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Fraud and Legal Woes Hit Wema Bank: N8 Billion in Court, N239 Million Lost to Fraud

Fraud and Legal Woes Hit Wema Bank: N8 Billion in Court, N239 Million Lost to Fraud
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Moruf Oseni’s Wema Bank incurred N8.067 billion in court cases as of September 2023 and also lost N239.920 million to fraud and burglary in the nine-month period to September 2023.

This is according to the bank’s financial statement recently released to the Nigerian Exchange Group.

However, the litigation claims represent only 3.2 percent of the N8.331 billion reported in December 2022.

Similarly, the fraud and burglary losses in the third quarter of 2023 represent a 73 percent reduction from a loss totaling N880.154 million recorded in the corresponding period of 2022.

This means that Wema Bank succeeded in cutting down its fraud cases within the period. Analysts attribute it to increased technology expenditure, which rose by 31 percent from N1.421 billion in September 2022 to N1.856 billion by September 2023.

“Investment in technology is critical for banks because they are targeted by fraudsters who have cliques all over the world. If you do not invest in technology, you will spend time in courts with depositors,” said a Lagos-based IT expert, Mr. Tobe Iloani.

This story first appeared on Economy Post.

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Madukwe B. Nwabuisi is an accomplished journalist renown for his fearless reporting style and extensive expertise in the field. He is an investigative journalist, who has established himself as a kamikaze reporter.

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