Ojaide (2000) notes that there is an alarming increase in the number of fraud and fraudulent activities in Nigeria,
requiring the visibility of forensic accounting services. According to the Centre for Forensic Studies (2010)
report, the increasing need for forensic and investigative accounting in the banking sector results from the
complexities of modern day banking with large volume of complex data. This makes it difficult to monitor
transactions by applying manual audit processes. This in turn makes the control utility of auditing ineffective.
Virtually all the weaknesses and challenges identified in the banking industry in Nigeria's post-consolidation, and
criminal investigations and prosecutions arising from them, are issues for forensic accounting.