FRAUD PREVENTION TECHNIQUES AND PERFORMANCE OF BANKS IN SOUTH-SOUTH, NIGERIA

Abstract

The paper examined the effect of fraud prevention techniques on performance of Banks
situate in South-south, Nigeria. The cross-sectional survey research design was used. It
was chosen because it assists the researcher in getting the required data and also in
answering the research questions to achieve the research objectives. The population of the
study comprises of all 500 staff and management of selected parastatals of First Bank of
Nigeria Plc situated in Akwa Ibom, Cross River, Bayelsa, Delta and Edo state. A sample
size of 221 was derived using Taro Yamani’s sample size determination. n = 221.
Mathematical and statistical techniques were employed in analyzing and interpreting the
outcome of the research instrument. The primary source of data collection via the aid of
well-structured open ended questionnaire was adopted. The open ended instrument
(questionnaire) was preferred since the staff are knowledgeable and educated hence they
can read and respond accordingly. Data collected from respondents were collated and
inputted in SPSS, Version 23. Means (
x
) and Standard Deviations (SD) were considered.
The cut-off mark was set at 3.00 for sections designed on a 5-point rating scale. Meanwhile,
the Pearson Product Moment correlation (PPMC) tested for the stated hypotheses. This
study has established that the frequency of occurrence of fraud in any establishment tends
to be detrimental to the long-term short-term survival and bank growth. The study further
confirmed that, fraud prevention measures improve sampled banks’ performance. Hence,
the paper concludes that, fraud prevention techniques are key drivers of higher public
enterprises’ performance in South-south, Nigeria. As such, the internal audit function in
public enterprises in Nigeria internal audit department should ensure that financial fraud
in their various establishments is being controlled and reduced to zero level