Impact of Economic & Financial Crime Commission (efcc)on Fraud in the Nigerian Banking Industry (a Study of First Bank Plc)

ABSTRACT

This study evaluates the impact of EFCC on frauds in the Nigerian bankingindustry specifically first bank plc,Data were source from the bank vorker todetermine the impact though the uses of questioner and personal interview primarydate were used. qualitative technique were used Test of Equality of differencebetween Means was employed in the analysis. Findings show that there is asignificant positive difference in the amount involved in bank frauds between thepost and pre EFCC establishment eras;that amount lost to fraudsters during thepost _EFCC establishment period is greater than(>)amount of bank frauds beforethe establishment of EFCC.It also reveals that the establishment of EFCC hasbrought about a positive impact on bank's credit performance in Nigeria and haswarranted a positive effect on total banks deposit. The implication being that theprevalence of fraud and fraudulent practices in Nigerian banking sector has beenmore even after the establishment of the anti_graft agency (EFCC) however,theoperations of the agency has improved banks performance in terms of credit tothe economy,sequel to more money at the disposal of banks occasioned byimproved confidence of depositors on Nigeria governmhent has not madesignificant impact in curbing financial crimes in Nigerian banks;thus,have notjustified the core objective of its establishment. It suggestedl,inter alia,an urgentneed to restructure the legal framework guiding the operations of EFCC in Nigeria.
Key Words:Fraud,Corruption,Crimes,Banks,performance