A CRITICAL ANALYSIS ON FRAUD IN NIGERIA FINANCIAL INSTITUTION

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ABSTRACT

This project is designed to critically analyze the incidence of fraud in the Nigeria financial institutions with references to the banking industries.

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 Nigerian nation state. It has defiled very professional expertise know-how due to its continuous increase.

The effect of fraud on the Nigeria financial institutions mainly regarded as the life wines to nation economy is to say the least devastating. Fraud cuts across the length and breath of the Nigeria financial institutions and has resulted in reducing many well established firms to more existing level, while so many others have been completely liquidated. It is this ugly development in the “Power house” of the financial sector of our economy that attracted my interest hence my choice of this topic. A critical analysis on fraud in Nigeria  financial institutions with particular reference to the banking industry.

This work will dig keep into the following

1. Types of fraud
2. Causes of fraud
3. Extent of involvement of insiders in the per petration of

In this project/ term paper chapter explain the term fraud if a times to explain the fact that fraud is and to continue to trouble the financial sector of the economy unless great efforts are put together to fight it.

Chapter one above all things states the scope of the study or research. Chapter is the literature review, which embraces the following subheadings, concept of fraud, effects of fraud, theory of fraud, types  and the law research causes of fraud and finally the prevention of fraud.

Research design and methodology are treated in chapter three also included  in chapter three is the involvement of insiders in the pepertration of fraud in out financial institutions. Chapter three also contains anticipated solution to the menace of fraud.

Furthermore, the summary of the whole finding recommendation by the researcher and possible conclusion on the topic is contained in chapter three. As it will be bibliography is also contained there.

CHAPTER ONE

1.0     INTRODUCTION

The occurrence of  fraud in our financial institutions have negative effect on the economy. Fraud is like a parasite, it eats deep into its host thereby threatening its assistance. No financial institutions is free from its scourge; annually, millions of naira is not billion are lost to fraudster. In certain sector of the economy its effects is so great that investors are afraid to invest their money there. To critically analyse fraud, a vivid  explanation might be needed. Fraud according to oxford advance learners dictionary of current English written  by A.S Hourby  is a criminal deception  benefit. Fraud can also be viewed as the presentation of take document in order to obtain some selfish benefits.

Onovo (2001)s, in his book understanding practical Auditing the investigation the use of criminal deceptions to obtain unjust or illegal advantage.

Fraud in both private and public sector of Nigeria economy is an age long phenomenon that has for development of the Nigeria national state. It has defined the very professional expertise  know-how due to its continuous increase.

The effect of fraud on the Nigerian financial institutions mainly regarded as the life-wire of the nations economy is to say the least devastating fraud cuts access the lengths and breath of the Nigerian financial institutions and has resulted in reducing many well established firms to more existing level while so many others have been completely liquidated

Fraud is not chique to Nigerian alone. It is a phenomenon that has bedeviled the world economic since age due to its devastating effects, especially in the financial sectors; the developed and developing nations including Nigeria has been waging  consistent wars against fraud and fraudsters. The Nigeria Deposit insurance Co-operation (NDIC)  annual report and accounts for 2001 fiscal fear disclosed that since 1989 to date, clerks  cashiers have continued to maintain the lead among other categories of  staff in fraud and forgeries  are becoming a recurrent feature of out financial system as recorded cases by banks and other financial houses continue to occupy a conspicuous position in their annual report.

The way fraudulent  acts are increasing in our country is not anything to write home about. Most especially among those in  senior positions in the financial “World”. However, in any event, it is an accepted fact that dismantled employee commits more than half of all computer-Assisted fraud (CAF). Many co-operate organizations shown the practice of reporting fraud to the public to protect their images and goodwill and to win the confidence of investors. The implication of this is that Boards are then faced with arduous test of hold to control and when fraudste4rs are caught by some financial organizations for fear of publicity, they do not charge these fraudsters to court.

Sometimes those fraudsters are left off the book only to return to commit more crimes.