CPPE: N10 Trillion Lost Yearly to MSME Employee Fraud
The Centre for the Promotion of Private Enterprise (CPPE) reports Nigeria's MSMEs lose N5-N10 trillion annually to employee fraud. The sector, contributing 50% of non-oil GDP and sustaining millions of livelihoods, faces hidden threats beyond inflation and infrastructure deficits. Common fraud includes cash theft, payroll manipulation, procurement kickbacks, and falsified records. CPPE urges digitalization as an anti-fraud strategy, recommending digital payments and accounting software to improve traceability. This represents a massive hidden tax eroding profits and constraining job creation.