FRAUDS IN NIGERIA BANKS

(ANALYSIS AND SOLUTIONS)

 

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ABSTRACT

 

This work is designed to examine the assessment of the role of the mass media in anti-corruption campaign. It is organized into five very instructive chapters.

 

Chapter one deals with the background, statement of the problems, research questions and hypotheses, assumptions and limitation of the study among other things. Chapter two is devoted to the review of relevant materials in the area of study. Chapter three contains the methodology while chapter four concentrated on data analysis and the results of the findings. Also chapter five gives a brief summary of the work.

 

Through these chapters, the objectives of the study was in that the researcher not only found that the mass media are indispensable but they are also powerful in their influence.

 

 

CHAPTER ONE

• INTRODUCTION
• Objective of the study
• Significance of the study
• Statement of study
• Hypothesis formulation
• Scope and limitations of the study
• Definition of terms

 

CHAPTER TWO

2.1 Review of related literature

2.2 Causes of frauds

2.3 Forms of  frauds

2.3.1 Internal fraud

2.3.2 External fraud

2.3.3 Combined fraud

2.4 Types of frauds

2.5 Effects of frauds in banking industry

2.6 The legal framework and fraudulent practice

2.7 Approach to the minimization of suggestions for the prevention of fraud.

 

CHAPTER THREE

Research Design and Methodology

3.1 Study area

3.2 Sampling Method

3.3 Sources of Data

3.3.1 Primary sources

3.3.2 Secondary Data

3.3.3 Data treatment techniques.

 

CHAPTER FOUR

Presentation of Data and Analysis

4.1 Presentation of Data

4.2 Analysis of Data

4.3 Interpretation of Results

 

CHAPTER FIVE

Summary of findings, Recommendations and Conclusion

5.1 Discussion of Findings

5.2 Conclusion

5.3 Recommendation

Bibliography

Appendix

 

 

 

CHAPTER ONE

 

1.1     INTRODUCTION

The commercial world today has been devastated by random breaches of business ethics. This has resulted to rampant occurrence of white collar crimes committed mostly by top and highly educated professional personnel, these crimes are sometimes euphemistically dubbed, executive dishonesty crimes like improper waiver of interest on loans, fraudulent false accounting, falsification, computer fraud, dishonesty, classification of debts as bad debt or irrecoverable, non-disclosure of vital interest by executive, and other financial malpractices, fall into this category.

 

Furthermore, the government has responded by churning out laws with constant regularity in a bid to meet the challenges posed by these problems. One of such problems is the incidence of fraud in financial institutions especially Nigeria banks. This has attracted at least three major legislation in the past few years. All these relevant enactments will be examined in this project.

 

It is a notorious fact that frauds are mostly masterminded by insiders, at times in concert with outsiders. They are mostly discovered by tip offs from other staff who feel left out or by accident. Rarely do normal official checks reveal such earth shattering fraudulent scams that are big concern of the financial world.

 

Moreso, there is need to arrive at an acceptable constitution for the word “fraud” and to deepen our understanding by paying some respect to the statutory construction of financial institution like Nigeria banks. Having dealt with the general situation of things ion our banking industries, the research work is therefore aimed at pointing out the major causes of fraud in Nigeria banks etc. effects on the Nigeria economy commercial world, individuals especially the depositors (customers of the banks) after the research must have been carried out the above, the researcher then recommended the measures to be taken in order to prevent and minimize the incidence of fraud in Nigeria banks. It should be noted that no bank, big or small is immune  from fraudulent particles.

 

However, bankers should have it as the back of their minds that dignity and hard work are not the only thing required but integrity is also required.

 

1.2     OBJECTIVE OF THE STUDY

The objective of this study is to enable

 

 

 

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ACCOUNTING SYSTEM OF CO-OPERATIVE SOCIETIES IN ENUGU NORTH LOCAL GOVERNMENT AREA

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ABSTRACT

Most critics hold that there are paucity of accounting records maintained by co-operative societies.

This study therefore investigate the level and the adequacy of accounting records of co-operative societies.  To determine this, the fundamental objective of the study among others are.

