EFFECT OF BANK FRAUD IN THE NIGERIAN ECONOMIC DEVELOPMENT
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EFFECT OF BANK FRAUD IN THE NIGERIAN ECONOMIC DEVELOPMENT
In our banking industry, Fraud is gradually spreading and becoming a daily occurrence. While Bank management is busy developing methods of detecting and checking fraud, fraudsters are working on new ways to get around those controls in collaboration with dishonest bank employees.
It should be noted that the influence destabilises banks in addition to impeding their ability to grow and accomplish their goals. Because of this, the country has experienced a significant number of bank mergers and acquisitions in the twenty-first century.
The threat includes falsifying transactions, forging account holders’ signatures, fabricating letters of credit, stealing money from bank tellers, telex fraud, conspiring to issue loans, manipulating financial data, and misrepresenting automated teller machines (ATM), to name just a few.
With reference to Ecobank plc, union bank plc, skye bank plc, keystone bank plc, stanbic IBTC, and united bank for Africa plc (UBA), this research work’s aims are to conduct a survey and investigation on the main sources of fraud and their impact on the Nigerian economy.In order to examine the issues, the researcher employed both primary and secondary data.
The project also evaluated several types of fraud and malpractice that may exist. The researcher believes that through identifying numerous methods of fraud and malpractice as well as potential preventative measures, this study has in some manner met its planned goals and objectives.
Finally, because the writer was limited by the issues she encountered, this report is primarily meant to serve as a springboard for the student to do similar work in a related field. Finally, this initiative identified solutions for stopping or lessening the aforementioned issues.
1.1 STATEMENT OF THE PROBLEM
The number of fraud and other wrongdoings in banks has continued to rise, with varied degrees of complexity. The Nigeria Deposit Insurance Corporation (NDIC) stated that in the current 21st century, “Banking Industry has lost billions of naira to fraudulent activities, indicating a continuing increase in banking fraud.”
This demonstrates that while bank management is busy developing ways to check for fraud and malpractice, criminals are developing innovative ways to get around those safeguards in collaboration with dishonest bank employees.
The harmful implications or outcomes of this will then be brought up here. Fraud and malpractice result in the needless loss of a sizable sum of money. The bank’s lack of funds cripples business operations and transactions.
Once more, every instance of fraud erodes the public’s trust in banks, leading them to doubt the industry’s ability to protect their funds and handle daily transactions.
The emergence of banking practises in the Nigerian economy is delayed or slowed down by bank fraud and malpractice. People avoid banks out of concern that they might lose their money in the event of fraud.
The administration of banks is constantly on guard for fraud and malpractice, which forces them to expend resources and energies on its prevention and detection.
1.2 OBJECTIVES OF THE STUDY
The study’s primary goal is to examine the impact of bank fraud on Nigeria’s economic growth.
In light of the aforementioned issues, it is clear that frequent bank liquidations in the economy may result if nothing is done to reduce the prevalence of fraud.
The following are the primary goals of this study project:
1. To examine and investigate the most common types of bank fraud and malpractice in Nigeria’s 21st-century economic development, utilising Ecobank as a case study.
2. To identify the root causes and fundamental drivers of bank fraud and malpractice, as well as to investigate its varied manifestations and geographic distribution.
3. To investigate potential consequences or outcomes of bank frauds,
fraud in bank operations and the development of the Nigerian economy
20th century.
4. To review the numerous management and governmental tools designed to get rid of or manage financial fraud.
5. To offer suggestions or solutions that can significantly lower it.
abolished, bank fraud or misconduct in the 21st-century economic growth of Nigeria.
1.3 RESEARCH QUESTIONS
The following questions will serve as the foundation for the examination of this subject.
1. How much do dishonesty and fraud hurt banks’ profits?
2. Do fraud and negligence cause money to be lost in the banking sector?
3. How much do dishonest bank employees, cultural values, and a lack of staff,
the presence of fraud or malpractice in the banking industry is influenced by training
industry.
1.4 RESEARCH HYPOTHESIS
A hypothesis is described as “a preposition assured to be true merely for the purpose of argument or a preposition or theory put forward to account for an order of a body fact” by Donnel and Orwell (2001) in their book American Encyclopaedia.
The following hypothesis will be tested in order to direct this research project and to achieve the outlined aims above.
1. H01: In the banking industry, fraud malpractices either cause or do not cause avoidable loss from fraud.
2. H02: Does or does not reduce public perception of fraud and malpractice
belief in the banking sector.
3. H03: Inadequate staff training and dishonest bank employees are
not significant factors in malpractice or fraud.
1.5 SCOPE OF THE STUDY
This study’s primary concern is the impact of fraud and misconduct on Nigerian banks, specifically Union Bank Plc, Eco Bank Plc, and Skye Bank.
the employees of the banks in Asaba, Delta state, include top managers, middle managers, lower managers, and other personnel.
No one text or article can pretend to have covered every aspect of the subject under investigation, hence the research cannot be said to have done so. The work is just being done for academic purposes.
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