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THE EFFECTS
OF BANK FRAUD IN THE NIGERIAN ECONOMIC DEVELOPMENT (21ST CENTURY EXPERIENCE)
CHAPTER ONE
INTRODUCTION
1.1
BACKGROUND TO THE STUDY
The concept
fraud is a term known in all works and cranny in Nigeria. Fraud has eating deep
into the fabrics of Nigerian society, mostly in this present 21st Century. The
only remedy to this ugly situation will be self discipline and honesty among
bank staff, otherwise this decadence will persist. What is fraud? Some well
read individual have tried to bring the subject home in a better language for
easy understanding. Okorie (2000). Defined fraud in his book “Understanding
Practical Auditing and Investigation,” as irregularities involving the use of
criminal deception to obtain unjust or illegal advantage. The word irregularity
is used to refer to intentional distortion of financial statements for whatever
purpose and misappropriation of Assets. Donnel (2001) argued that “fraud in the
contemplation of Civil Court of Justice, may be said to include all act of
omission and concealment, justify reposed and are injurious to another by which
undue or unconscientiously is taken of another”. Microfinance bank
certification programme study manual (2012) define fraud as a deception
deliberately practiced in order to secure unfair or unlawful gain. Adewumi
(2011) described fraud as a “conscious premeditated action of person or group
of person with the intention of selfish or personal monetary gain”. It involves
the use of deceit and trick and sometimes highly intelligent canning, and known
how. The action usually takes the form of foregoing falsification of documents,
outright theft. Fraud in its entering whereby another is sought to be deprived
by illegal or inequitable means what he is entitled to Donnel (2001). The above
definition may not enough to express what fraud is to the reader, but can at
least give a vivid definition of the term because it contains the fundamental
of fraud which includes. 1. There must be deceived through motive immaterial.
2. There must be damage to the person deceived, Infact, where there is money,
there is bound to be fraud. Harry (2000) opined that “No one is entirely immune
to fraud. It crop up in small and large amount. It is perpetrated by management
both senior and junior employees whenever fraud is mentioned, one thinks of
loss of money in financial institution like banks and insurance companies. In
the 1960s, Banks and Insurance fraud are not tetched. The establishment of
banks and more insurance companies concomitant at over stretched of staff
resources and accordingly, the weakness in the system the result of these is
the speed at which fraud in banking and insurance companies has risen.
Commercial fraud covers multitude of malpractice including such “with dollar
crimes”, as obtaining credit without intending to pay, obtaining money in
mart-order business without supplying the goods, obtaining money by promising
to invest and not doing so, obtain by computer fraud insiders trading and tax
fraud. “A Corporate Crime”. Where business people commit frauds against other
invest or one tax authorities or where directors commit fraud against
companies. Fraudsters involve themselves in fraudulent activities so as to be
reckon with the society as those who have made it. The loss of funds assets
through fraud reduces resources available for use in bank and insurance company
operations. Considering the up-short the rate of frauds, hence the study of the
effect control and possible solution to these special crime in bank.
1.2
STATEMENT OF THE PROBLEM Banks has continued to witness increased number of
fraud and malpractice with varying degree of sophistication. It was reported by
the Nigeria Deposit Insurance Corporation (NDIC) that “Banking Industry has
lost billions of naira to fraudulent activities, indicating a continuing
increase in banking fraud” in the present 21st century in Nigeria. This shows
that while bank management are busy working out means of checking fraud and
malpractice fraudsters on the other hand in conjunction with some dishonest
bank staffs are designing new methods on how to circumvent those measures. It
will then be pointed out here that the results or implication of these is
damaging. Fraud and malpractice leads to unnecessary loss of huge amount of
money. This loss of money by the bank cripples banks activities and
transactions. Again, every incidence of fraud reduces public confidence on
bank; hence they question the credibility of the banking industry in protecting
their money and meeting up with daily transactions. Banks fraud and malpractice
delay or slow down the development of banking habits in Nigeria economy. People
shy away from banks in fear of losing their money in case fraud occurs. Banks
fraud and malpractice keeps the management of banks alert and cause them to
waste resources and energies on fraud prevention and detection.
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