Detection and control of financial frauds in nigeria banking system: problems and solution

 

Table Of Contents

  • <p> </p><p>Title page &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;i</p><p>Approval page &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;ii</p><p>Dedication &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; iii</p><p>Acknowledgements &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;iv</p><p>Abstract &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;v</p><p>Table of contents &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;vi</p><p>List of Tables &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; ix</p><p><strong>

Chapter ONE

INTRODUCTION

  • </strong>INTRODUCTION</p><p>
  • 1.1&nbsp; &nbsp; &nbsp;Background of the study &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 1</p><p>
  • 1.2&nbsp; &nbsp; &nbsp;Statement of the problem &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 4</p><p>
  • 1.3&nbsp; &nbsp; &nbsp;Objective of the study &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;6</p><p>
  • 1.4&nbsp; &nbsp; &nbsp;Research Hypothesis &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;7</p><p>
  • 1.5&nbsp; &nbsp; &nbsp;Research Question &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 8</p><p>
  • 1.6&nbsp; &nbsp; &nbsp;Significance of the study &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 9</p><p>
  • 1.7&nbsp; &nbsp; &nbsp;Scope of the study &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 11</p><p>
  • 1.8&nbsp; &nbsp; &nbsp;Limitation of the study &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 12</p><p>
  • 1.9&nbsp; &nbsp; &nbsp;Definition of terms &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 12</p><p><strong>

Chapter TWO

LITERATURE REVIEW

  • </strong>REVIEW OF RELATED LITERATURE</p><p>
  • 2.1&nbsp;Who are the Bank fraudsters &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 15</p><p>
  • 2.2&nbsp;Debased moral standards &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;18</p><p>
  • 2.3&nbsp;The legal framework &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 21</p><p>
  • 2.4&nbsp;What is fraud &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;26</p><p>
  • 2.5&nbsp;Causes of fraud in Zenith Bank Plc &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;26</p><p>
  • 2.6&nbsp;The effects of bank frauds &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 29</p><p><strong>

Chapter THREE

RESEARCH METHODOLOGY

  • </strong>RESEARCH DESIGN AND METHODOLOGY</p><p>
  • 3.1&nbsp;Research design &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;38</p><p>
  • 3.2&nbsp;Area of study &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;38</p><p>
  • 3.3&nbsp;Population of study &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;39</p><p>
  • 3.4&nbsp;Sampling method &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;39</p><p>
  • 3.5&nbsp;Research instrumentation &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 40</p><p>
  • 3.6&nbsp;Validity and reliability of research instruments &nbsp; &nbsp; &nbsp;41</p><p>
  • 3.7&nbsp;Source of data &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;42</p><p>
  • 3.8&nbsp;Method of investigation &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 42</p><p><strong>

Chapter FOUR

DATA PRESENTATION AND ANALYSIS

  • </strong>PRESENTATION AND ANALYSIS OF DATA</p><p>
  • 4.1&nbsp;Presentation and Analysis of data &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 43</p><p>
  • 4.2&nbsp;Test of hypothesis &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 59</p><p><strong>

Chapter FIVE

SUMMARY, CONCLUSION AND RECOMMENDATIONS

  • </strong>SUMMARY OF FINDING/CONCLUSION AND RECOMMENDATION</p><p>
  • 5.1&nbsp;Findings &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 68</p><p>
  • 5.2&nbsp;Conclusion &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;68</p><p>
  • 5.3&nbsp;Recommendation &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 73</p><p>References &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;79</p><p>Questionnaires &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;82</p><p>Appendix &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 97</p><p><strong>LIST OF TABLES</strong></p><p>Table 1 qualification of respondents &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 44</p><p>Table 2 number of years worked with the bank &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 45</p><p>Table 3 Rank of respondents &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;46</p><p>Table 4 the extent the respondents partake in</p><p>decision making &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 47</p><p>Table 5 preparation of voucher &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 48</p><p>Table 6 regularity of the auditors in the banks &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;49</p><p>Table 7 Happenings in the bank &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;50</p><p>Table 8 Performance of the auditors &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;51</p><p>Table the results of the auditors &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 52</p><p>Table 10 the internal auditors &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 53</p><p>Table 11 Reports of the internal auditors &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;53</p><p>Table 12 management of the banks &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 53</p><p>Table 13 account and stock taking &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;55</p><p>Table 14 payment in the bank &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 56</p><p>Table 15 Contingent table &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;61</p><p>Table 16 Hypothesis table &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;62</p> <br><p></p>

