International Journal of Economics and Financial Issues ISSN: 2146-4138 available at http: www.econjournals.com International Journal of Economics and Financial Issues, 2020, 10(1), 159-169. International Journal of Economics and Financial Issues | Vol 10 • Issue 1 • 2020 159 Evaluation of Fraud and Control Measures in the Nigerian Banking Sector Abdulrasheed Garba Almajir, Muhammad Usaini* Department of Accounting and Finance, Federal University, Gusau, Nigeria. *Email: usainimuhammad005@gmail.com Received: 03 October 2019 Accepted: 10 December 2019 DOI: https://doi.org/10.32479/ijef.8931 ABSTRACT The purpose of this paper evaluation of fraud and control measures in Nigerian Banking Sector (a case study of three selected banks) is to aim at fnding practical means of eliminating, reducing the incidence of fraud in our banking industries and researcher used both primary and secondary source. Questionnaire and interview were administered on a population sample of 75 person made up of both staff and management of First Bank Nigerian Plc, Union Bank of Nigerian Plc and United Bank for African all in Gusau, Zamfara state. The fndings derives from respondents indicates that poor internet system not greed is the main course of fraud in the Nigerian Banking and recommendation, and solution of fraud is a means of segregation of duties, were offcer that past entry should not be responsible for checking with compulsory annual holiday for all member of the staffs and organization procedure, development of a good organization structure and career opportunity for staff so as to have dedicated loyal staff and contented with force and good training programme is important for staff at all levels. Keywords: Fraud, Control, Nigerian Banks JEL Classifcations: M4, M421 1. INTRODUCTION 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 3-years-old child talks about yahoo mail or 419, newly discovered sobriquet for advanced free fraud that is hunting our banking industry. Nigerian with all of its natural and human resources together on the brink of destruction because of fraud. Much of what we do is “cutting leaves” instead of dealing with the root problem  (David, 1994). Generally, fraud takes its roots from the human heart. It is an axiom that the heart is deceitful above all things and is desperately wicked. Fraud is the number one enemy of the business world, no company is immune to it and it is in all works of life, (Adeyemo, 2012). The fear now is rife that the increasing wave fraud in the fnancial institutions in recent years, if not arrested might pose certain threats to stability and survival of individual fnancial institution and the performance of the industry as a whole and no area of the economy is immured from fraudsters and even the banking system (Abubakar, 2004). The existence of fnancial intermediaries automatically takes care of the sizes of fund existing in the economy. Banking sectors are fnancial institutions that intermediate between the surplus units of the economy (household) an the defcit unit which companies, government, business enterprises by mobilizing the surplus unit of the economy to save part of the income that are not consumed and repackage it for lending to the defcit unit at a considerable interest rate. Examples of fnancial institutions we have in Nigeria are banks, insurance companies, savings and loans (Mahinda, 2012). The major problems confronting the fnancial institution today is “fraud,” which has sent many of them out of business and is making the industry customers to lose confdence in then since, since they have not been able to curb the ugly event called “fraud” (Femi, 2007). This Journal is licensed under a Creative Commons Attribution 4.0 International License