The effect of fraud in Nigerian banking sector

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Abstract

This study looks at the effect of fraud in the Nigerian banking sector. Fraud has eaten deep into the banking sector in Nigeria, as well as the entire economy. Its devastating effect manifests itself in the deteriorating balance sheet of banks as well as in economic backwardness. As a result, measures to eradicate fraud in the banking sector become a central focus of the government and the monetary authorities. It was against this backdrop that this study was aimed at providing empirical evidence on bank fraud and its effect on the Nigerian economy. Data for the analyses were obtained from primary data through questionnaires and secondary data from Nigeria Deposit Insurance Corporation (NDIC) Annual Report. Four research questions were formulated to access the impact of looting of funds, social and environmental factors, motivation and government effort on bank fraud and its effect on Nigeria economy. These were tested with simple percentages and statistical techniques. Results showed that lack of adequate motivation is not a major cause of fraud in banks, looting of funds by bank managers and directors constitutes the major form of fraud in Nigeria, government effort and its agencies have negatively impacted on combating fraud in Nigeria and environmental or social factors have a negative impact on bank fraud. On the basis of findings, it is recommended that the government should make its impact to be felt in combating fraud by establishing more agencies for combating frauds. Those managers and directors involved in the looting of funds should be persecuted to serve as a deterrent to subsequently once. In addition, bank staff should be properly screened to test their morality and integrity before recruitment.
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The effect of fraud in Nigerian banking sector

3,000.003,200.00 (-6%)

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