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A SURVEY OF FRAUD IN NIGERIA BANKING
INDUSTRY
TABLE OF
CONTENTS
TITLE PAGE
APPROVAL
PAGE
DEDICATION
ACKNOWLEDGEMENT
TABLE OF
CONTENT
CHAPTER ONE
1.0 INTRODUCTION
1.1 BACKGROUND OF THE STUDY
1.2 STATEMENT OF PROBLEM
1.3 OBJECTIVE OF STUDY
1.4 SCOPE OF THE STUDY
1.5 LIMITATION OF STUDY
1.6 DEFINITION OF TERMS
CHAPTER TWO
2.0 REVIEW OF RELATED LITERATURE
2.1 VARIOUS DEFINITION OF FRAUD
2.2 FORMS OF FRAUD IN NIGERIA BANKING INDUSTRY
2.3 CAUSES OF FRAUD IN NIGERIA BANKING
INDUSTRY
2.4 EFFECTS OF FRAUD IN NIGERIA BANKING INDUSTRY
2.5 THE LAW RELATING TO THE LEGAL PROCESS OF
PROSECUTING FRAUD IN BANKS
CHAPTER
THREE
3.1 FINDINGS
3.2 RECOMMENDATION
3.3 CONCLUSION
REFERENCE
CHAPTER ONE
1.0 INTRODUCTION
1.1 BACKGROUND OF THE STUDY
It will not be easy to say the exact
date fraud began in the Nigerian Banking Industry.
However, we
are going to have a look at dates of the establishment of the first two
indigenous banks in Nigeria as this will help us to trace the origin of some
loopholes which bring about fraudulent practices in Nigerian banking system.
The National Bank of Nigeria was establishment in 1933, the Agbomgba bank (now
Wema Bank) was established in 1945 and the African Continental Bank was
established in the year 1947.
Prior to 1952, there was no banking
regulation to monitor the activities/operations of the Commercial Banks in the
country as a result of this there was lapses in the banking system. For instance, some banks got license for
operation but did not open one day for business. Some opened, collected money from their
customer and vanished or wound up, due to these fraudulent acts, the first
banking Act was enacted in 1952 and subsequently in 1959, the Central Bank Act
was enacted to monitor the activities/operations of Commercial Banks in the
country with the view to reducing bank fraud.
But it rather seemed to stimulate the occurrence of fraud in those Bank
because for the decade fraudulent practices have been on the increase and this
call for a review or critical evaluation of some at the “Act”, we now hear of
cases of bank, been distressed, “Advanced free fraud” “419” and so many other
fraudulent practices all in our banking industry.
In writing this protect, the
area/state chosen for the study is Enugu and the bank of interest is Orient
Bank Plc.
1.2 STATEMENT OF PROBLEM
Fraud is now
a household word in Nigeria, because hardly can
a day pass
by in Nigeria without a reported case of fraud in our industries, especially
the banking sector. This has brought a
lot of worries to prominent investors, the government and other interested
parties we now live in an era of distrust amongst banks and their
customers. The Business Times of January
23 1995 had it that “the rising incidence of bank fraud has created a lot of
distrust between banks and their customers”.
More also, there was a report in the
Daily Champion of January 29 1995, that a bid to defraud a bank of N1,000,000
failed. We also heard what happened in
Orient Bank Plc., Enugu late 1992 – in fact the report seems endless and we
cannot maintain all.
As a result of this issue of fraud
day-in and day-out, the management of various banks are trying everyday to
devise means of putting an end to bank fraud, while also some fraudulent staff
are reinforcing themselves towards improving their techniques to defraud banks.
If this unfortunate phenomenon is left
unchecked the banking industry will be in mess and a shadow of it selves in the
near future, it will have adverse effect on the general economy since most
business can not be effected without the bank acting as a mediator.
1.3 OBJECTIVES OF THE STUDY
The purpose
of this research is among other things:
a. to determine if there are
fraud in Nigeria banking industry
b. To find out and discuss forms
of fraud in Nigeria Banking Industry
c. To find out the causes of
fraud in Nigeria Banking Industry.
d. To have a look at the effects
of fraud on the Nigeria Banking Industry in particular and the general public
at large.
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