Frauds In Nigerian Banks: Nature, Deep-Seated Causes, Aftermaths And Probable Remedies

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Abstract:This paper is descriptive in nature and it examines the nature, causes, effects and remedy for bank frauds in Nigeria. In recent years, frauds in Nigeria banking sector seemed to have assumed a frightening dimension and to a large extent, the confidence the general public reposes in it, is put in jeopardy. The ability of banks to promote growth and development in any economy is a function of the extent to which financial transactions are carried out with trust, confidence and least risk. These no doubt require a safe and sound banking practice which many of the banks in Nigeria today have despised to their own peril. This study leaned heavily on the Nigerian Deposit Insurance Corporation (NDIC) annual reports for data relating to total amount involved in frauds and forgeries, ten banks with the highest fraud cases and categories of bank staff involved in frauds and forgeries. The paper concludes that the battle for the preclusion, uncovering and retribution of fraud offenders must be fought on two extensive fronts: First is to reduce the temptation to commit fraud and second to increase the chances of detection. While a positive work environment will help to achieve the former, the latter can be achieved by sound internal control system.


Key words: Frauds, Banks, NDIC, Frauds Motivation model

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