Fraud in Nigeria's Financial System

Abstract

The Nigeria economy loses a significant amount of money to fraudsters coupled with loss of confidence in the Nigerian banking sector over the years despite various preventive and detective measures put in place. This work identifies the contributory factors to the actual/expected losses. Multiple regression analyses were carried out to determine the significance and extent of the relationship in the model specified. The study reveals that the number of staff and branch network of the commercial Banks, categories of staff involved in fraud have significant impact on the level of actual/expected financial loss. It is therefore recommended that supervision of bank employees and necessary investigations at the hiring point of the employees should be properly considered in commercial banking industry.