ACCOUNTABILITY AND BUDGET IMPLEMENTATION IN NIGERIA

(A CASE STUDY OF MINISTRY OF FINANCE, ENUGU)

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ABSTRACT

 

As a result of rapid increase in the socio-economic problem of this nation and also millions of naira wasted at project sites and the collapse of our economic sector , the writer decided to survey the avenues in which these wasted funds could be curtailed and our economic problems ameliorated.

It was assumed that most of this problem arose as a result of poor budgetary and economic policies implementation for this the writer introduced the study in chapter one of this thesis with a clear statement of the problems inherent in poor budgetary plans implementation.

In chapter two there was an effort made to give the definition have one thing in common that is budget. All the definition have one thing in common that budget is an estimate and refers to the future. The major causes of non-budgetary implementation is also stated in this chapter.

From other related literature, the writer could clearly give an appraisal of the proper accountability in some of our banking sectors. Here some of these failed banks were used as an example of what accountability should be in our economic sector.

Chapter three stated the designed and method of investigation

Chapter four had gone through analyzing all of these data collected, the questions the questionnaire were analyzed one after the other with number and degree respondents that affirmed to a particular answer given and vise versa.

Chapter five was the last chapter that contains the findings, conclusions and recommendations.

LIST OF TABLE

 

• Perception of senior and junior staff of ministry of finance on resources maximization.
• Responses of senior and junior staff on resources maximization
• Responses of senior and junior staff on achievement of objective.
• E-Test analysis of the differences between the mean responses score of senior and junior staff.
• Responses of senior and junior staff in the necessity of budgeting implementation.
• Interpretation of staff differences in response to the necessity of budget implementation
• Perception of senior and junior staff on the use of accountability and budget implementation as a management and control measures.
• Responses of respondents on the use of accountability and budget implementation as a measurement and control device.

TABLE OF CONTENT

 

Title page

Approval page

Dedication page

Acknowledgement

Abstract

List if table

Table of content

CHAPTER ONE

1.0     INTRODUCTION

• Statement of problem
• Purpose of the study
• Significance of the study
• Statement of hypothesis
• Scope of the study
• Limitation of the study
• Definition of terms.

CHAPTER TWO

• REVIEW OF RELATED LITERATURE

2.1     Meaning of Government Budget

• Objective of budget
• Contents of budget document
• Budgetary procedures
• Repetitive budget
• Effects of inflation on budget
• Politicians political system and budgetary implementation.
• Proper accountability and appraisal steps to accountability

CHAPTER THREE

3.0     RESEARCH DESIGN AND METHODOLOGY

• Sources of data

• Primary data
• Secondary data
  • Sample used
  • Method of investigation.

CHAPTER FOUR

4.0     DATA PRESENTATION AND ANALYSIS

• Data presentation and analysis.
• Test of hypothesis

CHAPTER FIVE

• SUMMARY OF FINDINGS, CONCLUSION AND RECOMMENDATIONS

5.1     Findings

• Conclusion
• Recommendations

BIBLIOGRAPHY

APPENDIX

CHAPTER ONE

 

1.0     INTRODUCTION

For the past ages, man as a rational and divine animal has been struggling with the procurement of reasonable standard of living and the ways of managing his expected maximum utility (profit). The eventful development of a well organized society gave birth to the order of the day, government had the right to interfere with the economic process to protect the interest of the nation. During the 18^th century Adam smith and other great authors came out with the system of laessez fair. The system suited its own period but the general depression of the 20^th century shoed that it was not after all an economic panacea. People have to look for other economic solutions. At this point, the economic scientists have to enter into the fields and make researches.

Thus, it was during this time that Keynes one of the great researchers, came out with his own postulation. To be precise during the 1930’s Keynesian economic developed and emphasized the cyclical movement of the economy and the need to temper such movement by artifices manipulating the troughs and depression in the cycle in order to facilitate a better economic order. In fact it was the policy implication of Keynesian economic that have contributed to the trends which ld to economic planning and budgeting as a tool in political administration.

