Fraud Prevention in the Nigerian Banking Industry

Alhaji Kawugana; Faruna Simon Faruna

Fraud Prevention in the Nigerian Banking Industry

Alhaji Kawugana and Faruna Simon Faruna

Abstract

The study is aimed at the assessment of the course of financial fraud in Nigerian banking industries and it remedies with particular reference to First Bank, Keystone Bank and Zenith Bank. No reliable statistic exist (in any report so far) on the value of successful and frustrated fraud in Nigerians banks. The research delved into silent issues on types of financial frauds, courses, remedies, the effect of financial frauds on banking sector and effectiveness of fraud preventing measures. The research fraud that the annual average of financial fraud cases reported between a particular periods was coursed by failure of workers to observe the laid down procedures of their banks. Economic and social conditions also courses financial frauds in our banks. The research also recommends proper supervisory measures and should be taken by Central Bank of Nigeria (CBN) and NDIC in order to stop or minimize fraud in banks. They should also find out the methods used in banks steers in defrauding the bank industry; the internet E-banking fraud, the falsification of account, the use of forged cheques, corruption and signatures were rank among the highest means of fraud

Keywords

FraudBanksIndustryPrevention

References

Adams R.A Public sector accounting and Finance Publishers Ventures Yaba Lagos 2004. Adeymi Olemi – (Bank Fraud) Liberty through information (2012). Agbugba T. “The Emergence Mega Banks”. Nigerian Stock Market Annual (NSMA) and www.intercontuental banking-Nigeria.com. Central Bank of Nigeria http:llwww. Cenbank.org/AboutCBN/history.asp. Daily Trust November 23rd 2015. Eseoglene Joseph Idalor - Bank fraud in Nigeria (2010). Financial Stability Report CBN 2013 Perspectives on the Nigerian Financial safety 2009. Janet kimono – (Fraud Risk Assessment Plan) Barclays Bank of Kenya (2012). Mr. Oseni- (Poverty) The Nigerian experience (2006). Nwabugo, N.E(2011) “The story of structural adjustment programme in Nigeria” Australian Journal of Business and Management Research Vol No.7 October 2011 at page 30. African World Press, First Edition 2004 Page 165 – 166. Nigerian Deposit Insurance Corporation 2010, NDIC 2014 Annual Report. O.A Ikpefon 2007 – growth of bank (Fraud) Impact on the Nigerian Economy. Sharma, B.R(2012) “Bank Frauds Prevention and Detection “Third Edition . The Influence of internationalization on supervisory consolidation “University of Oxford 2010 Page 20. Victor MurindeAtsedeWoldu (ed) “African Business and Finance Development Policy Vol.4 NO.2. International Business Press New York 2003 Page 71.

Fraud Prevention in the Nigerian Banking Industry

Abstract

Keywords

References

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