1. To identify and disclose whether adequate accounting records are kept by co-operative societies.
2. To determine the impact of the present level of accounting record’s on profitability and viability of co-operative

 

The entire cooperative societies in Enugu North local government area (registered) was the study population from which 98 was selected. A set of structured questionnaire was administered to the sample out of which 72 responded.  Oral interview were also used to collect useful data and information which could not have been portrayed by the questionnaire.

 

The collected data were classified, analysed and interpreted by the use of tables, percentage, product moment of correlation and chi-square (test of goodness of fit) was used in testing the hypothesis.

 

From the analysis of data the major findings are that.

1. co-operative societies do not really maintain adequate accounting system.
2. There is weakness in the internal control system of co-operative societies.
3. Co-operative societies make use of their members as their accounting staff usually the secretary.
4. Most co-operative societies do not company with the established accounting standards.
5. The present level of accounting records in co-operative societies affect the profitability and viability of co-operative societies.

 

Based on the findings some of these recommendation were made.

1. co-operative societies should employ experienced competent and trained accounting staff to improve their accounting system.
2. The accounts of co-operative societies should be audited by external auditors like corporate organization.

• The management of co-operative societies (committee) should receive management training and also every member of the co-operative should be educated.

 

 

 

CHAPTER ONE

INTRODUCTION                                                                     1

• Background of study 1
• Statement of problems 2
• The objective of the study 2
• Research hypothesis 3
• Significance of the study 4
• Scope and limitation of the study 5
• Definition of terms 6

CHAPTER TWO

 LITERATURE REVIEW                                                         9

• Definition of Accounting 10
• Objectives and importance of accounting information 12
• Importance of accounting 14
• Definition and meaning of accounting

system/composition of system.                                          17

• Accounting system. 18
• Importance of maintaining adequate

accounting system                                                             23

• Definition and meaning of co-operative societies 26
• Origin of co-operative society in Nigeria. 30
• Problems of co-operative societies 32

CHAPTER THREE

RESEARCH METHODOLOGY                                              34

• Sources of data 34
• Sample use and determination of sample size 35
• Method of investigation 36

CHAPTER FOUR

• Presentation and analysis of data 37
• Data analysis 37
• Test of hypothesis 48

CHAPTER FIVE

• Findings 57
• Conclusion 59
• Recommendations 60

Bibliography                                                                      62

Questionnaire                                                                    64

 

 

 

 

CHAPTER ONE

 

INTRODUCTION

Co-operative societies are part of the aim of government, they are nutured by the government the government believe that through co-operative societies that the standard of living of the masses will improve.  They are meant to enhance the economic and social well being of the populace as this will help to record economic growth and subsequent development, that is why the government sponsor and run some of the activities of co-operative societies.

For instance the government employ co-operative field staff to disseminate the gospel of co-operation, to nuture co-operative by giving them directives and prepare them for registration and also to audit the accounts of co-operative, societies. Co-operative societies are business organization though in the class of non profit seeking form of business organization whether a business is profit oriented or non profit oriented, it should hare an accounting system.

 

Against this background, this research is designed to study the accounting system of co-operative societies how the information presented by the accounting system is utilized.  Ie whether it is used in making decisions for the businesses.

 

• STATEMENT OF PROBLEMS

Some of the problems attendant to co-operative societies which militated against the accounting system of co-operative societies in Enugu North local government area are as follows.

1. Paucity of accounting records and information
2. Lack of fund to employ trained accountant to manage the accounts of co-operative societies.
3. lack of management education to the committee members who are managers of the societies and the general members who potential committee members.

 

• THE OBJECTIVES OF THE STUDY

 

 

 

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THE PROBLEMS OF FINANCING GOVERNMENT CORPORATIONS

(CASE STUDY OF TRACAS)

 

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ABSTRACT

 

This research paper is on the problems of financing government corporations (TRACAS CASE OF STUDY).

In carrying out the research, the researcher intends to find out the outlet to which commercial banks finance the activities of TRANSPORT COMPANY OF ANAMBRA STATE LIMITED, to ascertain whether the ability of TRACAS to meet debt repayment schedule of financiers militate against is availability of funds, to determine the extent to which the government of Anambra state have helped in financing the corporation.

