Wema Bank, a Nigerian tier-2 bank that holds ₦1.8 trillion in customers’ deposits has suffered a loss of ₦685 million to fraud and forgery cases in 2023, bringing to the fore the prevailing scale of fraud in Nigeria’s financial services sector.
This was contained in the Bank’s Full Year 2023 audited financial report submitted to the Nigerian Xchange.
According to the report, a total of N1.136bn was targeted by the fraudsters who succeeded in scheming off N685 million from the bank in 1,195 recorded cases.
