2019: Fraud and Forgeries are Highlights of Wema Bank Financial Statement

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Wema Bank Reiterates Commitment to Customer Data Confidentiality
Wema Bank Reiterates Commitment to Customer Data Confidentiality

Incidents of fraud and forgeries are highlights of the 2019 financial reports of Wema Bank notwithstanding the bank making a profit of 5.2 billion Naira after taxation.

Wema Bank Plc, Nigeria’s longest-serving indigenous bank, recorded 1,056 cases of fraud and forgeries in 2019. Out of these, a cumulative figure of ₦593.99 million was recorded for fraud and forgeries and this contrasted with 545,918 million Naira recorded in 2018.

However, only the sum of ₦ 168.77 million and $3,100 was recorded in the year 2019. These frauds and forgeries resulted, for the bank, in the actual loss of 96.53 million Naira and $3,100 respectively.

Wema Bank reported that its staff members were involved in only 14 of the 1,055 cases. However, the bank did not include the actual amount and the percentage these 14 cases had in the total loss to the bank.