Fraudulent Practices in the Banking Industry; It's Impact on Economic Growth

                     ABSTRACT

This study was set to investigate various forms of fraudulent practices in the banking industry:its impact on  economic growth in Nigeria, the study seek to examine the effect of amount lost to fraud on Nigeria economic growth and to also examine the effect of number of fraud cases on Nigeria economic growth covering the period between 2005-2017, the main instrument for data collection is through secondary source in which the data were extracted from the statistical bulletin of Central Bank of Nigeria (CBN). The collected data were analysed using inferencial statistics i.e Ordinary Least Square (OLS) regression analysis. Findings revealed that both amount lost to fraud and number of fraud cases have significant impact on economic growth in Nigeria between the periods under study. The research work recommended that banks need to strengthen their internal control system and the regulatory bodies should improve their supervisory role in order to check and curtail the incidence of fraud and fraudulent activities of banks and also relevant institutions established to fight fraud should ensure the enforcement of various legal provisions in the fight against fraud and it effect on economic growth in Nigeria.