In Nigeria so many budgets have been pronounced and many of them are policies. All these budgets and policies are made to Nigerians standard of living which is presently nothing to talk about. We all fully experience the poor living standard of the citizens from the date of the nations. Independence till present as government promisingly budgets to right all the economic errors. For this care budget in Nigeria as whole have traditionally promised to tackle. The primary socio-economic crisis facing the nation as thing that are auxiliaries to the good standard of living and social development. But the greatest problems facing Nigeria is that the policy direction and implementation of these budgetary plans have always fallen short of a set standard.

In summation therefore, most of the annual budgets in Nigeria could not achieve the set up standard which is always their aims and objectives. A very important example is the 1988 budget which was set up to achieve a non-inflationary growth in the economy yet it failed hence an inflation of 25% as experienced in the economy the very year. In short, inflation destabilized every sector of economy say household, private sectors and public sectors. These price inflationary trends and other factors such as private and public funds embezzlement have set the pace of development derailed in our society.

In order to find the solution to out budgetary economic problems one has to look inward and study the factors that cause the crisis in our economic budget. The type of people and environment could determine the type of economic management to be used to salvage the nation from the economic depression, which she has been enslaved of. What ever may be case, it is the solution that we nee and want and not the volume of idealisms and metaphases. The implementation of these annual budgets is our concern.

ACCOUNTING: Accounting entails responsibility answerable for or held charge. In this case, the question is that, “Is there any accountability in our private and public sectors from the binging of our independence till this very moment? This word accounting has been very vital in the restructuring of any economic system of any nation. The issue of non accountability have caused a lot of problems right from the start and fall of any nation. The issue of problems right from the start and fall of any nation.

The doom in our banking sector and other financial institution are matter of attention. Is ir the failed contacts failed parastatals and even the external and internal crises in our business sectors. All these and any other embezzlement problems that rate the country have made the writer to probe into some of the matters and look for possible solution.

1.2     STATEMENT OF PROBLEM

Since independence, so many budget have been made ranging form the federal down to stated and local government areas. These budget when made to follow a method of plans and principle of implementation. The question is “Why can’t the volume of budget announced annually in the country are not implemented” the issue is that all the budget made in Enugu follow a technique and formulated method of implementation. Another problems is to know if the implementation are the proper ways to follow.

The means by which the funds for the realization of this budgets are sourced, the source of this funds or other assets to the units (government) and the use (application) of these funds sourced for into the budgeted expenditures takes us to the topic called “ACCOUNTING AND BUDGETARY IMPLEMENTATION IN NIGERIA”

We must take it that the most stressing visible aspect administrative in capacities in poor countries is difficult in accountability and implementing budgetary and development plans. Many a times, projects are badly conceived,

BANK FAILURE IN NIGERIA AND MORDERN SYSTEM OF COMPUTER BANKING TO BRING INPROVEMENT.

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CHAPTER ONE

Background of the study

• Schedule of banks in Nigeria
• Objectives of bank study
• Justification of the study
• Scope of the study
• Structure of the study
• Structural changes in banks
• Unethical practice in banks
• Effect of unethical practices
• Checkmate of unethical practice

