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FRAUD IN
NIGERIA BANKS (ANALYSIS AND SOLUTIONS)
CHAPTER ONE
1.1 INTRODUCTION
The commercial world today has been
devastated by random breaches of business ethics. This has resulted to rampant
occurrence of white collar crimes committed mostly by top and highly educated
professional personnel, these crimes are sometimes euphemistically dubbed,
executive dishonesty crimes like improper waiver of interest on loans,
fraudulent false accounting, falsification, computer fraud, dishonesty, classification
of debts as bad debt or irrecoverable, non-disclosure of vital interest by
executive, and other financial malpractices, fall into this category.
Furthermore, the government has
responded by churning out laws with constant regularity in a bid to meet the
challenges posed by these problems. One of such problems is the incidence of
fraud in financial institutions especially Nigeria banks. This has attracted at
least three major legislation in the past few years. All these relevant
enactments will be examined in this project.
It is a notorious fact that frauds are
mostly masterminded by insiders, at times in concert with outsiders. They are
mostly discovered by tip offs from other staff who feel left out or by
accident. Rarely do normal official checks reveal such earth shattering
fraudulent scams that are big concern of the financial world.
Moreso, there is need to arrive at an
acceptable constitution for the word “fraud” and to deepen our understanding by
paying some respect to the statutory construction of financial institution like
Nigeria banks.
Having dealt with the general
situation of things ion our banking industries, the research work is therefore
aimed at pointing out the major causes of fraud in Nigeria banks etc. effects
on the Nigeria economy commercial world, individuals especially the depositors
(customers of the banks) after the research must have been carried out the
above, the researcher then recommended the measures to be taken in order to
prevent and minimize the incidence of fraud in Nigeria banks. It should be
noted that no bank, big or small is immune
from fraudulent particles. However, bankers should have it as the back
of their minds that dignity and hard work are not the only thing required but
integrity is also required.
1.2 OBJECTIVE OF THE STUDY
The objective of this study is to
enable us know that for any financial institution like bank to be on the move
in respect of growth ion the economy, there is need to work out possible
solutions that can put a stop to fraudulent practices or bring it to a minimal
level
In a nutshell, this project is
designed for the following.
To determine
the rate and the extent of fraud in the banking industry in Nigeria.
To bring to
light some of the ceases of fraud in our banking sectors.
To highlight
on the dangers/menace of fraud in Nigeria banks
To discover
the likely procedure that will enable us determine fraudulent practices nad
possible ways of tackling them.
To examine
critically the management and government measures as regards to the possible
checking of fraud and preventive measures.
To render
some recommendations and suggest possible solutions on the best way fraud could
be brought to a minimal.
1.3 SIGNIFICANCE OF THE STUDY
The study enhances various
examinations of the techniques usually employed by the fraudsters. It is
structured for all classes who may want to invest in banking industry
especially in Nigeria. Bad performance and incompetent discharge of duty as a
result of this category’s activities (who are employed by the management) when
properly examined will be a contributory to the growth in banking industry.
When all measures are strictly adhered to it would go a long ways in bringing
fraud to a minimal.
The research work is to enable all and
sundry such as: the shareholders, the insurance companies and the management to
benefit, the customers so as to rebuild and reverse the already lost confidence
of the public and the parties involved in the banking industry. This will enhance
rapid growth in the banking industry which will enhance rapid growth in the
banking industry which will in-turn enhance the development of this nation
Nigeria
1.4 STATEMENT OF THE STUDY
The banking industry seems to be s
focal point of fraudsters. It is s notorious fact that frauds are master minded
by the banker, at time in concert with outsiders. It is incredible that bankers
whose watch word should be “Transparent honesty” have turned to become looters
and by so doing, creating fear in the minds of the public.
Newspaper pages are jain-picked with
reports ob fraud cases in banking industry, however, most computer frauds cases
like other frauds are not usually reported by banks and this may be due to the
embarrassment it would cause the institution, the loss of public confidence as
well as the difficult of prosecution of such cases.
It is estimates that not less than
average amount of one million naira per working day of the financial year is
made away by fraudsters. The amount lost is quite a set back to our economy.
The management of these respective banks have taken cognizance of these fraud
issues yet they have not worked out a permanent solutions to this problems.
It is so painful that we do not really
know who is trust in the banking industry since they have failed many
depositors, shareholders and a lot of non-bankers have been discouraged from
banking their money because of the fear that the bank may collapse at any time.
They prefer keeping their idle cash with them instead of banking with people
dubious characters.
In other words, frauds frustrate the
banking habit of the society. Fraud leads to stunted growth of banking
industries due to great losses involved it could also hinder commercial growth
fraud deteriorates any nation economy development
1.5 HYPOTHESIS FORMULATION
Hypothesis
is a stated assumption made about a population which must be tested and proved.
