APPRAISAL OF FRAUD CONTROL TECHNIQUES IN NIGERIA COMMERCIAL BANKS ( A CASE STUDY OF FIRST BANK NIGERIA PLC)

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CHAPTER ONE

• INTRODUCTION 1
• A SHORT BACKGROUND HISTORY OF FRAUD 3
• STATEMENT OF PROBLEM 6
• RESEARCH AND OBJECTIVES 7
• RESEARCH / HYPOTHESIS 8
• RESEARCH / QUESTION 9
• SIGNIFICANCE OF THE STUDY 10
• SCOPE / LIMITATION OF STUDY 12
• DEFINITION OF TERMS 14
• REFERENCES 19

CHAPTER TWO

2.0     REVIEW OF RELATED LITERATURE                          20

• CONCEPT OF FRAUD 21
• CAUSES OF FRAUD 25
• TYPES OF FRAUD 44
• EFFECTS OF FRAUD
• CONTROL FOR FRAUD 61
• REFERENCES 75

CHAPTER THREE

3.0     RESEARCH DESIGN AND METHODOLOGY              78

• POPULATION AND SAMPLE 79
• SOURCE OF DATA 85
• INSTRUMENT FOR DATA COLLECTION 86
• METHOD OF DATA ANALYSIS 87
• METHOD OF ANALYSIS 88
• RESEARCH QUESTION                                                 88
• METHOD OF TESTING HYPOTHESIS 88
• REFERENCES 89

CHAPTER FOUR

• PRESENTATION AND ANALYSIS OF DATA 90

4.1     RE – STATEMENT OF THE PROBLEM                         91

• MAJOR FINDING 92
• DISTRIBUTION OF QUESTIONNAIRE AND COLLECTION
• PRESENTATION AND ANALYSIS FO QUESTIONNAIRE 119
• PRESENTATION AND ANALYSIS OF ORAL INTERVIEW119
• TEST FO HYPOTHESIS 122
• REFERENCE

CHAPTER FIVE

5.0     SUMMARY OF FINDING , RECOMMENDATION AND CONCLUSION                                                                           134

• SUMMARY OF FINDING 134
• RECOMMENDATIONS 136
• CONCLUSION                               140

APPENDIX                                                                       143

BIBLIOGRAPHY                                                                       144

CHAPTER ONE

INTRODUCTION

          The bulk of fraud required by the investing sector of most  developed and developing business economics of the world is provided by the bank industry in the main, the service of mobilizing fund from the saving that is simples to the investing  sector provided by the banking industry accounted for the high status the banking industry is place in the development of any economy the rate of economic development of the nation has hence been very closely associated with the effectiveness and efficiency of the banking system of the nation.

Commercial banks as a case study of this research work provided services like acceptance of deposit, size keeping of valuables offering of pieces of advice like on investment, credit create and other business published in the gizatte by the governor of Central bank designated to mean commercial banking business of all the components of the banking system. Incidence of fraud occurrence fraud is also found in other spheres of life in government in commerce government, in commerce and industries.

Special organization have been formed to control it. Interlope tries to deal with it at the international level but it has not been rechecked to the barest minimum neither has it been full eradicated .

Fraud is a complex universal phenomenon, it is rampant in both development and developing countries and varies across time and placed in its magnitude, its effects on administrative, performance development, political economical social culture and attitudinal factors combine in contributive and circular and they extend beyond the boundaries of nation state..

Fraud is matter of individual choice and opportunity. Being human, can individual usually take the advantage sees. The opportunity and he is reasonably convicted he can get always with it the banking sector provides such opportunity in abundance as they deal with cash and near money instrument.

• A SHORT BACKGROUND / HISTORY OF FRAUD IN FIRST BANK

In the history of Nigeria banking. If total of 185 bank were registered by the financial secretary to the colonial administration to carryout banking business. From 1892 –1952 was know as the era of free for all banking. Between this point banking  business blossomed, there were high expectation that trend will continue to improve as a matter of time, but because high expectation never observed. As in the first half of 1950s the industry collapsed. Many banks folded up and involved in frauds in commercial banks alone rose to N1,3777-15 million in 1993  whereas the actual / expected loss from N68.8 million to N241.0 million.

We are aware  that frauds out across all sectors of the  economy an that the size of an enterprises usually determines the value of fraud penetrated we are also not unaware manpower and manpower training poor internal control system inadequate incentive and unsuitable legal framework for dealing with offenders playing the perpetration of frauds.

In addition to these lack of commitment on the part of staff  and the employment pollicies of some banks tend to make frauds and forgeries.  Attractive.

Br that as it may , we consider the higher rate of fraud in bank as clearly unacceptable,  some thing Adriatic ought to be done so urgently stem the tide in view of its image implication for the banking industries and the crises of confidential which it could engender bank customers.

We  therefore large executive and to management of bank to as a mater of urgency to adopt strategies that will block all loopholes that encourage frauds in their organization.

In specific terms we  counsel that banks should critically examine option for prevention and timely detection of fraud and forgeries as these are  likely to scare would be perpetrator’s adequate internal control such as re-deployment of staff and adequate internal without notice should be put in place . Staff should be kept abreast of sophisticated and other development through continuous training.

Bank staff should be adequately remunerated and novitiates to give the best while working with satisfaction.   Poorly remunerated in a banking environment may constitute a menace to the system as temptations are likely to be quited and the urge to a succumb becomes irresistible.

I believe that computerization can go a long way as a strategy for internal control in banks I therefore urge all bank to embrace and install computers in their organizations. Banks must always build into their plans at the beginning of the year. Based on their experience, the  expected amount of loss through frauds during the year in order to anticipate and geared against destabilization of their operations.

No effort should be spared in the fight against this hydraheaded phenomenon in order to reduce to the barest minimum the crisis of confidence that fraud occasion.

 

 

1.3     STATEMENT OF PROBLEM

          Fraud in bank has become so recurrent in the headlines of our daily paper in such a profuse manner that  they have ceased  to be good captions on these paper in going through paper on flip over pages with headlines of fraud. That not with standing fraud committed has direct or indirect effect on individual or collectively, on the while fraud has contributed the liquidation of so many banks.

Many bank employees have been deprive of their benefits and in liquidation situation, total less of their job is observed on the contrary deposition loss their money as well, the shareholder of the bank loss their money.

Along side, the great role of the banking industry play (which is being challenge by frauds through loss of fund and liquidation of bank) with the degree of fraud observe now if allowed to thrive without the development of new control techniques to prime down the incidence of fraud occurrence in the banking system, the