and constitute one of the system’s major characteristics.”[2]  In its middle period, law retains this “political” element to which is added the “technical” element of juristic skill. This period is the apogee of the people’s legal culture and is the time when codification is feasible. It is desirable only so that the legal perfection of the period can be preserved for posterity. With the decline of a nation, law no longer has popular support and becomes the property of a clique of experts & in time even this skill decays. Ultimately, there is loss of national identity.

Law is a product of the general consciousness of the people and a manifestation of their spirit. Therefore, codification of law was not desirable for its smooth development. According to Savigny, a law made without taking into consideration the past historical culture and tradition of community is likely to create more confusion rather than solving the problems because ‘law’ is not an artificial lifeless mechanical device. The origin of law lies in the popular spirit of the people which Savigny termed as Volksgeist.

Law develops like language- it has a national character and it develops like language and binds people into one whole because of their common faiths, beliefs and convictions. Law grows with the growth of the society and gains its strength from the society itself and finally it withers away as the nation loses its nationality. Law, language customs and government have no separate existence from the people who follow them. Common conviction of the people makes all these as a single whole[3].

Early development of law is spontaneous; thereafter jurists develop it. In the earliest stages, law develops spontaneously according to the internal needs of the community but after the community reaches a certain level of civilization, the different kinds of national activities, hitherto developing as a whole bifurcate in different branches to be taken up for further study by specialists such as jurists, linguists, anthropologists, scientists etc.

Law has to play a duel role, namely, as a regulator of general national life and as a distinct discipline for study. The former may be called the political element of law while the latter as a juristic element but both have a significant role in the development of law[4].

The history of Roman law furnishes the best illustration of these processes. At its earliest stage, it was founded on general consciousness of the people but as it grew and developed, it assumed the complex and technical form of law of edicts. Law is a continuous and unbreakable process—Tracing the evolution of law from Volksgeist, namely, people’s spirit or consciousness. Its growth as a continuous and unbreakable process bound by common cultural traditions and beliefs. It has its roots in the historical processes which should constitute the subject of study for the jurists. Codification of law may hamper its continuous growth and therefore, it should be resorted to when the legal system has fully developed and established[5].

Historical jurisprudence is marked by judges who consider history, tradition, and custom when deciding a legal dispute.  It views law as a legacy of the past and product of customs, traditions and beliefs prevalent in different communities. It views law as a biological growth, an evolutionary phenomena and not an arbitrary, fanciful and artificial creation. Law is not an abstract set of rules imposed on society but has deep roots in social and economic factors and the attitude of its past and present members of the society. The essence of law is the acceptance, regulation and observance by the members of the society[6]. 

FISHER BLACK’S PRESIDENTIAL ADDRESS TO THE AMERICAN FINANCIER ASSOCIATION IS A CLASSIC. IN IT, BLACK ARGUES THAT “NOISE” IS AN ESSENTIAL INGREDIENT OF FINANCIAL MARKETS, IN THE SENSE THAT NOISE BELONGS TO THE STRUCTURE OF THE MARKET. THIS IS PUZZLING, BECAUSE NOISE SUGGEST LACK OF STRUCTURE. IN NO MORE THAN 1,500 WORDS (YOUR OWN), EXPLAIN WHY BLACK ARGUES THAT NOISE IS A NECESSARY, STRUCTURAL INGREDIENT OF MARKETS, WHAT ARE THE CONSEQUENCES OF THIS ARGUMENT FOR THE NOTION THAT MARKETS ARE EFFICIENT?

INTRODUCTION

Economic theories are propounded by financial analysts, economists, scholars and various schools of thoughts. The noise model was propounded by Fisher Black who argued extensively on his works and beliefs. He posits how noise in the financial market and how traders view noise from different perspectives could affect their trading and investment.  What constitutes noise to one trader may constitute information to the other.  We view and hear things individually in our own perspectives and this largely has an effect on our individual and professional lives. Just like those who see a glass of water as half full and others see it as half empty, that is how Fisher Black’s noise theory was largely accepted by some economists and at the same time rejected by others.

