Categories: Business & Brands

Wema Bank Incurs N8 Billion In Court Cases, Loses N239 Million To Fraudsters

Wema Bank has incurred N8 billion in court cases and lost a whopping N239m to fraudsters.

 

According to Economy Post, Moruf Oseni’s Wema Bank has incurred N8.067 billion in court cases as at September 2023 and also lost N239.920 million to fraud and burglary in the nine-month 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 from N8.331 billion reported in December 2022.

Similarly, the fraud and burglary losses in the third quarter of 2023 represents a 73 percent reduction from a loss totalling 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 spend in technology, you will spend time in courts with depositors,” said a Lagos-based IT expert, Mr Tobe Iloani.

Source: Economy Post

GLAMTUSH

Recent Posts

New Zealand Introduces Seasonal Worker Visa For 2025

New Zealand has introduced a seasonal worker visa for 2025.   Glamtush reports that the…

8 hours ago

Croatia Expands Work Permit Program To Attract Skilled Foreign Workers

Croatia has expanded its work permit program to attract skilled foreign workers.   Glamtush reports…

8 hours ago

Maradona’s Children Reveal Plans For Memorial Site

The children of football legend Diego Maradona announced the launch of a foundation to honour…

9 hours ago

Key Matches To Watch In Premier League, La Liga, Bundesliga (FULL LIST)

Some of Europe’s top leagues—Premier League, La Liga, and Bundesliga are set to deliver thrilling…

10 hours ago

Ademola Lookman Named Among 10 Best Serie A Players

Ademola Lookman has been named among the 10 best Serie A players.   Glamtush reports…

10 hours ago

FG Releases Funds For Payment Of NASU Salaries, Retirees’ Benefits

FG has released funds to pay NASU salaries and retirees’ benefits.   Glamtush reports that…

10 hours ago