Project Abstract

Financial fraud in the banking system is a significant challenge in Nigeria, leading to substantial economic losses, reduced investor confidence, and damage to the reputation of financial institutions. This research aims to investigate the detection and control of financial frauds in the Nigerian banking system, focusing on the problems faced and proposing effective solutions to mitigate the risks associated with fraudulent activities. The study utilizes a mixed-methods approach, combining quantitative data analysis of reported fraud cases in Nigerian banks over the past five years with qualitative interviews and surveys with key stakeholders in the banking sector. The findings reveal that the most common types of financial fraud in Nigeria include insider abuse, identity theft, loan fraud, and electronic payment fraud. These fraudulent activities are often perpetrated by employees, customers, or external criminal syndicates, highlighting the need for robust detection and control mechanisms within banks. Challenges in detecting and controlling financial fraud in the Nigerian banking system are multifaceted, including inadequate regulatory oversight, weak internal controls, limited awareness and training on fraud prevention, and the presence of sophisticated cybercriminals exploiting digital channels for illicit financial activities. These challenges are exacerbated by gaps in collaboration among regulatory bodies, law enforcement agencies, and financial institutions, hindering the timely detection and prosecution of fraudsters. To address these challenges, this research proposes a holistic framework for enhancing the detection and control of financial fraud in the Nigerian banking system. The framework includes the implementation of advanced fraud detection technologies such as artificial intelligence and machine learning algorithms, the strengthening of internal controls and risk management practices, the establishment of a centralized database for reporting and sharing fraud intelligence, and the enhancement of collaboration among stakeholders through information sharing and joint investigations. Furthermore, the study recommends the continuous training and capacity building of bank staff on fraud detection and prevention strategies, the review and enforcement of existing regulatory frameworks to align with international best practices, and the promotion of a strong ethical culture within financial institutions to deter fraudulent behaviors. By implementing these proposed solutions, Nigerian banks can proactively combat financial fraud, safeguard depositor funds, and uphold the integrity of the banking system.

