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FRAUD CONTROL AND MANAGEMENT IN NIGERIAN BANKING INDUSTRY

10,000 3,000

Topic Description

ABSTRACT
The Nigerian banking industry which is the back bone of Nigeria economy is one of the most profitable of higher performance and could achieved better result in output and obligation to the society. To realize this, the banking industry will have to perform lending role that can reinstate the economy. The larger society expects greater accountability, fairness, transparency and effective intermediation from banks, ensuring that they carry out their responsibilities with sincerity of purpose and devoid of fraud which is an important ingredient for gaining public trust and goodwill. The extent to which fraud is prevalent in the banking sector, the nature and causes of bank frauds and proffering possible solutions to the problem is in essence what this research work is all about. Consequently, the study used interview method which is a primary source of data by interviewing the managers, supervisors, employees, customers and regulatory bodies of banks in Nigeria. Based on the methodology used in the study, the following findings were revealed that when there is a weak internal control system, there is tendency for fraudulent activities to occur and also, the kind of management system has a role to play in the sense that if there is a weak management system, it will not be easy to control and manage fraud. Also, from the above findings, the study recommends that there should be segregation of officers duties, good organizational procedure should be in place, proper attention should be paid to finance, attractive pay packages in form of incentives should be given to staffs and good corporate governance should be established.

CHAPTER ONE
Introduction
1.1 Background of the Study
Fraud is an intentional deception made for personal gain or to damage another individual. Fraud is a crime and a civil law violation. Defrauding people of money is presumably the most common type of fraud. Customers of banks in Nigeria are currently experiencing increase in fraud schemes, Scams to get a customer personal information can occur through many different means such as e-mail and telephone. Bank fraud is the use of deceitful means to obtain money, assets, or other property owned or held by a financial institution.
In its broadest terms, fraud means obtaining of something of value through deception. If fraud were to be described as an industry it would clearly be one of the fastest growing areas of the economy. One hundred criminals who serve several periods of imprisonment for armed robbery offence were recently reported that he wished he had understood earlier in his criminal career how easy it was to commit fraud. He now considers that fraud involves less traumas, the reward are far greater and the penalties substantially fewer than in other form of crime. This study will address those forms of fraud that target the financial service sector and how the industry has responded with some measure successful in controlling this ever increasing problems and other measure that can be geared towards achieving further results.
In many instances, bank fraud is a criminal offence, while the specific element of a particular banking fraud law varies between jurisdictions; the term bank fraud applies to actions that employ a scheme as opposed to bank robbery or theft.
The banking sector in any country plays a fundamental role in increasing the level of economic activity as intermediaries to both suppliers and users of funds, banks are effectively situated in a 1.2 Statement of the Problem
As earlier mentioned, the Nigerian banking industry which is the back bone of Nigeria economy is one of the most profitable of higher performance and could achieved better result in output and obligation to the society. To realize this, the banking industry will have to perform lending role that can reinstate the economy. The larger society expects greater accountability, fairness, transparency and effective intermediation from banks, ensuring that they carry out their responsibilities with sincerity of purpose and devoid of fraud which is an important ingredient for gaining public trust and goodwill. The extent to which fraud is prevalent in the banking sector, the nature and causes of bank frauds and proffering possible solutions to the problem is in essence what this research work is all about.,….
1.3 Objective of the Study
The primary aim of this research work is to ascertain the nature and causes of bank frauds in Nigeria. Thus, the study aims at the following objectives:
i. To examine the causes of fraud perpetrated in Nigerian banking industry.
ii. To examine how effective is the level of efficiency of the banks management and fraud.
iii. To identify the effects of control system such as internal control system and the level of fraudulent activities in banks.
1.4 Research Questions
1. What are the causes of fraud perpetrated in banks?
2. How effective is the level of efficiency of the banks management and fraud?

3. How effective are the internal control system of banks in control and management of fraud practices in the Nigerian banking industry?
1.5 Statement of Hypothesis
HO: There is no significant relationship between the level of efficiency of the banks management and fraud
HI: There is a significant relationship between the level of efficiency of the banks management and fraud.
HO: There is no significant relationship between the control system such as internal control and the level of fraudulent activities in the banks.
HI: There is a significant relation between the control system such as internal control and the level of fraudulent activities in the banks.
1.6 Significance of the Study
The impact of bank fraud on the operations of banks in Nigeria and indeed the economy at large is of interest to researchers and industry practitioners. Studies concerning bank frauds in Nigeria have highlighted the contribution of frauds to bank distress (Udegbunam, 1998). Also the study will highlight the causes and the prevention of fraud activities and the findings will be useful for policy making in the banking industry and also provide solution for fraudulent activities. Furthermore, the study will be of valuable benefits and usefulness to all categories of bank managers, financial information user

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