CRITICAL ANALYSIS OF BANK FRAUD AND MALPRACTICE IN NIGERIA

A COMPARATIVE STUDY OF AFRIBANK, UNION BANK AND UBA PLC.

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ABSTRACT

Frauds and Malpractice are gradually becoming rampant and a daily occurrences in our banking industry while the bank management are busy working out means of detecting, checking frauds and malpractice, the frauders on the other end are busy designing new methods of circumventing those measures in conjunction with some dishonest bank staff. It should be pointed out that the effect destabilizes banks not only that, hinders growth of banks and attaining their aims and objectives or goals. Hence we have good number of distressed banks now in our country.

The menance ranges from falsification of entries, forgery of signatures of account holders, spurious letter of credit, theft and bank cashiers and outsiders, telex fraud to mention but a few.

The objectives of this research work is therefore to carryout survey and investigation on the major causes of frauds and malpractices in the banking industry with reference to Afribank (Plc), Union Bank (Plc), and the UBA (Plc) in Enugu zone.

The project also evaluated various forms of fraud and malpractice that can be existence, relating to this project in examining the problems, the researcher used both primary and secondary data.

In conclusion, the researcher believes that this study has some how achieved its predetermined aims and objectives by identifying various ways by which frauds and malpractice will be reduced if not prevented or even put to a stop by analyzing possible frauds and malpractice and possible ways of preventing them.

Finally, this report is primary a prelude to the student undertaking similar works in related discipline as the writer due to the constraints encountered could not go beyond this scope. This project finally worked out ways of preventing or reducing the above problems.

 

 

TABLE OF CONTENTS

CHAPTER ONE

INTRODUCTION                                                              1

BACKGROUND OF STUDY                                                 2

STATEMENT OF THE PROBLEM                                         5

OBJECTIVE OF THE STUDY                                              7

SCOPE, LIMITATION, DELIMITATION OF THE STUDY        8

HYPOTHESIS                                                                  11

SIGNIFICANT OF THE STUDY                                           12

CHAPTER TWO

REVIEW OF LITERATURE                                                 13

WHAT IS FRAUD AND MALPRACTICE                                13

SOURCES, FORMS AND CAUSES                                       14

THE EFFECT OF BANK FRAUD AND MALPRACTICE             16

CHAPTER THREE

FINDINGS, CONCLUSION AND RECOMMENDATION            18

REFERENCES                                                                   23

 

 

 

 

 

 

 

 

 

 

 

CHAPTER ONE

INTRODUCTION

BACKGROUND OF STUDY

Banking activities in Nigeria dates back to the free banking era between 1895 when the first bank, the African banking corporation were enacted in Nigeria.

In the free-banking period (1892-1952) there were no banking acts neither were there any ordinances to regulate the establishment and operation of commercial banks in Nigeria, many banks were registered some of which did not mean business while others simply collected customers deposits and vanished. This derailed the economy of valuable funds needed for development and individuals of their herd earned funds. This also brought about loss of faith and trust in the commercial banks by Nigerians.

However, even with the introduction of the first banking ordinance in 1952 and the central bank of Nigeria (CBN) ordinance in 1958 to regulate and control the activities of commercial and merchant banks in the country, fraud and malpractice have increased in size and the method used required greater sophistication by the day.

Fraud in our banks involves summary techniques or forms such as: forgeries of bank instruments like: Drafts, cheque, vouchers, letters of authority, falsification of accounts and records and cash fraud. From past records the assumptions is that dishonest or misappropriation or rather fraud in which ever form, succeed only with the aid of bank employees who conceive with disguised customers wearing innocent faces. Inefficiency and negligence in terms of leadership or supervisory roles on the part of the bank officials constitute yet another headway through which dishonesty, fraud parse prevail or succeed in our banks. This can manifest as prescribed by the industry.

Presently, with the introduction of modern banking proceeding improved communication system, automotive electric gadgets and computers into banking industry, frauds have rather gone nuclear dimension inspite of the wonderful nature of the computer and all the precautionary measures taken by banks to prevent fraud in their banks. The amount involved in fraud nowadays have increased in geometric progression. Olaleye Amupiten in his articles on “obstacles to growth of banking industry” said that “it was discovered during investigations that banks now take extra precaution before clearing a cheque because of  rampant incident of frauds and forgeries, which a bank boss placed on the average of N1million per each working day of the year in Nigeria.

Banking in a bid to reduce the incessant occurrence of frauds in their banks, now take adequate precautionary measures before clearing cheque drawn on their customers accounts. Those adequate precautionary measures give rise to another problem facing commercial banks that is the problem of time wastage in the banking halls. Ashimi Kola in his article also said that “customers wait a minimum of about two hours in the banking halls of Nigerian banks to cash their money. This has been one of the most legitimate criticism of the quality of banking services. The checking process is long and by the time a cheque is released to the cashier for payment the customer is frustrated and perhaps had fallen asleep. This calls for an overhaul of the checking and control system.

The above gives light of the general situation of things commercial banks. Fraud is therefore a major enemy to all concerned with the growth and development of our banks. The intention of this research work is therefore, aimed at the identification of the causes of fraud in our banks, the effects or consequences of banks frauds in Nigeria economy and also to recommend more functional measures that will help in the minimization and control of frauds.

 

 

 

STATEMENT OF THE PROBLEM

In recent times, bank frauds dominate the front pages of our daily newspapers, such striking and easily called to the mind headlines include: “cashier nabbed over N80000”, “Accountant arrested and two escaped”, “And three forfeit N3 million, “Men of “419” invaded banks”, “large scale fraud in banks”, just to mention but a few.

The industry has continued to witness increased number of frauds and malpractice with varying degree of sophistication. It was reported by the Nigeria deposit insurance corporation (NDIC) that “Banking industry has lost about N1 billi