The Impact Of Fraud And Forgery On The Profitability Of National Insurance Corporations Of Nigeria

Project and Seminar Material for Accountancy / Accounting

The Impact Of Fraud And Forgery On The Profitability Of National Insurance Corporations Of Nigeria

Chapter One

1.0 Introduction

1.1 Background of the Study

It is no exaggeration to conclude that the worst enemies of our society id the present time are fraudsters forgenis errors and other financial irregularities. In all their aspects frauds forgeries errors corruption and there fraudulent practices which are the product of dishonesty, greed, deception distortion and alteration are today pervasive failure of Nigeria insurance company in particular.

Fraud causes huge financial losses to the Nigerian insurance company and their customers. The lapses to the internal control system in most organizations is as a result of the existence of poor control environment which could in extreme causes leac to the closure of some parastatals and organization is some part of the words.

Fraud and error have been identified as one of the most destructive factors that could easily lend to failure in insurance corporation. It’s influence has been primarily attributed to work or valuable internal control system. In recent times, the dimensions and scope of fraud have become so complex and rampant especially with the advancement in information technology.

Nevertheless, the object of this research work is to suggest sufficient control that can be employed by the insurance sector to regulate the aid of fraud and forgery on the profitability of financial institution in respect of National Insurance Corporation of Nigeria.

1.2 Statement of the Study

Fraud, forgery, error and other financial irregularities are financial cankerioors, which are eating deep into the publics or financial institutions.

Can one exclude the eril of frauds, forgeries and error from the factors responsible for the decadence and distress in Nigerian Insurance Company?

Are fraud and forgery not the factors responsible for the lost of confidence in Nigeria Insurance Company.

The issue of frauds and forgeries effect many interests in the insurance company. Depositors anticipate maximum liquidity and highest compensation in the capital invested as premium.

1.3 Justification of the Study

This research work provides adequate prevention controls to checkmate the impact of fraud and forgery on the profitability of national insurance corporations of Nigeria. In the same view, this research exercise is based not specifically in the diligent research of the researchers who have worked in the same held on frauds in national insurance corporation of Nigeria but to venture into some areas that are yet to be completely expired by the formers, such as benefits to be derived from National Insurance Corporation of Nigeria.

However, a substantial reduction in these obnoxious activities will aid and promote economic growth development, guarantee stability and conducive investment climate. It is important to note that, investment is built on mutual trust and understanding. And that is why, it is important to put adequate measure in place to control frauds, forgeries, errors in the economy which will encourage the desire investment capital in flow into the economy through the creation of goodwill, mutual trust and confidence necessary for a stable and sustainable investment climate.

1.4 Objectives of the Study

The general objectives of the study is to suggest the measures to create and maintain a fraud fire atmosphere the insurance sectors request so as to inculate in local and foreign investors interest towards injecting financial resources into the alling economy.

In view of this, the specific objectives are:

  1. To develop a framework for the management in their responsibility for the prevention and detection of fraud through implementation and continous operations of adequate system of internal control system.
  2. To examine various types of fraud and forgery and the effects of these two vices on the profitability of National insurance corporation of Nigeria.
  3. To examine and highlight various consequences and dangers associated with fraud, error and other irregularities and National Insurance Corporation of Nigeria. Finally, the study made recommendations and conclusion on based on the analysis of data obtained in the course of the research study.

1.5 Statement of Hypothesis

For the purpose of this research work, the following hypotheses test. These are stated below:

  • Ho: There is no significant relationship between frauds and forgeries on the profitability of national insurance corporation of Nigeria
  • Hi: There is significant relationship between frauds and forgeries on the profitability of national insurance corporation of Nigeria.

1.6 Scope of the Study

This inquiry strictly on the following: The causes and event of fraud in National Insurance Corporation of Nigeria.
The nature and types of frauds in Nigerian Insurance Company, The study attempt to look at the implication of frauds on the national insurance corporation of Nigeria and their customers and try to provide solution to cubs this neferrous activities.

1.7 Limitation of the Study

The limitation of this study were associated with survey research methodology and the project also limits itself to the impact of fraud and forgery on the profitability of financial institution. It would be very unrealistic to assume that all necessary fact have been gathered in the process of this study.

Chapter Five

5.0 Summary, Conclusion and Recommendations

5.1 Summary of Finding

In view of the magnitude and scale of fraud perpetrated in the society and the numeric real life events cases f fraud in insurance company and the extent of fraud in Nigeria. Financial institution with special emphasis on national Insurance Corporation of Nigeria.

Efforts have been made to explain the nature and types of fraud in the Nigeria public section attempt have been made to proffer solution and preventive measures through the use of internal control.

The international auditing guide time (I.A.G.I) place the responsibilities for detection and prevention of frauds and forgery on the management, it requires management to therefore, fashion out ways and responsibilities for controlling this caseworms.

The subject has accordingly been receiving the attention of monitoring and supervisory authorizes in view of the fact that frauds and forgeries result in huge customer, the depletion of premium paid by the customer insurance corporation capital base and loss of confidence in Insurance Corporation which automatically causes the failure in insurance industry.

5.2 Conclusion

The war waged against frauds, forgeries errors and other financial crimes by the present administration of federal republic of Nigeria, chief olusegun obasanjo. As on the unalloyed support and crime time of all Nigerians and we should all strives as individuals and collectively to show selfishness, greed and other financial fraudulent practices in the insurances industry and in Nigerian economy at long. We should rather in our dealings and social interactions demonstrate the quality of honesty, integrity, truthfulness, formability and patriotism and should no use public office as an opportunity for in ordinate ambition for the nations treasury and insurance corporation’s assist to the detriment of economy.

5.3 Recommendation

The following recommendations are proffered to reduce frauds and fraudulent tendencies in the insurance industry in particular and other economic sector generally.

Accountability and transparently should be an article of faith in the insurance, corporation and the nation at large. It must be religiously implemented. Sanctions should be imposed promptly and with firmness for any breach of the policy.

Since some members of professional bodies in the country could strictly enforce their code of ethics, ensure religious compliance and purge immediately their organization of members found waiting.

Extravagant life style of public officers especially staff in Insurance Corporation should be watched closely and checked.

It is not corruption. It is the management and equally the duty of every Nigerians to shun all form of corrupt practices.

Declaration of assets by public functionaries should be made public, compulsory and not a secret.

5.4 Limitations of the Study

Time and space as indispensable factors have however circum subscribed the anticipated extensive analysis of this research study. In addition, insufficient funds and inadequate supply of information other necessary data, perhaps, due to the confidential nature of the industry, have also constrained the scope of this research study in respect of national Insurance Corporation of Nigeria.

Similarity, since (NICON), transacts business outside Nigeria with other insurance company. The countries insure of the returns were expressed in foreign currencies, which should have been converted to either naira equivalent. It was difficult to get fund perpetrated are usually expressed in foreign currencies. The fluctuation in exchange rate made it difficult to detect the earth amount loss through frauds.

5.5 Areas of Further Research

The suggestion area of further research is an insight into various punishments should be mated-cut to the fraudsters.

The Impact Of Fraud And Forgery On The Profitability Of National Insurance Corporations Of Nigeria

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The Impact Of Fraud And Forgery On The Profitability Of National Insurance Corporations Of Nigeria


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