FRAUD CONTROL AND FRAUD PREVENTION IN NIGERIA BANKING INDUSTRY

FRAUD CONTROL AND FRAUD PREVENTION IN NIGERIA BANKING  INDUSTRY
FRAUD CONTROL AND FRAUD PREVENTION IN NIGERIA BANKING  INDUSTRY
FRAUD CONTROL AND FRAUD PREVENTION IN NIGERIA BANKING  INDUSTRY
FRAUD CONTROL AND FRAUD PREVENTION IN NIGERIA BANKING  INDUSTRY
FRAUD CONTROL AND FRAUD PREVENTION IN NIGERIA BANKING  INDUSTRY
FRAUD CONTROL AND FRAUD PREVENTION IN NIGERIA BANKING  INDUSTRY
FRAUD CONTROL AND FRAUD PREVENTION IN NIGERIA BANKING  INDUSTRY
FRAUD CONTROL AND FRAUD PREVENTION IN NIGERIA BANKING  INDUSTRY
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1. Introduction

Fraud is a global occurrence; it is not peculiar to only banking industry, this is because the collapse of foremost international corporations like Enron (in the United States of America), collapse of NITEL, Nigeria airways, and some distressed bank in Nigeria such as Savannah bank, Africa International Bank (AIB) were all product of fraud. Also, the recent financial mismanagement in Nigeria banking sector which made the Central Bank to inject 620 Billion naira tax payers fund and take over some commercial banks (known as troubled banks) namely Oceanic Bank Plc, Fin Bank Plc, Afri bank Plc, Bank PHB, Spring Bank and Intercontinental Bank can also be traced to fraud. The occurrence of the fraudulent practices in the most commercial bank in Nigeria have negatively affected the mindset of most

shareholders and investors, and

may

take a

long time

before

it

can be

corrected,

Obafemi,(2016). Frauds and corruption usually result in huge financial losses to

banks and

may affect the confidence of most

investors and

shareholders,

infact,

the

frequent

occurrence

of frauds could, in extreme cases, could lead to the closure of some banks, which was the case of most of the closed commercial banks in Nigeria.

Furthermore, fraud and corruption in today’s banks certainly constitutes one of the most serious threats to the practices and spread of bank in Nigeria. It has assumed such an alarming proportion that there is no visible sign that the tread will be reversed. In legal terms, fraud is seen as the act of depriving a person of something, which such a person would or might be entitled to, it can also be seen as an act of trickery which is intentionally practiced in order to gain illegitimate advantage. Therefore, for any action to constitute fraud there must be deceitful objective to benefit (on the part of the perpetrator) at the disadvantage of another person or group. Fraud typically requires stealing and manipulation of accounts, frequently accompanied by cover up of the theft. It also involves the translation of the stolen resources or property into own resources or property.

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