A SURVEY OF FRAUD IN NIGERIA BANKING INDUSTRY

TABLE OF CONTENTS

CHAPTER ONE

1.0 INTRODUCTION

1.1 BACKGROUND OF THE STUDY

1.2 STATEMENT OF PROBLEM

1.3 OBJECTIVE OF STUDY

1.4 SCOPE OF THE STUDY

1.5 LIMITATION OF STUDY

1.6 DEFINITION OF TERMS

CHAPTER TWO

2.0 REVIEW OF RELATED LITERATURE

2.1 VARIOUS DEFINITION OF FRAUD

2.2 FORMS OF FRAUD IN NIGERIA BANKING INDUSTRY

2.3 CAUSES OF FRAUD IN NIGERIA BANKING INDUSTRY

2.4 EFFECTS OF FRAUD IN NIGERIA BANKING INDUSTRY

2.5 THE LAW RELATING TO THE LEGAL PROCESS OF PROSECUTING FRAUD IN BANKS

CHAPTER THREE

3.1 FINDINGS

3.2 RECOMMENDATION

3.3 CONCLUSION

REFERENCE

CHAPTER ONE

1.0 INTRODUCTION

1.1 BACKGROUND OF THE STUDY

It will not be easy to say the exact date fraud began in the Nigerian Banking Industry. However, we are going to have a look at dates of the establishment of the first two indigenous banks in Nigeria as this will help us to trace the origin of some loopholes which bring about fraudulent practices in Nigerian banking system. The National Bank of Nigeria was establishment in 1933, the Agbomgba bank (now Wema Bank) was established in 1945 and the African Continental Bank was established in the year 1947.

Prior to 1952, there was no banking regulation to monitor the activities/operations of the Commercial Banks in the country as a result of this there was lapses in the banking system. For instance, some banks got license for operation but did not open one day for business. Some opened, collected money from their customer and vanished or wound up, due to these fraudulent acts, the first banking Act was enacted in 1952 and subsequently in 1959, the Central Bank Act was enacted to monitor the activities/operations of Commercial Banks in the country with the view to reducing bank fraud. But it rather seemed to stimulate the occurrence of fraud in those Bank because for the decade fraudulent practices have been on the increase and this call for a review or critical evaluation of some at the “Act”, we now hear of cases of bank, been distressed, “Advanced free fraud” “419” and so many other fraudulent practices all in our banking industry. In writing this protect, the area/state chosen for the study is Enugu and the bank of interest is Orient Bank Plc.

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