BANK FRAUD AND ITS EFFECTS ON NIGERIAN’S ECONOMYBANK FRAUD AND ITS EFFECTS ON NIGERIAN’S ECONOMY (A CASE STUDY OF MAN STREET BANK NIGERIA PIC ENUGU)
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BANK FRAUD AND ITS EFFECTS ON
NIGERIAN’S ECONOMYBANK FRAUD AND ITS EFFECTS ON NIGERIAN’S ECONOMY (A CASE
STUDY OF MAN STREET BANK NIGERIA PIC ENUGU)
ABSTRACT
Cases of
frauds and foreign in banks have not only become incessant but have also been
on the increase in recent years. Although frauds and foreign in banks are
global phenomena, their growth in Nigeria Deposit Insurance Corporations (NDIC)
annual report for instance, presents a disturbing picture of rising trends of
fraud in banks from N360.2 million in 1992 to N351.9 million in 1991. The
amount unloved in frauds in commercial banks alone rose to N1, 377.15 million
in 1993, whereas the actual expected loss rose from N64.8 million to N241.0
million. Fraud, in banks is clearly unacceptably something’s drastic ought to
be done to gently stem the tide in view of its image implications for the
banking industry and the adverse effects it will have on the economy. The study
emerges in response to this development. In carrying out this research work,
questionnaires were distributed to the respondents for their reactions. Equally
oral interviews were also carried out and some texts written by eminent
scholars were consulted. The researcher believed all these would give enough
information for a sound report. This study therefore seeks to identify the
causes and effects of book fraud. After analyzing the returned 25 questionnaire
distributed to the staff of Afribank Nigeria PLC Enugu, the following findings were
made:
1. No internal control system is 100% errors
proof but the internal control system of banks can be designed to make the
perpetration of fraud difficult.
2. Non-periodic review of work by bank
management gives loophole and the tendency to commit fraud in the industry.
3. The law enforcement agencies of the countries
fail to deal seriously with the bank fraud sters apprehended and handed over to
them.
Based on
these, the following recommendation were made:
1. The use of close circuit television
surveillance should be commencing in all banks.
2. Bank should ensure that computer operator’s
passwords are kept in safe hands.
TABLE OF
CONTENTS
Title Page
Approval
Page
Dedication
Acknowledgment
Abstract
Table of
Contents
CHAPTER ONE
1.0 Introduction
1.1 Background of the study
1.2 Statement of problems
1.3 Purpose of the study
1.4 Research questions
1.5 Significance of the study
1.6 Scope and limitation
CHAPTER TWO
2.0 Literature review
2.1 Major causes of bank fraud
2.2 Institutional Causes Of Fraud
2.3
Environmental / societal causes
2.4 Effect
of bank frauds
2.5 Nature
and types of frauds
CHAPTER
THREE
3.0 Research Methodology
3.1 The design of the study
3.2 Area of
study
3.3 The
Population of the study
3.3 Sampling
technique
3.5
Instrument for Data Collection
3.6 Validity
and reliability of research instrument
3.7 Sources
of data collection
3.8
Analytical technique
CHAPTER FOUR
4.1 Presentation and analysis of data
4.2 Test of hypothesis
CHAPTER FIVE
5.1 Summary Of Findings
5.2 Conclusion of the study
5.3 Recommendation
Bibliography
CHAPTER ONE
1.1
BACKGROUND OF THE STUDY
The level of
fraud in the present day Nigeria has assumed on epidemic dimension. It has
eaten deep into every aspect of our life to the extent that a three years old
child talks about 419, the name given to the newly discovered fees fraud that
is hunting us a nation. Fraud is defined as “deceit or tricking deliberately
practiced in order to gain some advantages dishonestly.” For an action to
constitute fraud therefore there must be a dishonest intention and the action
must be intended to benefit the perpetrator to the detriment of another person.
