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This study examined the Efficacy of Forensic Accounting Laboratories in Fraud Prevention and Detection in Nigeria. Three research objectives and questions were established and three research hypotheses were formulated. The study adopted the ex post facto research design. The dependent variable is fraud prevention and detection measured by metrics such as conviction rates based on forensic evidence. The independent variables in this study are Forensic Accounting Techniques, Technology Utilization, and Collaboration with Law Enforcement measured by metrics such as Methods used by laboratories to analyze financial data, Tools and Software employed in Forensic Accounting, and Partnerships with Law Enforcement Agencies. The population and sample consist of the total number of Petitions Received by the Economic and Financial Crimes Commission (EFCC) for a period of 5 years from 2015 to 2019 and the total number of Petitions Received by the Independent Corrupt Practices and Other Related Offenses Commission (ICPC) for a period of 5 years from 2016 to 2020. Percentages were used for data analysis and the following principal findings were made. The findings showed forensic accounting laboratories effectively utilized techniques to identify and investigate financial fraud and corruption in the public and private sectors. The findings showed forensic accounting laboratories effectively employed technologies to enhance fraud prevention and detection. The findings showed inadequate collaboration with law enforcement agencies in addressing financial crimes. However, the vast majority of EFCC’s convictions can be categorized as low- or mid-level economic and financial crimes such as advance fee fraud (that is, obtaining by pretenses, criminal conspiracy, criminal breach of trust, forgery, employment scam, impersonation, and currency counterfeiting), compared with higher level convictions arising from grand embezzlement of public funds, illegally dealing in petroleum products and money laundering.