INTERNAL CONTROL SYSTEM AS A MEANS OF PREVENTING FRAUD IN NIGERIA FINANCIAL INSTITUTIONS

(A CASE STUDY OF FIRST BANK OF NIGERIAN PLC ONITSHA)

By

GBUCHIE NKIRUKA .P.

Presented To

Department of Mass Communication

ABSTRACT
    This research work was on the internal control system as a means of preventing fraud in  Nigerian Financial Institutions.
    However for a more detailed study a case study was carried on First Bank Plc Onitsha Head Office.  The bank understudy was selected by simple random sampling.
    This study was necessitated because of the Increasing wave of Bank fraud in Nigerian in recent times as reported by the Nigerian dailies.  Therefore the need to investigate these reports and if confirmed, a financial institution and to what extent the application of an effective internal control system can go to help matters.
    All aspects of this work is very relevant in one way or the other to the Nigeria Banking Industry, as a whole, and for those who may be interested in carrying out further study in this topic.
    The research design is the survey approach that is the cross sectional survey type of descriptive research which requires the selection of respondents from a population.  The population of the study is made up of the Senior Officer of the Bank under study who has worked in the Bank for more than five years.
    In determining the sample size Bowleys formulars on sampling was used while the allocation of questionnaires to the bank was done randomly.
    Also data were collected through primary and secondary sources, the primary sources of data are mainly through personal interviews and distribution of questionnaires while the secondary source include Books, Journals, Newspapers and Magazines.
    The method of statically analysis includes the use tables, percentage analysis and logical deductions while the significant tests of two means was used in testing the hypothesis.
    From my finding, it was ascertained that Banks have the best internal control system in Nigeria.  The internal control system is both adequate and effective, although more operative improvement and reviews is vital.  The Management of Bank should be at alert so as to close any loophole that may arise in their internal control system.  Also it was discovered that the major cause of fraud is the employment of dishonest staff.  The fore staff qualities like integrity should be ascertained before employment.  There should be an increased enlightens on the legal implications of fraud among other.



PROPOSAL
    This Project is on the Internal Control System as a means of preventing fraud in Nigeria Financial Institutions with special reference to First Bank Plc Onitsha Head Office.
    This study is necessary because of the increasing wave of Bank fraud in Nigeria in recent time as reported by the Nigerian dialers.  Therefore the need to investigate these reports and if confirmed, a Financial Institution and to what extend the application of an effective Internal control system can go to help matters.
    The research method which is going to be use will be descriptive research which requires the selection of respondents from a population.
    In determining the sample size, I will use Bowleys formular while the allocation of questionnaire as to the will done randomly.
    By the end of this my study, the management of the Bank should be at alert so as to close any loophole that may arise in their internal control system and know that, the major causes of fraud is the employment of dishonest staff.  Therefore, staff qualities like integrity should be ascertained before employment.  There should also be an increased enlightments on the legal implications of fraud among others.













TABLE OF CONTENT

Title Page                                     II
Certification                                 III
Dedication                                     IV
Acknowledgement                             V
Abstract                                     IX
Content                                     XI

CHAPTER ONE
1.1    Introduction                             1
1.2    An Overview of First Bank Plc                 5
1.3    Statement of Problem                         7
1.4    Objective of the Study                         9
1.5    Statement of Hypothesis                    11
1.6    Research Question                         
1.7    Significance of the Study                     12
1.8    Scope and Limitation of the Study                 14
1.9    Reference/ Note                             16
1.10    Definition of Terms                         16

CHAPTER TWO
2.0    Review of related Literature                     18

2.1    Definition of Fraud                        19
2.2    Types and Causes of Bank Fraud                 20
2.3    Concept and definition of Internal Control         26
2.4    Types of Controls                         34
2.5    Internal Control system In financial Institution (Fisrt Bank Plc)                        38
2.6    Internal Control measures for controlling Fraud in Financial Institution.           45
2.7    Expected Qualities of a Bank staff for Effective Internal control system.          49
2.8    Computers and Internal Control System             53
2.9    Reference / Note.                         56

CHAPTER THREE
3.0    Research Decision and Methodology.             61

3.1    Methods of data Collection                     61
3.2    The Research Population                     63
3.3    The Sample Technique                    64
3.4    The Sample Size                         64
3.5    The Statistical tools used.                     66

CHAPTER IV
4.0    Data presentation and Analysis                 73

CHAPTER V
5.0    Findings, Recommendation and Conclusion         115

5.1    Discussion of Findings                         115
5.2    Recommendation                         119
5.3    Conclusion                                125
5.4    Bibliography                             127

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