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ABSTRACT

          This project topic is on “Effect of Fraud Management on a Survival of a Company” with special reference to First Bank Nigeria Plc. Ughelli branch.

Indeed, fraud which have been a feature of Nigeria society today has cause a lot of damages to business organization in general. The trend of bank fraud started on a small scale enterprise after the Nigeria Civil War and has since increased in geometric progression. The effect is so large that huge amount of financial los in both banks and their customers, the depletion of shareholders fund and bank capital base. Extreme embezzlement to banks funds cannot be quantified in terms of monetary. The main objectives of this project work is to look for practical ways of reducing the cases of fraud in our business most especially the banking sector. Under the research authority regard causes of fraud, types of fraud, modes of execution and recipes of the management of fraud in banks were discussed in details. The researcher presented useful recommendations which include that internal control measure should be put in place to checkmate all financial transaction concern staff and management of the organization. It also recommend on the important of accountability to the success of the business.

 

 

TABLE OF CONTENTS

Title                                                                                                            i

Approval                                                                                                    ii

Dedication                                                                                                          iii

Acknowledgement                                                                                   iv

Abstract                                                                                                     v

Table of content                                                                                                 vi

CHAPTER ONE: INTRODUCTION

1.1       Background of the study                                                                1

1.2       Statement of the problem                                                              2

1.3       Research question                                                                         3

1.4       Objective of the study                                                                              4

1.5       Scope of the study                                                                         4

1.6       Significance of the study                                                               6

1.7       Research Hypothesis                                                                              7

1.8       Limitation of the study                                                                    8

1.9       Definition of terms                                                                          9

CHAPTER TWO: LITERATURE REVIEW

2.1    Introduction                                                                                     10

2.2    The nature of Financial Institution                                                          10

2.3    Functions of Financial Institution                                                  11

2.4    The Definition of Fraud                                                                            13

2.5    Types of fraud and ways of defrauding Banks                                     14

2.6    Cause of Bank fraud                                                                      16

2.7    Statutory law relating to fraud and financial malpractices in Banks 18

2.8    Effects of Fraud in Banks                                                              22

2.9    Measures for controlling Fraud in Banks                                               24

2.10  Survival of Banks in Nigeria                                                                    29

CHAPTER THREE: RESEARCH DESIGN AND METHODOLOGY

3.1    Research Design                                                                            33

3.2    Population of the study                                                                  33

3.3    Sample Size                                                                                    33

3.4    Sampling technique                                                                       33

3.5    Method of data collection                                                              33

3.6    Area of the study                                                                                      34

CHAPTER FOUR: DATA ANALYSIS AND PRESENTATION

4.1    Data Presentation and Analysis                                                   35

4.2    Analysis of questionnaire                                                              40

CHAPTER FIVE: FINDINGS, CONCLUSION AND RECOMMENDATION

5.1    Summary of findings                                                                      40

5.2    Conclusion                                                                                      41

5.3    Recommendations                                                                         41

          References                                                                                     45

          Appendix                                                                                         46

          Questionnaire                                                                                 47
CHAPTER
ONE

INTRODUCTION

1.1       Background of The Study

           The issue of fraud in company especially the banking industry in Nigeria and indeed, all over the world is receiving more attention now than even before because of it’s effects in eroding customers confidence and partly because of the frequently and the amount involve which have serious impact on the profitability of banks in question indeed, fraud which has been a feature of Nigeria social today is endemic to the business being part of the financial system which is the fulcrum on which any economic fraud”.

          The trend of bank fraud started on a small scale immediately after the Nigeria civil war and has since increased in Geometric progression. This is as a result of the oil boom expansion in the 1970s which led to the massive expansion of economic activities and consequent increase in the number of banks complied with the indigenization policy of the federal government at a time.

          It has to be noted that a fraudulent act without damage or damage without fraudulent act is not actionable. But fraud is actionable if it leads to the expenses of another.

