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Banks are the major mobilizers of savings in any economic systems, by offering savings facilities to the public. Statutorily, these banks are obliged to accepting deposits from the depositing public and channel such deposits to the deficit sectors of the economy who are in dire need of investible funds. These two related and dependent function, bring the banks face to face with the investing public who call to obtain banking services. This implies that banks attend to a large number of customers who they may not, most of the time personally know or whose identity the banks may not immediately know; This shows that banks will be unable to have an immediate identity of these customers all of who either have honest or fraudulent intentions. The word fraud is described literarily as a social menace, perpetuated by a person or group of persons with a view to altering the truth or fact, for selfish personal gains. It could also involve the application of deceit and trick. Therefore, with the inception of the first three successful banks in Nigeria, namely: the National Bank of Nigeria (established in 1933), the Agbonmade Bank (1946) and the African Continental Bank Nig. Ltd., (1946) and others subsequently established, frauds have remained a permanent feature in our banking system. During the period 1892-1952, there was no legislations to control the activities of banks, this resulted in registration of numerous “quasi’ banks, while others simply collected customers’ deposits and subsequently varnished. This ugly practice had the effect of depriving the economy of valuable funds needed for meaningful development and individuals of their hard earned funds. This further led to loss of trust and faith in banking industry and the resultant poor banking habit amongst the banking public. However, with the introduction of modern banking procedures, coupled with the various regulatory measures taken by banks, against fraud in banks, the incidence and style of frauds has surprisingly assumed an alarming proportion. Olalelye Amupitan (1981) for instance noted that it was discovered during investigation that bankers now take extra precaution before clearing any cheque because of rampant incidences of fraud and forgery which a bank executive placed on the average of One Million Naira per working day of the year in Nigeria. Similarly, Ashimi Kola (1984) noted that fraud has become so sophisticated as to make a forged instrument look genuine enough for the owner to confirm it was h is own signature. Unfortunately too, the banks’ internal control system are only fairly effective. In case where they try to obey the internal control procedures, they waste so much of the customer’s time, such that one couldn’t help wondering whether the bank staff are not sabotaging the internal control procedures.

Project detailsContents
Number of Pages89 pages
Chapter one Introduction
Chapter two Literature review
Chapter three  methodology
Chapter  four  Data analysis
Chapter  five Summary,discussion & recommendations
Chapter summary1 to 5 chapters
Available documentPDF and MS-word format


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