Fraud as a Negative Catalyst in the Nigerian Banking Industry

Journal of Emerging Trends in Economics and Management Sciences (JETEMS) 2 (5): 357-363  © Scholarlink Research Institute Journals, 2011 (ISSN: 2141-7024) jetems.scholarlinkresearch.org Journal of Emerging Trends in Economics and Management Sciences (JETEMS) 2(5):357-363 (ISSN:2141-7024) Fraud as a Negative Catalyst in the Nigerian Banking Industry Akindele R.I Department of Management and accounting Obafemi Awolowo University, Ile Ife, Nigeria ___________________________________________________________________________ Abstract Fraud in the Nigerian Banking Industry before the recent merger and acquisition and recapitalisation efforts was at alarming rate. It has caused many banks to collapse, and many investors and depositors funds†¦show more content†¦management staff are in secret leagues with the enemy†. He says that only the measured alertness and The focus of the study is to identify and assess the collaboration of genuine banks together with causes, consequences, detection, prevention and improved supervisory measures from CBN ad NDIC control of fraud in the Nigeria Banking Industry. will terminate such pirate organizations. As it were frauds seem to have increased as new technology is LITERATURE REVIEW AND THEORETICAL born and more advanced techniques of enhancing FRAME WORK business transactions have been developed. Young, (2002) says that, ample evidence exists that Fraudsters are constantly devising new plans, individual integrity of those running the banks today 357 Journal of Emerging Trends in Economics and Management Sciences (JETEMS) 2(5):357-363 (ISSN:2141-7024) has never been at a higher level. Never before have we seen attention to the actual steps; procedures and control of monetary transactions. Employees’ as well as firms in all industries engage in fraudulent practices all over one world. Although the existence of fraud in our banks is not an uncommon or unexpected behaviour, the prevalence ‘of it is what is worrying because of all the various problems confronting the mostShow MoreRelatedTHE ROLE OF COMMERCIAL BANKS IN THE ECONOMIC DEVELOPMENT OF RURAL AREAS OF NIGERIA4862 Words   |  20 Pagesneeded for its real sector investments and industrial growth. Keyword: deposit liability; credit; capital formation. Introduction The Nigerian banking industry is majorly composed of Deposit money banks, development banks and the Central Bank of Nigeria (CBN), which is the apex bank. The apex bank exercises supervisory and regulatory authority over the banking industry. The Central Bank of Nigeria was established by the Central Bank of Nigeria Ordinance 1958 following the report of J. B. Loynes. TheRead MoreThe Accounting Profession and Nat39077 Words   |  157 PagesTHE JOURNAL OF ACCOUNTING ANAN Volume 1, No 1, March 2009 Published by: Nigerian College of Accountancy, Jos Postgraduate Professional College and Training Arm of ANAN ...Advancing the Science of Accountancy EDITORIAL BOARD Prof. Edet Robinson Iwok, Ph.D, FCNA Prof. A. A. Okwoli, Ph.D, FCNA Prof. Abimaje Akpa, Ph.D, FCNA Prof. B. C. Osisioma, Ph.D, FCNA Prof. Edet B. Akpakpan, Ph.D, FCNA, Prof. A. C. Ezejulue, Ph.D, FCNA Prof. A. S. Mikailu, Ph.D, FNIA Chairman, Education, TrainingRead MoreAn Assessment of the Impact of Corporate Social Responsibility on Nigerian Society: the Examples of Banking and Communication Industries18990 Words   |  76 PagesJournals Full Length Research Paper An assessment of the impact of corporate social responsibility on Nigerian society: The examples of banking and communication industries Adeyanju, Olanrewaju David Department of Financial Studies Redeemer’s University, km 46, Lagos Ibadan Expressway Mowe, Ogun State E-mail: davfol@yahoo.com, Tel No.: 07037794073 Accepted 30 January, 2012 In the Nigerian society, Corporate Social Responsibilities [CSR] has been a highly cotemporary and contextual issue toRead MoreThe Role of Ict in Banking Operations13419 Words   |  54 PagesTHE ROLE OF ICT IN BANKING OPERATIONS CHAPTER ONE INTRODUCTION 1.1 BACKGROUND OF THE STUDY The Nigerian banking system has undergone remarkable changes over the years, in terms of the number of institutions, ownership structure, as well as depth and breadth of operations. These changes have been influenced largely by challenges posed by deregulation of the financial sector, globalization of operations, technological innovations and adoption of supervisory and prudential requirements that conformRead MoreCross Cultural Management Research6745 Words   |  27 Pagesrefreshed and promoted within the Xerox population†(Xerox et al, 2009). CEO Anne Mulcahy takes ethical violations seriously and when investigations are conducted they are carefully conducted. The accomplishment Xerox have faced are limited financial fraud reporting, weeding out managers who try to take advantage of their position and power, and protecting employees from feeling harassed. â€Å"One instance that really stands out in my mind (Hector Motroni) is an employee of an external agency who calledRead MoreDeveloping Management Skills404131 Words   |  1617 Pagesorganizations— is the key determinant of organizational success. These studies have been conducted across numerous industry sectors, international settings, and organization types. The research findings now make it almost unquestionable that if organizations want to succeed, they must have competent, skillful managers. For example, in one study of 968 firms, representing all major industries in the United States, organizations whose managers effectively managed their peopleâ€⠀that is, they implemented effective