Project Overview

<p> </p><div><p><strong>INTRODUCTION</strong></p><p><strong>1.1 &nbsp; BACKGROUND OF THE STUDY</strong></p><p>There has been no single accepted definition of the term “fraud”. &nbsp;Fraud in whatever form is limitless on classification, this is why courts and writers on fraud try to escape away from giving a decision definition, notwithstanding the varied meaning, attached to the concept of financial fraud the author addressed the subject with the following working definitions.</p><p>Oxford and chambers dictionaries define fraud as a criminal deception, act of deceptive, trick, cheating swindling person or thing that deceives.</p><p>Longman dictionary define fraud as ‘an act if deceitful behaviour for the purposes of gain which may be punishable by law.</p><p>In the mind of civil court of justice, fraud may be said to cover “all act, omissions and concealment which involve a branch of legal or equitable duty trust or confidence justly reposed and injurious to another or by which an undue influence or available ie taken off.</p><p>Bronifagbeni define banking fraud to mean an act or cause if deception deliberately practiced to gain unlawful or unfair advantages such deception directed to the detriments of another. The goes further to define fraud to mean depriving a person dishonestly or something which is his &nbsp;or of something to which he or would or mighty but for perpetration in the fraud be entailed.</p><p>Having closely studies these approaches to definition to fraud especially from the banking perspective one may correctly see bank financial fraud as a deliberate act by an individual or group within or without the Nigeria banking system to cheat, swindle, deceives or manipulate in other to disposes the banking depressions/share holders of their funds.</p><p>Therefore fraud and forgone in banking transactions can be perpetrated through falsification of entire in accounts of customers with a view to take advantage of the excess proceed.</p><p>Despite several definitions of frauds, the author believes that the ones so far given are rather appropriate advantages, and inspiring for the purpose in which the research work intends to achieve. &nbsp;This is because they contain the basic elements of fraud which include that:</p><p>(a) &nbsp; &nbsp; &nbsp; There must be decent or deception directed to the detriment of another or entirety</p><p>(b) &nbsp; &nbsp; &nbsp;A false representation has been made knowingly or without belief in its truth or recklessly, carelessly, whether it is true or false.</p><p>(c) &nbsp; &nbsp; &nbsp; Obtain damages for deceit, it must be proved that the defendant intended that the plantiff should act on it and suffered damages in consequences.</p><p>The position of banking system in our economy cannot be over emphasized. &nbsp;They act as the conduct pipe through which all the financial transactions pass. &nbsp;However, fraud has proved a serious bottleneck to the proper functioning of the roles of banking system to the Nigeria economy people are beginning to get worries and sooners than later may loose confidence in our banking sector due to mainly the very increasing incidence of fraud in our today’s bank Banks as the store house of the public funds and properties should be on trust not fraud.</p><p><strong>1.2 STATEMENT OF PROBLEM</strong></p><p>The frequent cases of financial fraud in many financial institutions in our country is now taken as the utmost concern to financial experts and micro economists. &nbsp;This has also limited that task of seeking solution to eliminate its occurrences. &nbsp;To some banking experts the issue of fraud in an internal vice in the Nigeria banking system. They argue on this because of good number of frauds occur among our banks without the knowledge of outsider even where the public is aware it does not effect the rate at which customers withdraw or deposit money.</p><p>These experts are inclined to believe this because the nation is under-banked, the populace are at no option but to use the available banks like especially the foremost and well established banks like Zenith Bank Plc even if there are glaring inefficiencies in the operations incompetence and laziness among most banks staff give birth to fraud.</p><p>Fraud has paralyzed the roof, the foundation and creditability of our banking system, just pick up any national daily or from police record and you will be alarmed at the extent and magnitude of bank fraud in Nigeria banking system. &nbsp;Many banks have gone on distressed. &nbsp;Therefore the researcher is arming at finding out if there is any significant effect or solution to financial fraud in the Nigeria banking system which has to offer to these deficiencies aforementioned with special references with Zenith Bank Plc station road, Enugu.</p><p>In summary, the major problems of this study are as follows</p><p>(a) The incessant/consistent case of financial fraud.</p><p>(b) Weakness this has attributed to banking industry prior to the introduction of effective control of financial fraud.</p><p><strong>1.3 &nbsp; OBJECTIVE OF THE STUDY</strong></p><p>This research work is generally set towards ascertaining the effects finical fraud have had on Nigeria banking industry since its inception in the Nigeria industry furthermore, the study is;</p><p>1) To determine if any lost of bills, the banking have in relationship with the financial fraud in banking and to what extend.</p><p>2) To examine the facts contained in the detection and control of financial fraud issued.</p><p>3) To research into the reason why people involve in financial fraud.</p><p>4) To diagnose the banking procedures with a view to fishing out loopholes and suggested way of plugging them.</p><p>5) To examine the various management and government controlling devices geared towards alimentation or checking financial fraud in our banking system.</p><p>6) To recommend solutions that may help in checking financial fraud in our banking system.</p><p><strong>1.4 &nbsp; RESEARCH HYPOTHESIS</strong></p><p>To fulfil the above outline purpose, the research declares the following prepositions.</p><p>Ho: &nbsp;Hypothesis II – most financial frauds have not succeeded because of the complexity of banking activities.</p><p>H1: &nbsp;Most financial frauds have succeeded because of the complexity of banking activities.</p><p>Ho: &nbsp;Hypothesis II – auditing and investigations are indispensable weapons in the efficient management it banking industry.</p><p>H2: &nbsp;Auditing and investigations and indispensable of banking in the efficient management of the banking system.</p><p>H1: &nbsp;Hypothesis I – commercial banks do not place any value on the auditors reports.</p></div><h3></h3><br> <br><p></p>
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