Fraud prevention and control in nigerian

Fraud has become the bane of most business Organizations especially in this difficult and inclement operating environment.

Fraud prevention and control in nigerian

Zaria ABSTRACT This article addresses some fundamental issues on fraud prevention and control and their implications on socio-economic development of Nigeria using its public sector machinery.

Using the records compiled from early study covering reported fraud cases in Nigeria, which were committed between in respect of three-tiers of government selected from ten 10 states, the study employs chi-square technique to test the dependence of the types of fraud and the areas covered on the public sector organisation in which they are committed.

The study establishes the dependence and calls for systematic review of audit approach among others, to give special attention to fraud dimensions and areas, drawing largely from behavioral, equity, sociological and ethical principles.

This assertion is not difficult to appreciate if we accept the simple fact that the strength of any government depends on the success of its development programmes, which largely depend on an effective implementation of its policies, by its bureaucrats and technocrats.

It is obvious that social, political and economic development involves the effectiveness and the efficiency of the bureaucracy on one hand and the probity of the bureaucrats on the other.

Government exists to serve the interest of the citizens.

Fraud prevention and control in nigerian

There must therefore be a way of holding the former accountable to the latter. Thus, like Kamaluddeen This, he argues represents only the amount that is ferreted out and made public.

Indeed much more substantial or huge sums are lost in undetected frauds or those that are for one reason or the other hushed up. Cases of frauds in the public sector are so pronounced that everyone in every segment of the public service, could seem to be involved in one way or the other in some of these nasty acts.

This assertion is not difficult to appreciate if we accept and adopt the simple definition of fraud as any deliberate false act aimed at deceiving or harming any party, individual or corporate body, in any manner. The bane of financial administration in Nigeria has since the oil boom years a period under which the foregoing observation becomes relevant, has been the existences of structurally weak control mechanism, which create a variety of loopholes that have tended to facilitate and sustain, corrupt practices.

This is coupled, of course, with the fact that there is a near total absence of the notion and ethics of accountability in the conduct of public affairs in the country.

The article referred to the report of the Task Force on Staff Audit in the Federal public service inaugurated in March to investigate the incidence of ghost workers in 29 Federal ministries and about Federal parastatals.

Indeed, the setting up of the Task Force was necessitated by the rampant discovery of ghost workers in the nominal roll of most government extra- ministerial departments, ministries and parastatals.

Fraud prevention and control in nigerian

What came out of this Task Force and to what extent has it served, as adequate preventive measure is not clear to many academic and political observers!

Presenting the budget, Babangida laments that: According to Zayyad This is not to talk about billions of dollars recovered from some public office holders who served Abacha government and stories that even the recovered amounts were not properly accounted for, let alone punishing wrong doers.

The last time the annual financial account of the Federal Government was prepared and submitted for audit uses, I understand, in And at the conference of Auditors-General of the Federation and States Directors of Audit, it was revealed to the astonishment of no one that eleven States last submitted their annual accounts for audit in During the tenure of our government inwe instituted a programme to update audited account and publish them but this was soon washed away.

What all these tend to expose is that there is a management or operational problem in the Nigerian public sector in the financial or the accounting control. The paper is therefore divided into seven major sections, namely, introduction, purpose of the study, hypothesis, theoretical background, methodology, data analysis, conclusion and recommendation.

Financial laws and regulations continue to come by the day and courts and tribunals continue to administer justice to fraudsters, all in a bid to prevent and control fraud but to no avail. Some scholars argued that explanations to this sad trend lies in the quality of the accounting system, accountants and auditors, yet others maintained that it is a function of leadership and the society at all.Sep 20,  · This research title – fraud prevention, detection and control in Nigerian banking industry is timely and of great importance to the banking sector, the economy and the nation as a whole.

More so now that there are a lot of cases of distress in banks. LEVELS OF INTERNAL CONTROL: IMPLICATION FOR FRAUD REDUCTION IN NIGERIA LOCAL GOVERNMENTS. By AGU, Sylvia U fraud prevention. It is important to add that the unique characteristics of non- cope with the high rate of fraud in the Nigerian local governments.

(Okoye, ). Enthroning a Fraud Preventive Internal Control System. Definition of internal control system.

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× Make Payment for Advanced Fraud Detection, Prevention and . Fraud – Prevention of Fraud in Banking Industry. Fraud – The question of what is fraud is, insignificant in this report because of inexplicit definitions given to tow quantities sense, fraud means cheating, swindling or deceptive/Rick.

(IKPE DENNIS P). some legal experts have also defined fraud as “an act or course of deception deliberately practiced to gain unlawful or. Fraud Detection and Prevention Timothy P.

Minahan Vice President Government Banking TD Bank. 2 ACH Fraud Best Prevention tool: Internal Controls Dual control Prompt Review and reconciliation of accounts Debit Blocks and Filters. 14 ACH Debit Blocks and Filters Protects against unauthorized, Fraudulent or erroneous ACH Debit Activity.

fraud prevention and internal control system impact on banks performance and the determinants that can be effective in the management and control of financial fraud .