FRAUD IN THE NIGERIAN BANKING SYSTEMS, PROBLEMS AND PROSPECTS (A CASE STUDY OF FIRST BANK OF NIGERIA PLC, AND OCEANIC BANK PLC, ABAKALIKI BRANCH OFFICES)

ABSTRACT
This project, “fraud in the Nigeria Banking Systems problem and prospect a
case study of First Banking of Nigeria plc Abakaliki and Oceanic Bank Plc
Abakaliki branches”, was carried out to examine the various types of fraud as
well as the causes and sources. It was also meant to explore significant effects
of fraud on banks. Finally, the study was equally embarked upon to proffer
possible remedies, detection measures, prevention and control of the subject
matter in the Nigeria Banking system. Data was collected through the
questionnaire (Primary) and interviews as secondary data thus serving the
inductive research method.

Statistical analysis techniques such as the chisquare
distribution test- analysis techniques and percentages were adopted to
analyze the data collected after which several findings were made, which
included: the desire to get rich quick accounts greatly for persistent bank fraud
and that the internal control system in the Nigerian banks is weak and
ineffective .After which it was concluded that, the money laundering
(prohibition) Act is the best strategy to combating fraud in the banking
industry.

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