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Bank Fraud and Socio-Structural Patterns of Internal Control Measures in Nigeria

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Bank Fraud and Socio-Structural Patterns of Internal Control Measures in Nigeria International Journal of Research and Innovation in Social Science (IJRISS) |Volume III, Issue XI, November 2019|ISSN 2454-6186 Bank Fraud and Socio-Structural Patterns of Internal Control Measures in Nigeria Prof. Dagaci Aliyu Manbe1, Anthony Abah Ebonyi2 1Prof. of Sociology, Criminology/Counter-Terrorism and Insurgency, Department of Sociology, University of Abuja, Nigeria 2Doctoral Candidate in Criminology, Department of Sociology, University of Abuja, Nigeria Abstract: - The objective of this study is to examine Bank fraud 61.70% compared to figures recorded in 2014, 2015 and 2016, and internal control measures in Nigeria. Bank fraud refers to respectively. The total cumulative number of fraud cases illegal financial acts perpetrated by both bank staff and reported in each year showed 2017 (26,182); 2016 (16,751); outsiders, or bank staff in connivance with outsiders, and 2015 (12,279), and 2014 (10,621), respectively (NDIC, 2017 intended to deceive, mislead and steal company property - Report) monetary or otherwise – to satisfy personal needs or desires. The study utilised secondary sources of data which contents were Fraud is an illegal activity that eats at the very base of the anaylsed. The work place deviance and fraud triangle theories economy of any nation, developing and developed. Besides were adopted to anchor the study. The results suggest that bank being an economic malady, it is also a social, political and fraud is prevalent and widespread in Nigeria, and therefore, it cultural embarrassment to that threatens the corporate requires effective and efficient programmes to bring it under control, so as to boost investors’ confidence and protect existence of the society, in that it erodes trust among people, customers or depositors interests. affects investors’ confidence in the financial institutions, especially the banking sector. The prevalence of fraud and Keywords: Bank, Deviance, Financial Crimes, Fraud, Internal other corrupt practices in Nigeria is widespread criss-crossing control all sectors of the economy. This has resulted in Nigeria being th I. INTRODUCTION ranked by the Transparency International as 136 out of 174 countries on its corruption perspective index 2014, ank fraud is the major economic and financial crime representing 27 percent (Udeh and Ugwu, 2018). B committed in Nigeria after Advanced Fee Fraud and Public Sector corruption. The 2016 Annual Report of the In the economic report for the first half of 2018 released by Economic and Financial Crimes Commission (EFCC) the Central Bank of Nigeria (CBN), it showed that despite indicated that Bank and Securities Fraud constituted 9.96% of efforts by the regulatory authorities to curb financial fraud and all cases in 2016, 14.94% in 2015, 18.48% in 2014, and clean up the banking system, Nigerian banks recorded 20,768 15.32% in 2013. This brings the percentage total to 58.7%, cases costing them N19.77 billion in the first 6 months of more than half of fraud cases reported by the Commission in 2018. The apex bank noted that the reported fraud and forgery the year (EFCC, 2016). incidences were perpetrated by both bank staff and non-bank culprits (Ojekunle, 2018). Business Insider SSA’s analysis of The Nigeria Deposit Insurance Corporation (NDIC) annual the bank’s financial statement for half-year 2018, showed that report showed that the number of reported cases of attempted it recorded 44 ATM/Electronic fraud, 9 fraud cases were frauds and forgeries in the nation's banking industry witnessed perpetrated by the bank’s staff, 8 impersonation account, 45 a substantial increase to 26,182 cases in 2017, which was an stolen and forged instrument, 2 internet banking fraud while increase of 56.30% over the 16,751 cases reported in 2016. other fraudulent activities accounted for 43. The CBN also The frauds and forgeries cases reported in 2017 also showed a revealed that the aforementioned fraud cases involved armed 146.50% and 113.20% increase over reported cases in 2014 robbery attacks, fraudulent ATM withdrawals, DRAFT 27 and 2015, respectively. In 2017, NDIC recorded 8,146 cases defalcation, illegal funds transfer, pilfering of cash, stealing, which was the highest attempt so far and that calls for suppression and conversion of customers’ deposits (Ojekunle, regulatory concern especially as Deposit Money Banks 2018). These are serious fraudulent acts that are domestic and (DMBs) continue to develop financial products in line with international as well as internal and external to the technological advancement and the prevailing harsh economic organisation, which also pose serious threats to the banking conditions. The report added that, this development could sector and could be difficult to confront especially where increase their spate of vulnerabilities, if they fail to implement effective and efficient control systems are lacking. the necessary controls. The report further revealed that expected losses from those attempted fraud cases in 2017 Objectives of the