2.0 Legal proceedings on banks

2.1 Large scale fraudulent practices

2.2 Reasons for committing fraud.

CHAPTER TWO

LITERATURE REVIEW

2.3 The history of banking in Nigeria

2.4 Foreign based in Nigeria

2.5 Establishment of content bank in Nigeria

2.6 The commercial banks

2.7 Indigenous banks

2.8 Merchant bank

2.9 Community bank.

3.0 Federal Martage bank

3.1 Development banks

3.2 Nigeria Agricultural and cooperative banks

3.3 The Nigeria bank for commerce and industry

3.4 Urban Development bank

3.5 Finance companies

3.6 Insurance companies

3.7 Excess liquidity data

3.8 Structure and growth of banks

CHAPTER THREE

RESEARCH DESIGN AND METHODOLOGY

3.9 Sample size and sample techniques

4.0 Method of data collection

4.1 Method of data presentation

CHAPTER FOUR

DATA PRESENATION AND ANALYSIS

4.3 Hypothesis of study I

4.4 Hypothesis of study II

4.5 Hypothesis of study III

4.6 Research Assessment

4.7 Researched Experienced

4.8 Measures to meet standard.

CHAPTER FIVE

CONCLUSION

4.9 Findings

5.0 Recommendation

5.1 References

5.2 Appendix

CHAPTER ONE

BACKGROUND OF THE STUDY

Bank has been defined in various ways by different people. It is basically a service industry operated by people for the general interest of the public providing a mechanism for the mobilization of finds from surplus units in the economy and channeling them to the deficit units through extension of credits. The link between this surplus and deficit is actually vital because it facilitate business transaction and economic development. As an economic unit. The business enterprises acquires organizes and transforms factors of production in the activity of producing goods and services, the way in which these goods and services or input factors are combined and transformed units an output flow may be considered as problem of maximizing an output from a given input. As a result, the advent of banking institution and its scope limitation was to that business activities findings their expressions in monetary terms.

The banking institution is defined in section 61 of the bank and financial institution decree sub-section 21 of 1991 as a business of receiving cheques, deposits on current accounts saving accounts or other account like paying or collecting cheques drawn by or paid in by customers, provision of finance or such other business or services for the government and the entire economy

1.1     SCHEDULE OF BANKS IN NIGERIA

The banking system in Nigeria is controlled by one body known as the Central Bank of Nigeria (CBN) which serves as a clearing house fro economic purpose. It veins of control in the naming include Commercial Bank, merchant banks, special banks like mortgaged bank, development banks such as Nigeria banks for commerce and industry, Nigeria agricultural and cooperate banks, peoples bank and community banks.

The banking system is a regulated sector of government and we could understand that its nature of activities spelt out the position it occupy in the economy since the funds they lend to deficit units are owned by third parties, therefore prudence on accounting theories and principle4s demands that such funds should be managed properly to sustain the confidence of the depositors. As a result of this prudential requirement, the authorities would want to interven in the operation and control of the banking system to correct all the short coming of the price fixing mechanism in ensuring that what is commercially reserve for an individual bank also approximate social rationnaties as much as possible. Example interest rates charges by banks may be regulated to encourage savings mobilization, bankiung habits and ensure adequate investment for rapid economicx growth. Considering the imperfect market in most economy both developed and developing financial institution often include government intervention to boost investment redirect credit to economic sectors with social but low commercial rates returns. These and a lot of other rationaties pre-informed government thinking towards regulation contract in it and also supervise the sector. Experience here, therefore shows that authorities short fall in financial intervention does affect the finance market function as shall illustrated in hypothesis I. Such intervention frequently result in new economic desertion leading to less optimal result to resource utilization. For example, the establishment of new banks in pre-SAP (structural adjustment programme) era was highly restricted, the existing once constituting a king of oligopoly did not really care either to extend their services to the rural communities or care for how to improve their activities and operation pattern

Consequently economic deregulation has often been resorted to in order to remove or minimize those desertion. Deregulation implies the relaxing or minimization of control or regulation. Financial market are usually first sector of the economy to be subjected to deregulation in view of their strategic locations.

The campaign for deregulation of financial institution has bee vigorously undertaken in many developed and developing economy. Example in United State of America regulation which had imposed interest rate ceilings on the deposit of the federal reserve banks was abolished in 1983. recently, a member of third world countries with heavy debt burden and dwindling foreign exchange earning has also adopted policies to deregulated their economy particularly the financial institution in the economy.

