IMPACT OF FRAUD AND FRAUDULENT PRACTICES ON THE PERFORMANCE OF BANKS IN NIGERIA

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IMPACT OF FRAUD AND FRAUDULENT PRACTICES ON THE PERFORMANCE OF BANKS IN NIGERIA

Abstract

Banking business has become more complex with the development in the field of Information and Communication Technology (ICT) which has changed the nature of bank fraud and fraudulent practices. Fraud and fraudulent activities pose a significant problem to the banking industry in Nigeria. The paper, therefore, evaluated the impact of fraud and fraudulent practices on the performance of banks in Nigeria within the period 2001-2011. The main argument is that fraud and fraudulent activities have no effect on bank performance in Nigeria. The paper focused on the twenty-four (24) deposit money banks in Nigeria within the period. The paper employed evaluative research design to determine the nature, magnitude and economic consequences of fraud on banks in Nigeria. Secondary sources of data were utilized for the study. The relationships between fraud cases and other variables were estimated using Pearson Product Moment correlation. Multiple regression analysis was used to ascertain the impact of fraud and fraudulent practices on bank performance in Nigeria within the study period. The paper found that the percentage of mobilized funds lost to fraud was highest between 2001 and 2005. However, due to the stringent measures adopted by the regulatory bodies to tackle the menace of fraud and fraudulent activities, there was a significant decrease between 2006 and 2011. The paper concluded that fraud and fraudulent activities inflict severe financial difficulties on banks and their customers. They reduce the amount of money available for the development of the economy. The paper recommended that banks in Nigeria need to strengthen their internal control systems and the regulatory bodies should improve their supervisory role in order to check and curtail the incidence of fraud and fraudulent activities in the banking industry in Nigeria.

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