INTERNAL CONTROL AND FINANCIAL FRAUD IN THE NIGERIAN BANKING INDUSTRY

Abstract

With the susceptibility of the banking industry to the liquid nature of its assets, this study was carried out to examine the effect of internal control on financial fraud in the Nigerian banking industry. The study is framed theoretically using the pentagon fraud theory. The exploratory research design was employed for this study. Secondary source of data was used and data on the independent and dependent variables were obtained from available data which is the NDIC 2019 Report. The data gathered were analyzed using the Multiple regression model. was used in analyzing the effect of the independent variables on the dependent variable. The result shows that staff control has a positive effect on fraud prevention in the banking industry in Nigeria. It is concluded from the study that staff control does not have a significant effect on fraud in the banking industry in Nigeria. This study recommends that staff controls be put in place to ensure that the right human resources are attracted and retained for the job in order to prevent financial fraud in the banking industry in Nigeria