AN EVALUATION OF BANK FRAUDS AND FRAUDULENT PRACTICES IN ZENITH BANK PLC (1995 – 200
AN EVALUATION OF BANK FRAUDS AND FRAUDULENT PRACTICES IN ZENITH BANK PLC (1995 – 200
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Date
2006-11
Authors
MBAH, Lazarus Uchechukwu
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Abstract
Bank fraud and fraudulent practices have proved to be a worldwide problem.
Fraud is as old as the society and the menace has continued to blossom in
most parts of the world, including Nigeria, for several factors. The plague
has gotten into the Nigerian banking industry and Zenith Bank PLC, like
other banks, is equally affected. The government, banks and the public do
not have clean hands but share in the blame.
First, the weakness of Nigeria legal system is vivid. Law enforcers accept
selfish gratification (bribery) and judgment is perverted. The legal processes
involved in prosecuting fraudsters are unduly cumbersome, and worse still,
punishment on convicted offenders is mild and not commensurate with the
gravity of offices committed. Secondly, banks and bankers make no serious
impact but rather, insignificant contributions in checking the menace. Bank
managements are known for covering frauds contrary to the dictates of
regulations by authorities; in some circumstances, bank employees lack
adequate training on matters relating to fraud. Non-computerization of
operation is equally contributory. Furthermore, the Nigerian public attaches
importance to wealth and ignores how it is acquired. This negative value
system breeds fraudsters not only in the banking industry but also in every
sectors of the economy.
Solutions to bank fraud and fraudulent practices in Nigeria come by the legal
and police systems are overhauled. Secondly, stiff punishments on
fraudsters, effective internal control, full computerization of operation,
periodic/regular auditing, continuous training of staff, etc. will definitely
help in controlling the menace. Schools and Religious institutions could
remold the habit of our citizens by effectively teaching and emphasizing the
gravity of stealing against God and humanity.
Description
A THESIS SUBMITTED TO THE POSTGRAGUATE SCHOOL
IN PARTIAL FULFLLMENTS OF THE
REQUIREMENTS FOR THE AWARD OF THE DEGREE OF
MASTER OF BUSINESS ADMINISTRATION (MBA)
DEPARTMENT OF BUSINESS ADMINISTRATION
FACULTY OF ADMINISTRATION
AHMADU BELLO UNIVERSITY
NOVEMBER, 2006
Keywords
AN EVALUATION,, BANK FRAUDS,, FRAUDULENT,, PRACTICES,, ZENITH BANK.