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ANALYSIS OF FRAUD IN BANKS: EVIDENCE FROM NIGERIA
ABSTRACT
The study examined the effect of fraud occurrence on Nigerian banks’ failure. The study adopted crosssectional survey design and the ex post facto research design. The population of the study comprised the staff and management teams of sixteen (16) DMBs, five (5) audit firms and the zonal branch of the Central Bank of Nigeria (CBN) all in Abeokuta, Ogun State and all Nigerian banks’ failure reports on frauds and forgeries as released by NDIC from 1995 to 2014. The study used purposive sampling technique while the regression analysis was used for data analysis. The results of the study revealed that the occurrence of fraud cannot significantly affect the total expected loss of Nigerian banks with P value (0.972) which is higher than 0.05 and that the occurrence of fraud cases in the Nigerian banks does not significantly contribute to their failures with P value (0.417) which is higher than 0.05. The study concluded that the amount involved in fraud cases in Nigerian banks is a good determinant of banks’ failure. The study recommended that the service of forensic auditors should be sought in Nigerian banks to reduce fraud occurrence.
Key words: Fraud, Organisations’ failure, Expected loss, Amount involved and Nigerian banks