THE CAUSE AND PREVENTION OF FRAUDULENT PRACTICES IN NIGERIA COMMERCIAL BANK

 

ABSTRACT

It is widely acknowledged that fraud poses a concealed threat to financial institutions in this country; nonetheless, our commercial banks and other financial organizations continue to struggle to solve the mystery of fraud. People watch it in amazement given the divesting effect, unstoppable upward trajectory, and scale in our business setups—all of which are regularly reported in the press headlines. Recent years have seen an unfathomable increase in the frequency of frauds and fraudulent acts in practically every non-banking institution, including businesses, hospitals, government buildings, ministries, and educational institution. There are ample signs of impending catastrophe for the crucial financial sector of the Nigerian economy in the sporadic spread rates in banks and even the Apex Bank (CBN). Insider abuse is the leading reason. This includes dishonest behavior and fraud by staff members all the way up to the board level. Based on these, the study report serves as a basis for investigating the origin and method of fraud in Nigeria Commercial Bank: (A Case Study f Union Bank Nigeria Plc). There are five (5) chapters in this research project. The first chapter provides an overview and discusses the principles of the origin and mitigation of fraudulent practices in Nigeria Commercial Bank. The definitions, classification nature of fraud, causes of frauds, manpower resources and financial losses as a result of frauds, the concern by monetary/regulatory authorities, the government agencies, and all embracing methods of detection, prevention, and control are highlighted in Chapter 2 (Literature Review), which is largely divided into various headings. Although chapter four tests the hypothesis presented in chapter one, chapter three outlines the entire research design. Chapter five contains our findings, recommendations, and conclusion.

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