Our Blog

List of recently published project topics and materials

PROJECT TOPIC- PROBLEM OF FINANCIAL FRAUD IN THE TERTIARY INSTITUTION (ESUTECH) ENUGU STATE UNIVERSITY OF TECHNOLOGY AND (I.MT) INSTITUTE OF MANAGEMENT AND TECHNOLOGY BOTH IN ENUGU STATE AS A CASE STUDY

PROJECT TOPIC- PROBLEM OF FINANCIAL FRAUD IN THE TERTIARY INSTITUTION (ESUTECH) ENUGU STATE UNIVERSITY OF TECHNOLOGY AND (I.MT) INSTITUTE OF MANAGEMENT AND TECHNOLOGY BOTH IN ENUGU STATE AS A CASE STUDY

ABSTRACT

This research work was carried out to identify, the problem of financial fraud in the tertiary institution (ESUTECH) Enugu State University of Technology and (I.MT) Institute of management and technology both in Enugu state as a case study. The researcher further sort to find out “Are causes of fraud traceable to poor management, can period organization of seminar and symposia for staffs on the evils of fraud deter employers from committing fraud, does societal view on wealth play any role in causing fraud to be committed and does an ineffective internal control system greater room for fraud. To achieve these 200 management staffs and 200 non-management staffs making it 400 in both were selected from the two tertiary institution (Esutech   and (I.M.T) both in Enugu were used. Data collected through structural questionnaire were analyzed and interpreted using mean statistics. The result of the work revealed that poor records keeping, people’s perception that poverty is a cause and over length of service in a particular job among others are the causes of fraud. Based on these findings, the work recommended among other things that educating the staff on the evils of fraud and symposia on the proper recording system are to be organized.

CHAPTER ONE

INTRODUCTION

1.1                   BACKGROUND OF THE STUY

Many of our Nigeria financial system have testified a lot of violent about fraud in recent past and even now. This system has grown not in doubt but it is equally true that unethical practices such as fraud have also been multiplying. The unprecedented crash of the money market is still very fresh in the mind of every citizen.

That is why all the headlines and front page of newspapers and magazines in the recent past years featured incidents of fraud in every facet of the economy. For more explanation, the daily times October (2000:11) Carried this headline “N350 million fraud for uncovered at ETF” that is the education tax fund that was set up by a decree in 1993 and is funded from two percent of after- tax profit of private companies operating in the country, to help the government in funding of the educational system.

Sunday independent August (2005: 7) had a headline which read “N 55m bribe scam” it revealed that, the head of civil service of the federation, Alhaji yayale Ahmed and officials of the Economic and financial crimes commission (EFCC) many have concealed some facts from the president, Ousegun Obasanjo and the public on the N 55 million bribe for budget scam between the ministry of education and the national Assembly last December.

News tough eight nine 2005, oru west Local Government account has been closed down due to financial mismanagement. Daily times on its July edition (2005:8) reveals wages of fraud in which it stead that September 2003. Mr. Nwa gbara spent 16m as a hotel bill at Nicon Hilton hotel Abuja, bill for two days. The paper lamented that Mr. Nwagbara should be probed for financial mismanagement by the EFCC, no matter he had been removed as the senate president.

Further more Daily independent viewed on N35m fraud, for sending troupe at sierra lone by one of the top army officer. This was viewed on the paper no (2005:18) July. This is why Tell magazine of July (1991:20) had a headline which read “they came, they saw, they plundered and it revealed that the former military administrator did not only run the state like their private estate, they plundered them like conquered territories.

The level of fraud in the present day Nigeria has assumed an epidemic dimension. It has eaten deep into every aspect of our life to the extent that a five year old child talks about “419” and the newly bracing on foreign companies, the newly discovered sobriquet for advance fees, fraud that is hurting us as a nation. After giving a brief definition of fraud as “Deceit or criminal deception, act of this kind, person or thing that deceives”. Olufidipe asserted that fraud in the Nigeria Economy could not be restricted to the banks.

Currently in our present civilian reign, the Daily sun of July (2004:20) page 11 lamented, “Probe of AD is in bad faith, says Adeyeye”. The Alliance for Democracy (AD) which made the allegation in a statement signed by its National Director of publicity, Research and statistics, Prince Dayo Adeyeye, said the decision of the PDP Governors to suddenly wake up after one year in office and claim they have discovered alleged fraud perpetrated by their AD predecessors, smacks of bad politics.

Furthermore, okereke (2000:126) throws more light on fraud incident by nothing that. “The issue of fraud has become a serious food for thought for many corporate bodies in recent times. As a result, more time is spent on Board meeting in attempt to find solution to the persistent fraudulent act among management and non-management staff.

In an attempt to define fraud, in the business and management journal of the first quarter (2001:3) Adewunm: (1986) stated that “fraud can be described as conscious, premeditated action of a person or group of persons with the intention of altering the truth or facts for selfish personal monetary gain. The action usually takes the from of forgery, falsification of documents or authorizing signature and outright theft.

Fraud, which used to be prevalent in the banking industry and companies that are profit oriented has in recent years spread its ugly tentacles not only to the private sector but also to the pubic sector, where in falls the educational sector. It is pertinent to note at this juncture that the educational sector, which is part of the public sector, receives its part of the national budget. It was noted in the budget of 1969 to 1978 that education had increased which other sector had cut back financially

In citing combs (2001) Etoya in Nosiri and Nwagbo (1997:1801) Observed “A decade prior to Nigeria independence (1950-1960) Education enjoyed favorable priority that gave it an increasing percentage of the total public budget”. Flows into institution of higher learning were in good balance. In summary, he noted that all physical facilities were available and adequate, even old buildings were occasionally replaced, textbooks and stationeries were provided. But he noted “Education can not continue to command a rapid increasing share and distortions in the whole society and Economy

Just in the year 2001, a case of fraud in the bursary department of a college of Education in one of the thirty- six states of the federation was uncovered. Again, some years back, the military administer of one of the state of the nation through the then commission of education set up a seven – man panel to probe the college of education of the state.

