Internal Control and Fraud Detection in the Banking Industry (a Case Study of Guarantee Trust Bank Plc)

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INTERNAL CONTROL AND FRAUD DETECTION IN THE BANKING INDUSTRY (A CASE STUDY OF GUARANTEE TRUST BANK PLC)

BY

OGUNDELE GBONJUBOLA
06271184

BEING A RESEARCH PROJECT SUBMITTED TO THE DEPARTMENT OF ACCOUNTING, FACULTY OF MANAGEMENT SCIENCES, UNIVERSITY OF ABUJA, ABUJA, NIGERIA

IN PARTIAL FULFILLMENT OF THE REQUIREMENTS
FOR THE AWARD OF BACHELOR OF SCIENCE
(B.SC) HONOURS DEGREE IN ACCOUNTING

JANUARY, 2011
DECLARATION
Apart from references of other people’s work which were fully acknowledged, I hereby certify that this research work was wholly done by me under the guidance of my supervisor, Mallam Sani Gurowa of Department of Accounting, University of Abuja, Abuja, Nigeria.

_______________________________________
OGUNDELE GBONJUBOLA
06271184 Signature
Student’s Name

CERTIFICATION
I certify that this project has been read and approved as having met the requirement for the award of Bachelor of Science (B.Sc) Hons. Degree in Accounting of faculty of management Science of the University of Abuja, Nigeria.

_______________________________________
Mallam Sani GurowaDate
Project Supervisor

_______________________________________
Date
Head of Department

_______________________________________
Date
Dean, Faculty of management science

_______________________________________
External Examiner Date

DEDICATION
This project is dedicated to God Almighty and my baby brother, Ebenezer Oluwatimilehin Ogundele.

ACKNOWLEDGEMENT
I am grateful to Almighty God, for making this a reality, for his provision, guidance and protection throughout my four years in the university. My profound gratitude goes to my project supervisor Mallam Sani Gurowa for his tolerance, suggestion, valuable advice, untiring efforts and supervision of my research work. My sincere appreciation also goes to all lecturers of Accounting Department for their immense contribution toward my becoming a graduate of Accounting, May God reward them abundantly. I also wish to acknowledge the love and moral support of my parents, Mr/Mrs Emmanuel Ogundele for their love, care, financial and moral support and prayers over me. God will take you to greater heights and you will reap the fruits of your labour (Amen). I am also grateful to my siblings and family members: Bukola, Peter, Olamide, Michael, timi for their love and encouragement throughout my academic pursuit. Also to my Aunts, yemisi, serah, titi, Mrs komolafe. My unreserved appreciation goes to all my friends and loved ones: Elahi, Ruth, Shola, Lanke, Ola, Simi, Damola, Godwin, Maimunat, Wale, Aisha, Halimat, Cha-cha, Darlinton, Eddy, Emmanuel, Efe, Tunde, Abubarkar, Elofu, Rotimi, Frances, Ijey, Jacob, kayode, Richard, Simbiat, Sukanmi, for their sincere friendship during these past years. My sincere thanks goes to all graduating accounting students for their peaceful coexistence during our study. By and large to all who contributed to the success of this program, but whom I have not mentioned here.

ABSTRACT
The Central Bank of Nigeria reported that the backward development in Nigeria was attributable to weaknesses in the internal control systems of the banks. This has clearly pointed out the picture of how fraud has penetrated into the financial strength of Nigerian Banks. In a nut-shell, the damages which this menace, called fraud has done to the banks in innumerable and needs urgent attention. Therefore, the attempt to put an end to this economic degradation, gave rise to the topic of this research study. Internal control and fraud detection in the banking system with GTB Plc as a case study. However, this study is aimed at verifying the conception that an effective and efficient...
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