The Effect of Board Characteristic on Corporate Fraud of Insured Deposit Money Banks in Nigeria

Corporate Fraud is one of the major issues challenging Insured Deposit Money Banks (DMBs) as a result; this study examines the effect of board characteristics on corporate fraud of insured deposit money banks in Nigeria. The population of the study comprises of all fifteen (15) Deposit Money Bank insured by Nigeria Deposit Insurance Commission. Five Deposits Money Banks were used for this study and their annual reports with that of Nigeria Deposit Insurance Commission for 12 years from 2009 to 2020 were utilised. The data were analysed using Cross Sectional Time Series Generalised Least Squares regression for analysis it reveals that board gender diversity and firm age has positive effect on corporate fraud while board size and board meeting do not have significant effect on corporate fraud. The number of women in a board of any bank should be reduced to one, corporate organisations should include fraud experts in their board and Fraud Act should be establish which will go a long away minimizing corporate fraud.