The objective of this essay is to explain why black argues that noise is a necessary, structural ingredient of markets and discuss the consequences of this argument for the notion that markets are efficient. In a bid to elucidate on Black’s Noise model, some scholars and authors opinions will be used for further analysis.

DEFINITION OF NOISE

Before going further, it is appropriate to explain what noise is and who a noise trader is. Noise has been discussed extensively by finance and economics experts over time. The general consensus is that noise is dubious information, noise is gossip, noise is speculation concerning the price and potential events that could affect stock prices. In that sense a noise trader is someone who trades based on speculation. In his model of inflation, Black argues that noise is the arbitrary element in expectations that leads to an arbitrary rate of inflation consistent with expectations. In his model of business cycles and unemployment, he defines noise ‘as information that hasn't arrived yet’. He sees these models as equilibrium models, but the existence of noise compels him to deem them irrational equilibrium models.

Noise is more of the rumours making the rounds in the financial market.  It is more or less the invisible hand “unobservable market force that helps the demand and supply of goods”.

I will personally define noise as distorted data available in the financial market where many traders processed into meaningful and unmeaningful information for trading. Finally, noise is one of the constituent forces that drive the market to and fro.

DISCUSSION

Black’s biggest argument regarding the importance of noise is its effect on liquidity. Although noise makes financial markets imperfect, it makes trading possible. Trading takes place because two traders have opposing views or beliefs. This is mainly possible due to the existence of noise as it is possible that one party is trading based on actual information and the other based on noise. Without noise there will rarely be individual trading. Black says people will prefer to trade in mutual funds or portfolios, but a lack of trading in individual markets like Black says means no trading in mutual funds as there would be no practical way of pricing them.

One of the reasons why noise in the financial market can’t be overlooked is because the various choices in decision (i) are risk averse:  riskless prospect is preferred to a risky prospect of equal or greater expected value. Also, the popular choice in decision (ii) is risk taking: a risky prospect is preferred to a riskless prospect of equal expected value (Amos T., & Daniel K., 1981). For instance, the recent fall in shares of facebook in the New Yoke Stock Exchange is as a result of noise and people traded based on that noise that there was a bread of data, thus the Bullish trend of the shares wouldn’t be sustained as the Bears are ready to take over the market.  

AN EXAMINATION OF LEGAL FRAMEWORK OF THE DOCTRINE OF SUPERIOR ORDER UNDER INTERNATIONAL HUMANITARIAN LAW

CHAPTER ONE

GENERAL INTRODUCTION

1.0.0    Introduction  

Doctrine of Superior orders refers to a defense under International Humanitarian Law (IHL). The essence of this defense is that a subordinate is not criminally liable for the crimes he or she committed in obedience to the orders of a superior. To have a separate defense available to subordinates may be justified on the basis of the fact that military discipline and hierarchy are essential features of any military organization. Furthermore, a subordinate may be faced with a difficult dilemma if uncertain about the lawfulness of the order received: the subordinate may be disciplined or even incur criminal responsibility for disobeying a lawful order, but if an unlawful order is obeyed that subordinate may be held criminally liable for the crimes therewith committed.

On the other hand, when the crimes the superior order induces are so serious that anyone should know about their unlawfulness, it could be argued that the subordinate should not be able to invoke the defense of superior orders. Throughout the legal history of this defense, three different approaches have been developed: the respondeat superior doctrine, the absolute liability doctrine, and the conditional liability doctrine[1]. According to the respondeat superior doctrine, only the superior is accountable for the commission of the crime and not the subordinate who could successfully invoke a defense of superior orders because of a general duty to obey the orders of superiors.

 In the second approach, the absolute liability doctrine, superior orders are no defense; superior orders can only be considered in mitigation of punishment. The rationale of this doctrine is that the obligation to obey superior orders is generally limited to lawful orders only[2]. According to the third approach, the conditional liability doctrine, acting on superior orders does not relieve the subordinate of criminal responsibility unless he or she did not know and could not reasonably have been expected to know that the order was unlawful.

The first approach, the respondeat superior doctrine, can be found in the 1914 editions of the British Manual of Military Law and the United States Rules of Land Warfare[3]. At Nuremberg, this doctrine was rejected since—reductio ad absurdum—it would lead to the result that the only person who could be held criminally liable for the crimes committed by the Nazi regime would be Hitler himself. Instead, in the statute of the Nuremberg Tribunal the absolute liability doctrine was adopted.