The researcher collected data from both primary and secondary sources.  Data collected was presented and analysed and hypothesis formulated was tested using the chi-square method of testing hypothesis.

The researcher found out the following insufficient finance from commercial banks has a significant effect on the activities of TRACAS;

Inability of TRACAS to meet debt repayment schedule of finances militate against the availability of funds from TRACAS; inability of funding TRACAS has a significant effect on as activities and performances; inability of government of Anambra state to finance TRACAS.

The following recommendation, were made government should try and provide enough fund to corporations through commercial banks.  They need to act as their guarantor in searing the fund.  The high interest changed is to be looked into to enable corporations to service their borrowed fund.

I suggest that if all these recommendations were properly implemented it will go a long way in improving the efficiency of corporations in this nation.

 

 

CHAPTER ONE

INTRODUCTION

• Background of the study
• Statement of the problem
• Objectives of the study
• Research Questions
• Research hypothesis
• Significance of the study
• Scope and limitation of the study
• Limitations
• Definition of terms

 

CHAPTER TWO

REVIEW OF RELATED LITERATURE

• Overview of government corporation finance
• Government participation in public corporations
• Rationale for public enterprises
• Problems of public enterprises
• Issue of financing government corporations
• Characteristics of public corporation and their impact on their pricing policy and financial situation
• Financial problems of public corporation
• Commercial banks financing and interest rate.
• Inadequate funding and its impact on corporations

 

CHAPTER THREE

RESEARCH METHODOLOGY

• Research design
• Population of the study
• Sample and sampling technique
• Sources of data
• Method of data collection
• Procedure for data analysis

 

CHAPTER FOUR

DATA PRESENTATION AND ANALYSIS

• A brief introduction of the chapter
• Questionnaire / distribution
• Presentation of data
• Test of hypothesis
• Interpretation of results

 

CHAPTER FIVE

FINDINGS RECOMMENDATION AND CONCLUSION

Findings

Conclusion

Recommendation

Bibliography

Questionnaires

 

 

CHAPTER ONE

 

INTRODUCTION

          Public corporations are enterprises which are partly or wholly owned by the government, which private enterprises have been unable to take care of due to lack of adequate capital.

 

In any organization, there are so many components put together that make for an effective performance.  One of these components is the fund.  The problem that arises is the adequacy of the fund for effective other of the operations of an organization, through out its life time many organization which started well at the initial stage have failed by the wayside due to shortage of available funds.

 

Government have generally started playing a major role in economic development and in starting large enterprise in public sector.  Many parastatals care into being when it was believed that rapid economic development required the state to table on the role of an enter premier.  I should also be known that government movement in running public sector help in shaping its economy.  Government ownership of these enterprises is to help improve its social and economic well being of her people and those amenities that the entrepreneurs cannot provide.

 

Public enterprise could be classified into four categories according to the degree of government participation in ownership and intervention in management.  Firstly, governmental enterprises – composed of various government departments.  Secondly government invested enterprises, where the government held at least 50% of the equity and appoint to management.  Thirdly, subsidiary company of governmental invested enterprises which allow the government to invest indirectly through government invested enterprises and others.  Lastly, governmental backed enterprises where the governmental holds less than 50% of the stock.

 

In developing nation there is a general believe that government should own and control enterprises due to insufficient capital on the side of these enterprises; and government gave majority control of than and appoint top management.

 

Over the past decades, the number and variety for public enterprises in developing countries have greatly expanded.  In a developing country like Nigeria, the overall performance of these enterprises has been rather disappointing.  They have supported staggering losses, thereby becoming a major drain on National budgets and the principal source of heavy external borrowing.  They have equally purled to generate the expected job opportunities.  Before independence, government establishments were the major employers of labour, but these days with many private enterprises set up by entrepreneurs more people have gained employment with these enterprises and this has reduced the dependence on government establishment and large firms for employment.

