Depositors are not the only ones affected by this development; it also affects the bank’s dividend payouts to its shareholders and creates panic among its numerous customers
Depositors and stakeholders of Moruf Oseni-led Wema Bank are concerned about about the safety of their funds and the health of the lender over fraud cases and the bank’s financial health as recorded in 2023.
In its full-year 2023 financial statement recently released, Wema Bank disclosed that it recorded fraud worth N1.136 billion in its system.
Financial analysts expressed more concerns as this develpoment shows that the bank’s security system may be insufficient and requires improvement to meet industry standards.
Depositors are not the only ones affected by this development; it also affects the bank’s dividend payouts to its shareholders and creates panic among its multiple customers.
In the audited 2023 financial statement, the bank recorded 1,195 fraud cases to the tune of a whopping N1.136 billion, out of which N685.595 million was lost.
The bank claimed 97 per cent of the fraud cases were executed by outsiders, adding that the cases valued at N860.395 million occurred through operations and others and N595.017 million was lost in the process.
Internet fraud was worth N203.724 million and N90.017 million was ferried away by fraudsters.
Fraudsters also attempted to steal N36.071 million via point-of-sale channels and N8.148 million through mobile banking but only succeeded in carting away N506, 000.
Scammers also attempted to steal N869,000 via automated teller machines and N27.39 million web frauds, but they were foiled.
“There is no fraud, whether or not material, that involves management or other employees who have a significant role in the bank’s internal control system,” the management of the bank stated.