The absolute liability doctrine can also be found in the statutes of the International Criminal Tribunal for the Former Yugoslavia (ICTY) and the International Criminal Tribunal for Rwanda (ICTR). The codification of the superior orders defense in Article 33(1) of the Rome Statute of the International Criminal Court (ICC) is based on the conditional liability doctrine. It provides that acting on superior orders does not relieve a person from criminal responsibility unless that person was under a legal obligation to obey, he or she did not know the order to be unlawful, and the order was not manifestly unlawful.

 Paragraph 2 of Article 33 excludes, however, the possibility of invoking the defense of superior orders when the acts ordered constitute genocide or crimes against humanity; in that case a rule of absolute liability applies.

IMPACT OF NIGERIAN MONETARY POLICY ON ECONOMIC GROWTH (1990-2017)

CHAPTER I

INTRODUCTION

1.1 Background of the Study

Nigeria still presents a clear reflection of the third world economy in which the growing economy has some working machinery, monetary and fiscal policies that are aimed at maintaining a balance in the entire economy so that growth and development, which is the ultimate goal of every economy, is realized.

Generally, monetary policy refers to the combination of measures designed to regulate the values supply and cost of money in an economy in consonance with the level of economic activity. Monetary policy refers to the credit control measure adopted by the central bank of a country.

Monetary policy according to Olumechere (2008) is a deliberate effort by the monetary authorities to control supply and credit conditions for the purpose of achieving certain broad economic goals. Johnson  (2006) define monetary policy as policy employing central bank control of the supply of money as an instrument for achieving the objectives of general economic policy.

According to Salvin (2009) monetary policy is the use of open market operations change in discount rate, change in reserve requirement and other measures available to the monetary authorities to control the rate of growth of money supply. He further noted that the goals of monetary policy are price stability relative full employment and satisfactory rate of economic growth.

As  Akatu (2003) noted, monetary policy in the Nigeria context encompasses actions of the central bank of Nigeria that affect the availability and cost of commercial and merchant bank reserve balances and thereby the overall monetary and credit condition in the economy.

The main objective of such action is to ensure that over time, the long-run needs of the growing economy at stable prices. The aim of monetary policy are basically to control the inflation, maintain a healthy balance of payment positions for the country in order to safeguard the external value of the national currency and promote an adequate and sustainable level of economic growth and development. The formulation is done by the federal government, mostly announced during budget speeches while the enforcement of the policy is solely the responsibility of the central bank of Nigeria (CBN) yearly.

Economic growth on the order hand according to Kindleberger (2005) means more output, while Friedruan (2002) defines growth as an expansion of the system in one or more dimensions without a change in its structure, and development as an innovative process leading to the structural transformation of social system.

This economic growth is related to a quantitative sustained increase in the countries per capital output or income accompanied by expansion in its labour force, consumption, capital and volume of trade. An economy on the other hand can be said to be developed when there is a quantitative and qualitative increase in the amount and quality of goods and services produced in the country. In its widest aspect economic growth and development implies raising the standard of living of the people and reducing inequalities in income distribution.

According to Stephen, (2011) development is the process of improving the quality of all human lives and capabilities by raising people’s levels of living, self-esteem, and freedom.

In most countries, the central bank is saddled with the responsibility of conducting monetary policy. In the case of Nigeria, the responsibility entirely lies with the central bank of Nigeria (CBN). The discretionary control of money stock by the monetary authority involves the expansion or contraction of money, influencing interest rate to make money cheaper or more expensive depending on the prevailing economic situation.

The evaluation of monetary policy intends to show how this macroeconomic policy is formulated and executed in practice particularly in an environment of federal government fiscal dominance and highly liquid banks.

Between April 1992 and March 1976, the use of an aggregate credit ceiling was dropped for specification on several distribution of bank credit throughout the period they also served quitted effectively as instruments of monetary control. The situation was particularly serious between 1982 and 1985 when stringent economic controls were not effectively used in arresting the deteriorating situation. In-evitable a period of economic adjustment has to come with the introduction of the structural adjustment programmed1 in July 1986. Te overall aim of the economic adjustment process embarked upon by the federal government in July 1986 was to restructure the federal production and consumption pattern of the economy the elimination of price distortion and reduction of the over dependence of the economy on the export of crude oil and impart the raw materials and consumer goods.

