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 were trapped in. Infact it has prevented many banks from achieving their goals and many businesses went into liquidation. Honestly speaking it has become a cankerworm that has eating deep into the vibric of the financial sector of the Nigerian economy. That calls for the need for this study and the purpose of this study therefore is to identify the causes of fraud, measure it’s impact and identify means of controlling. The study is a survey research and questionnaire was used for the collection of primary data while libraries, journals, write-ups, seminar papers and books by popular authors were used for secondary data. The findings show that lack of adequate training, communication gap, and poor leadership skills were the greatest causes of fraud in Nigerian banking industry. It was concluded that adequate internal control system should be put in place and that workers satisfaction and comfort should be taking care off. __________________________________________________________________________________________ Keywords: fraud, catalyst, effectiveness, efficiency and Nigerian economy __________________________________________________________________________________________ INTRODUCTION updating old methods and trying out new
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 were trapped in. Infact it has prevented many banks from achieving their goals and many businesses went into liquidation. Honestly speaking it has become a cankerworm that has eating deep into the vibric of the financial sector of the Nigerian economy. That calls for the need for this study and the purpose of this study therefore is to identify the causes of fraud, measure it’s impact and identify means of controlling. The study is a survey research and questionnaire was used for the collection of primary data while libraries, journals, write-ups, seminar papers and books by popular authors were used for secondary data. The findings show that lack of adequate training, communication gap, and poor leadership skills were the greatest causes of fraud in Nigerian banking industry. It was concluded that adequate internal control system should be put in place and that workers satisfaction and comfort should be taking care off. __________________________________________________________________________________________ Keywords: fraud, catalyst, effectiveness, efficiency and Nigerian economy __________________________________________________________________________________________ INTRODUCTION updating old methods and trying out new
References: (Combined) Source: Survey Research, 2007 362 Journal of Emerging Trends in Economics and Management Sciences (JETEMS) 2(5):357-363 (ISSN:2141-7024) Table 3: Report Showing Comparison of Training against Leadership, Job Satisfaction and Communication Year 1996 1997 1998 1999 2000 2001 2002 Number Of Reported Cases 403 414 612 573 403 981 628 Amount Involved N 1,243.55m N 788.87m N 3,993.46m N 7.404b N 906.3m N 5.0b N 12.696b (Banking supervision Annual Report 1998& 2003)