OVERVIEW AND IMPACT OF FRAUDS IN
THE BANKING INDUSTRY IN NIGERIA
(A CASE STUDY OF FIRST BANK OF NIGERIA PLC)

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ABSTRACT

Fraud is an awful phenomenon, which like a view has invaded Nigeria banking industries and the society in general, and puts any organisation that is comes into in a distress point of in a state of liquidation.
This study highlights the nature and various types of fraud, causes of bank fraud extent of fraud in banks, effect of bank fraud, detection and control measure adopted by management to check fraud incidents.
The purpose of this research work is to find out whether there is significance level of fraud in Nigeria banks to know whether Nigeria practice, aid or abate fraud and to consider the adequacy of the internal control system in detecting and preventing fraud in the bank.
The method of data collection includes journal, textbooks and past work. The findings revealed that compensation of banking services and the maintenance have helped to reduce the incidence of fraudulent activities in the bank in view of this, it is the recommendation that adequate internal control system should be maintained effective fraud management, strict adherence of administrative management policies should be ensured to check and possibly eliminate fraud incidence in the bank.
The detection and prevention of frauds should be elaborate effect between banks, their customers, the public and the government. Fraud in the banking system should as much a possible be minimized as it kills the bank and destroys the economy of a nation.
Finally the research work adduced that continuous vigilance should be the watch work if fraudulent practices are to be reduced and possibly eliminated in the banking industry.

TABLE OF CONTENT

CHAPTER ONE
1.0 Introduction
1.1 Background of study
1.2 Objective of the study
1.3 Statement of research problem
1.4 Significance of the study
1.5 Limitation of scope

CHAPTER TWO
2.0 Review of related literature
2.1 Concept of fraud
2.2 Sources of fraud
2.3 Causes of fraud
2.4 Type of fraud
2.5 Impact of fraud in Nigeria banking industry
2.6 The law and fraudulent practice

CHAPTER THREE
3.0 Research methodology
3.1 Research design
3.2 Source of information
3.3 Method of data collection

CHAPTER FOUR
4.1 Findings
CHAPTER FIVE
5.0 Summary, conclusion and recommendation
5.1 Conclusion
5.2 Recommendation
5.3 Bibliography

CHAPTER ONE

1.0 INTRODUCTION

1.1 BACKGROUND OF STUDY
With an award match to becoming on industrialized nation, Nigeria is witnessing true emergence of human resources as professional, which made possible the establishment of service industries and other business organizations. This belief was rather too strong that the urge to provide financial services can no longer be overlooked. To accelerate economic growth and economic development both government and some organized private groups were issued license to operate banks, in addition to a few banks that were already into business to operate systematic financial services.
This bank employed young men on women, but like every aspect of human endeavour have their challenges. One of the major challenges facing the banking is the incidence of fraud. Bakere (2002.1) observed that the incidence of frauds in the banking industry has in the recent, past posed a very serious threat to the very existence of financial institutions and is a matter of services concerned to the regulatory authorities and the banking public. Despite the stringent measures put in place by monetary authorities and internal control measure to check the activities of fraudsters, frauds in the banks to be on the increase. Edozie as observed by Adebayo (2001.5) stated that available statistics reveal that thirty-one banks reported that they experiences frauds and forgery cases for the period (January – March 2002).
Banks are institution known to operate on the center-pin of public confidence. Today that concept no longer holds as bankers themselves either frauds or partakes deeply in fraudulent activities against her banks (employers).
According to Nigerian Deposit Insurance Corporation (NDIC) Annual report (1997.9) most of those banks were run around by a few greedy directors and officials who perpetrated frauds and all kinds of unethical practices against their institutions to erode public confidence in banks.
This scenario has singularly contributed to the liquidation of many banks Agbata (1998:13) observed that one couldn’t avoid considering the fact that the distress in the bank industry was occasioned by fraud.
Now that cases of fraud has been established in the banks the need therefore aisle to find out problems associated with fraud, its input on the macro-economy and how these problem are being tackled, hence the need for this study.

