Examination Of The Patterns And Trends Of White Collar Crimes In Nigeria Financial Sector

Project and Seminar Material for Criminology And Security Studies

Examination Of The Patterns And Trends Of White Collar Crimes In Nigeria Financial Sector

Chapter One


1.1 Background Of The Study

A financial infrastructure is a superstructure built on top of an economic system’s capital. The relationship between the superstructure (a collection of financial institutions, intermediaries, and instruments) and financial infrastructure (real wealth or national income). Goldsmith (1969).The financial inter-relations ratio is the term for this ratio (FIR). Also within highly developed countries with advanced financial structures, the ratio varies significantly. A high ratio should, under normal conditions, indicate financial progress.

Banks and non-bank financial institutions in Nigeria are governed by the Central Bank of Nigeria (CBN) and the Federal Ministry of Finance, as well as the Nigeria Deposit Insurance Corporation (NDIC), the Securities and Exchange Commission (SEC), the National Insurance Commission (NIC), and the Federal Mortgage Bank of Nigeria (FMBN)In general, the Nigerian financial market has experienced significant shifts in terms of ownership, institutional composition, the menu of traded securities, and the regulatory environment within which it functions. Deregulation, which began in 1978 as part of the structural reform program, offered strong incentives for both bank and non-bank financial institutions of all sizes, structure and complexity to expand.For example, the number of commercial banks increased dramatically from 41 in 1986 to 115 in 1996, as did the number of branches, which increased from 1367 in 1986 to 2551 in 1996. (CBN,1997). By December of 2003, there were 3247 divisions. During this time, 401 community banks, 145 mortgage institutions, and 618 finance houses were created (CBN, 1997).The foundation of the central bank in 1958 marked the beginning of a series of financial reforms in Nigeria. Since then, the CBN has evolved into a competitive force in the economy, acting as a stimulus for investment and economic development. The CBN’s financial reserves are growing, indicating its active position in the economy.

1.2 Statement Of The Problem

The Nigerian banking sector has a flaw. The long arms of crime seem to be unleashing a crippling blow on banks, hidden under the cultivated looks and gentlemanly demeanor of the nation’s money managers. This occurrence has been a nominator in the industry on a regular basis. Unfortunately, corruption and the mentality of “get rich quick” are the banes of our world today. (Kanu and Okoroafor; 2011).Since banks play such an important role in a country’s growth and development, it’s become critical to protect them from the machinations of fraudsters. According to the NDIC 2018 Annual Survey, fraudsters stole $15.15 billion in 2018, compared to $2.37 billion and $2.40 billion in 2017 and 2016, respectively.The rise in fraud cases can be due to the sophistication of fraud-related tactics like hacking and cybercrime, as well as the increased use of I.T.-related goods and services, illegal deposits, and illegal credits. According to the current trend in this sector, the number is only expected to rise in the coming years.All of these things have a negative impact on a bank’s liquidity and profitability. The high volume of frauds, robberies, defalcations, and forgeries in the banking industry has the potential to stifle bank growth, production, and stabilization, which is currently affecting the financial sector of the economy.

Banks have remained a popular target for con artists. It is no exaggeration to say that only well-managed and stable banks can prosper in the coming years in terms of fraud prevention. When allowances are made for damages caused by theft, the books of banks normally lose their luster. Every serious effort to eradicate this threat would be desirable, as the long-term result of handling deception rather than avoiding it may be very dangerous to the institution’s continued existence.

1.3 Objective Of The Study

  1. To examine the causes of white collar crimes in Nigeria financial sector.
  2. To examine the effect of white collar crimes on Nigeria economy.
  3. The know extent to which white collar crimes have gotten to.

1.4 Research Questions

  1. What are the causes of white collar crimes?
  2. What effect has white collar crime on the Nigeria’s economy?
  3. What form of damage has white collar crimes caused?

1.5 Significance Of The Study

This research would be of benefit to the banking sector in Nigeria, It would also serve as bare–line data for prospective researchers who want to pursue similar projects.

1.6 Scope Of The Study

The scope of this study is basically centered in Wuse, FCT.

1.7 Limitation Of Study

Due to time and financial constraints, the research was limited to FCT

1.8 Definition Of Terms

White Collar Crimes:

The finance sector is a division of the economy made up of companies and organisations that offer financial services to industrial and retail customers. This industry encompasses a wide variety of sectors including banks, brokerage agencies, insurance companies, and real estate firms

Financial Sector:

The word “white-collar crime,” which is said to have been coined in 1939, today refers to a wide variety of frauds perpetrated by corporate and government officials. These offences are described by deception, concealment, or breach of confidence, and they do not include the use or use of actual force or assault.

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