Study were compared with preceding years; the actual total amount The objective of the study is to examine bank fraud and lost in 2017 was well below the reported cases in 2014 - 2016 internal control measures in Nigeria, but specially, it seeks to: periods. The actual amount lost to fraud incidences in 2017 stood at ₦2.372 billion, but was lower by 1%, 25.20% and www.rsisinternational.org Page 388 International Journal of Research and Innovation in Social Science (IJRISS) |Volume III, Issue XI, November 2019|ISSN 2454-6186 i. Identify the main types of fraud in the banking sector true, with intention of deceiving the other party and the result in Nigeria, and the categories of staff involved. that the other party is injured; as an intentional act by one or ii. Determine the causes of fraud in banks in Nigeria. more individuals among management, employees, or third iii. Identify some internal control measures that can curb parties, which result in a misrepresentation of financial the spate of bank fraud in Nigeria. statement; as the use of deception, false suggestions, suppression of the truth, or other unfair means which is II. LITERATURE REVIEW believed and relied upon to deprive another of property or The Concept of Fraud money, resulting in a loss to the party that believed and relied upon such. This means generally that, fraud is an illegal act The concept of fraud is found in Greek mythology. Also, characterised by deceit, concealment or violation of trust some forensic accounting experts believe fraud history can be committed by individuals and organisations to obtain money traced as far back to ancient Egypt to those who took or service, avoid payment or loss of services or to secure inventory of the pharaohs’ valuable assets like grain and gold. personal or business advantage (Udeh & Ugwu, 2018). Embezzlement and bribes were at least as much a concern in ancient times as today. And the penalties for wrongdoing were Similarly, the International Professional Practitioners often much harsher. For example, in Mesopotamia and Egypt Framework (IPPF) defines fraud as any illegal act between 3300 B.C. and 3500 B.C., there is archaeological characterised by deceit, concealment or violation of trust. evidence that accountants, or scribes, visually recorded These are acts that not subject to any threat of violence or commercial monetary transactions using damp clay tablets or physical force, but perpetrated by individuals and papyrus. To prove records had not been altered, the original organisations to obtain money, property or services with document would be enfolded into a clay envelope. An intent to avoid payment or loss of services or to become evidence of tampering would result in an investigation, and personal or business advantage (cited in Adebayo & Topson, any wrongdoing could ultimately result in a fine, or a much 2014). worse fate involving mutilation or death (Oyedokun, 2012; The Economic and Financial Crime Commission [EFCC] Act Zysman, 2004). Fraud as a concept has defied all attempts by (2004) provides an inclusive and operational definition of scholars and policymakers to generate a universal definition. fraud as an illegal act that violates existing legislation which According to the Association of Certified Fraud Examiners includes any form of fraud such as narcotic drug, trafficking, [ACFE] (2010) fraud is “the use of one’s profession for money laundering, embezzlement, bribery, looting and any personal enrichment through the deliberate misapplication or form of corrupt malpractices and child labour, illegal oil misuse of the employing organization’s resources or assets.” bunkering and illegal mining, tax evasion, foreign exchange Similarly, it can also be seen as an act of commission which is malpractices including counterfeiting currency, theft of planned to cause the illegitimate gain to one person and unfair intellectual property and piracy, open market abuse, dumping loss to the other either by the disguise of facts or otherwise of toxic wastes and prohibited good, etc, (Udeh & Ugwu, (Fynefaceph & Oladutire, 2013). Fraud is perpetrated by 2018). organizations and individuals to avoid payment or loss of services; to obtain services, property, or money; to secure Therefore, banking fraud is defined as the use of deliberate personal or business advantage (cited in Ssekamwa & misrepresentation to fraudulently obtain assets, money, or Ssendagi, 2019). other valuable property held or owned by a financial institution. In the perspective of the financial industry and Udeh and Ugwu (2018) citing Uwaze (2012), defined fraud as specifically the banking sector, fraud remains a huge issue, a predetermined as well as planned tricky process or device especially these turbulent days, mainly driven by the crisis usually undertaken by a person or a group of persons with the (Vousinas, 2016). Also, fraudulent behavior can severely sole aim of cheating another person or organisation to gain ill- damage a company’s reputation, erode shareholder confidence gotten advantage which would not have accrued in the and lead to the collapse of major corporations (O’Reilly-Allen absence of such deceptive procedure; and alluding to the & Zikmund, 2013).
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