This has usually been carried out as part of comprehensive structured and statistical experience to stop large scale fraudulent practices. It also follows with the reasons for committing fraudulent art and ended with a computer abuses in the banking industry.

1.2     OBJECTIVE OF THE STUDY

            Following the background introduces the study

A SURVEY OF FRAUD IN NIGERIA BANKING INDUSTRY

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CHAPTER ONE

1.0     INTRODUCTION

1.1     BACKGROUND OF THE STUDY

It will not be easy to say the exact date fraud began in the Nigerian Banking Industry.

However, we are going to have a look at dates of the establishment of the first two indigenous banks in Nigeria as this will help us to trace the origin of some loopholes which bring about fraudulent practices in Nigerian banking system.  The National Bank of Nigeria was establishment in 1933, the Agbomgba bank (now Wema Bank) was established in 1945 and the African Continental Bank was established in the year 1947.

Prior to 1952, there was no banking regulation to monitor the activities/operations of the Commercial Banks in the country as a result of this there was lapses in the banking system.  For instance, some banks got license for operation but did not open one day for business.  Some opened, collected money from their customer and vanished or wound up, due to these fraudulent acts, the first banking Act was enacted in 1952 and subsequently in 1959, the Central Bank Act was enacted to monitor the activities/operations of Commercial Banks in the country with the view to reducing bank fraud.  But it rather seemed to stimulate the occurrence of fraud in those Bank because for the decade fraudulent practices have been on the increase and this call for a review or critical evaluation of some at the “Act”, we now hear of cases of bank, been distressed, “Advanced free fraud” “419” and so many other fraudulent practices all in our banking industry.

In writing this protect, the area/state chosen for the study is Enugu and the bank of interest is Orient Bank Plc.

• STATEMENT OF PROBLEM

Fraud is now a household word in Nigeria, because hardly can

a day pass by in Nigeria without a reported case of fraud in our industries, especially the banking sector.  This has brought a lot of worries to prominent investors, the government and other interested parties we now live in an era of distrust amongst banks and their customers.  The Business Times of January 23 1995 had it that “the rising incidence of bank fraud has created a lot of distrust

EFFECTIVENESS OF INVENTORY MANAGEMENT IN A MANUFACTURING COMPANY

(A CASE STUDY OF AMA GREENFIELD BREWERIES PLC, ENUGU, NIGERIA)

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ABSTRACT

This study examines the essence of effective inventories control and management to manufacturing companies with particular emphasis on Ama Greenfield Breweries plc. The aim of this study is to investigate and ascertain areas of lapses by the company and offer effective ways and solutions in which the manufacturing company can explore the services of inventory management to effect its objectives. In carrying out this study, various research instruments such as questionnaires and oral interview were used to collect data from respondents and a research design was adopted with a sample size of 52. The statistical tool used for this work is Chi-square. Based on the analysis, it was discovered that inventory management plays a vital role in the manufacturing company. A well functional inventory management following the recommendations can bring about proper management thereby enhancing proper and effective production and it will equally ensure the effective, efficient and adequate use of materials and resources in the manufacturing company.

TABLE OF CONTENTS

	–	–
		–
		–
	–	–
		–

CHAPTER ONE
1.0	Introduction –	–	–	–	–	–	–	-1
1.1	Background of the study –			–	–	–	–	-1
1.2	Statement of the problem			–	–	–	–	-5
1.3	Objective of the study		–	–	–	–	–	-6
1.4	Test of hypotheses –		–	–	–	–	–	-6
1.5	Research questions –		–	–	–	–	–	-7
1.6	Significance of the study –			–	–	–	–	-8
1.7	Scope of the study –		–	–	–	–	–	-8
1.8	Limitation of the study –		–	–	–	–	–	-9
1.9	Definition of terms		–	–	–	–	–	-9

