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THE EFFECTS
OF BANK FRAUD IN THE NIGERIAN ECONOMIC DEVELOPMENT (21ST CENTURY EXPERIENCE)
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND TO THE STUDY
The concept
fraud is a term known in all works and cranny in Nigeria. Fraud has eating deep
into the fabrics of Nigerian society, mostly in this present 21st Century. The
only remedy to this ugly situation will be self discipline and honesty among
bank staff, otherwise this decadence will persist. What is fraud? Some well
read individual have tried to bring the subject home in a better language for
easy understanding. Okorie (2000). Defined fraud in his book “Understanding
Practical Auditing and Investigation,” as irregularities involving the use of
criminal deception to obtain unjust or illegal advantage. The word irregularity
is used to refer to intentional distortion of financial statements for whatever
purpose and misappropriation of Assets. Donnel (2001) argued that “fraud in the
contemplation of Civil Court of Justice, may be said to include all act of
omission and concealment, justify reposed and are injurious to another by which
undue or unconscientiously is taken of another”. Microfinance bank
certification programme study manual (2012) define fraud as a deception
deliberately practiced in order to secure unfair or unlawful gain. Adewumi
(2011) described fraud as a “conscious premeditated action of person or group
of person with the intention of selfish or personal monetary gain”. It involves
the use of deceit and trick and sometimes highly intelligent canning, and known
how. The action usually takes the form of foregoing falsification of documents,
outright theft. Fraud in its entering whereby another is sought to be deprived
by illegal or inequitable means what he is entitled to Donnel (2001). The above
definition may not enough to express what fraud is to the reader, but can at
least give a vivid definition of the term because it contains the fundamental
of fraud which includes. 1. There must be deceived through motive immaterial.
2. There must be damage to the person
deceived, Infact, where there is money, there is bound to be fraud. Harry
(2000) opined that “No one is entirely immune to fraud. It crop up in small and
large amount. It is perpetrated by management both senior and junior employees
whenever fraud is mentioned, one thinks of loss of money in financial
institution like banks and insurance companies. In the 1960s, Banks and Insurance
fraud are not tetched. The establishment of banks and more insurance companies
concomitant at over stretched of staff resources and accordingly, the weakness
in the system the result of these is the speed at which fraud in banking and
insurance companies has risen. Commercial fraud covers multitude of malpractice
including such “with dollar crimes”, as obtaining credit without intending to
pay, obtaining money in mart-order business without supplying the goods,
obtaining money by promising to invest and not doing so, obtain by computer
fraud insiders trading and tax fraud. “A Corporate Crime”. Where business
people commit frauds against other invest or one tax authorities or where
directors commit fraud against companies. Fraudsters involve themselves in
fraudulent activities so as to be reckon with the society as those who have
made it. The loss of funds assets through fraud reduces resources available for
use in bank and insurance company operations. Considering the up-short the rate
of frauds, hence the study of the effect control and possible solution to these
special crime in bank.
1.2 STATEMENT OF THE PROBLEM Banks has continued
to witness increased number of fraud and malpractice with varying degree of
sophistication. It was reported by the Nigeria Deposit Insurance Corporation
(NDIC) that “Banking Industry has lost billions of naira to fraudulent
activities, indicating a continuing increase in banking fraud” in the present
21st century in Nigeria. This shows that while bank management are busy working
out means of checking fraud and malpractice fraudsters on the other hand in
conjunction with some dishonest bank staffs are designing new methods on how to
circumvent those measures. It will then be pointed out here that the results or
implication of these is damaging. Fraud and malpractice leads to unnecessary
loss of huge amount of money. This loss of money by the bank cripples banks
activities and transactions. Again, every incidence of fraud reduces public
confidence on bank; hence they question the credibility of the banking industry
in protecting their money and meeting up with daily transactions. Banks fraud
and malpractice delay or slow down the development of banking habits in Nigeria
economy. People shy away from banks in fear of losing their money in case fraud
occurs. Banks fraud and malpractice keeps the management of banks alert and
cause them to waste resources and energies on fraud prevention and detection.
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