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Effect Of Fraud And Malpractice In The Banking Industry
[A CASE STUDY OF UNITED BANK FOR AFRICA Plc Ilorin]
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According to Agbadua {1980} fraud is an anti-economic process and must properly be dealt with. He made it clear that for any banking institution to stand there must be proper management and trusted worker that are psychologically fit before employment. Ade and Wole {1982} see fraud and malpractice as a virus spreads from the banking sector to other economic activities and organization even the government and that for any economic to be balanced, an anti-fraud virus should be injected to the banking industry to completely eradicate fraud from the system.
In the Vanguard Newspaper {02/01/204} It was said that fraudulent practice that lead to the fall of so many bank and organizations in time past thus step have been taken by the government by introducing an agency called the Economic Financial Crime Commission {EFCC}. This agency serves as a watch dog to financial institution, organization and even the government.
Authors will enter a most expended area of procedures to detect fraud as they implement State Security Agency No 99 the new standard aims to have the auditors’ consideration of fraud seamlessly blended into the audit process and continually updated until the audits completion of such findings.
They usually describe the information as a means to check fraudulent activities and practices.
1.2 OBJECTIVE OF THE STUDY
The primary objective of this study is to highlight the problems of the fraudulent approaches and malpractice in the Nigeria Banking Industry.
It aims at:
i. Making a distinction between fraud and malpractice in the banking industry.
ii. Identify the cause of fraudulent approaches and malpractice in bans
iii. Identify the various types of fraud pert rated and malpractice in banks.
iv. And preferring ways, means and solution of combating fraud and malpractice.
1.3 SIGNIFICANCE OF THE STUDY
This study goes a long way in helping the banking industry to know how to do against fraud and malpractice in their organization.
1.4 SCOPE OF THE STUDY
Fraud are found practically in all financial institutions in Nigeria, but are most importantly, found in Banking Institutions in regarding from commercial banks and even in Central Bank of Nigeria.
No sector of the Nigeria banking industry is fraud free, the United Bank for Africa. The main reason for choosing Nigeria Banking System is due to the fact that banks are one of the major institutions expected to accelerate the rate of economic growth in Nigeria. And the rate of fraud in banking industries has been increasing in recent time. The study will focus mainly on the type of frauds and malpractice, causes and effect of it in United Bank for Africa. It would show how, this could be curbed or eliminated in order to achieves substantial and sustainable rate of economic growth and development.
1.5 STUDY PLAN
The study is divided into five {5} chapters. Chapter one, will focus attention on the general introduction of the subject matter, statement of research problem, objectives of the key terms.
Chapter two, however, it is the chapter decoded the literature review the chapter started with the introduction, explanation of bank, the banking system, technological complexity, employee disaffection, indifference to internal control, types of frauds bank malpractices and detection of fraud.
Chapter three, discuss the research methodology historical profile of the case study , population of the study, source of data statement of hypothesis, method of data analysis and limitation of the study.
Chapter four, discuss the data presentation and data analysis, testing of hypothesis and findings.
Chapter five is the concluding chapter and its take care of summary, conclusion and recommendation based on finding.
CHAPTER ONE -- [Total Page(s) 3]
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