Banks Fraud in Nigeria Essay

Perhaps, no where are phonys much serious and more pronounced than in the banking sector of the economy. They are one of the biggest singular(a) causes of bank failure and distress in the Nigerian banking system. This study therefore sets come out of the closet to find the public types of bank deceit that are frequently carried out in the banking system, the underlying causes, level of staff troth, consequences and realistic actor of ameliorating the problem. A examine of 100 respondents taken in Benin City, bully of Edo State, Nigeria was studied by means of field survey tool of questionnaire and the rejoinder to rating scale questions were tested for signification using the t-test. The analysis revealed that respondents did not get wind unofficial borrowing and foreign fill in malpractice as forms of bank juke since they were common and an industry wide practice.It in any case revealed that there was an equal level of staff involvement in initiating and executing fraud, with the concealment of fraud coming last in their agenda. Also, among the factors hypothesized to uphold bank fraud the major individual based factors were greed, infidelity and poverty, while organizational factors were brusk staffing, poor internal controls, inadequate training and poor working conditions. Respondents also viewed greed, lack of personal ethics and anemic corporate governance as managerial factors that help propagate frauds in banks. The droll contribution of this paper is its emphasis on building upon the methodology and findings of some preliminary studies in the area of bank fraud (in Nigeria), by conducting statistical test of signification which adds statistical validity and flavour to our findings.