INTERNAL CONTROL SYSTEM AS A MEANS OF PREVENTING FRAUD IN NIGERIA FINANCIAL INSTITUTION

 (A CASE STUDY OF FIRST BANK OF NIGERIA PLC ONITSHA)

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ABSTRACT

 

This research work was the infernal control system as a means of preventing fraud in Nigeria financial institution. However for a more defiled study was carried on First Bank Nigeria Plc Onitsha Head Office.

This study was necessary because of the increasing  wave of Bank fraud in Nigeria in resent times as reported by the Niger dailies. Therefore the need to investigate these reports and if confirmed, a financial institution and to what extend the application of an effective internal control system can go to help matter.

All aspect of this work is very relevant in one way or the other to the Nigerian Banking Industries, as a whole, and for those who may be interested in carrying out further study in this topic.

Also data were collected through primary and secondary sources, the primary sources of data are mainly through personal interviews and of questionnaires, while the secondary source include Books, Newspapers, Magazines.

From my finding it was ascertained that Banks have the best internal control system in Nigeria. The internal system is both adequate and effective, although more operating improvement and review is vital. The management of the bank should be at alert so as to chose any loophole that may arise in their inferview control system.

Also, it was discovered that the major cause of fraud is the employment of dishonest staff. Therefore staff quality like intergrity should be ascertained before employment. There should be an increased enlightens on the legal implications of fraud among other.

TABLE OF CONTENT

 

 

CHAPTER ONE

• Introduction

1.1     Purpose of the study

• Significance of the study
• Scope of the study
• Limitations of the study
• Definition of terms

 

CHAPTER TWO

2.0     Review of related literature

• Definition of fraud
• Types and causes of bank fraud
• Concept and definition of internal control
• Type of control
• Internal control system in financial institution (FIRST BANK PLC)

Reference/Note

 

CHAPTER THREE

3.0     Summary of Finding, Conclusion and Recommendation

• Finding
• Conclusion
• Recommendation

Bibliography

CHAPTER ONE

1.0     INRODUCTION

          BACKGROUND OF THE STUDY

It is feared that the inability of management to ensure effective enforcement to rules and regulation have rendered that operation of internal control system s the Banking industry open to abuse. The net effect could be that every one carries out his schedule off duties in any manner he likes which consequently gives those wishing to commit  fraud their long expected golden opportunity.

Prior to 1952, there was no form of Banking art or ordinance to regulate the establishment and operations of Commercial Banks or a Central Banks to supervise the control of Banking Nigerian. During that time many Banks was registered some of which never operated and even since that  period, fraud has remained a permanent feature in out Banking industry. This resulted in the loss of faith and trust in the financial institutions by Nigeria and consequently, under-development of the banking habit in the country.

However with the introduction of the first  banking ordinance in 1952, and the central Bank of Nigeria (CBN) Act in 1959 and other subsequent Acts and ordinances with their amendments over the years, used to regulate and control the activities and operations of financial institutions in the country, fraud in financial institution have rather increased in magnitude and the methods used to perpetrate them acquire greater sophistication day after day. Now with the introduction of modern procedures and advancement in information technology such as those in communication system, automatic electric gadgets and computer into the banking system coupled with the various precautionary measures taken by bank agent, fraud have rather taken nuclear  dimensions and the size of sums involved increased at a geometric rate and also with the held of Anipkitan (1976) a banker of repute, I Ashimi (1976, p6) a banker of prudent, Ughamadu N. (1991) observed to be liable in its banking sector and be very porous to fraud and many others who have contributed to maintain a prudently measured to the ascertainment of financial banking assets and liabilities.

Consequently, the confirmed existence of financial institutions rests delicately on the maintains of public  confidence. This calls for the establishment of an effective system of internal control which among other  things will help to ensure that the laid down procedures standard and statuary requirement.

To establish a sound internal control system various organization adopt scope of their operations. Internal control system requires a continues check and rechecking of day-to-day  activities of the business in order to ensure the correctness and firmness of the accounting records, and to detect and expose any deviation when it has accord. Most financial institutions loose confidence of the people not only through fraudulent use of funds but also through some detect infraudulent practices and or syndication of some dishonest staff facilitated by defects in the Bank internal control system. There is therefore a great need to climate or minimize the defects loopholes and make money effective and operational to quard against the occurrence and re-occurrence of fraud in our financial institutions.

 

AN OVERVIEW OF FIRST BANK PLC

First Bank of Nigeria Plc was incorporated on 31^st March 1894 as a limited liability company with an authorized share capital of  2 stilling, but  today it has been  registere at the companys house for I,II years. The establishment of First Bank of Nigeria Plc predates the birth the Nigeria nation as a soverign entity. The Bank which was registered as Bank of British WEST African  in 1894, has therefore evolved along the path of political, social and economic chapes  and development of Nigeria. It thuse shered in the process of its growth, the final experiences of the nation which in retrospect  were sources of strength.

First Bank of Nigeria Plc is engad in Commercial Banking Business. It’s head office is located in Lagos. It is the policy of the board of Directors that the bank should play an important role in the Commercial  Banking industries in Nigeria Accordingly the Bank is committed to the expansion of it’s branches net word with a view of eventually making it’s services available through the country.

New the bank has branches all over the country and overseas, large they embarked on the increase in publicity, it therefore well equips and computerized in order to enhance the delivery of its services and as well took internal control system to check the level of fraud attitude against customers an members of the coy. The bank is committed to successful restricting and development of the nations economy as it’s rural objective. Towards this end, the bank is interested in assisting small scale industries, farmers, cooperatives societies and community development efforts.

The service include savings account current account, standing orders and direct debit current services, fixed deposits, loans and advances, corporate finance international operations, these services are being carried out by efficient human resource of the bank which made up to both senior and junior cadres.

 

1.1     PURPOSE OF THE STUDY

This research work concentrates essentially on the financial institutions with special a view to providing