          The state of condition of ours should not be allowed to go on as this may cripple very seriously into the financial system of the country. This is, if not properly addressed, the need to properly check this pervasion therefore geared this research work. Therefore, the work is based on a survival of the company without First Bank of Nigeria Plc Ughelli branch as case study.

         This type of fraud, modes of execution, causes a fraud and recipes are all going to be examined.

1.2       Statement of the Problem

           Banks are industries that are mainly dealing with cash and other financial instrument; therefore the degree of the fraud will be much higher than any other industry, this has exposed banks to a persistence target for fraudsters.

           The effect of fraud on the survival in our banks cannot be over emphasized. The effect is so large that huge amount of financial loss of both banks and their customers, the deflation of shareholders fund and bank capital based sources of extreme embezzlement to bank cannot easily be qualified in terms of monetary.

          The time, money energy and other measurable equity use to checkmate the fraudulent attitude would have been explained in improving customer’s services and also the staff of the bank, in fact all the shareholders. Very unfortunately, all these can lead to increases in running cost and major setback for the nation’s effect at promoting bank habit.

          Frankly speaking, it is on read that had led to the closure of banks and financial pains in other part of the world and this may not be possible if the current trend is not checked.

          The rate of occurrence has reached a dangerous height in which all shareholders find way if not eliminating it but minimizing it as a reasonable consideration. This project, by way of contribution is designed to examine the effect of fraud management on a survival of a company with First Bank Plc, Ughelli Branch as a case study.

1.3       Research Question

         The work is guided by the following;

1.           How can the problem be controlled in our bank?

2.           What is the magnitude of fraud in the banks?

3.           How effective are fraud control measures in our banks?

4.           Can we ever have sufficient information to predict the occurrence of fraud?

5.           What are the causes of fraud in bank?

6.           What are statutory laws relating to fraud and financial malpractice in bank?

From above questions of the problems of this work there need to provide a workable solution.

 

 

1.4       Objectives of the Study

           The main objectives of lives research work is to look for practical ways of reducing the incidence of fraud in our companies especially the banking system using first of Nigeria Plc, Ughelli branch as a case study of the immediate objective of the following;

1.           To review the existing literature in respect of frauds in the banking system.

2.           To examine the internal control system with respect to the selected banks in Nigeria, and evaluate the appropriateness and effectiveness of the system as a tool for fraud control.

3.           to ascertain degree of companies of the banks staff with the internal control measures.

4.           To identify possible defects or loopholes (if any) in the system.

5.           To offer useful recommendation based on the finding on how best to curb the incidence of fraud in the banking system.

6.           To examine the relevance and appropriateness in preventing fraud.

7.           To identify the means through which the recommendation can be effectively be implemented.

1.5       Scope of the Study

           The topic has been chosen to highlight the effect of fraud management on a survival of the company. However, the study covers banking segment of the banking industry in Nigeria with reference to FIRST BANK (NIG) Plc Ughelli Branch as a case study.

          As at the end of the December, 1998, there were 64 commercial banks in Nigeria with 229 branches nationwide that are insured with the Nigeria deposit insurance cooperation. But because of the negative use of human ingenuity and endowment, most of the banks collapse.

          Indeed, fraud has long been perpetrated in our bank identified and classified as follows;

a.           Theft of cash suppression of lodgement

b.           Opening and operating of fraudulent loans account

c.           Clearing fraud

d.           Falsification of account

e.           Cashiering fraud

f.             Forged cheque with forged signature

g.           Cross firming of cheque and kite flying

Many measures have been introduced especially at the individual bank level to combat this menacing problem with much success. The most threatening aspect; however is that the control of identified types of fraud is destructive indication of the negative use of human ingenuity and endowment.

The need to provide effective solution that is dynamic to the justified way of this work. The type of fraud, method of perpetrating, fraud, cause of bank fraud nature of fraud, magnitude of fraud and recommendation ways of fraud prevention and minimization will be highlighted in this research work.