Hypothesis could be classified into two major types namely.
(H1)
EXPLANATIONS
Null hypothesis (Ho) signifies no
difference or no relationship exist between two or more alternatives variable
in other words, it is a hypothesis of “no effect” no difference”
Alternative/positive hypothesis (H1)
is the proposition that may be accepted if the stoical null hypothesis is
rejected by the sample evidence.
Let Ho –
Null Hypothesis
Hi – Alternative hypothesis.
Ho: Internal
and external control system do not reduce fraudulent practice to the minimal in
Nigeria banks.
Hi: Internal
and external control system reduces fraudulent practices to minimal in Nigeria
banks
Ho: Legal
control of frauds in Nigeria financial institution especially commercial banks
has no relationship with the minimization of fraudulent practices.
Hi: Legal
control of frauds in Nigeria financial institution especially commercial banks
has relationship with the minimization of fraudulent practices.
Ho: The
introduction of information technology has no great impact on banking industry
in respect of services and frauds.
Hi: The
introduction of information technology has great impact on banking industry in
respect of services and frauds.
d Ho: Nigeria deposit insurance Decree of
1988 (NDIC) has no power to make regulations guiding specific items with
respect to the day to day management of the regulated institutions like the
commercial banks.
Hi: Nigeria deposit insurance Decree
of 1988 (NDIC) has power to make regulations guiding specific items with
regulation to the day to day management of the regulated institutions like the
commercial banks.
1.6 SCOPE AND LIMITATION OF THE STUDY
In whatever step one takes or makes in
life there is the possibility of obstruction or oppositions right there at the
corner raising its head against every step made. That is why this study will
not be left out in encountering problems in trying to achieve success. Some of
these problems includes
Lack of corporations and no response
from the commercial banks executives as regards to the information needed from
them. They were very conservative in terms of giving out information in respect
of fraud which may not expose most of the fraudulent practices. This they claim
is done to protect the image of the bank some of these banks said that non of
their branches has ever been involved in fraudulent act. Again thyme factor was
another problem which is worthy of note. The bank / visited in Ogwashi – uku in
Delta state (First bank of Nigeria PLC) was unable to supply me with enough
information because of time constraint. Time again was not on my side because
of the semester academic exercise I decided to utilize the available
information I have for this research. Another pressing problem was that of
finance, for this study to be in full swing money is needed to carry on the
research effectively. Some items of which money was required were:
Transportation in search of resources materials, making of photocopies of
materials especially bulky and voluminous ones and the production of the
project itself
1.7 DEFINITION OF TERMS
In explaining fraud as an element of
some other officers, the criminal code ascribes it as a situation correlation
with deceit. But a workable definition can be traced to the Osborne’s concise
law Dictionary (6th edition). Thus fraud can be seen as the obtaining of
material advantage by unfair or wrong means. This may be either by way of abuse
of entrusted reasonability by convert of overt
deceit. In a liberal sense fraud may be used as an umbrella term to
cover almost all classes of white collar crimes known to law and business.
Fraud can also be defined as one type
of irregularity. It is usually reflect to irregularities involving the use of
criminal deception to obtain unjust or illegal advantages (by Okorie Onovo, ACAS,
understanding Auditing and Investigation.)
Fraud can also said to be conscious
premeditated action of a gang of persons with the intention of altering the
truth or fact for selfish personal monetary reward. This involves the use of
deceit and tricks and sometime highly
intelligent or cunning methods. This action usually takes the form of signing
of documents and authorizing signature outright theft. (by Adeewumi 1986)
There are so many definitions of fraud
but the researcher decided to present just three definitions. All definitions
seemed to be correct but the former that of that of Osborne’s concise law
Dictionary (6th Edition|) contains elements of frauds appropriately and
adequately for the purpose of this research work.
These tow impact element are
That for a fraud to take place, there
must be obtaining of material advantage wrongly
There must be abuse of entrusted
responsibility or convert of overt deceit that means that in this case a party
is exposed to losses while the other part gains
It will be of great importance to
briefly mention on the occurrence of fraud to answer the question WHEN DOES
FRAUD ARISE?
Fraud arises when a person in a
position of trust and responsibility breaks the rule and regulations to advance
his personal interest at expense of the public interest he has been entrusted
to guard and promote. It also arises when a person through deceit trick or
highly intelligent curing gains an advantage he could not otherwise have gained
through lawful, just or normal process.
Fraud is a mater of individual choice
and opportunity. As human beings the individual takes the advantage if there is
opportunity and possible means of getting away with it.
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