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Frauds In Nigeria Banks :analysis And Solutions
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CHAPTER ONE
1.1 INTRODUCTION
The commercial
world today has been devastated by random breaches of business ethics.
This has resulted to rampant occurrence of white collar crimes committed
mostly by top and highly educated professional personnel, these crimes
are sometimes euphemistically dubbed, executive dishonesty crimes like
improper waiver of interest on loans, fraudulent false accounting,
falsification, computer fraud, dishonesty, classification of debts as
bad debt or irrecoverable, non-disclosure of vital interest by
executive, and other financial malpractices, fall into this category.
Furthermore, the government has responded by churning out laws with
constant regularity in a bid to meet the challenges posed by these
problems. One of such problems is the incidence of fraud in financial
institutions especially Nigeria banks. This has attracted at least three
major legislation in the past few years. All these relevant enactments
will be examined in this project.
It is a notorious fact
that frauds are mostly masterminded by insiders, at times in concert
with outsiders. They are mostly discovered by tip offs from other staff
who feel left out or by accident. Rarely do normal official checks
reveal such earth shattering fraudulent scams that are big concern of
the financial world.
Moreso, there is need to arrive at
an acceptable constitution for the word “fraud†and to deepen our
understanding by paying some respect to the statutory construction of
financial institution like Nigeria banks.
Having dealt
with the general situation of things ion our banking industries, the
research work is therefore aimed at pointing out the major causes of
fraud in Nigeria banks etc. effects on the Nigeria economy commercial
world, individuals especially the depositors (customers of the banks)
after the research must have been carried out the above, the researcher
then recommended the measures to be taken in order to prevent and
minimize the incidence of fraud in Nigeria banks. It should be noted
that no bank, big or small is immune from fraudulent particles.
However, bankers should have it as the back of their minds that dignity
and hard work are not the only thing required but integrity is also
required.
1.2 OBJECTIVE OF THE STUDY
The
objective of this study is to enable us know that for any financial
institution like bank to be on the move in respect of growth ion the
economy, there is need to work out possible solutions that can put a
stop to fraudulent practices or bring it to a minimal level
In a nutshell, this project is designed for the following.
To determine the rate and the extent of fraud in the banking industry in Nigeria.
To bring to light some of the ceases of fraud in our banking sectors.
To highlight on the dangers/menace of fraud in Nigeria banks
To discover the likely procedure that will enable us determine fraudulent practices nad possible ways of tackling them.
To
examine critically the management and government measures as regards to
the possible checking of fraud and preventive measures.
To render some recommendations and suggest possible solutions on the best way fraud could be brought to a minimal.
1.3 SIGNIFICANCE OF THE STUDY
The study enhances various examinations of the techniques usually
employed by the fraudsters. It is structured for all classes who may
want to invest in banking industry especially in Nigeria. Bad
performance and incompetent discharge of duty as a result of this
category’s activities (who are employed by the management) when properly
examined will be a contributory to the growth in banking industry. When
all measures are strictly adhered to it would go a long ways in
bringing fraud to a minimal.
The research work is to
enable all and sundry such as: the shareholders, the insurance companies
and the management to benefit, the customers so as to rebuild and
reverse the already lost confidence of the public and the parties
involved in the banking industry. This will enhance rapid growth in the
banking industry which will enhance rapid growth in the banking industry
which will in-turn enhance the development of this nation Nigeria
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ABSRACT - [ Total Page(s): 1 ] This work is designed to examine the assessment of the role of the mass media in anti-corruption campaign. It is organized into five very instructive chapters. Chapter one deals with the background, statement of the problems, research questions and hypotheses, assumptions and limitation of the study among other things. Chapter two is devoted to the review of relevant materials in the area of study. Chapter three contains the methodology while chapter four concentrated on ... Continue reading---
