56 WEST AFRICAN JOURNAL OF BUSINESS AND MANAGEMENT SCIENCES FACULTY OF BUSINESS ADMINISTRATION IMO STATE UNIVERSITY, OWERRI NIGERIAN EDITION VOL. 10 NO. 2 JUNE 2021 AN EPISTEMOLOGICAL REVIEW OF FRAUD THEORIES IN THE NIGERIA CONTEXT: A MYTH OR REALITY OLAYINKA, IFAYEMI MOSES Department of Accounting, School of Management Sciences, Babcock University, Ilishan-Remo, Ogun State, Nigeria AJAYI-OWOEYE AYOOLUWA OLOTU Department of Accounting, School of Management Sciences, Babcock University, Ilishan-Remo, Ogun State, Nigeria & ADEGBIE, FOLAJIMI FESTUS Department of Accounting, School of Management Sciences, Babcock University, Ilishan-Remo, Ogun State, Nigeria Abstract Fraud as an act in the global economy is increasing on a daily basis. Forensic accounting investigation has become an emerging area of great importance for policy makers, research and industries to curb such act. The paper examined the appropriateness of fraud theories based on the Nigeria context, therefore the study is partly based on the pronounced judgments/decided cases of Economic and Financial Crime Commission cases in Nigeria. Metal Analysis were carried out on relevant literature and documentations which suggests that the reason for Nigerians fraudulent actions was as a result of the loophole/inconsistencies in the law with regard to appropriate timely punishment for the crime committed. Specifically, the paper suggests a new factor to the well-known fraud diamond theory (base on the proven Nigeria experience). The paper further suggests modification to Nigeria law on fraudulent actions with regard to punishment for crime committed. This is assumed to have a direct relationship with corrupt practices in the Nation. Keywords: Appropriate Punishment, Forensic Accounting, Fraud, Fraud Star, Corruption