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A CRITICAL ANALYSIS OF FRAUD IN NIGERIA FINANCIAL INSTITUTION.

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A CRITICAL ANALYSIS OF FRAUD IN NIGERIA FINANCIAL INSTITUTION.

ABSTRACT
          This project is designed to critically analyze the incidence of fraud in the Nigeria financial institutions with reference to the banking industry.

Fraud in both private and public sector of Nigeria economy is an age long phenomenon that has for a long time being threatening the growth and development of the Nigeria nation state it has defiled the very professional expertise know how due to its continuous increase.

The effort of fraud on the Nigeria financial regarded as the life wire of the nations economy is to say the least and devastating.

Fraud cuts across the length and breath of the Nigeria financial institutions and has resulted in reducing many well established firms to mere existing level. The researcher also comment on their chapters.

Chapter one involve problems of the study, objective, significance, scope and definition of terms while chapter two involves literature review. Theory of fraud, types fraud, causes of fraud etc. and chapter three contain summary of finding, discuses finding, conclusion and recommendation and the final one is bibliography.

TABLE OF CONTENTS Title  page

Approval

Dedication

Acknowledgement

Abstract

Table of content

CHAPTER ONE

1.0            Instruction

1.0            Statement of problems

1.2            Objectives of the study

1.3            Significance of the study

1.4            Scope and limitation of the study

1.5            Definition of terms

CHAPTER TWO

2.0            Literature review

2.1     Theory of fraud

2.2            Types of fraud

2.3            Causes of fraud

2.4            Effects of fraud

2.5            Fraud and the study

CHAPTER THREE

3.0            Summary of finding

3.1     Discussion of finding

3.2            Conclusion

3.3            Recommendation

Bibliography

CHAPTER ONE

1.0     INTRODUCTION:

          In our economy today fraud is like a parasite which eats deep into it’s host thereby threatening the existence of financial institution in Nigeria. The frequent occurrence of fraud in the financial institution have a negative effect on the economy where by the institution is no more free from its scourge, annually millions of naira or billion, if not thre-ellion are lost to fraudster.

          In some certain sector of the economy its effect is so great that investors are afraid to invest there money there in order not to loose. Therefore to critically analysis fraud a vivid explanation might be need.



          Fraud according to oxford Advance learners Dictionary of current English written by A.S. Horn by, say that it is the action of deceiving somebody in order to make money or obtaining an unjust and criminal benefit. Thus, fraud embraces all the multifarious means which human ingenuity can devise, more especially in the financial institution which are resort age over another by false representation. Fraud can also be viewed as the presentation of fake document in order to obtain some selfish benefit from others.

          Onovo (2001) in his book understanding practical auditing and investigation described fraud as an irregularity involving the use of criminal deception to obtain unjust or illegal advantage.

          Fraud in both private and public sectors of Nigeria economy is age long phenomenon that has for development of Nigeria nation state. The effect of fraud on the Nigeria financial institution mainly regarded as the life wire of the nations economy, that is to say the least devasting fraud cuts across the length and breath of the Nigeria financial institution has resulted in reducing many well established firms to mere existing level while so many others have been completely liquidated

STATEMENT OF THE PROBLEMS

           Fraud in the financial institution is multidimensional in some cases. A criminal claque exist which specializes in bank fraud and car unleash its heinous act independently. At one time , customers alone are involved and other cases staff alone. It could as well be as amalgam of the efforts of the three groups Ahmed (1996)  and these are the problems involve:




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