1.2 STATEMENT OF PROBLEMS
Generally speaking movement in the economy of any nation result from the inter-play of money and other economic variables in Nigeria the impacts of money and banking have been the dominant factors determining macro-economic performance. Despite this unique position of banks between other sector of the economy, banks (especially commercial banks) are faced with a good number of economic crises notably among the fraud.
As a result there has been a lot of criticisms from the investing public about the non-commitment and dedication to duty by Nigerian bankers. This stands form the fact that distress in the banking industry originated from fraud, which was occasion by bankers.
Directors and management of banks are also criticized for their inability to direct and control men and materials effectively. Poor

THE IMPACT OF MANAGEMENT INFORMATION ON BANK LENDING DECISIONS

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Bank Name: GTBank
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Account Name: Chi E-Concept Int’l
 Account Number:  0117780667. 
Swift Code: GTBINGLA 
Dollar conversion rate for Naira is 175 per dollar. 

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form>DELIVERY PERIOD FOR BANK PAYMENT IS  LESS THAN 24 HOURS

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AFTER PAYMENT SEND YOUR PAYMENT DETAILS TO

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CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY 1
1.2 STATEMENT OF THE PROBLEM 5
1.3 OBJECTIVES OF THE STUDY 6
1.4 SIGNIFICANCE OF THE STUDY 8
1.5 LIMITATION OF THE STUDY 8

CHAPTER TWO
REVIEW OF RELATED LITERATURE 10
ORIGIN OF THE STUDY 10
DECISION MAKING AND INFORMATION OVERVIEW12
MANAGEMENT INFORMATION AND BANKING SERVICES15
REFERENCES 17

CHAPTER THREE
RESEARCH DESIGN AND METHODOLOGY
3.1 SOURCES OF DATA 18
3.2 LOCATION OF DATA 18
3.3 METHODS OF DATA COLLECTION 19

CHAPTER FOUR
FINDINGS 20

CHAPTER FIVE
RECOMMENDATION AND CONCLUSION 22

CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Standard trust bank PLC commercial operations in August 1997 as a commercial bank with five business offices driven by a board of directors, a management team and staff focused on revolutionizing the Nigerian banking industry. Following the resolution of the board of directors at an extra-ordinary general meeting on 19th July 2002, the bank because a public limited company (PLC). From the humble beginning, they have been able to record modest achievements, which makes the today one of the leading banks in Nigeria.
Standard trust bank remains one of the most stable and consistently growing backs in the country. Efficient assets actualization and management resulted in the growth of balance sheet size from #984 million in 1997 to #21,343 billion in 1999 and #69,945 billion by the and of 2001/2002 financial year. The bank has a full range of banking services and products provided to delight their customer. They include personal/corporate saving account, standard care account, personal/corporate current account. Domiciliary account standard flexi-fixed account and so on.
In any business outfit, be it government or privately owned, the moment of decision taking present challenges to the executives.
Decision taking is a life wire of any organization as the future growth of the enterprise depends largely on the soundness and unsoundness of such decisions. For the banking sector in particular, the importance of valid decision in enhancing it’s growth and profitability cannot be over stretched. The banking industry in Nigeria is in a state of chaos.
Most of the banks are classified as distressed, some of them have been liquidated while some are ordered to recapitalize or face liquidation. The dangerous trend in the banking industry has sent a disturbing have to the national economy. In a rapid reaction to salvage the banking industry and save the economy from collapes the government enacted the failed and established a tribunal to try the former decision makers and takers in the banks who have contribute to the banks failure.
The utilization of management information on banks landing decisions will make a lot of impact in enhancing, banking growth and productivity. The usefulness of management information cannot be restricted to the landly decision as it is very useful in all operations in the banks.
Osisoma (1990) classified management information into three parts which include store-keeping information, attention directing information and problem solving information. Management information contain such details as regard banks financial standing and long term.
Viability, some of the ways banks lend money are through banks overdraft and other advances it can make to various categorize of its customers. Before banks land money they are interested in the ability of their customers to pay interested in the ability of their customers to pay interest on borrowed loan as well as their ability to refund the loan at the appropriate time.
Management information is indispensable in granting such loan, overdraft and other advances also in monitoring the realized of the disbursed funds. Before the decision are reached management information should be sought for to provide the choices as well as the outcome of the possible decision. Having critically estimated the cost of each alternative and bearing in mind that the major aim of banks is maximizing profit, the management of the bank use the data and basis, provided in management information of in taking useful decision that is in line with the goals of the organization.
Management information represent the real life situation of the banks, which can not be ignored in lending. It is very useful in planning, co-ordinating and control, moreover, with management information every lending decision will be based on data that have first of all to be selected, verified and subsequently utilized for growth, profitability and viability of the bank.
1.2 STATEMENT OF PROBLEM
Recent development in the banking industry in Nigeria have shown that most of the bank management and decision takers have glossly violate in their operation. Most affected in the violation is the banking regulation the misuse, abuse and total neglect of management information in bank lending decision.
Because of the importance of management information in enhancing banks growth and development, we have decided to investigate it’s impacts in bank lending decisions especially in this era when so many banks are distressed and liquidated. The problems rocking the banking sector in Nigeria cannot go unaccounted for by the accountants who are first and foremost concerned for the accountants who are first and foremost concerned with accountability and probity in financial industry, business entities and government department. As student of Banking and finance is useful in bank lending decision. The bank is stable and healthy and we want 40 know whether management information contributes to the financial standing of this bank.
The

