Abstract
Fraud constitutes one of the financial crimes in Nigeria. It is very widespread and it manifests itself in virtually all aspects of national life. The nation, organizations and individuals have lost huge funds to fraudulent practices. It is within this context that this paper sets to examine strategies for effective prevention and control of fraud and financial crimes in Nigeria. Idealistic theory, functionalist theory and Marxist approach were employed in explaining fraud and financial crimes in Nigeria. The Federal Government and the Central Bank of Nigeria have continued to adopt various measures in combating fraud. Some of these measures include the establishment of Independent Corrupt Practices and Other Related Offences Commission (ICPC) and Economic and Financial Crimes Commission (EFCC). It then concludes with the submission that the effective fraud and financial crimes prevention and control require the monitoring of financial intuitions by regulatory authorities and intelligence gathering.