 

However, the followings have contributed to the poor performance and poor efficiency in these enterprises:

1. Obscure and sometimes conflicting managerial goals.
2. inadequate management accountability and autonomy
3. Excessive government interference in day to day management.
4. poor personnel and incentive systems
5. Complicated budgets and procurement processes.
6. inappropriate pricing and credit policies
7. Poor financing.

They have contributed to poor performances of public enterprises.  The financing and management of these parastatals caused a serous problem in our economy. Its only very few government enterprises that are independent in the issue of financing, others solely depend on government.  The fate is yearly tied on the national budgets because they are financed by way of grants, subsidies or loan from government.  This equally means that if the government budget is delayed or cut down proposed expenditure, the funds of these enterprises will also be affected.  This will determine their performance for that very year whether surplus or deficit is to be made.

 

• BACKGROUND OF THE STUDY

The transport company of Anambra state limited (TRACAS) was launched on 12^th September 1988 by the military Governor of Anambra state co. Robert Nnaemeka Akonobi under the spices of the federal urban mass Transit programme (FUMTP).  This programme is aimed at alleviating the transportation problem of the people which was occasioned by the dearth of computer vehicle (buses, cars).

To ensure that the traces are efficiently managed, the Anambra state government decided to privatize it, thus; TRACAS was incorporated on the 8^th December 1988.  The Anambra state government has a 30% hold in TRACAS while remaining 70% will go to the public.  Staff will also own shares in the company.  The motto of the company is service and comfort.

 

LOGO

          The TRACAS Logo is the map of Anambra state and a palm tree.  The palm is a tree of immense economic value to the people of Anambra state palm wine, palm oil, palm kernel oil, etc are all products and by product of this tree, its significance in the economy of the state cannot therefore be looked over.

 

• THE COMPANY’S FLEET

The transportation company of Anambra state ltd has a fleet of 200 vehicles as at the time of writing this project comprising the following.

1. Luxury buses
2. Mini buses
3. Station wagon cars
4. Small buses

 

SERVICES OFFERED

Tracas affers two types of services which are as follows:-

1. charter service
2. normal depot to depot service

 

DEPOT TO DEPOT SERVICES

This type of service are made up of

1. intra – city services
2. inter- city services

 

INTRA-CITY SERVICE

          The intra-city service is in operation in Enugu and Onitsha.  In Onitsha the company operates five routes.  Each of these routes is depicted with a particular number/ colour for easy identification by commuters.  In Enugu they operate only one route.

INTER-CITY SERVICE

Four major routes are operated on the inter-city service to major

 

 

 

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MANAGEMENT CRISIS OF THE BANKING INDUSTRY : (A CASE STUDY OF SOME DISTRESS BANKS)

 

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ABSTRACT

In the banking industry, effective implementation of banking rules and regulations, organizational policies and procedures is very important in other to achieve the goal of the organization.  In other to achieve this, managers, operators of the banking industry will sit up for their responsibility in bringing about the much desired goal where this fails, distress crept in aid this is followed with loss of public confidence in the industry because they cannot meet the needs of depositors.  This work is designed to bring about the causes and possible solutions to this dreaded diseases.  This work will equip the managers to face the challenges ahead in other to build a more write banking industry that will stood for the test of time.

 

 

CHAPTER ONE

• Introduction

1.1     Background to the study

• Statement of problem
• Purpose of study
• Scope of the study
• Operational definition of terms
• Hypothesis
• Significance of the study

 

CHAPTER TWO

• Review of literature

2.1     History of distress in Nigeria

• The development of regulatory / supervisory authorities
• General causes of distress
• Other causes of distress
• Characteristics of distress banks
• Holding action – success, failures and measures
• Summary of related literature review.

 

CHAPTER THREE

• Methodology

3.1     Research design

• Areas of study
• Population of the study
• Sample and sampling procedure
• Instrument for data collection
• Validity of the instrument
• Reliability of the instrument
• Method of administration of the instrument
• Method of data analysis

 

CHAPTER FOUR

• Data presentation and analysis

4.1     Data analysis

• Test of hypothesis
• Data interpretation

 

CHAPTER FIVE

• SUMMARY OF FINDINGS

5.1     CONCLUSION

• COMPLICATION OF THE RESULT
• RECOMMENDATIONS
• SUGGESTION FOR FURTHER STUDY

BIBLIOGRAPHY

REFERENCE

 

 

CHAPTER ONE

INTRODUCTION

The first banking activity in Nigeria was carried out by African Banking corporation in 1892.  this was followed by the first bank in 1884 incorporated as Bank of British west African (BBWA).  According to porter (1980).  After the establishment of first Bank, Union Bank came on stream in 1917 as Barclays Bank.

