Fidelity Bank Loses 1.3 Billion To Fraud And Forgeries In 2019

Fidelity Bank PLC highlights that the bank lost about N1.362 billion to Fraud and Forgeries in 2019; the incidents of fraud and forgeries are disclosed in its 2019 financial reports.

Fidelity Bank made this known in its 2019 Annual report made available to Brandnewsday, disclosing that its traced a whopping sum of N1,362 billion into fraud and forgeries as against 2018 that the bank lost N330.7 billion.

The Nigerian bank stated this in its annual review, in the Fraud and Forgeries category, as mandated by the CBN.

The bank revealed that the published reports on its fraud and forgeries are in line with the CBN Code of Corporate Governance.

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According to the bank, ”In accordance with the CBN Code of Corporate Governance, fraud and forgeries recorded for the year 2019 were as stated”.

Fidelity Number of Fraud Incidents

Meanwhile, Fidelity Bank 2019 Annual report stated that it was involved in 967 fraud incidents as against the recorded numbers in 2018 which stood at 1,124.

Furthermore, this Nigeria banking industry stated in its report review that it 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 2019 stood at N337.3 million (337,355,205) as against N104million (104,321,657) lost in 2018. Additionally, no amount of against US Dollar involved in its fraud and forgeries in both years respectively.

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

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

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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