Funds Management And Control In The Public Sector: A Case Study Of Federal Mortgage Bank Of Nigeria
There appears to be little doubt about the fact that frauds in banks is a matter of the greatest concern to bankers, the monetary/political authorities and the generality of Nigerians today. It is so for many reasons. The methods acquire sophistication by the day. The size increase in geometric progression. The people involved hitherto were among the respectable members of the church, the mosque, the community. Fraud leads to unwarranted losses for the banks and put the management of each institution on its toes whilst expending hard earned resources and energies on fraud prevention and detection.
In view of these, fraud management was introduced in the financial system so as to know ways to detect, prevent and minimize fraud in Nigeria financial system. Fraud is a number one enemy to all concerned with the growth and development of our financial system. Any effort to fight this enemy is therefore most desirable.
Equally important, every incidence of bank fraud literally chips at a bit of public’s confidence in the orthodox financial institutions that bank’s fraud delay or slow down the full development of banking habit in Nigeria.
1.1 Background Of The Study:
Irrespective of the depth of knowledge available in the banking industry, there still exist causes of collapse, frauds and inefficiencies. Many banks are distressed or liquidated today. Research has made it clear that fraud is one of the major causes of banks being distressed.
In view of this, fraud management (i.e. hardly of minimizing fraud) was bought up in our financial system so as to prevent fraudulent practices in our banks. Again, bank fraud is a great concern to all managements’ customers, equity holders, the entire public and the government as a whole. One of the prevailing features of our bank of today is the ever-increasing incidence of fraud and deceitful debts that is affecting our financial institution in Nigeria.
1.2 STATEMENT OF PROBLEM:
This research project is designed to investigate fraud in financial institutions. To determine the types, causes, effects and how to minimize fraud in financial institutions.
Inspite of the efforts being made to detect fraud, our financial institutions are experience frauds and irregularities which has put many of them in distress. Here, we will see how fraud has contributed to decrease in economic growth, the major causes and possible ways of minimizing it.
1.3 Objectives Of The Study:
- This study is being done to determine the extent fraud has gone in distressing our financial institutions.
- To identify the causes and effects of frauds.
- To make suggestions and recommendations as how to minimize fraud in financial and other institutions.
- To reveal the relationship between bank fraud and the economic growth.
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