CHAPTER ONE
- BACKGROUND OF THE STUDY
Banks provide the bulk of the funds required by the various investors in developing our business economies throughout the world. The rate of economic development of any nation or country is closely related to the effectiveness and efficiency of the banking system in the nation or country.
The banking industries or system in Nigeria comprises of the commercial banks, merchant banks, Development banks, Mortgage banks. But the apex of the banking industry is the central banks of Nigeria. Bank which is the focus of our study provided the following services.
Acceptance of deposit, granting of short and medium term loan to customers, safe keeping of valuable documents, offering of pieces of advices to investor, and others.
In 1992, the first commercial bank was established in Nigeria which was the African Banking Corporative. Its first branch office was established in Lagos through the effort of a Lagos based shipping company messer Elder Dempster and co.
A year later, the bank folded up and transferred its interest to the shiping company.
In 1929, the first indigenous bank to survive the challenge of the time was opened. Immediately after the arrival of that bank, the banking system became aglow with life and vivacity. It stared to blossom and the number f banks increased geometrically. It was recorded that between 1040 and 1953 a total of 185 banks had registered for banking business in Nigeria.
1.2 AIMS OF THE STUDY
one major reason why bank fail is an a result of mismanagement which is another dimension of fraud.
The aim of the various factors that contribute to fraudulent acts in banks and their impacts in the Nigerian Banking system as it affects the economy.
To help in achieving the aim of writing this project, the following questions needed to be answered and clarified. Who are those that perpetrate this acts frauds in the banking environment, what methods do they adopt in defrauding banks, what are the factor which contribute to fraudulent acts, what are their imparts on the banking system as well as the economy and finally, how can it be curbed.
1.3 STATEMENT OF THE PROBLEMS
There are always immediate and remote causes to any problem. Bank have become continuous target by fraudulent individuals and groups. It is no longer a captivating caption to people as a result of it’s recurrent. However, fraudulent acts has continue to cause untold hardship to the general public as a result of its toils on the nation’s economy.
1.4 OBJECTIVES OF THE STUDY
The main objective of this study is to identify ways of minimizing the incidences of frauds in the banking system and is occurrences.
1.5 STATEMENT OF HYPOTHESIS
Frauds has caused monumental loss to banks both in terms of resources as well as loss of confidence from the public. The following hypothesis will be tested.
H0: Frauds do not have impact on the Nigerian banking system.
H1: Frauhave impact on the Nigeria banking system.
H0: Bank staffs do not contribute to bank frauds
H1: Bank staffs contribute to bank frauds.
- SCOPE OF THE STUDY
The study is aimed at evaluating frauds in Nigerian banking system.
1.7 SIGNIFICANCE OF THE STUDY
This study will serve as a useful tool to the government, the banking sector as well as the research scholars.
The study critically evaluate frauds, its causes, types, its effects and the possible ways to curb it.
1.8 LIMITATION OF THE STUDY
The following are some of the things that seems to limit this study:
Time; Time is always a delimiting factors in carrying out any research. Other things needed to be attended to also in the course of writing this projects there by limiting the time that would have been devoted to this work.
Finance: Financial adequacy also possess some limitation to this work as money needed to travel and sort for materials (data) was not readily available .
Scarcity or Literature: There are no much material available on this topic under consideration.
- DEFINITION OF TERMS
Banking: It is the accepting of money for the purpose of demand.
Frauds: This is any behaviour by which one person intends to gain a dishonest advantage over another .
Financial Frauds: It is the suggestion as a fact of that which is not true, by one who does not behaviour it to be true or the active concealment of a fact by one having knowledge of belief of the fact.
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