Wema Bank PLC revealed that the bank was marred with a high rate of fraud and forgeries in 2019, thus cost the bank to lose a whopping sum of ₦168.77 million.
Brandnewsday gathered that Wema Bank made this known through Wema Bank financial statement 2019, showing the rate at which fraudulent activities warped the bank. However, the bank made a profit of 5.2 billion Naira after taxation.
Fraud and forgeries are becoming a normal phenomenon in Nigerian financial institutions, as the rate of cases of cash theft/suppression and fraudulent transfer/withdrawals are becoming more alarming in that sector.
This reliable platform as reported several Nigerian banks annual reports which review showed fraudulent cases and forgeries across the banking industries.
Subsequently, in the bank’s incidents of fraud and forgeries are highlighted in the 2019 financial reports of Wema Bank.
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 Staff in Fraud and Forgeries
In a similar vein, the bank report revealed that its staffers were involved in only 14 of the 1,055 fraud and forgeries cases. However, the bank did not include the actual amount and the percentage these 14 cases had in the total loss to the bank.