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SOCIOLOGICAL ANALYSIS OF FRAUD AMONG EMPLOYEES OF SELECTED COMMERCIAL BANKS IN NIGERIA

CHAPTER ONE

INTRODUCTION

1.1 Background to the Study

The universal banking system came into being as a fall out of the globalization and internationalization of the financial system. Under this procedure, a bank is established to perform some basic commercial, merchant and developmental banking functions, in addition to carrying out ancillary financial functions like insurance, stock broking and agency services (Ayozie, 2013). According to Hinds (2013), the vast majority of employees in banks and other organizations are trustworthy and honest. However, commercial banks are now beginning to realize and understand the scale of the threat posed by the small proportion of employees that act dishonestly and defraud their employers. Meanwhile, World Bank Report (2000), defined bank fraud as fraudulent and corrupt practices. It includes the solicitation, payment or receipt of bribes, gratuities or kickbacks, or the manipulation of loans or bank group-financed contracts through any form of misrepresentation. The report further noted that, fraudulent or corrupt practices also include any situation in which staff members have abused their position or misused World Bank Group funds or other public funds for private gain. In fact fraud encompasses a wide range of illicit practices and illegal acts involving intentional deception or misrepresentation.

1.2 Statement of the Research Problem

The increasing reoccurrence of fraud cases among employees has constituted a fundamental problem within the Nigeria banking sector. For instance, there were 2,352 reported cases of fraud 5 in 2011 which increased to 12,279 cases in 2015 according to NDIC. This report shows that an average staff of commercial banks may likely embark on fraud in one way or the other and by implication defeat the basic objectives of commercial banks in Nigeria. According to Oyewale (2014), the rising incidences of insider-related frauds in banks are fuelling public indignation. One of these incidences was carried out by the owner of Empathy Trade and Investment Company limited and a former banker with first bank who had milked the bank the sum of $368,203 dollars through fraudulent conversion of customers’ money for her personal use and outright stealing of her bank’s funds. Three former staff of Sky Bank PLC formed themselves into a triumvirate of fraud and stole the sum of sixteen million, eight hundred and ninety one thousand, one hundred Naira only (16, 861,100) from the account of a customer of their former bank. They perpetuated the fraud by transferring the money into twenty different accounts, without the beneficiaries of the money filling any money transfer form. The same creative criminality was employed by another former banker with Union Bank PLC:

How to get complete project materials


Step 1: make payment of N2,000 to the below bank details


NAME:                       TITUS AYANI SOLA
BANK:                       FIRST BANK PLC
ACCT NO:                  3111741042
ACCOUNT TYPE:       SAVINGS
AMOUNT:                  N2000

NAME:                       TITUS AYANI SOLA


BANK:                       GTB BANK
ACCT NO:                  0262412831
ACCOUNT TYPE:       SAVINGS

STEP 2: AFTER PAYMENT SEND THE PROJECT TOPIC AND YOUR EMAIL ADDRESS TO 08063666753

CLICK ON THE IMAGE BELOW TO REQUEST FOR MATERIAL
Updated: 15th May 2019 — 11:44 am

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