THE EFFECT OF CONSOLIDATION ON BANKS’ OPERATIONAL EFFICIENCY IN NIGERIA

(A CASE STUDY OF FIRST BANK PLC, KADUNA)

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Bank Name: GTBank
Branch Location: Enugu State,Nigeria.
Account Name: Chi E-Concept Int’l
 Account Number:  0117780667. 
Swift Code: GTBINGLA 
Dollar conversion rate for Naira is 175 per dollar. 

Note:  We accept bank transfer, ATM cash transfer , Online payment using your ATM , Western union bank transfer.  We will respond to you anytime of the day. 

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CHAPTER ONE

INTRODUCTION

1. Background of the Study

The Nigerian banking industry has witnessed and is still witnessing revolutionary metamorphosis in recent years as a result of the restructuring programmes channeled towards resolving the existing problems of the industry by the apex bank. The most recent championed epitome is the recapitalization exercise which has shaped the structure of the Nigerian banking industry significantly. According to Adegbaju and Olokoyo [2006], the banking sector reforms and recapitalization resulted from deliberate policy response to correct perceived or impending banking sector crises and subsequent failures. A banking crisis can be triggered by weakness in banking system characterized by persistent illiquidity, insolvency, undercapitalization, high level of non-performing loans and weak corporate governance, among others they added.

Similarly, Uchendu [2009] submitted that the reforms in the banking sector proceeded against the backdrop of banking crisis due to highly undercapitalization deposit taking banks; weakness in the regulatory and supervisory framework; weak management practices; and the tolerance of deficiencies in the corporate governance behaviour of banks. The primary objective of the reforms therefore is to guarantee an efficient and sound financial system by equilibrating the competitive muscles of the existing weak banks through mergers and acquisitions.

By far, the most widely pursued corporate strategies are those designed to achieve growth in sales, assets, profits or some combination. Companies that do business in expanding industries must grow to survive. Continuing growth involves increasing sales and a chance to take advantage of the experience curve to reduce the per-unit cost of products sold, thereby increasing profits. A company can grow internally by expanding its operations both globally and domestically or it can grow externally through mergers, acquisitions and strategic alliance.

The consolidation of banks has been the major policy instrument being adopted in correcting deficiencies in the financial sector as well as accelerating the rate of growth in the sector. The economic rationale for domestic consolidation is indisputable. An early view of consolidation in banking was that it makes banking more cost efficient because larger banks can eliminate excess capacity in areas like data processing, personnel, marketing, or overlapping branch networks. Cost efficiency also could increase if more efficient banks acquired less efficient ones. Though studies on efficiency in banking raised doubts about the extent of overcapacity, they did point to considerable potential for improvement in cost efficiency through mergers. Consolidation is viewed as the reduction in the number of banks and other deposit taking institutions with a simultaneous increase in size and concentration of the consolidation entities in the sector.

The consolidation reform is consistently predicted to engender some positive changes in the Nigerian banking industry. Bank recapitalization will allow for emergence of mega banks that enjoy hidden subsidy referred to as ‘too-big-to-fail” subsidy due to the market’s perception of an illusion of government backing of a mega bank in times of crisis.Experts equally predict a change from the usual banking method to retail banking by most banks. In the past, banks have not found this segment of the market profitable and one doubts if things would change significantly, unless banks are able to deliver retail banking services in a very efficient manner, with technology playing a major role, they may not be able to keep their customers (Paula,2009).

Although the consolidation programme sounded attractive at the onset, experts have argued that the exercise is policy induced rather than market-driven and as such may encounter difficulties in realizing the anticipated goals. Consolidation policy-promoted bank recapitalisation rather than market mechanism.This proc

FRAUDULENT ACT IN THE BANKING INUDTRY CAUSES EFFECTS AND POSSIBLE REMEDIES.