In the course of these project, detailed attention will be paid to monetary policy in which its frame work and implementation will be analyzed and its impact on economic growth in the period of 1990 to 2017.

1.2  Statement of the Problem

The Nigeria economy has encountered the problem of disequilibrium, inability to mobilize domestic savings and unsatisfactory expansion of domestic output. These problems have consistently and presently done severe damage to Nigeria economy; but most strikingly these problems have continued to play the economy unabated that is, the economy is becoming less strong.

The monetary policy implementations in the economy over the past years were detrimental to, and inconsistent with the development needs of economy. This concern has exerted pressures on the view to finding possible solutions. As a result of this the structural adjustment program was introduces in the economy and to liberalized the financial system.

According to Anyanwu (2003), monetary policy is a major economic stabilization weapon which involves measures designed to regulate and control the volume, cost, availability and direction of money and credit in an economy to achieve macroeconomic objectives or goals. The problem lies on making use of policy that will solve the economic problems instead of the economy to have low level of investment, income and also the level of demand and supply will reduce.

Another problem is how to restructure the production and consumption pattern of the economy through the elimination of price distortion.

Also, another major problem is the power response of the financial system to monetary policies control measures which has to do with lack of transparency in the separation of financial intermediaries. It is against this background that this study seeks to investigate the impact of Nigerian Monetary Policy on Economic Growth.

THE IMPACT OF MANAGEMENT STYLE IN THE EFFICIENCY OF SELECTED GOVERNMENT OWNED COMPANIES (A CASE STUDY OF ABUJA MUNICIPAL AREA COUNCIL (AMAC)

CHAPTER ONE

INTRODUCTION

1.1            Background to the Study

The management styles that leaders adopt will have a major influence over all activities in the organization, organizational climate and labour productivity. It is therefore very important for the manager to be aware of the advantages and disadvantages of management style, but also on how it is perceived by subordinates. The management style is an essential element of life, a key factor in the efficiency of organizations (Unamka & Ewurum, 2015).

Throughout life, humans are part of an organization, therefore the need for a proper management style in the organization is one of the most important factors in gaining advantage on the market (Onwuchekwa, 2009). The success of the organizations of the 21st century will largely depend on the search for, discovery and efficient use of talented leaders, respectively of those imaginative people, full of curiosity, perseverance, hard-working, focused on ideas, qualified, capable of encouraging diversity, attention to environmental challenges, with permanent availability to turn vision into reality.

The problem of management in effectiveness and bad attitude to work among Nigerians is widespread in government owned companies.

There has been growing concern among Nigerians on the poor organizational performance and managerial ineffectiveness recorded in government owned organizations. This concern perhaps is as a result of the size of economic and social influence of these government institutions on Nigerian development (Akpala, 2007).

Inspite of the huge capital investments in these companies, the results have been extremely poor.  At the managerial and operative performance levels, the problem is also a general one. In an attempt to explain and subsequently liniment government owned companies, two schools of thought emerge. One is of the opinion that the problem is from ill implication of the known theories and principles of management in government owned companies. The other holds that the problem stems from not applying management philosophy that is based on Nigerian culture (Ukiwe, 2015).

This takes us to the meaning of management. Management can be defined as the art or science of working in an organization through being directed by and by directing and co-ordinating the activities of people towards achieve the  goals  of organization (Ejiofor,2015).  Management involves the performance of all the managerial tasks and functions which include planning, organizing, staffing, directing, controlling and co-ordinating of activities to attain optimum result with organization resources.  

Management is concerned with the achievement of objectives, performances,  result, success, efficiency and effectiveness.   The survival of any company in realizing its objectives,  depend among other things in proper management of its human and material resources. No company or organization can attain or achieve its objectives without skillful managers. Managers and company goes hand in glove. The need for managers arises because companies exist. One cannot exist without the other (Nwabuzor, 2010).

