Fidelity Bank: Fraud and Forgeries Highlight 2019 Financial Statement

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Incidents of fraud and forgeries are highlights of the 2019 financial reports of Fidelity Bank. The bank, established in 1988, recorded a total of 967 fraud and forgery incidents in the year 2019 and this contrasted with the 1,124 cases recorded in the previous year.

Of the 967 cases, there was 1,362,361,346 billion naira involved which resulted in the actual loss of 337,355,205 million naira to the bank.

In comparison, a total of ₦330,797,380 million was involved in fraud and forgeries in the year 2018 and this resulted in the actual loss of ₦104,321,657 million.

Evidently, therefore, while there was a reduction in the cases of fraud and forgeries, the loss incurred by the bank rose with more than 200%.

Conspicuously, Fidelity Bank did not mention the involvement of its staff in any of the incidents of fraud and forgeries.

Fidelity Bank Number of Fraud Incidents

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Furthermore, the bank stated in its report review that the bank recorded N1.362 billion (N1,362,361,346–exact figure) as the exact amount involved in the fraud and forgeries as against 2018 which recorded N300.7 million (N330,797,380).

Also, the review revealed that the bank recovered some of the looted funds as the actual loss for the year 2019 stood at N337.3 million (337,355,205) as against N104million (104,321,657) lost in 2018.

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Additionally, no amount of against US Dollar involved in the bank fraud and forgeries in both years respectively.

To foster the bank’s security, Fidelity bank disclosed that the identities of its whistle-blowers are safe and intact with the bank’s management.

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The statement said, “The Bank’s Whistle-Blowing Policy and Procedures, therefore, aim to strengthen its corporate governance and risk management architecture whilst enhancing value for all stakeholders”.

Fidelity Bank Q1 2020 Gross Earnings

Meanwhile, Fidelity Bank has announced its unaudited results for the three months ended March 31, 2020. Gross earnings for the period grew by 5.7% to N51.1 Billion from N48.4 Billion in the previous quarter.

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