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The Impact of Bank Fraud on Economic Growth and Development in Nigeria

The Impact of Bank Fraud on Economic Growth and Development in Nigeria

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DEDICATION

This research material, titled “The Impact of Bank Fraud on Economic Growth and Development in Nigeria” is dedicated to God for His boundless grace and guidance. It is also a tribute to all computer enthusiasts whose contributions made my research journey smoother and enriched my documentation process, making the experience truly fulfilling.



ACKNOWLEDGEMENT

I am profoundly grateful to everyone who contributed to the successful completion of this project. I am especially grateful to my Supervisor (Name), the Head of Department (Name), and the Lecturers in the Department of Banking and Finance (BF) for their invaluable guidance and support. I also acknowledge the contributions of authors and scholars whose works on The Impact of Bank Fraud on Economic Growth and Development in Nigeria provided essential insights. Special thanks go to my study area (and any funding organizations, if applicable) for their financial assistance. I am equally thankful to stakeholders, including mentors, teachers, and colleagues, for their encouragement and support. Finally, I deeply appreciate my family and friends for their patience and unwavering support throughout this journey. Your contributions have been instrumental in making this research a reality.



TABLE OF CONTENTS

PRELIMINARY PAGES

CHAPTER ONE

  • 1.0 Introduction
  • 1.1 Background of the study
  • 1.2 Statement of problem
  • 1.3 Objectives of the study
  • 1.4 Research questions
  • 1.5 Significance of the study
  • 1.6 Scope of the study
  • 1.7 Limitation of the study
  • 1.8 Definition of terms

CHAPTER TWO

  • 2.0 Literature Review
  • 2.1 Introduction
  • 2.2 Various definition of fraud
  • 2.3 Forms of fraud in Nigeria banking industry
  • 2.4 Causes of fraud in Nigeria Banking industry
  • 2.5 Effect of fraud in Nigeria banking industry
  • 2.6 Laws relating to legal process of prosecuting fraud in banks
  • 2.7 The legal framework and fraudulent practices
  • 2.8 Approaches to the minimization or suggestion for the prevention of fraud.

CHAPTER THREE

  • 3.0 Research design and methodology
  • 3.1 Introduction
  • 3.2 Research
  • 3.3 Sources / method of data collection
  • 3.4 Population and sample size
  • 3.5 Sample technique
  • 3.6 Validity and reliability of measuring instrument
  • 3.7 Method of data analysis

CHAPTER FOUR

  • 4.0 Presentation and analysis of data
  • 4.1 Introduction
  • 4.2 Presentation of data
  • 4.3 Analysis of data
  • 4.4 Analysis of research question
  • 4.5 Interpretation of result

CHAPTER FIVE

  • 5.0 Summary, conclusion and recommendation
  • 5.1 introduction
  • 5.2 summary of findings
  • 5.3 conclusion
  • 5.4 recommendations

REFERENCES

APPENDIX


ABSTRACT

From the research on empirical survey of fraud in the Nigeria banking industry, the researcher was able to make the following findings that:

  1. Fraud really exit in the Nigeria banking industry
  2. Many factors have contributed to the growth of fraud in the Nigeria banking industry.
  3. Fraud has an adverse effect in the Nigeria banking industry and the prominent among such effect is the loss of fund by bankers.
  4. There are legal loopholes in the Nigeria legal system that facilitates fraud
  5. Recruitment exercise are poorly conducted, there is sacrificing cognate experience and other relevant technical knowledge of favoritism
  6. Fraud is being caused by minimized or reduced from the Nigeria banking industry by taking corrective measures.

The Impact of Bank Fraud on Economic Growth and Development in Nigeria

CHAPTER ONE

1.0 Introduction

The existence of bank fraud on economic growth and development in Nigeria is not to be over emphasized cause it happens almost everyday.

Fraud in the banking industry may said to have started after the establishment of the first indigenous banks.

As we go further, we will know what led to the existence of fraud in our banking industry.

1.1 Background of the Study

For the past decade, fraudulent practices has been on the increase in the Nigeria banking industry upon all the effort to Mitigate its existence.

Before the establishment of the first banking ordinance, there was no regulatory and supervisory body to regulates, control and supervise the activities and performance of bank fraud on economic growth and development in Nigeria. For instance, some banks got license but did not open not even for a day for business while some opened and collected customers deposit and vanished or wound up the needs to control and checkmate the impact of bank fraud on economic growth and development in Nigeria arose.

As a result of the fraudulent activities going on in the banking industry which can be advanced free fraud (419) , banks being distressed and so many others, laws relating to legal process of presenting fraud were established.

1.2 Statement of the Problem

Fraud is now a household word in the Nigeria banking industry. Reasons are hardly can a day pass by without a reported case of bank fraud . this has brought a lot worries to investors, government and other interest parties . The management of various banks e.g Union Bank PLC and first Bank plc are trying everyday to device a means of putting to an end bank fraud while some fraudulent staff among them are reinforcing themselves in the near future.

Bank fraud has an adverse effect on the economic growth and development in Nigeria since most business cannot perform function effectively and efficiently without the bank. Infact bank fraud has created distrust and we now live in arena of destruct among banks and their customers.

1.3 Objectives of the Study

The purpose of this research is to;

  1. Determine if there are fraud in the Nigerian banking industry.
  2. Find out and discuss forms of fraud in the Nigerian Banking industry.
  3. Have a look at the effects of fraud on the general.
  4. Find out the causes of fraud in the Nigeria banking industry.
  5. Determine if there are legal loopholes in the Nigerian Banking industry that facilitate fraud.
  6. Suggest means of eliminating fraud in the Nigeria banking industry
  7. Determine staff involvement in fraud.

1.4 Research Question

  • Does fraud exist in the Nigeria Banking industry?
  • How can fraud be detected in the Nigeria banking industry?
  • What led to the existence of fraud in the Nigeria banking industry?
  • What impact has fraud created on economic and development in Nigeria?
  • Why is bank fraud more prevalent in Nigeria?
  • What are the causes of bank fraud in Nigeria ?
  • What are the effects of bank fraud in Nigeria?
  • What measures can be put in place to control or reduce the existence of fraud in the Nigeria banking industry?

1.5 Significance of the Study

The research work is significant in the following ways;

  1. To serve as basis for further research in the case study
  2. To serve as a contribution to the knowledge in the area of fraud in the Nigeria banking industry.
  3. The qualification necessary to improve performance through surveying.
  4. The work will through light on how to plan strategically in order to improve banking performance for easy actualization of bank objectives at the end.

1.6 Scope of Study

The scope of study is on the impact of bank fraud on economic growth and development with references to Union bank Plc and first bank Plc.

1.7 Limitation of the Study

It would have been best to make this investigation in all the banks and other financial institutions in the country in pursuit of excellence and achievement of the beset possible result; but it is difficult to reach such large population in view of time constrain, coverage and accessibility of respondents (reluctance of respondents to volunteer information), it was limited to a particular bank that is union bank PLc and first Bank plc.

Although most analysis carried out may incorporate other banks and financial institutions as the case may be.

…

CHAPTER TWO

2.0 Literature Review

2.1 Introduction

This chapter focuses on the review of related literature. A literature review includes the current knowledge as well as theoretical and methodological contributions to a particular topic. It documents the state of the art with respect to the topic you are writing. It surveys the literature in the topic selected. In this research work the literature review includes the conceputal review, theoretical framework, the review of related literature …

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