This project is designed to critically analyze the incidence of fraud in the Nigeria financial institutions with reference to the banking industry.
Fraud in both private and public sector of Nigeria economy is an age long phenomenon that has for a long time being threatening the growth and development of the Nigeria nation state it has defiled the very professional expertise know how due to its continuous increase.
The effort of fraud on the Nigeria financial regarded as the life wire of the nations economy is to say the least and devastating.
Fraud cuts across the length and breath of the Nigeria financial institutions and has resulted in reducing many well established firms to mere existing level. The researcher also comment on their chapters.
Chapter one involve problems of the study, objective, significance, scope and definition of terms while chapter two involves literature review. Theory of fraud, types fraud, causes of fraud etc. and chapter three contain summary of finding, discuses finding, conclusion and recommendation and the final one is bibliography.
2.1 Theory of fraud
3.1 Discussion of finding
Bibliography
In our economy today fraud is like a parasite which eats deep into it’s host thereby threatening the existence of financial institution in Nigeria. The frequent occurrence of fraud in the financial institution have a negative effect on the economy where by the institution is no more free from its scourge, annually millions of naira or billion, if not thre-ellion are lost to fraudster.
In some certain sector of the economy its effect is so great that investors are afraid to invest there money there in order not to loose. Therefore to critically analysis fraud a vivid explanation might be need.
Fraud according to oxford Advance learners Dictionary of current English written by A.S. Horn by, say that it is the action of deceiving somebody in order to make money or obtaining an unjust and criminal benefit. Thus, fraud embraces all the multifarious means which human ingenuity can devise, more especially in the financial institution which are resort age over another by false representation. Fraud can also be viewed as the presentation of fake document in order to obtain some selfish benefit from others.
Onovo (2001) in his book understanding practical auditing and investigation described fraud as an irregularity involving the use of criminal deception to obtain unjust or illegal advantage.
Fraud in both private and public sectors of Nigeria economy is age long phenomenon that has for development of Nigeria nation state. The effect of fraud on the Nigeria financial institution mainly regarded as the life wire of the nations economy, that is to say the least devasting fraud cuts across the length and breath of the Nigeria financial institution has resulted in reducing many well established firms to mere existing level while so many others have been completely liquidated
Fraud in the financial institution is multidimensional in some cases. A criminal claque exist which specializes in bank fraud and car unleash its heinous act independently. At one time , customers alone are involved and other cases staff alone. It could as well be as amalgam of the efforts of the three groups Ahmed (1996) and these are the problems involve:
The objective of this study is to minimized the high rate of increase of frauds in the financial institution. these are various ways this objectives can be obtain.
(1). Qualified officials are needed in order to prevent the high rate of fraud in the economy.
(2) To established system of internal control, monitoring, effectiveness and taking of corrective action.
(3) To render advices to the staff in other follow the recommendation or rules and regulation of the financial institution.
(4) Also to train their staffs on fraud detection and prevention.
The significant of this study derived many achievement and benefit to the life’s of customers and management of any financial institution in Nigeria. These are the benefit derived from critical analysis of fraud in Nigeria financial institution:
Scope- This research work is not in tended to explain all the critical analysis of fraud in Nigeria financial institution but there were some areas the researcher look up on.
This study is divided into three chapters each, chapter one analysis difference ways frauds are manipulated in Nigeria financial institutions and with the outline objective of the study, and also examine the limitation of the data used.
It’s scope and manner in which study is organized and the definition of terms. In chapter two it involves the theory of fraud, types of fraud, causes of fraud, effects of fraud and fraud and the law.
The last chapter contain summary of finding, decision of finding, conclusion and recommendation and bibliography.
LIMITATION:
Time will be a serious contract to be faced in the stud. This the because the researcher had to carry out the study and at the same time attend the lecture, also the researcher has other things to do like quiz, assignment and exams.
The critical analysis of fraud in Nigeria financial institution is a very wide topic which needed enough material in other to carry out the project work effectively, physical facilities such as research center computer magazine, financial new paper, text book etc. But there was no enough text book in our library that will give the researcher more information to back up his project topic and as a student’s the researcher could not afford to finance him or herself to travel to many place in other to collect information for the researcher, so the researcher limit zed her the research work within this Enugu urban.
Therefore all these factors discuss above limit zed the effort of students from achieving more material for their research work.
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