Managers have to perform many roles in an organization and how they handle various situations will depend on their style of management. A management style is an overall method of leadership used by a manager.  There are two sharply contrasting styles that will be broken down into smaller subsets later (Gibbs, 2013).

(i)                Autocratic

(ii)             Permissive

Each style has its own characteristics.

 Autocratic: leaders make all decisions unilaterally.

Permissive: leader permits subordinate to take part in decision making and also gives them a considerable degree of autonomy in completing routine work activities combining those categories with democratic (subordinates are allowed to participate in decision making) and directive (subordinates are told exactly how to do their jobs) styles gives us four distinctive ways to manage.

DEBT MANAGEMENT IN DEVELOPING COUNTRIES: A CASE STUDY OF NIGERIA’S NATIONAL DEBT

 CHAPTER I

INTRODUCTION

1.1       Background to the Study

Sustainable economic growth is a major concern for any sovereign nation most especially the Less Developed Countries (LDCs) which are characterized by low capital formation due to low levels of domestic savings and investment (Adepoju, Salau and Obayelu, 2007). It is expected that these Less Developed Countries (LDCs) when facing a scarcity of capital would resort to borrowing from external sources so as to supplement domestic saving (Aluko and Arowolo, 2010).

Soludo (2003) asserted that countries borrow for two broad reasons; macroeconomic reason that is to finance higher level of consumption and investment or to finance transitory balance of payment deficit and avoid budget constraint so as to boost economic growth and reduce poverty. The constant need for governments to borrow in order to finance budget deficit has led to the creation of debt (Osinubi and Olaleru, 2006).

On the other hand, debt management is any strategy that helps a debtor to repay or otherwise handle their debt better. Debt management may involve working with creditors to restructure debt or helping the debtor manage payments more effectively. A debtor may appeal to a debt management company or special unit as in government to handle issues of debt management.

Debt management, by the standard financial definition, involves a designated third party assisting a debtor to repay his or her debt.  Many companies specializing in credit counseling offer plans to help people with heavy debt and damaged credit get their financial situation under control. A simple definition could be the routine practice of spending less than one earns (Ayadi & Ayadi, 2016).

For all intents and purposes, however, it is a structured repayment plan set up by a designated order or as a result of personal initiation.  A plan to manage debt entails a series of steps, which the third party service works on with the help of the debtor. The first step typically involves compiling a list of all creditor and the amounts owed to each.

Debt management refers to how debt is administered or handled so as to avert/avoid adverse economic effects. Debt management is about the debt policy designed to achieve certain objectives and actual’ implementation of this policy (Nnamocha, 2012).  Traditionally, debt management consists of raising the necessary debt at the cheapest possible interest rate cost, and paying such interest with ease in the earliest possible time.

There are objectives of debt management. Debt management now belongs to monetary policy as part of general macro-economic policy of the state administered by the monetary authorities. Other objective of management of debt is to keep the interest rate cost as low as possible. There is also need to ensure that other macro-economic objective of the government, like stabilization at economic growth etc.

However, generally is expected that developing countries, facing a scarcity of capital, will acquired external debt to supplement domestic saving (Aluko and Arowolo, 2010) Besides, external borrowing is preferable to domestic debt because the interest rate charged by international financial institutions like International Monetary Funds (IMF) is about half to the one charged in the domestic Market (Pascal, 2010).

In any case, whether or not external debt would be beneficial to the borrowing nation depends on whether the borrowed money is used in the productive segments of the economy or consumption. Adepoju et al., (2007),  stated that, debt financial investment need to be productive and well managed enough to earn a rate at return higher than the cost of debt servicing.

 The main lesson of the standard “growth with debt” literature is that a country should borrow abroad as long as the capital thus acquired produces a rate of return that is higher than the cost of borrowing country is increasing its capacity and expanding output with the aid of foreign savings. The debt, it property utilized is (Hameed et al., 2008) by producing a multiplier adequate infrastructure base, a larger export terms of trade. But this has never been the African countries where it has been misused (Aluko and Arowolo, 2010). Apart from the fact that debt had been badly expended in these countries, the management is usually in foreign exchange has also affected their macro-economic performance (Aluko and Arowolo, 2010).

