Fraudulent Practices: The Bane of Nigeria Banking Sector

¹MATTHEW OLANREWAJU EGBELADE, ²KUMANJOCK SAMUEL NUHU AND ³GIMBA FELIX MAIANGWA

^1&2Department of Accountancy School of Administration and Business Studies, Nasarawa State Polytechnic Lafia, Nasarawa State

³Department of Business Administration School of Administration and Business Studies, Nasarawa State Polytechnic Lafia, Nasarawa State

E-mail: Kumanjock@gmail.com

ABSTRACT

Fraudulent practices globally are a disease that its effects can shake a well planned, growing or developed economy to its foundation if an urgent attention and a proactive action is not taken immediately. This paper is aim at determining the parties that bears the burden of fraudulent practices committed by banks within the Nigerian economy. Primary and secondary data were used in analyzing the various forms of effect of fraudulent practices in Nigeria banks system. The paper concludes by saying that the staff of banks in conjunction with outsider to perpetrate fraud in banks. However, the shareholders and depositors suffer great loss as a result of these fraudulent practices in banks. The paper recommends that supervisory and regulatory bodies should perform their work without fear or favor and professional bankers should be allowed to perform in the field of specialization, while an effective and efficient internal control system is installed.