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Although, the changes in the Nigerian banking industry have been spectacular, there is yet still, the need to do more. In the year 2010, 14 of the top 100 and indeed top 20 companies in Nigeria were from the banking industry. Forbes’ magazine (2012), listed 20 Nigerian companies that made up the top 25 West African companies and 9 out of the top 20 were also from the banking sector. This shows that we can no longer afford to leave banking totally to the bankers because the only active players left on the economic playing field are the banks; the other players being already wounded – either limping (oil and gas), or in the case of manufacturing, confined to the wheel chair (Akano, 2008).Ajayi (2005), maintained that banking sector reforms in Nigeria are driven by the need to deepen the financial sector and reposition the Nigerian economy for growth; to become integrated into the global financial structural design and evolve a banking sector that is consistent with regional integration requirements and international best practices. This therefore calls for effective internal control systems to surmount the mounting pressures of constant fraud.Internal control which is the strength of every organization as it were has become of paramount importance today, especially in Nigerian banks. The need for internal control systems in banks cannot be undermined due to the fact that the banking sector, which has a crucial role to play in the economic development of a nation, is now being characterized by macro economic instability, slow growth in real economic activities, corruption and the risk of fraud.Internal control would always have an effect on fraud detection and frustration, depending on the strength of its effectiveness. It should be emphatically stated that if fraud is not taken care of, it would cause serious problems which may invariably lead to the liquidation of the organisation. The prevention of fraud through internal controls would contribute immensely to the development of the organisation and ensure continuity as well. It would also portray the good corporate image of the firm in the outside world leading to economic growth in its own proportion.Fraud, on one hand, comes in all sizes ranging from dollar cases of corporate fraud to cases of employee embezzlement and also to employees overcharging their expense report; all in manual forms in time past.Today, all transactions are gradually going digital since we now live at the dawn of the information age, and as a result, a more than usual attention is being required to be directed towards systems security, internal control and audit.

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