ABSTRACT
There appears to be little doubt about the fact that
frauds in banks is a matter of the greatest concern to bankers, the
monetary/political authorities and the generality of Nigerians today. It is so for many reasons. The methods acquire sophistication by the
day. The size increase in geometric
progression. The people involved
hitherto were among the respectable members of the church, the mosque, the
community. Fraud leads to unwarranted
losses for the banks and put the management of each institution on its toes
whilst expending hard earned resources and energies on fraud prevention and detection.
In view of
these, fraud management was introduced in the financial system so as to know
ways to detect, prevent and minimize fraud in Nigeria financial system. Fraud is a number one enemy to all concerned
with the growth and development of our financial system. Any effort to fight this enemy is therefore
most desirable.
Equally
important, every incidence of bank fraud literally chips at a bit of public’s
confidence in the orthodox financial institutions that bank’s fraud delay or
slow down the full development of banking habit in Ngeria.
TABLE OF CONTENTS
Title page
Approval page
Dedication
Acknowledgement
Abstract
Table of contents
CHAPTER ONE:
1.0
Introduction
1.1 Background
of the study
1.2
Statement of the study
1.3
Objectives of the study
1.4
Significance of study
1.5
Scope and Limitations of the study
CHAPTER TWO:
2.0
Review of Literature
2.1 The
effects of fraud in the Nigeria Financial System
2.2
Nature and Types of fraud
2.3
Causes of fraud
2.4
Procedures through which fraud might be detected
2.5
How fraud can be minimized
CHAPTER THREE:
3.0
Summary of Findings, Conclusion and Recommendation
3.1 Discussion
of findings
3.2
Conclusion
3.3
Recommendation
Bibliography
CHAPTER ONE
1.0
INTRODUCTION
1.1 BACKGROUND
OF THE STUDY:
Irrespective of the depth of knowledge available in
the banking industry, there still exist causes of collapse, frauds and
inefficiencies. Many banks are
distressed or liquidated today. Research
has made it clear that fraud is one of the major causes of banks being
distressed.
In view of this, fraud management (i.e. hardly of
minimizing fraud) was bought up in our financial system so as to prevent
fraudulent practices in our banks.
Again, bank fraud is a great concern to all managements’ customers,
equity holders, the entire public and the government as a whole. One of the prevailing features of our bank of
today is the ever-increasing incidence of fraud and deceitful debts that is
affecting our financial institution in Nigeria.
1.2
STATEMENT OF PROBLEM:
This research project is designed to investigate
fraud in financial institutions. To
determine the types, causes, effects and how to minimize fraud in financial
institutions.
Inspite of the efforts being made to detect fraud,
our financial institutions are experience frauds and irregularities which has
put many of them in distress. Here, we
will see how fraud has contributed to decrease in economic growth, the major
causes and possible ways of minimizing it.
1.3
OBJECTIVES OF THE STUDY:
(i)
This study is being done to determine the extent fraud
has gone in distressing our financial institutions.
(ii)
To identify the causes and effects of frauds.
(iii)
To make suggestions and recommendations as how to
minimize fraud in financial and other institutions.
(iv)
To reveal the relationship between bank fraud and the
economic growth.
1.4
SIGNIFICANCE OF STUDY:
This study will help as many as are interested in
banking industry and other financial institutions and those that practice
banking. In addition, the study will
help us know the forms of frauds that may be discovered, the procedures through
which it might be detected and prevented.
This project write-up will be of benefit to the
following:
(i) INVESTORS: To help them know that fraud occurs in
financial institutions. Being aware of
that, they will be careful not to make the investments in banks where fraud is
rampant.
(ii) BANKING STUDENTS: It will serve as a source of secondary data
for students in banking and finance department by helping to widen their scope
of research and also accounting student.
(iii) GOVERNMENT: It will help the government and the public to
know and equally see why banks are getting distressed will help them bring up
solution in order to come to the aid of most banks that are about to be
distressed, for a better tomorrow.
1.5
SCOPE AND LIMITATION:
This study covers the forms, degrees, causes,
effects and solutions to fraudulent acts in financial institutions which is
limited to banks especially in Enugu
metropolis.
The research is carried out with the available
literature review materials. In the
course of the research, there is inadequate literature review materials, time
and space for the collection of data.
1.6
DEFINITION OF TERMS:
(i) FRAUD:
This refers to irregularities involving the use of
criminal deception to obtain an unjust or illegal advantage.
(ii) FINANCIAL SYSTEM:
These are institutions that issue financial
obligations in order to obtain funds from the public e.g. bank.
(iii) DISTRESSED BANKS:
These are banks with problems relating to liquidity,
poor earnings and non-performing assets.
The climax of it could be condition of insolvency which implies
inability to pay debts or meet maturing obligation as they become due.
(iv) MANAGEMENT:
This refers to handling of or directing of
something.
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