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Foreign Transaction For Dollars Payment :
Bank Name: GTBank
Branch Location: Enugu State,Nigeria.
Account Name: Chi E-Concept Int’l
 Account Number:  0117780667. 
Swift Code: GTBINGLA 
Dollar conversion rate for Naira is 175 per dollar. 

Note:  We accept bank transfer, ATM cash transfer , Online payment using your ATM , Western union bank transfer.  We will respond to you anytime of the day. 

OR
PAY ONLINE USING YOUR ATM CARD. IT IS SECURED AND RELIABLE.

form>DELIVERY PERIOD FOR BANK PAYMENT IS  LESS THAN 24 HOURS

CALL OKEKE CHIDI C ON :  08074466939,08063386834.

AFTER PAYMENT SEND YOUR PAYMENT DETAILS TO

08074466939 or 08063386834, YOUR PROJECT TITLE  YOU WANT US TO SEND TO YOU, AMOUNT PAID, DEPOSITOR NAME, UR EMAIL ADDRESS,PAYMENT DATE. YOU WILL RECEIVE YOUR MATERIAL IN LESS THAN 2 HOURS ONCE WILL CONFIRM YOUR PAYMENT.

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ABSTRACT
There were so many difficulties which this research work was confronted with bank officials were so reluctant to give out helpful information of this problem and there was also the cost of research and limited time for acquisition analysis and prop or interpretation of data effort was mode bys the researcher to personally visit places where the above secondary data were located. In the absence for the need for primary data question pairs administration was deeined unqualified there fore every material used in the research writing were completely work done by other people personal effort was only employed in tracing out relevant information needed for the project.
After due analysis of the available secondary data the researcher discovered the statistical data of member of staff involved in frauds and forgeries, retunes of commercial and merchant bank in frauds and forgeries and so on.
Experience has shown that even in the most regulated home accident can still happen. Bank staff should be properly screened before being employed and adequate bank education should be organized for the banks questioners.
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF STUDY
Fraudulent act in the banking industry” is of a special concern to the monetary control and supervisory authority who are charged with the safety of individual banks and the soundness of the banking industry.
Fraudulent act” is common in Nigeria banking industry, but clients as well as employees, temporary staff engage in fraud and forgeries in banks.
Frequent occurrence of fraud ultimately distracts the attention of the management and lead to increase in running cost.
Time and energy that would have been spent improving customer service would be expended on preventing fraud. Increasing cases of fraud and forgeries in our banks lately if not shoped would pose certain threats to the stability and survival of individual banks and the performance of the industry as a whole. Reported cases of fraud in merchant banks dropped significantly from 16 in 1997 to 9 during the year 1998 similarly, there was a reduction in the total amount involved, from 187-59 million in 1997 to N67.35 million in 1998.
Fraud in whatever loss is limitless in classification. In banking industry, there could be presentation of forged cheques granting of unauthorized loans unauthorized over draft, position of fictitious credits, suppression of cheques, fraudulent transfer and withdrawal and so on Dr John Orjih in his text, defined fraud as the deliberate effort aimed at obtaining unlawful advantage at the detriment of another person who is the rightful owner of the fund.
Awosanya, widely defined fraud as any deliberate action in whatever from, written spoken, physically designed to deprive a legitimate owner or his or her asset, property or right.
Osbarn, defined fraud as a means of obtaining material advantage by unfair or wrongful means involving certain moral obligations.

1.2 STATEMENT OF PROBLEM
Banks operate on the pivot of public confidence and trust in the ability of the bank of deliver as and when demanded the Nigeria society is poisoned with the desire to get rich quick so as to fell important, as they behave that wealth is the measure for power and importance. It is in realization of these fact that those get rich quick minded set of people direct their attention to defrauding the banks.
Fraud has cause the loss of large amount of money, contributing to the liquidating of several banks and consequent unemployment and similar problems.
This study is therefore beset bys the actuate problem of discovering the genesis and cause of fraudulent act in the banking industry the magnitude of fraudulent practices in the police records remains worrisome, and this has caused a partial paralysis an the root of the root of Nigeria banking system.

