Fraud Risk Management And Financial Performance In First Bank Nigeria Plc

Authors: Danazumi, Elisha Bako; Kutus, Martins Oloruntoba; Maklu, Nanteer Yonla; Prof. Gbegi, Daniel Orsaa
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This study examines how anti-fraud policies of first Bank of Nigeria Plc affect their financial performance. Specifically, we examined the relationship between anti-fraud policies; fraud detection mechanisms; fraud deterrence mechanisms; internal control mechanisms; and management style mechanisms on financial performance. The study employed descriptive, correlation design and hierarchical regression analysis approaches for the test of hypothesis. Primary data was collected through questionnaire on 40 management staff of first bank of Nigeria Plc to examine the relationship between anti-fraud policies and financial performance of the bank. The study established significant positive relationships between all the study variables, and financial performance. It was recommended that bank directors and managers should improve on the monitoring of operational practices of the employees at all levels and quality by ensuring strict compliance with the CBN Prudential Guidelines, Circulars, and bank specific risk thresholds as a means of achieving optimal anti-fraud policies to enhance financial performance.