IMPACT OF FRAUDS IN THE BANKING INDUSTRY IN NIGERIA

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IMPACT OF FRAUDS IN THE BANKING INDUSTRY IN NIGERIA

CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND OF THE STUDY

Banking system in our economy is a very vital sector and their position in our economy cannot be over emphasized. The banking system in Nigeria was fashioned along with that of Britain the banking system act as financial intermediate for funds between the deficit and surplus sector of the Nigeria economy. Nigeria banking sector is made up of the central bank of Nigeria (CBN) commercial banks, merchant bank, development bank and specialized banks. This banks deal on various financial instruments and development there are transferable and desirable in nature. Notwithstanding, the recent incident of fraud and forgeries tend to pose a serious bottle neck to proper functioning of the banking system, thereby incensing the association risk and business system loss report early.

The oxford dictionaries defined fraud as criminal deception deceptive tricks cheating swindling but Longman dictionaries’ prefers to defined fraud from the view point, fraud in fact and fraud in equality. According to Okezie (1999) 9.476 frauds involves the use of deception to obtain an unjust or illegal financial advantages or also CBN banking supervision annual report 1998 defined fraud as involving the willful misinterpretation, the deliberate concealment of material fact or the purpose of inducing another person to do something. Poss. J.A (1990) P.99 also defined fraud as a legal term for a purposeful deception that result in financial loss to another.

However, an over view of event in the law few years not helping matters at all. In this part of the world, fraud and person with questionable character are applauded and honored with chieftaincy titles and can not fight this epidemic instead, more person grow for the act daily. Frauds generally, are motivated by greed. This is true because the rise in the activities of fraudsters tend to respond due to the desire of wealth and the intention to receive and

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