viii

CHAPTER TWO
2.1	Introduction –	–	–	–	–	–	–	-11
2.2	Concept of inventory-		–	–	–	–	–	-11
2.2.1 Types of inventory- –			–	–	–	–	–	-13
2.3	Classification of inventories –			–	–	–	–	-15
2.4	Inventory policy-	–	–	–	–	–	–	-16
2.4.1 Reasons for inventory –			–	–	–	–	–	-17
2.5	Inventory control – –		–	–	–	–	–	-19
2.5.1 Purposes of inventory control –				–	–	–	–	-21
2.6	Cost associated with inventory –				–	–	–	-21
2.7	Inventory model –	–	–	–	–	–	–	-25
2.8	Economic order quantity –			–	–	–	–	-26
2.8.1 Replenishment model-			–	–	–	–	–	-28
2.9	Inventory level –	–	–	–	–	–	–	-28
2.10	Inventory valuation method –			–	–	–	–	-30
2.11	Inventory Accounting System – –				–	–	–	-33
2.12	Stock taking methods-		–	–	–	–	–	-34
	References – –	–	–	–	–	–	–	-35

ix

CHAPTER THREE

RESEARCH METHODOLOGY

3.0	Introduction –	–	–	–	–	–	–	-36
3.1	Research design –	–	–	–	–	–	–	-36
3.2	Area of the study – –		–	–	–	–	–	-36
3.3	Population of the study-		–	–	–	–	–	-37
3.4	Determination of the sample size and technique-						–	-37
3.5	Sources of data –	–	–	–	–	–	–	-40
3.6	Method of data analysis – –			–	–	–	–	-40
3.7	Validity of the test –		–	–	–	–	–	-41
3.8	Reliability of the test –		–	–	–	–	–	-41
CHAPTER FOUR
DATA PRESENTATION AND ANALYSIS –						–	–	–
4.0	Introduction –	–	–	–	–	–	–	-43
4.1	Presentation of data-		–	–	–	–	–	-43
4.2	Analysis of data –	–	–	–	–	–	–	-44
4.3	Test of hypothesis –		–	–	–	–	–	-54

x

CHAPTER FIVE

SUMMARY, CONCLUSION AND RECOMMENDATION

5.1	Summary of findings-		–	–	–	–	–	-58
5.2	Conclusion- –	–	–	–	–	–	–	-61
5.3	Recommendation – –		–	–	–	–	–	-62
	Bibliography –	–	–	–	–	–	–	-65
	Appendix-  –	–	–	–	–	–	–	-68

CHAPTER ONE

INTRODUCTION

• BACKGROUND OF THE STUDY

Inventory  is  one  of  the  resources  that  are  managed  by  business

organizations and it was first recorded in 1601. The need for inventory control cannot be overemphasized as it is a means for improving the performance of manufacturing industries. Inventory can be defined as a record of a business current assets including property owned, merchandise on hand and the value of work in progress and work complete but not sold and it is classified as a current asset because it can be turned into liquid cash within a short period of time. Inventory has created a great impact on the profitability of the manufacturing firm which resulted to the deep research of this topic. Effectiveness of inventory management in a manufacturing company. Inventory plays a major role in the operation of many businesses and manufacturing companies. In manufacturing, inventories of raw materials allow companies to operate independently of their sources of supplies. Day to day operation are not dependent on deliveries from supplies since stock of the necessary mateials are maintained and used s needed. Without inventory control, millions of naira could be lost year because of non accountability of stocks and inaccurate checks and balances. The process of control and management of inventory is a very important factor in the success or failure of any business for example, little stock will result in stock out which will disrupt the production distribution cycle that is crucial to the survival of all manufacturing companies while too much stock will tie down the resources of a company. Poor or inadequate inventory management can present a serious challenge to the productive capacity of a manufacturing organization. In addition to raw materials and finished goods, many companies also maintain items of assets, property, inventories of work in progress, office supplies, business firms and general operation supplies. Inventories often constitutes the most significant part of current assets of large companies. In the public limited companies, inventories are approximately 60% of current assets on the average. The US Burean of the census stated that inventory and accounts receivable ate the two largest accounts of equal magnitude and together they comprise almost 80% of current assets and over 30% of total assets for all manufacturing companies in 1982. Considering the large sum of money that are committed to the stocks of raw materials, work in progress and finished goods, it is therefore of paramount necessity that these stocks be managed efficiently and effectively in order to avoid the jeopardizing of the profit position of the firm. In inventory, there is an optimum level therefore inadequate inventory causes loss of sale and disrupts the production process while excessive stock level leads to unnecessary carrying cost and obsolescence or spoilage risks. According to Charles T. Horngren (2007), the optimum inventory. Level lies between the inadequate inventories and the excessive inventories. Inventory management aims at maintaining an optimum inventory level that will be carried at the least cost.