THE ROLE OF COMMUNITY BANKS IN RURAL DEVELOPMENT

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Foreign Transaction For Dollars Payment :
Bank Name: GTBank
Branch Location: Enugu State,Nigeria.
Account Name: Chi E-Concept Int’l
 Account Number:  0117780667. 
Swift Code: GTBINGLA 
Dollar conversion rate for Naira is 175 per dollar. 

Note:  We accept bank transfer, ATM cash transfer , Online payment using your ATM , Western union bank transfer.  We will respond to you anytime of the day. 

OR
PAY ONLINE USING YOUR ATM CARD. IT IS SECURED AND RELIABLE.

form>DELIVERY PERIOD FOR BANK PAYMENT IS  LESS THAN 24 HOURS

CALL OKEKE CHIDI C ON :  08074466939,08063386834.

AFTER PAYMENT SEND YOUR PAYMENT DETAILS TO

08074466939 or 08063386834, YOUR PROJECT TITLE  YOU WANT US TO SEND TO YOU, AMOUNT PAID, DEPOSITOR NAME, UR EMAIL ADDRESS,PAYMENT DATE. YOU WILL RECEIVE YOUR MATERIAL IN LESS THAN 2 HOURS ONCE WILL CONFIRM YOUR PAYMENT.

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ABSTRACT
Community banks were established in Nigeria to help remedy the rural development problem that has been facing Nigeria since after world war II.
The fundamental concepts of a community bank is of a selt sustaining financial institution, owned and managed community or group of communities for the purpose of community of group of communities for the purpose of providing credit deposit, banking and other financial services to it members largely on the basis of their self recognition and credit worthiness.
(1) The major finding of this study shows that community banks bring banking services to the community where commercial banks does not exist.
(2) Community bank greatest customers are the low income workers.
(3) That bank also offer other non-banking services notable mass transit transport services on a subsidized rate.
(4) The greatest problem facing community bank is lack of adequate finance.
TABLE OF CONTENT
CHAPTER ONE
INTRODUCTION 1
1.1 General Introduction 1
1.2 Background of the study 1
1.3 Statement of the Problem 3
1.4 Objective of the study 3
1.5 Significance of the study 4
1.6 Limitation of the study 6

CHAPTER TWO
REVIEW OF RELATED LITERATURE
2.1 Introduction 8
2.2 Rural banking scheme in Nigeria 12
2.3 Nature and concept of community banks 12
2.4 Venture bank control measure to community banks 17
2.5 Functions of community banks are folding 20

CHAPTER THREE
RESEARCH DESIGN AND METHODOLOGY
3.1 Research design 25
3.2 Area of study 25
3.3 Source of study 26
3.4 Method of data presentation 26
3.5 Method of data analysis 27

Reference 28
CHAPTER FOUR
4.1 Summary of findings 29

CHAPTER FIVE
5.1 Recommendation 32
5.2 Conclusion 33

Bibliography. 35
CHAPTER ONE
INTRODUCTION
This introduction is many concerned with the effort of community banks in rural development which is backwards due to certain problems that hinder them, such as infrastructural facilities, shortage of manpower, problem of security and so on.

1.1 BACKGROUND OF THE STUDY
The evolution of community banks in Nigeria can be traced to the 1990 budget when the president formally announced the introduction of the programme. It was men for recognition of the peculiarities of the rural communities and the need to monetize and integrate the rural economics into the banking system.
Meanwhile the word community bank, it can be seen as a self sustaining financial institution owned and managed as a community of group of communities for the purpose of crewing deposit, providing credit facilities and other banking a financial services to its members largely on the basis of their self recognition and credit worthness.
Despite that, in July 1990, the community banks implementation committee (CBIC) was set to work out the modalities for the establishment of community banks. Having produced all the necessary documents for the establishment of community banks, the CBIC commissioned a number of community banks to operate before the setting up and inauguration of National Board for Community Banks (NBCB) on July 16, 1991. The NBCB with more executive powers and the responsibility for the overall supervision of community banks, placed the CBIC. The first community bank commenced operation in December, 1990.
A bank licenced under community bank decree shall accept deposit of all type from people including savings and time savings. To receive or collect money on behalf of customers. Providing banking services to people as in giving out loans and after financial facilities.

1.2 STATEMENT OF THE PROBLEM
The statement of the problem were stated as follows.
1. How loan can be made available to rural drivellers or borrowers?
2. how can rural banking system be improved to help in rural development?
3. how to foster community ownership and use of economic assets?
4. how can loan secured other then