HACKING AND CYBER SECURITY IN THE NIGERIAN TELECOMMUNICATIONS INDUSTRY: A LEGAL PERSPECTIVE

CHAPTER ONE

GENERAL INTRODUCTION

1.0.0   Introduction

In the last quarter of the twentieth century, a technological revolution centered on information has transformed the way we think, produce, consume, trade, communicate, and even how we get married[1]. The availability of information technology around the world is linking up people and activities while switching off from a conventional networks of power and wealth.

To a large extent, cyberspace is the manifestation of postmodern society whereby novel technologies have created new social environment and a new reality. We are now living in an era of simulations, where humans are constantly “substituting signs of the real for the real” [2].

Statistics available at the Nigerian Communication Communications indicate that there are four major Telecommunication Companies in Nigeria, namely; MTN, Airtel, Glo and Etisalat which is now 9aija.

Today, electronic society has become perhaps some of the most critical issues for almost all governments across the globe because the survival of their economies now revolves on the dynamics of information and communication technology.  Hacking and Cyber-security challenges have become one of the great frontiers. Between 2000 and 2016, the internet expanded at an average rate of 566.4% on a global level, while an estimated 2.4 billion people are “on the Net.”

Six trillion web pages are accessible, 2.2 billion Google searches per month and 12% of all global trade happens online, with about $240 million lost from global cyber-crime. [3] The rapid growth of computer technology carries with it the evolution of various crimes on the internet. In recent years, there has been considerable focus within the criminal justice system on computer-related crime, as hacking and cyber-security has garnered increased attention because computers have become so central to several areas of social activity connected to everyday life. [4]

 Although the internet has been a double-edged sword providing opportunities for individuals and organizations, it brings with it an increased information security risk.[5]  Hacking and Cyber-security has in recent times become a crucial threat to many countries which has necessitated many governments from around the world to enact sturdy legislations and also put in place coherent procedural measures to tackle cyber-criminals.

1.1.0    Background to the Study

The internet creates unlimited opportunities for commercial, social and other human activities. But with cyber-crime the Internet introduces its own peculiar risks. What are the menace hacking and cyber-security threats poses to Nigeria?  Hacking and Cyber-crime is an obstacle that may shut the door of progress against any nation that are found wanting. The global village currently records an increasing criminal behaviour.   There is hardly a place where computers and internet facilities are found that cases of crime are not recorded[6].

New modes of operation are developing as the Global System for Mobile-telecommunication (GSM) is now used for browsing. A lot of young people are common among the perpetrators of these criminal activities. They spend hours browsing and sometimes stay awake all night to carry out their nefarious activities[7].

Accordingly, hacking and cyber-security[8] are described as one of the fastest growing criminal activities on the planet. The fact that it covers a large range of illegal activity including financial scams, computer hacking, downloading of pornographic images from the internet, virus attacks, stalking and creating websites that promote hatred. In recent time, young students in the tertiary institutions engage in forgery of all kinds ranging from false admission paper to school fees receipts, certificates racketeering and examination malpractice that is, accessing useful information during examinations through the handset and other electronic devices[9].

The role of ICT in an emerging economy like Nigeria has been widely recognized at various levels. The recognition is reflected in actions such as the development and deployment of national ICT infrastructures, institutional and regulatory framework for managing the sector. In addition, the promotion by the use of ICT in all sectors of the economy, implementing e-governance in government institutions indicate that Nigeria have embraced the knowledge-based society.

Notwithstanding the success Nigeria has chalked in ICT, it is a common knowledge that the spread of hacking and cybercrime is on the ascendency.

The news that Nigeria ranks sixth in cyber fraud, out of ten countries identified in the world and first in Africa is alarming[10]. Cyber fraud ranges from hacking of official websites to abduction and soliciting by young Nigerian girls for sexual gains abroad.

This development has impacted negatively on Nigeria’s image in the global environment. Many companies in the western world have blacklisted credit card transactions coming from the country. To buttress this point, Nigeria was the second most frequently blocked location by U.S e-commerce sites because retailers are skeptical of fake orders from internet scammers and it is against this background that this study seeks to investigate hacking and cyber security in the Nigerian Telecommunications Industry.