A BRIEF HISTORY OF AMA GREENFIELD BREWERY IN ENUGU STATE, NIGERIA

Ama Greenfield Brewery is the jewell in the crown of Nigeria Breweries Plc and is reputed as one of the most modern Breweries. Precisely on Friday October 24, 2003, the much ultra modern Ama Greenfield Brewery located in Enugu state was officially commissioned. It is Nigeria breweries second to be located in Enugu state. The multi-billion naira Ama Brewery boasts of the best cutti….

DETECTION AND CONTROL OF FINANCIAL FRAUDS IN NIGERIA  BANKING SYSTEM; PROBLEMS AND SOLUTION

(A CASE STUDY OF U.B.A)

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ABSTRACT

Banks deal essentially in cash financial instrument and other documents which are generally of a negotiable and easily transferable in nature. Hence it is very pertinent to say that the exposure of banks to both internal and external fraud is very great. This practice is very common to area involving cash, cheque and fraud transfer operation. Much research and thought are increasingly being directed towards the study of the causes of fraud in Banks because of its affects on Banking and the entire economy.

Recent study carried out by financial institutions training centre, Lagos, showed that causes of fraud reported annually between 1989 and 1998 was about 500 and the annual average money involved in attempted fraud was thirty-six money naira while the annual average lost to banks and customers was sixteen million naira. It may not be said to be an over statement that these figure may have risen geometrically upwards afterwards when about seventy eight percent of our banking operations are going to rural areas where poor institutional and infrastructural factors militate against efficient and effective checks on the branches in these rural areas.

Another problem facing our nations banking system is that of long cheques, frustrations, delays and disappointments being experienced in the banking halls by customers while either paying in or withdrawing their hard earned money. These associated problems and deficiencies have in recent years resulted to disencouraging growth of banking habit among the public. This our society has been turned into a mere “cash society”.

My personal experience as an accounting personal in one of the private companies and various articles I read on the problems of our banking system have aroused my deep interest in this project topic. It is therefore my pleasure to carryout this e on ‘detection and control of financial fraud in Nigeria banking system” using U.B.A plc as a case study.

Chapter one of this research work deals with introduction and over view on financial fraud.

The second chapter reviews the previous write-ups on the subject matter.

The third chapter assesses the work procedures on banks and focuses the loopholes inherent in there that aid fraudsters carryout the nefarious activities.

Chapter four of this work did on analysis of financial frauds by examine the methods used by fraudsters indefrauting the banking system. It establish that falsification of accounts and forged cheques and signatures ranked highest as means of perpetrating frauds.

An examination of categories of persons involved in the preparation of fraud reveals that bank staff are in the majority. This chapter also focuses on the final incidence consequence of bank fraud.

Chapter five discusses the general prevention techniques (solution) available to bank management in checking financial fraud, while the last chapter evaluates and concludes the with personal economic on the issue of financial frauds in our banking industry.

