-
Effect Of Fraud And Malpractice In The Banking Industry
[A CASE STUDY OF UNITED BANK FOR AFRICA Plc Ilorin]
CHAPTER ONE -- [Total Page(s) 3]
Page 3 of 3
-
-
-
1.6 DEFINITION OF KEY TERMS
 Banking Industry: Financial organization which keeps money in accounts for its clients lends money and exchanges currency.
 Financial Intermediaries: They are financial institutions that termediate between the surplus sector of the economy (household) and the deficit sector (government, business enterprises) by mobilizing the deficit sector to save part of their income that are not consumed and repackage it for lending to the deficit unit at a considerable interest rate.
 Depositors: Someone who deposits money in a bank or building society especially in a deposit account
 Customer: Someone who uses the services of a business.
 Financial Institution: Banks, insurance companies, savings and loans.
 Management: The skill or practice of controlling, directing or planning something especially a commercial enterprises or activity.
 Fraud: In a criminal law, a fraud is an intentional deception made for person are some of your own al gain or to damage another individual; the related adjective is fraudulent.
 Auditing: It is an official inspection of an organization’s accounts.
 Bankrupt: It a legal status of a person or an organization that cannot repay the debts it owes to its creditors.
 C B N: Central Bank of Nigeria is a bank that is responsible for the minting of a country’s currency. It also control all other banks operating in the country, acting as banker to the government, formulation of monetary policies, maintenance of monetary policies, and control of external reserves.
 Internal control: it is a means by which an organization’s resources are directed, monitored, and measured. It plays an important role in preventing and detecting fraud and protecting the organization’s resources.
 Nigeria Deposit Insurance Corporation {N D I C}: They ensure the safety of deposit on frauds, especially those in MFBs, to be closely monitored to ensure the safety of such funds.
CHAPTER ONE -- [Total Page(s) 3]
Page 3 of 3
-