1.6       Significance of the Study

           It is a general consensus that the financial system in any economy is the fulcrum around which the economy resolves without this preview banks strategically occupy on indispensable position in the economy. This is a result of their primary function of servicing as channel or intermediary between the surplus economic unit hence the efficient functioning of the economic.

          In carrying out this study, the researcher intends to highlight the applying and benefit of cost effectively applying appropriate and correct fraud and prevention and detection measure. This will serve as a bench mark particularly to the distressed banks whose unfortunate fraud and other malpractices. Analysis will definitely be of importance to the policy makers in that it will help them in assessing the effectiveness and efficiency of the existing statutory loans and policy and highlight the areas that need further efforts.

          The study also aims at treating how a well designed, carefully installed and a resolutely implemented internal control system will aid in checking the incidence of fraud internal control is strongly believed will be important not only to the regulatory and supervisory authorities and companies or bank management but the banking system for the country.

         The study will at its end to be important to the general public who’s confident and trust have been vehemently shakes as result of the alarming magnitude of fraudulent activities failure and distress syndrome in our in our banking system. It will make them to be aware of unrelenting concerted efforts that have been made and being made by government and the regulatory authorities to bring an end to the cankerworm called frauds.

         Furthermore, the study is designed for all those who may be interested in carrying out further study on the interest control system as it relates to fraud prevention in Nigeria companies.

1.7       Research Hypothesis

          Research on fraud risk explains frauds as the interaction of three causal influences affecting a potential perpetration, incentive, opportunity and attitude. Incentive or motivation results from a perceived pressure on a person to commit fraud. For example, management may be given large incentive bonuses based on accounting income. Alternatively, an employee may have significant obligations that exceed his or her earning power. Opportunity results from conditions or situation that would allow a person to commit fraud. For example, lack of sufficient board oversight may allow to in appropriately manipulating reported earning to reach analysis forecasts. Alternatively, lack of appropriate monitoring or segregation of duties may allow an employee to embezzle funds. Attitude or character is what allows a person rationalize selfish gain at the expenses of the others will commit fraud when incentive and opportunity exist. Importantly each of these factors is necessary but not a sufficient condition for fraud effect assessment should consider the interaction of these factors.

1.8       Limitation of the Study

           In as much as the study of a research work, it is met with a lot of difficult as effort that were with geared towards obtaining relevant statistical data on fraudulent activities in the bank. Though First Bank (NIG) Plc is not ever being victim of frauds, but they declined for their very vital. Some of the reasons they advised for their refusal include, such data on fraud are official secret of the bank and should not made public.

      And attempt to discuss this official data will result in the loss of public confidence in the banking system.

         As a matter of strategy, no bank likes its competitors to know how much it loses annually to fraudulent activities because it is parameter with the internal control system efficiency is measured.

        In spite of the above listed difficulties, some data were collected and they are to be analyzed.

 

1.9       Definitions Terms

a.           Fraud:  It is act courses of deception deliberately practice to gain unlawful and unfair advantage. Such as deception is directed to be that detriment of another

b.           Accounting system:  Accounting system is a method and record established to identify, assemble, analyze, and classify record and report entity transaction and maintaining accountability for asset and liabilities.

c.           Internal control:  It is the forces that guide activities towards some predetermined goal. It is concerned with the guidance of the internal operations of the business to provide the most satisfactory projects at lowest cost.

d.           Errors and Irregularities:   Errors are unintentional actions, example, errors of judgment etc. while irregularities result in an immediate loss of assets is referred to as deflation.

e.           Malpractices:  In books they are mission of any functionary of banks which is contrary to the promotion of safe and sound banking practice or which is in flagrant disregard to the laws, rules and regulation or guidelines made for the promotion of safe and sound banking practices, and which in financial loss to the bank.

