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Author(s): Samuel Ngozichikanma Nwosu, Remigius Chinwoke Ejinkonye, Uduimoh Anthony Akwawa.

Volume/Issue: Volume 7 , Issue 3 (2024)

Abstract:

The study examined management of fraud and internal controls in the Nigerian banking industry. Two research hypotheses were raised. The study employed descriptive survey method as the research design. Data used for this study were collected mainly from both primary sources. The data collected through the use of questionnaires were analyzed using Pearson Chi-square contingency test with the SPSS statistical tool (SPSS version 22). The findings revealed that in most banking industries today, fraud is seen as a normal thing that cannot be avoided, prevented or even detected. Proper steps have been totally ignored. Fraudulent activities affect the organization, the employees, their family and subsequently the economy. It can be deduced that there are control measures that can greatly help if applied properly and effectively. This can help put fraud in control and even detect all fraudulent activities. The study recommended that banks should ensure that there should be an appropriate authorization and approval by the opposite person of all transactions of the operations of the bank. Banks should make sure there are adequate supervisory controls by the management . These are the controls exercised by management outside the day-to-day routing of the system. KEYWORDS: Banking Industry, Fraudulent Activities, Adequate Supervision, Managerial controls and Internal Control.

Keywords:

Banking Industry, Fraudulent Activities, Adequate Supervision, Managerial Controls and Internal Control.

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