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STRATEGIES FOR DEALING WITH FRAUD AND CORRUPTION: AN OVERVIEW OF NIGERIAN BANKING INDUSTRY
Abstract
The choice of this topic is considered more appropriate in view of the alarming rate at which fraud and corruption has permeated Nigerian banking industry of recent and the sever threats it posed to its survival and the economy at large. There is a genuine fear that the increasing wave of bank fraud and corruption is causing a lot of havoc in our financial system. This is because fraud and corruption has eaten deep in to the fabrics of our banking system to the extent that many customers have lost confidence in these banks. The objective of this recent research survey is to examine the strategies of dealing with fraud and corruption. A case study of Nigeria Banking Sector in Nigeria. It is assumed that if these rules are strictly followed, the chances of one falling prey to fraudster’s corrupt malpractices could be minimized. The Nigeria banking sector is one of the most profitable within the economy, but its sub optimal performance is due to array of problems. Of these problems, the issue of fraud in our banks is monumental. Fraud in banks is an intentional deception to cheat and deceive the bank in order to gain money or valuable asset of the bank.
Key words: Fraud, corruption, strategies, audit, banking sector