 

The first indigenous Bank, according to Ndukwe (1994) was established in 1929 and that was the emergence of DISTESS in the Nigerian Banking sector.  This period also stressed rapid growth in number of Banks in Nigeria. Between 1951 and 1952, Ndukwe (1994) asserted that a total of 16 banks were established.

Onyima (1994) also observed that the increases was effectively matched by high rate of failure such that by 1954, 21 out of 25 banks had failed.

 

The salient causes for this failure are;

1. The Dominimcation of the market by foreign firms.
2. Lack of experienced personal and prudent managers.
3. Under capitalization and poor loan profile.

The 1952 Banking ordinance was the only cause attributed to the government and it was this ordinance that brought about this failures in banks.  The reason being that most indigenous banks could not meet the demand of this ordinance and they had no other option than to close down.

 

However, since 17^th of March, 1959, when central Bank ordinance and independence in 1959, government had through direct support mechanism, ensured that the banking public was no longer exposed to th hazards of bank failures.

 

The introduction of structural adjustment programme (SAP) in 1986 and the friancial system in 1987 Ebhodaghe (1903) noted that since that time, there has been a phenomenal increase in the number and type of financial institutions leading to staff competition in the industry.  This growth of Banks gave this impression that banking is an all was business as all types of investors with fund to throw about established and inconpetant and inenperienced hands assumed serior positions, people without very clean ordential joined as one.

 

According to the Banker (1994), these entrants prepared the ground for this virus infections known as ‘DISTRESS” which the monetary authorities are correctly battling to ensure it does not spread to other Banks.

 

Onyima (1994) admitted that the now beed financial after the deregulation took advantage of the premises rules incept regulators, firstling depositors and in utter disregard of the elementary test of solvency and going concern concert.

 

He further said that government economic policy shifled emphasis from direct support of banks to perent failure to one of protecting the deposits of customers, especially the small scale depositors.  It is in support of this that the “National Deposit Insurance Corporation” (NDIC) was established under decree no 22 of 1988.  one can reasonably assure that government knew that most banks or some Banks will collapse as a result of (SAP) and the deregulation of the financial system and that is why it creasted (NDIC) National Deposit Insurance Corporation.

 

In addition to the development noticed since 1986, the Banker (1994) adds that the general macro economic instability resulting in apredicatable monetary policy environment has equally played a magnificent role in bringing about distress in Banks also that the incessant mopping up of excess liquidity through the assurance of stabilization securities has creased liquidity crisis in the system and has adversary affected some banks.

 

• BACKGROUND TO THE STUDY

The laminating effect of the events aforementioned is the birth of distress in the banking sector which according to Ebhodagher (1993) surfaced in 1980 after the withdrawal of beasury fund from banks.  From then, one can deduce that the causes of distress or the factors that gave rise to distress in the banking sector is sponsored partly by the regulation / supervisory authorities and the operators of these banks, sometimes the depositors or the debtors of such banks, are blamed.  It could be as a result of this observation that Ebhodaghe (1993) said that the incident of banks distress is not peenliar to Nigeria.  It occurs in various Economics of the world.

 

In support of this Onyima (1994) observed that there has been.

1. The American / European experience during the 1990’s.
2. The late 1980’s American experience in the saving and loans scaudal which was described as the biggest financial mess in the history of united state of America.
3. the Nigeria experience of the 1950’s, if the American and Europeans should be at one or the other, victims of banking distress them Nigeria’s case should not be seen as a stronger or exceptional case.

