FRAUD PREVENTION DETECTION AND CONTROL IN NIGERIA BANKING INDUSTRY

FRAUD PREVENTION DETECTION AND CONTROL IN NIGERIA BANKING INDUSTRY

A CASE STUDY OF HABIB NIGERIA BANK LIMITED ENUGU

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ABSTRACT

This work is all about fraud prevention, detection and control in the banking sector of Nigeria.  This study has Habb Nigeria bank Limited, Enugu as a case study.

From the study, such factors like poor staffing, poor remuneration, weak internal control among other factors contributed immensely to the incidence of fraud in banks.  The study revealed that the most effective way of preventing fraud in banks is through an effective in-built control mechanism.  This internal control mechanism is designed in such a way to designate responsibilities so that a staff’s activities are checked by another which is in turn checked by a higher officer.  This calls for a strong and independent inspection and audit department in every bank comprising of staff with impeccable integrity.

This study applied necessary data collection techniques such as questionnaires.

 

LIST OF TABLES

  • Frauds in Nigerian banks (1999 – 2003)
  • Is Habib (Nig) bank often defrauded by fraudsters
  • Are there adequate in-built control measures to check mate fraud
  • Are members of staff often involved in fraudulent activities
  • Are staff members adequately remunerated
  • Does poor staffing contribute to fraud perpetration
  • Are there enough punishment for staff who is involved in fraud
  • Does government financial polices help to combat fraud
  • Are staff members adequately exposed to workshop and seminars on fraud
  • Does Habib banking method market vulnerable to fraud
  • Is the management board of Habib (Nig) bank Ltd efficient in fraud control
  • Have Habib bank successfully recovered any money fraudulently withdrawn by fraudsters

 

TABLE OF CONTENTS

CHAPTER ONE

Introduction                                                                                 1

  • Back of the study 1
  • Statement of problems 4
  • Objectives of the study 5
  • Scope of the study 5
  • Research questions 6
  • Significance of the study 6
  • Definition of terms 8

CHAPTER TWO

2.0     Literature review                                                                10

  • The causes of fraud in banking sector 10
  • The effect of frequent fraud occurrence

in the banking industry                                                      15

  • The relationship between banking practices

and fraud perpetration                                                       16

  • The impact of banks and government’s

effort on fraud elimination                                                 18

2.5     Definition of fraud                                                             21

 

CHAPTER THREE

Research Methodology                                                                26

  • Research design 26
  • Area of study 28
  • Population of study 28
  • Sample and sampling procedure 29
  • Instrument for data collection 29
  • Reliability of the research instrument 29
  • Validity of the research instrument 29
  • Method of administration of the research instrument 30
  • Method of data analysis 31

 

CHAPTER FOUR

4.0     Data presentation and results                                             32

  • Research Question 1 33
  • Research Question 2 34
  • Research Question 3 35
  • Research Question 4 36
  • Research Question 5 37
  • Research Question 6 38
  • Research Question 7 39
  • Research Question 8 40
  • Research Question 9 41
  • Research Question 10 42
  • Research Question 11 43

 

CHAPTER FIVE

Discussion                                                                                   46

  • Discussion of results 46
  • Conclusions 47
  • Implications of the results 48
  • Recommendations 48
  • Suggestions for further research 49
  • Limitation of the study 50

Reference                                                                           51

Appendices                                                                        53

CHAPTER ONE

INTRODUDCTION

1.1     BACKGROUND OF THE STUDY

Fraud is a `cankerworm’ that has eaten deep into the nation’s fabrics.  It is visible in all the sectors of the economy.  In the financial sector, fraud is an `offshoot’ of financial crimes which covers offences, which are securities, related and involves the movement, transfer or use of monetary instruments in circumstances, which render such acts unlawful.  The above definition can be extended to include any dishonest, unethical or unprofessional conduct which results in financial loss to someone or institution for the benefit of another.  Financial fraud include but are not limited to the following, chequekiting, loan fraud, advance fee fraud, securities fraud, account opening fraud, insiderdetling clearing fraud, computer-fraud, telex fraud and money laundering.

Fraud as stated earlier is not peculiar to the banking industry but cuts across other sectors of the economy.  Frauds in banks are not new, infact, it is as old as the industry itself.  But in recent times, the practice has assumed an alarming proportion.  Sometimes, the act is carried out by outsiders while in most cases there is a collaborated effort between outsiders and staff to perpetrate this financial crime.

Against this background, government in its effort to combat fraud and other financial crimes has set up various monitoring and control commissions such as the independent corrupt practices and other related offences commission (ICPC), which is the apex body, saddled with the responsibility of fighting corruption and other related offences.  The ICPC was inaugurated on the 20th of September 2002.  The act establishment this commission in section 3 provides for the independence of the commission and gives the chairman authority to rescue order for the control and general administration of the commission and financial crimes commission (EFCC) which was established in 2002.  Another is the National Drug Law Enforcement Agency (NDLEA).

HISTORY ON MY CASE STUDY

HABIB NIGERIA BANK LIMITED

Habib Nigeria bank Ltd was incorporated as a private limited liability company in November 1982.  It was granted banking license on 7th March 1983 and commenced operation on 16th May of same year.

The objectives of the bank have been to introduce and maintain a banking style with a difference in Nigeria style with a difference in Nigeria and develop a sound bank with branch network in all the states of the federation and the capital territory, Abuja.  It also has it objective to provide financial and technical assistance to the public and private sector organizations within the framework of government of Nigeria’s plan and policies.  It also mobilizes deposits by encouraging savings through the introduction of effective banking services and effective advertising programme. The main thrust of the bank’s philosophy is the provision of quality service with emphasis not only on the enhancement of social and moral standards but also on the need to be responsive to the requirement and aspirations of the communities in which they serve.  The bank has its of banking as the values of trust, integrity and the provision of financial security.  This research work will look at the bank’s operational system with the view of determining the frequency of fraud occurrence, fraud detection, prevention and control measures in the bank.

Habis Nigeria bank Ltd as a case study in this research work does not in any way signify that that the bank has fraud infection but this is to help one form on opinion on what may be obtained in other banks but not in any way referring to banks with dubious staff.  During the course of this study, it was revealed that Habib Nigeria bank Ltd has received series of congratulatory letters from the central bank of Nigeria on its operational system and in built mechanism to check mate fraud and other related financial crime.

The board of the bank is presently composed of seven (7) Pakistanis with Mr. L.K. Abiola as the chairman while Mr. Akin Kekere-Ekun is the managing director and chief executive.  The bank, which started operations with 3 branches in May 1983, now boasts with 59 branches in 35 states and the federal capital territory.

 

1.2     STATEMENT OF PROBLEMS

For any solution to be preferred for a problem must be properly identified.  Fraud in the banking sector is not committed by the system but people in the system.  For fraud to be perpetrated, there are working conditions and practices that encourage it.  Without stating these problems an

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