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Stakeholders, Depositors panic as Wema Bank lost over N1 billion to fraudsters
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Critical stakeholders and Depositors of the Moruf Oseni-led Wema Bank Plc are worried about the safety of their funds and the health of the lender over the high level of fraud cases the bank recorded in the year 2023.
In its full-year 2023 financial statement released recently, Wema Bank disclosed that it recorded fraud in its system to the tune of N1.136 billion.
This has become worrisome to financial analysts and further shows that the bank’s security system may be either weak, poor, not up to industry standards or operated by unqualified personnel.
Assuredly, this development does not only affect depositors and create panic in the minds of customers of the bank, it also has ripple effects on the dividend payout to its shareholders.
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.
A financial analyst, Bolu Oyedeji who spoke with THE WITNESS in a report noted that the bank’s high fraud cases in 2023 leave much to be desired and exposed how vulnerable its system is. Oyedeji noted that the bank management must wake up and brace up its system, otherwise it will continue to lose investors’ confidence.
“Wema Bank needs to do something urgently to forestall this magnitude of fraud and assure its depositors that their funds are safe.
“The bank must adopt sophisticated cybersecurity measures to mitigate current cyber threats, engage professionals and educate customers on ways to avoid falling prey to fraudulent actors,” he noted.
Similarly, in the 2023 financial year, Wema Bank also incurred sanctions, paying penalties totalling N61.350 million, for contravention of cyber security framework law, a section of bank and other financial institutions Act BOFIA, 2020, late rendition of returns; circulars on the CBN know your Customers among others.
On the cyber security framework, the apex bank asked the Wema Bank to pay N2 million while a total of N17.450 million and N20.00 million were paid for contravention of the CBN circular on KYC and section 19 (3A) of the BOFIA 2020 respectively.
Wema Bank was made to pay a sum of N10 million, N8 million and N2 million for the late rendition of the returns, breaches of Risk-Based Supervision (RBS) and regulatory breaches on CBN clearance respectively.
The bank also paid N1.9 million for late filing of 2022 audited financial statements with the Nigerian Exchange.
However, despite the fraud and security challenges, NewsOnline Nigeria reports that the bank during this period grew its revenue by 70.54 per cent to N226.91 billion on the back of interest income that went up by 71.83 per cent to N185.64 billion and fees and communications revenue that improved by 50.50 per cent to N24.96 billion.
The lender’s pre-tax profit rose by 195.6 per cent to N43.59 billion and post-tax profit leapt by 220.42 per cent to N35.93 billion from N11.21 billion it recorded in 2022.
The bank also grew its total deposits by 59.6 per cent to N1,860.57 billion from N 1.17 trillion in the prior year, while loans to customers went up by 53.6 per cent to N801.10 billion in 2023.
However, its net trading income dipped by 79.45 per cent to N822.49 million from N4 billion in 2022, underpinned by the N1.15bn Treasury Bill loss it suffered in 2023.
News
Army Nabs Wanted Soldier Accused Of Supplying Uniforms To Terrorists While Escaping to Cameroon
Troops of Operation HADIN KAI have nabbed a soldier declared wanted by the Nigerian Army over his alleged involvement in supplying military wares to terrorist groups operating in the North-East.
The suspect, identified as 23NA/84/1939 Private Mohammed Yusuf of the Nigerian Army Ordnance Training Facility (NAOTF), Lagos, was apprehended at about 6:30 p.m. on Sunday, July 25, 2026 by troops of 7 Provost Group led by the Acting Commander.
Preliminary investigations revealed that before he was declared wanted by the Army, the soldier absconded from his unit and travelled to Maiduguri on July 7, where he allegedly went into hiding.
Investigators further established that he was allegedly sheltered at Gomari Costain in Jere Local Government Area of Borno State by 25NA/89/12687 Private Baba Kamal Sale of the Corps of Intelligence, Dikwa.
Acting on credible intelligence, troops of the 7 Provost Group placed the suspect under 24-hour surveillance before intercepting and arresting him at Jidari Bus Stop while he was allegedly attempting to flee to Cameroon.
The suspect is currently in the custody of the 7 Provost Group, where he is undergoing further investigation into the alleged supply of military accoutrements to terrorist elements and the possible involvement of other collaborators.Government
Military sources described the arrest as a significant breakthrough in ongoing efforts to dismantle insider networks aiding terrorist groups, adding that investigations are continuing to establish the full extent of the suspect’s activities and identify any accomplice.
Abuja Electricity Distribution Plc (AEDC) has promoted 547 employees and approved salary step increments for 579 others as part of a broad workforce development programme designed to reward outstanding performance, strengthen staff motivation and drive organisational excellence.
The exercise, which benefitted 1,126 employees, followed the successful completion of the company’s 2025 Performance Appraisal Exercise and underscores AEDC’s commitment to building a high-performing, customer-focused workforce.
Managing Director and Chief Executive Officer of AEDC, Chijioke Okwuokenye, said the initiative reflects the company’s resolve to place employees at the heart of its transformation agenda, stressing that investment in human capital remains critical to achieving sustainable growth.
He described the promotions and salary adjustments as a recognition of diligence, professionalism and commitment, noting that the company would continue to reward excellence while creating opportunities for career advancement.
According to him, AEDC is intentionally fostering a work environment where merit, innovation, continuous learning and teamwork determine career progression, adding that employee welfare remains a key pillar of the company’s long-term strategy.
“Our people remain our greatest asset and the foundation upon which AEDC’s future will be built. This is more than a reward for performance; it is a reaffirmation of our belief that excellence should always be recognised, talent should be nurtured and hard work should create opportunities for growth,” Okwuokenye said.
He explained that the organisation is committed to providing employees with fulfilling career opportunities that enable them to maximise their potential while contributing to AEDC’s ambition of becoming one of Africa’s leading electricity distribution companies.
The AEDC chief also urged employees who were not promoted in the current appraisal cycle to remain committed, assuring them that the company’s performance management system is structured to support continuous improvement, skills development and future career progression.
AEDC said the promotion and salary increment exercise forms part of its broader strategy to cultivate a performance-driven culture, encourage professionalism and recognise employees who contribute significantly to the company’s growth.
The company added that as it continues to modernise operations, improve electricity service delivery and enhance customer experience, it will sustain investments in staff development to strengthen productivity and reinforce its position as one of Nigeria’s preferred employers in the power sector.
Some hoodlums suspected to be political thugs on Sunday stormed a permanent voter’s card (PVC) distribution centre in Okuku, the headquarters of the Odo-Otin Local Government Area of the state, and carted away two packs of PVCs.
The INEC officials were busy distributing the cards at the Oyinlola DC Primary School, Ward 2, when the thugs suddenly arrived and started shooting sporadically into the air, scaring residents and officials, and took two packs of cards and left the venue before police could arrive at the scene.
The spokesperson of the Osun State Command, Abiodun Ojelabi, said that about ten armed hoodlums invaded the centre, fired sporadically into the air and carted away three packs of PVCs before fleeing the scene.
Ojelabi disclosed that the State Commissioner of Police, Ibrahim Gotan, has condemned the attack and directed a comprehensive investigation to identify and prosecute those responsible.
Reacting to the development, the Resident Electoral Commissioner (REC) of INEC in the state, Oluwatoyin Babalola, condemned the attack. She said she was to get the detailed report on the attack, adding that she is yet to know the exact number of PVCs carted away by the hoodlums.
The REC, however, assured the people of the state that the governorship election would be free, fair, credible, inclusive and transparent.
Army Nabs Wanted Soldier Accused Of Supplying Uniforms To Terrorists While Escaping to Cameroon
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