Going by
this definition, frauds in the Nigeria economy cannot be restricted to the
banks alone. Although frauds cut across all sectors of the economy and that
size of an enterprises usually determines the volume of frauds perpetrated,
such problems as inadequate manpower, poor internal control system, inadequate
incentives and unsuitable legal framework for dealing with offenders, downturn
in the economy, recognition being accorded the wealthy people regardless of their
sources of wealth play a major role in the perpetration of frauds. The fear now
is the threats which this devilish and unscrupulous act will pos to the
stability and survival of individual financial institution and the performance
of the industry as a whole for one things, frauds result in huge financial
losses to financial institutions and their customers, depletion of shareholders
funds and capital base as well as loss of confidence in financial institutions.
Frauds and
forgery also have negative effect on the banking industry. Today, various banks
cannot withstand the growing pressure of competition among banks due to the
monster called bank frauds. Equally, the confidence placed on banks are fast
eroding because some people now prefer keeping their money at their homes
instead of keeping them in the bank. The fear is now that if this act is not
arrested, it might deplete our resources because foreign investors might not
find it wise to transact business via our banks.
1.2
STATEMENT OF PROBLEMS
The problems
of this research work will revolve around finding out the continuous cases of
bank frauds in virtually all banks and other financial institutions. Other
problems include why banks have not been able to find solution that will help
in curbing the banks and financial institutions frauds.
Furthermore,
the research is aimed at finding the economic effects of frauds to the total
economy of the nation, and the consequences of these frauds to our
international relationship on global market economy.
1.3
OBJECTIVE OF THE STUDY
The
objective of this study is to identify the efforts of government and its
agencies in the prevention and control of fraud. By so doing, one would have
emphasized the tripartite segments involved in fighting this economic crime
which is threatening the very foundation of the financial system. To be able to
do this, this research seeks to identify the following:
a. The causes of banks fraud in Nigeria.
b. The nature of bank frauds.
c. The extent of bank fraud in Nigeria and
d. Ways of minimizing or eliminating bank fraud
in Nigeria.
1.4
HYPOTHESIS
H0: Lack of
effective internal control has not leads to
banking fraud
H1: Lack of
effective internal control has lead to banking
fraud.
H0: Lack of
enough motivation or incentive have not
caused bank fraud
H1: Lack of
enough motivation or incentive have caused
bank fraud.
H0: Bank
fraud has not contributed to the dwindling
economic fortune of our country.
H1: Bank fraud
has contributed to the dwindling economic
fortune of our country.
1.5 RESEARCH
QUESTIONS
The
following research questions guided this study:
1. Does lack of effective internal control lead
to banking fraud?
2. Does lack of enough motivation or incentive
causes banking fraud?
3. Is bank fraud common in all banks?
4. Does societal values contribute to bank
fraud?
5. Does bank frauds contribute to the dwindling
economy fortune of our country?
1.6 SIGNIFICANT
OF THE STUDY
The research
work will be beneficial to bank and financial institutions who are directly
facing extrication as a result of financial losses due to fraud. It will also
be beneficial to the government and other public factors who are gradually
losing confidence in banks, and the customer, bank relationship that are
greatly hampered as a result of frauds. This project will also be beneficial to
the general public who are losing huge sums of money to banks that are declared
distress without adequate compensation. It will enable them know the various
ways frauds are perpetrated. This can give them on insight to detect frauds
easily. The general public will also benefit, as this will enable them know the
role of the organizations or the management in checking frauds.
1.7 SCOPE
AND LIMITATIONS
Bank fraud
and its effects on our economy, is an extensive topic that may involve
commercial banks and community banks. The researcher would like to touch all
aspects of banking activities, but for want of time and financial constraints,
the researcher limits his work to frauds in the commercial banks especially
main street bank Nigeria PLC Enugu.
Most
importantly, records and publications could be reached easily and frauds traced
in the commercial banks than other banks. Though the writer dwelled a little
into fraud in merchant Banks emphasis is place more on commercial banks.
1.8
LIMITATION OF THE STUDY
In the
course of carrying out this research work, the researcher encountered some
problem which includes.
1. Time: due to limited time stipulated for the
completion of this study by the institution researcher had no time to get more
records from other banks.
2. Finance: In carrying out such a research work
the writer spend much money on transportation and collection of data.
3. Availability of data: The research found it
difficult to obtain data because of unwillingness of some officers to supply
data or information needed by the researcher.
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