Depositors, Shareholders Worry Over N1.136bn Fraud That Hit WEMA Bank In 2023
DEPOSITORS and shareholders of the Moruf Oseni-led Wema Bank PLC are worried over the N1.136 billion that was perpetrated thtough its sytem in 2023.
There were 1,195 recorded fraud cases, 97 per cent of whivh were reportedly committed by outsiders.
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 for shareholders who fear the development might affect dividend payout to them.
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 accounted for N203.724 million and N90.017 million was taken 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. [With report by National Waves]
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