The Impact of Financial Fraud on Corporate Performance in Nigeria: A Case Study of Union Bank of Nigeria
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Background of the Study
Financial fraud is a critical issue that undermines corporate performance, stakeholder trust, and the overall economic stability of organizations. In Nigeria, financial fraud in the banking sector has been a persistent challenge, resulting in significant losses, reduced profitability, and reputational damage (Olawale & Adekunle, 2023). Union Bank of Nigeria, a prominent financial institution, has not been immune to such challenges.
Fraudulent activities, including misappropriation of funds, insider abuse, and cyber fraud, pose threats to the operational efficiency and profitability of banks. Additionally, weak internal controls and inadequate compliance mechanisms exacerbate these issues (Chukwu & Eze, 2024). As the Nigerian banking sector evolves to adopt advanced technological solutions, the risks of financial fraud remain prevalent, necessitating robust measures to mitigate its impact.
This study examines the effects of financial fraud on the corporate performance of Union Bank of Nigeria, focusing on its operational, financial, and reputational dimensions.
Statement of the Problem
The Nigerian banking sector has witnessed recurring cases of financial fraud, which adversely impact corporate performance and stakeholder confidence. For Union Bank of Nigeria, such fraudulent activities not only lead to financial losses but also diminish customer trust and market competitiveness (Okafor & Balogun, 2025).
Despite efforts to strengthen internal controls and compliance frameworks, the effectiveness of these measures in mitigating financial fraud and its consequences remains questionable. There is a paucity of empirical research addressing the specific relationship between financial fraud and corporate performance in Nigerian banks. This study seeks to fill this gap by focusing on Union Bank of Nigeria.
Objectives of the Study
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To evaluate the types of financial fraud prevalent in Union Bank of Nigeria.
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To assess the impact of financial fraud on the operational and financial performance of Union Bank of Nigeria.
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To explore strategies employed by Union Bank of Nigeria to mitigate financial fraud.
Research Questions
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What types of financial fraud are prevalent in Union Bank of Nigeria?
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How does financial fraud impact the operational and financial performance of Union Bank of Nigeria?
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What strategies has Union Bank of Nigeria implemented to mitigate financial fraud?
Research Hypotheses
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Financial fraud does not significantly affect the operational performance of Union Bank of Nigeria.
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Financial fraud does not significantly impact the financial performance of Union Bank of Nigeria.
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Strategies employed by Union Bank of Nigeria do not significantly mitigate financial fraud.
Scope and Limitations of the Study
The study focuses on the impact of financial fraud on Union Bank of Nigeria from 2015 to 2024. It examines types of fraud, their implications, and mitigation strategies within the bank. Limitations include restricted access to sensitive internal data and potential biases in respondents’ feedback.
Definitions of Terms
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Financial Fraud: Deliberate acts of deception involving financial transactions for personal gain or organizational loss.
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Corporate Performance: The effectiveness of a company in achieving its financial and operational objectives.
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Internal Controls: Processes and procedures implemented to ensure the integrity of financial reporting and compliance.
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