THE IMPACT OF FRAUD AND OTHER SHARP PRACTICES ON THE BANKING INDUSTRY IN NIGERIA
ABSTRACT
The purpose of this study is to identify and the impact and solution of Bank fraud an other sharp practice on the Banking Industry in Nigeria.
The research is a primary research in the sense that it is established to investigate the causes and other sharp practices in Banking Industry in Nigeria.
The research covers the staff of Nigeria United Bank for Africa Plc. In this research, the work of many expends in the field of the study were reviewed. This enables the researcher to know more about the various ideals of many theorists about the topic.
Data gathered were analyzed in different tables using percentage where necessary an the data were interpreted as well.
The research reveals that the number of Banks involved in friends and forgeries cases has been on decline over the past few years. Other findings were there is decrease in amount involved have been on the increase over the time and this across all the cadre of staff
Conclusion was drawn on the data collected and the recommends were therefore provided as well:
CHAPTER ONE
1.0 INTRODUCTION
1.1 BACKGROUND OF THE STUDY
The level of fraud in the day Nigeria has assumed an epidemic dimension. It has eaten deep in to very aspect of a having to the extent that a three-year-odd-child talks about 419.
Fraud id defined as a deliberate act of deceiving somebody in all illegal way in order to make to obtain goods belonging to another party. For an action to constitute Fraud there must be a dishonest intention and the action, must be intended to benefit the preparation to the determine of another person.
Going by this definition fraud in Nigeria economy cannot be restricted to the bank alone. Fraud in the Banks is not know, they are as old as the Industry itself. However, like in the greater society they have become one of the most intractable problems of modem day banking.
Other sharp practices that is being perpetrated in the banking industry includes, embezzlement and theft, miss use or harm the asset of the bank, manipulation of figures, forgeries but all these can be compassed into Fraud that is the word “Fraud” can capsulate all these acts.
Fraud can be committed by the employers, customer and management of the bank concerned or others operating independently or in conspiracy with others inside or outside the financial institution.
The historical trends and analysis of the banking industry in Nigeria is discussed to assist in the understanding of the philosophies that will guide prospective reader in the extent to the bank Frauds had been in place.
Modern banking in Nigeria dates back to the early colonial period. This is as the period when the activities of transaction of the colonial government the deadline of the bater system of frauds and the increasing acceptance of British silver coins, all desired for constitutions in the form of commercial banks for safety and transmission of frauds, the importations and distribution British coin, and provision of credit facilities to the government an the trading companies (usage 1981).
It was for this purpose in 1872 that the Africa Banking Corporation of England was invited to open a branch office based in Liverpool and West African ports.
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