 

CHAPTER FIVE

SUMMARY OF FINDING, CONCLUSION AND RECOMMENDATION

5.1    Summary of Findings

          This project was carried out with a view of determining the problem of fraud encountered by management in Nigeria companies taking First Bank of Nigeria branch as a case study and to find practical mean of minimizing the incidence of fraud in the system if possible, eliminates it completely.

1.   The data obtained from the research work shows that the problem of fraud can be control in our bank according to the survey result from the table 4.2 for analysis.

2.   Also the system of internal control is ineffective when this research was carried but see table 4.3 for analysis.

3.   The research observed that the magnitude of fraud in the bank work happened seldom. See table 4.4 for analysis.

4.   The research observed that the causes of fraud in the bank are mainly forged cheque with forged signature.

5.   The research observed that bank can have sufficient information to predicates the occurrence of fraud in the bank. See table 4.6 for analysis.

 

 

5.2       Conclusion

From the analysis of the data in the proceeding chapter, one can conveniently conclude that all is not well in the banking sector, when compared to the amount going through fraud. There is a problem in internal as a result of the following;

1.   Poor management as a result of inadequate supervision

2.   Liability of law enforcement agent to detect fraud a prosecute fraudster was also an significant cause of fraud in banks.

3.   Bank staff ranks adequate management supervision and regular balancing of account very high as the most effective management insure against fraud.

4.   In the period review, many were unvalued in the fraud cases in the branches of First Bank of which many junior staff or various cadres account for the fraud.

5.3       Recommendation

In making these recommendations, it is important to bear in mind that the integrity of bankers in explicable bound with producing standard of policy in society to the external society norms, honestly and accountability are currently low, it would unrealistic to expect highest standard from bankers. Nevertheless, there are a lot of things bankers can do to reduce the incidence of fraud in Nigeria banks.

i.         In order to reduce the incidence of fraud, we need to understand the causes, methods and motivation for it. However, fraud varies with time. It is suggested that research on fraud shall be carried out regularly, say every two years to keep track of the development in the field. This will also enable banks to monitor the effectiveness of their internal control measures in order to minimize fraud.

ii.        It is suggested that banks should explore the possibility of inserting in their employment contract a clause to had guarantor or banks staff responsible for fraud perpetrated by employee guaranteed by them.

iii.       Adequate training and retraining of bank staff should be done regularly, such training should emphases their responsibilities and loyalty to their employers since it has been discovered that ignorance or incompetence sometimes lead banks staff to commit fraud.

iv.      Internal control measures disfigured to forestall forged cheque and forge signatures should be streamline to remove any opportunity that induced staff to commit these types of fraud, which is the most common.

v.       Bank should avoid the following lapses;

a.   Lack of call-over system

b.   Lack of well-written and documented system

c.   Lack of daily balancing

d.   Assigning more than one job which is incompatible to one staff

e.   Less and ineffective security in banks

f.     Lack of deterrent punishment

g.   Lack of regular and unnoticed rotation of clerks

h.   Refusal to bank staff to go on leave as at when due.

vi.      Inability of law enforcement agent to detect fraud or prosecute fraudsters has made banks relevant to report cases to the police. It is recommended that banks should consolidate their resources and mount pressure on the government to allow private persecutors consolidate of fraud cases in regular courts or special attitude of delaying investigation of many cases of fraud in the Central Bank of Nigeria. They will make possible the companion of different banks.

vii.     The experience from this research has revealed that necessary and sufficient information on fraud is not readily available for statistical purpose.

viii.   Banks staff should be properly screened before being employed. The present picture whereby name of terminated dismissed banks staff are circulated among the bank will go a long way to reduce incidence of banks fraud. No fraud can be successful executed without the active collaboration of a bank staff. This may be the key to possible involvement in some malpractices.

ix.      Thorough attempts have been made in this project to investigate the problem of fraud in banks. It is also important to highlight the fact that these are some areas which are not thoroughly investigated in this project as a result of scope chosen, time and other constraints.

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