ABSTRACT
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.
TABLE OF CONTENTS
Title
page
Approval
Dedication
Acknowledgement
Abstract
Table of
content
CHAPTER ONE
1.0
Instruction
1.0
Statement of problems
1.2
Objectives of the study
1.3
Significance of the study
1.4
Scope and limitation of the study
1.5
Definition of terms
CHAPTER TWO
2.0
Literature review
2.1 Theory of fraud
2.2
Types of fraud
2.3
Causes of fraud
2.4
Effects of fraud
2.5
Fraud and the study
CHAPTER THREE
3.0
Summary of finding
3.1 Discussion of finding
3.2
Conclusion
3.3
Recommendation
Bibliography
CHAPTER ONE
1.0 INTRODUCTION:
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
STATEMENT OF THE PROBLEMS
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:
1.
Falsification of
customers and banks of accounts.
2.
Bank clearing
cheque frauds.
3.
Illegal printing
of bank cheque and vouchers.
4.
Misappropriation
of cash and other financial institution by bank officials.
5.
Diversion and
interception of fund transfers . all these mention above are various means
frauds are manipulated in Nigeria
financial institution.
1.2 OBJECTIVES
OF STUDY
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.
1.3 SIGNIFICANCE OF THE STUDY
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:
(1)
It exposes
customers to be aware of illegal printing of bank cheque and vouchers.
(2)
It helps the
management of and any financial institution on how to employ staff in other not
be default:
(3)
It also helps
the customer to know when his bank account is not updated while his instrument
for payment is honoured.
1.4 SCOPE AND LIMITATION OF STUDY
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.
1.5 DEFINITION OF TERMS
(1)
Irregularities –
Are intentional misstatement or omission in financial statement.
(2)
Falsificatant
- Is an unjust means of getting advantage of another person.
(3)
Misappropriate –
Is the misuse of cash and other financial document or institution use by bank
officials.
(4)
Defalcation –
Are intentional and illegal misstatement or omission in financial statement.
(5)
Illegal act –
This is an act which is contrary or inadvertently.
Get the Complete Project Material Now!!!