However, the Banker 1994 admitted that historically, we can ensure that phase as another in the enduring growth of the banking sub-sector that will definitely come to pass.  Thus the uproar and various scape-goatism being

 

 

 

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THE IMPACT OF TAX EVASION AND TAX AVIODANCE IN NIGERIA ECONOMY

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CHAPTER ONE  INTRODUCTION

1.1     THE HISTORY OF TAX

1.2     PRESENT DAY OF TAXATION IN NIGERIA

1.3     STATEMENT OF PROBLEMS

1.4     OBJECTIVES OF STUDY

1.5     SIGNIFICANCE OF THE STUDY

1.6     DEFINITION OF TAX

          REFERENCES

 

 

CHAPTER TWO – INTRODUCTION

2.1     TAX EVASION AND TAX AVOIDANCE

2.2     DEFINITION OF TAX EVASION

2.3     EVASION AS A DECISION OF RISK

2.4     EVASION BY FIRM

2.5     THREE MAIN STREAMS OF AVOIDANCE

2.6     ELIMINATION OF TAX EVASION AND TAX AVOIDANCE

2.7     IMPACT OF TAX EVASION AND TAX AVOIDANCE TO THE ECONOMY

2.8    TAXABILITY OF INCOME ILLEGAL TRADING

 

CHAPTER THREE- FINDINGS OF RECOMMENDATION

3.1     FINDINGS

3.2     RECOMMENDATION

3.3     CONCLUSION

REFERENCE

 

CHAPTER ONE

 

• HISTORY OF DEVELOPMENT

In Nigeria their so many form of taxation dating back of the

days of our great ground father whose by communities dated themselves through communal labour to prosecute community projects.

Taxation is process on machinery by which group or communities made contribution from their income in some agree amount and method for the purpose providing amentias for the society.  It is because of this it I often referred to as civic responsibility.

It is important to note that the present tax has in Nigeria was been out of the Rouseman’s Commission of inquiry of last.

But before that, we only had what was called the income tax ordinance for the colonies and which was very similar Raismars recombine nature was the basis for providing in section to, subsection of the Nigeria prospects for reform (Anarticle published in Business Time on May 20, 1786).

Taxation can be divided in two basic profiles we have the direct taxation and indirect tax is based on ascertainment of income rather on individual a group of individuals co-operate bodies and institution under this was have personal income tax and company income tax.  The personal income is one which of individual is assessed and resident by the state on those individual resident in the state, which the companies income tax is cleared on corporate bodies is the responsibility of federal government through the federal board of inland revenue indirect taxation is lived on consumption of goods or services and each of consumption.

In various countries, various government rely heartily on taxation on as in aid to encouraging capital formation policy.

In a developing economy, tax may be collected strutted in such way that the high may be collected and even raise revenue for the economy of the country.

 

• PRESENT DAY TAXATION IN NIGERIA

Taxes are one of the major sources or revenue for all

government in Nigeria.

The taxes collected income back to the tax payer in the form of social amenities, like building as school, hospital.

Nigeria tax is an assessment imposed by the State of Federal Government to enable them provide service for Nigeria citizens present day tax administration in Nigeria is guided by the following Act Decree:

1. Income tax management Act (ITNIA) 1961. This governs the taxation of individual.  (Individuals, trustees, executors, partnership and families) the Act was amended by the finance (miscellaneous taxation provision) Decree 1986,1983,1990,1992, 1994 and 1996.
2. Company Income Tax act (CTA) 1979, this registered companies. It also suffered some amendments.

 

3. Petroleum Profit Tax Act (PPTA), 1959 as amended this Act regulates the assessment and collection of petroleum. Tax payable by entries that engage in the secretion and sale of petroleum oil in Nigeria.
4. Capital Gains Decrees (CGD), 1976, this was introduced by Decree 44 of 1967. it takes care of gain accruing to any person on or after 1^st of April 1967 on the disposal of fiscal assets.

 

• STATEMENT OF PROBLEM

The existence of tax evasion and tax avoidance in Nigeria tax

system poses a lot question in the inquisitive mind of some people especially in the board of inland revenue as to the way and how of this existence.

This brings about reactions from various sections of the economy.  This reaction are the problems this research work going to address itself to.