Terms of reference were given and the panel came up with a report in the same year suffice it to say that, fraud which has been a prevalent feature in enterprises that are profit oriented have spread its ugly tentacles to the researches hence this research on. The problem of fraud in tertiary intuition in Nigeria, causes and remedies. A case study of selected tertiary institution in Enugu state.

PROJECT TOPIC- PROBLEM OF FINANCIAL FRAUD IN THE TERTIARY INSTITUTION (ESUTECH) ENUGU STATE UNIVERSITY OF TECHNOLOGY AND (I.MT) INSTITUTE OF MANAGEMENT AND TECHNOLOGY BOTH IN ENUGU STATE AS A CASE STUDY

1.2  STATEMENT OF PROBLEM

By vet of fact from news broadcast both the radio and television, you find out that the level at which panel are set up to probe corporation on its Finances reveals that the word “fraud” has become an epidemic disease. The socio- economic combined with the attitude of many Nigeria to make quick and easy money are to some extent responsible for the guilt of fraud crime.

Sometime the culprits are never punished to deter other would be frauds. Because of this, fraud become rampant at all level in both private and public sectors which education is part of. Since, it is noted that educator is not self financing in the sense that, it is not directly productive as an industry, because of this fact, the world back suggested that expenditure on education could be recovered by changing consumer fees.

The problem of fraud in tertiary institution can take these forms. Forgery of receipt booklets, inflation of expenditure figures and abuse in the system of approving and retiring advances. It also takes the form of signature forgery, exploitation and coalition of authorization and all what not, as a result of these, the research is interested in finding out the factors that causes fraud in the tertiary institution and ways of saving the situation.

1.3  PURPOSE OF STUDY

This study is to identifying he factors that influence tertiary institution staff to commit fraud and the way of discouraging such. This study will also find out whether the cause of fraud in tertiary institution emanate from

  • society view on wealth
  • poor management
  • keeping of improper accounting or financial records
  • ineffective internal control in the institution
  • poor salary
  • extensive service in a particular jobs

The main objective of the study is that, it will help us to find out whether fraudulent acts can be discourage by the following

  • Effective and efficient internal control system
  • Periodic organization of seminars and symposia on “evils of fraud”
  • Improvement in staff welfare
  • Periodic review of workers salaries
  • Reshuffling of staff positions.
1.4  RESEARCH QUESTIONS
  • Are causes of fraud traceable to poor management
  • Can periodic organization of seminar and symposia for staffs on the evils of fraud deter employers from committing fraud?
  • Does societal view an wealth play any role in causing fraud to be committed.
  • Does an ineffective internal control system create room for fraud?
1.5  SIGNIFICANCE OF THE STUDY

Since education is not a profit oriented venture, rather its administration is almost as “hat of a profit making           organization and its involves finance hence Felix and Onfade (1999:78) emphasized that “no business of any size could be carried on for a very long time without the risk of fraud or error taking place. For this reason, the significance of the study will include;

The research will help the management of any institution or business, their employers or staff and the society at large to be informed of the causes of fraud and be alert to identify fraudulent tendencies.

It will enable the management of institution know hour to device preventive and deterring mechanisms that will address fraudulent tendencies.

It will encourage management and non-management staff to disburse available funds judiciously bearing in mind the anticipated revenue and the consequences of any misappropnatiion.

It will enhance management efficiency and effectiveness in school administration especially when it concerns personnel.

Finally, this research will provide management with adequate information on effective implementation of an adequate system of internal control and ways of ensuring financial disciplines, accountability and transparency among its staff.

1.6  SCOPE OF THE STUDY

In an attempt to find out the problems of financial fraud in tertiary institution. The research work will be carried out in institute of management and technology (I.M.T) and Enugu state university Technology (ESUTECH) both in Enugu state

1.7  LIMITATION OF THE STUDY

This study is limited in I.M.T Enugu and Enugu state unvisited and technology (ESUTECH). As a result of financial constraint resulting in astronomical transport fares now prevailing in the state and the country in general. It is not easy for the research to extend the research to far distance. Again, time factor also became a problem as the research had to combine his academic work and the official duties making sure that both ends meet.

PROJECT TOPIC- PROBLEM OF FINANCIAL FRAUD IN THE TERTIARY INSTITUTION (ESUTECH) ENUGU STATE UNIVERSITY OF TECHNOLOGY AND (I.MT) INSTITUTE OF MANAGEMENT AND TECHNOLOGY BOTH IN ENUGU STATE AS A CASE STUDY

TO GET THE FULL PROJECT TOPIC AND MATERIAL DELIVERED TO YOUR INBOX OR DOWNLOAD INSTANTLY, PAY N5000 Via: BANK
BANKACCOUNT NAME
ACCOUNT NUMBER
DIAMOND BANK
FREEMANBIZ COMMUNICATION
007 031 2905
FIDELITY BANK
FREEMANBIZ COMMUNICATION
560 028 4107
GTBFREEMANBIZ COMMUNICATION013 772 5121
ZENITH BANK
FREEMANBIZ COMMUNICATION
101 326 3297
OR Pay Online with ATM
After Payment, you can use the chat app at the right hand side of your browser to download the material immediately or Text Name, Title of project paid for, your email address to 08060755653.FOR PAYPAL USERS OR INTERNATIONAL

Was the material helpful? Comment below. Need the material? Call 08060755653.