TABLE OF CONTENT

CHAPTER ONE: INTRODUCTION

• Background of the study 1
• Statement of the problem 4
• Objective or purpose of the study 5
• Scope or delimitation of the study 6
• Research questions 7
• Hypothesis 7
• Significance 8

CHAPTER TWO: REVIEW OF LITERATURE 

• Who are the bank fraudsters 13
• Fraud and fraudulent practice in banking services 16
• The legal framework 20
• What is fraud                                                          25
• Causes of fraud in U.B.A bank 29
• The effects of fraud in U.B.A. Bank 31

CHAPTER THREE: METHODOLOGY

• Research design 33
• Area of the study 44
• Sample and sample procedure 45

CHAPTER FOUR

• Data presentation and result           50

4.1     Summary of results/findings                                    50

 

CHAPTER FIVE

• Discussion implication, recommendation 74

5.1     Discussion of result                                                 75

5.2     Conclusion                                                              80

5.4     Recommendations                                                   84

5.5     Suggestions for further research                              87

5.6     Limitation of the study                                             88

References                                                               89

Appendices                                                              91

 

CHAPTER ONE

INTRODUCTION

1.1     BACKGROUND TO THE STUDY

          There has been no single accepted definition of term “fraud”. Fraud in whatever form is limitless on classification. This is why courts and writers on fraud shirk or try to escape away from giving a decisive definition. Notwithstanding, the varied meanings attached to the concept of financial fraud the author addressed the subject with the following working definitions.

Oxford and Chamber dictionaries define fraud as a criminal deception, act of deceptive trick, cheating swindling person or thing that deceives.

Longman dictionary define fraud as “an act of deceitful behaviour for the purposes of gain which may be punishable by law.

In the mind of civil court of justice, fraud may be said to cover “all acts, omissions and  concealments which involve a branch of legal or equitable duty trust or confidence justly reposed and injurious to another or by which an undue influence or available is taken off.

Brmifagbeni define banking fraud to mean an act or cause of deception deliberately practiced to gain unlawful or unfair advantages such deception directed to the detriments of another. The goes further to define fraud to mean depriving a person dishonestly or some thing which is his or of something to which he or would or might but for perpetration of the fraud be entailed.

Having closely studies these approaches to definition to fraud especially from the banking perspective. One may correctly see bank financial fraud as a deliberate act by an individual or group within or without the Nigeria banking system to cheat, swindle, deceives or manipulate in other to disposes the banks depositors/shareholders of their funds.

Therefore fraud and forgone in banking transactions can be perpetrated through falsification of entire in accounts of customers with a view to take advantages of the excess proceed.

Despite several definitions of frauds, the author believes that the ones so far given are rater appropriate, advantages and inspiring for the purpose in which the research work intends to achieve. This is because, they contain the basic  elements of fraud which include that:

1. There must be decent or deception directed to the detriment of another or entirety.
2. A false representation has been made knowingly or without belief in its truth or recklessly, carelessly, whether it true or false.
3. To obtain damages for deceits, it must be proved that the defendant intended that the plaintiff should act on it an suffered damages in consequences.

The position of banking system in our economy cannot be over emphasized. They act as the ‘conduct pipe’ through which all the financial transactions pass. However, fraud has proved a serious bottleneck to the proper functioning of the roles of the banking system to the Nigeria economy. People are beginning to get worries and sooner than later may loose confidence in our banking sector due to mainly the very increasing incidence of fraud in our today’s banks. Banks as the store house of the public funds and properties should be on trust not fraud.

• STATEMENT OF PROBLEM

The frequent cases of financial fraud in many financial institutions in our country is now taken as the utmost concern to financial experts and micro encomiasts. This has also initiated that task of seeking solutions to eliminate its occurrences. To some banking experts, the issue of fraud is an internal vice in the Nigeria banking system. They argue on this because a good number of fraud occur among our banks without the knowledge of outsiders even where the public is aware it doe’s not effect the rate at which customers withdraw or deposit money.

These ex