The Evolution and Potential Eradication of Cyber-crime in the Nigerian Banking Industry, using GTB as a case study.

| December 13, 2016

Background to Project

Over the years, the use of information communication technology has had a dramatic impact on almost all areas of human operation including, in particular, the banking and finance sector. To a certain extent, ICT can be seen to have simplified many of the business processes; however, it has also created a new breed of criminal activity, many aspects of which are aimed at the banking sector, for example, credit card fraud, identity theft and ATM fraud, as well as other related information technology issues (Singhal & Padhmanabhan, (2008).

The proliferation of e-banking has offered opportunities in countries such as Nigeria to become much more global in its operation and yet it has also opened up the jurisdiction to a broad range of cyber-crimes, which will be the focus of the analysis in this research. E-banking is not limited to the more developed countries and, arguably, can be seen to transcend many of the jurisdictional borders, with countries which are developing, such as Nigeria, being able to trade internationally in a way that was not possible, previously. However, this opportunity also presents challenges, particularly when it comes to establishing systems that will prevent or limit cyber-crime.

Problem Specification

E-banking in Nigeria is still largely seen to be in its infancy, with the majority of banks using information technology as a means of providing information, rather than creating an interactive banking arrangement (Howard et al 2008). To a certain extent, it  could be argued that this relatively low level of take-up for e-banking in Nigeria may be attributed to the insecurity and the failure of the technology to keep pace with the needs of the public, if they are to fully engage with  internet banking and all its ramifications (Chiemeke, Evwiekpaefe, & Chete, 2006).

Crime and corruption within the banking sectors have created a particular concern for businesses across Nigeria, which indicates that dealing with the area of cyber-crime is critically important and needs to be tackled, if Nigeria is to be able to develop as a strong international economic jurisdiction capable of attracting investment and stability.

Research Aims and Objectives

The overall aim of this research is to look at the evolution of cyber-crime in Nigeria and to explore ways in which it can potentially be managed, or even eradicated. In order to achieve this over-riding aim, several smaller research objectives have been identified.

Firstly, it is necessary to gain an historical understanding of the Nigerian banking industry and to ascertain the ways in which the industry has operated, prior to the use of information technology, and how information technology has impacted upon the banking sector, to date. Secondly, an analysis of the current cyber-crime control processes will be undertaken, looking at a range of different banks and how they look towards managing and controlling cyber-crime (Computer Crime Research Center 2009). The research will then move on to compare banks in other regions, such as the United Kingdom and the United States, with a view to establishing whether there are additional ways in which cyber-crime could be managed more efficiently, by looking at the various different means whereby cyber-crime is managed in these other jurisdictions. The findings can then be looked at in the context of the problems being faced in Nigeria, and potential options explored. A specific case study of GTB will be used, in order to explore the issues raised above, before ultimately suggesting how the Nigerian banking sector can improve its position and reduce the level of cyber-crime, to such an extent that it is likely to improve the stability and trust within the banking sector. GTB in particular has been the subject of much discussion due to several high profile fraudulent activities that have raised the issue of managing cybercrime in Nigeria (Shittu, 2010). Offering this guidance is a critical element of the research as it will offer guidance on how to manage the difficulties being raised by the Nigerian banking industry.

Research Methodology

The research approach will be inductive in nature in that it will look at a wide variety of ideas and observations with the view to ultimately establishing a theory and a framework that can be relied upon to develop the future of the Nigerian banking industry. In order to achieve this, both quantitative and qualitative analysis will be undertaken. However, this will primarily involve looking at the data associated with cyber-crime, in the region, as part of the secondary research and then going on to undertake a case study, to improve the understanding of where the data has originated from, and in order to bridge between the theory and practical reality of cyber-crime, in the region.


Resources will primarily be derived from journals and reports dealing with the area of cyber-crime, in Nigeria, although it will also be necessary to undertake primary research with the employees of the case study bank, i.e. GTB. Suggested references to be used as a starting point are listed at the end of the proposal.


Potential issues may emerge when it comes to collecting accurate data, as issues related to cyber-crime rates can be commercially sensitive, thus making it harder to ensure that the data and the subsequent analysis are accurate. It is also necessary to recognise that issues relating to cyber-crime are likely to change, very rapidly, making the research quite time-specific, in terms of its value. Gaining detailed primary research by interviewing employees may also present a problem, as employees are unlikely to be prepared to speak openly, for fear of any comeback from their employer.

Projected Schedule

The research will take place over one academic year, which actually spans a total of nine months. It is anticipated that monitoring the case study bank will take the longest period of time and therefore this is central to the timing and is recognised as such in the chart below.


  M1 M2 M3 M4 M5 M6 M7 M8 M9
Background Research                  
Literature Review                  
Case Study                  
Analysis and Write-up                  
Proofread and Presentation                  



Adeloye LA (2008). E-banking as new frontiers for banks. Sunday Punch, September 14, P. 25.

Chiemeke, S. C., Evwiekpaefe, A. and Chete, F.(2006) The Adoption of Internet Banking in Nigeria: An Empirical Investigation, Journal of Internet Banking and Commerce, Vol. 11, No.3,

Computer Crime Research Center 2009. Preventive Measures for ATM frauds. measures-ATMFraud,

Howard, R., Thomas, R., Burstein, J., & Bradescu, R. (2008). Cyber Fraud Trends and Mitigation, 9–24.

Litan, A. (2004). Phising attack victims likely targets for identity theft. Available:

Longe, O.B.& Chiemeke, S.C. (2008): Cybercrime and Criminality in Nigeria-

What roles are internet Access Points in Playing. European Journal of Social

Sciences, Volume 6 No 4

Ogunsemor AO (1992.) Banking services: The emergence and impact of electronic banking. The Nigerian Banker, January – March, 1992.

Omankhanlen O. (2009). ATM fraud rises: Nigerians groan in Nigeria. Daily News, Sunday, June 21, pp.8-10.

Shittu, O., Submitted, P., The, T. O., Of, F., Akintola, L., State, O. Y. O., Fulfilment, I. N. P., et al. (2010). The Impact of Electronic Banking in Nigeria Banking System (Critical Appraisal Of Unity Bank Plc ), 1–62.

Singhal, D., & Padhmanabhan, V. (2008). A Study on Customer Perception Towards Internet Banking : Identifying Major Contributing Factors, 5(1), pp. 101–111.

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