Business
Wema Bank Depositors Worried as Financial Institution Reports Over ₦8 Billion Loss to Fraud and Litigation
Depositors at Wema Bank are expressing concern following the bank’s announcement of a significant financial setback. The tier 2 lender, led by Moruf Oseni, revealed a loss of over ₦8 billion to litigation and fraud in 2023. The disclosure was made in the financial statement presented to the Nigeria Exchange Group, as reported by Economy Post.
READ ALSO: The Federal Bride… Intrigues As Wema Bank Becomes President Tinubu’s Favourite
The financial report indicates that Wema Bank faced court cases amounting to ₦8.067 billion as of September 2023, along with losses of ₦239.920 million due to fraud and burglary in the nine months leading up to September 2023. The revelation has raised questions among depositors about the safety of their finances with the bank.
Moruf Oseni assumed the role of Wema Bank’s substantive Managing Director and Chief Executive Officer on April 1, 2023, after serving in an acting capacity from January 1, 2023.
-
Politics3 days agoN6bn Mambilla power project dispute: Presidency clears air on Tinubu forcing Buhari to testify in Paris court
-
Sports3 days agoI Will Never Apologise To NFF, They Can Take Me To Court
-
News7 days agoPolice school teachers cry over unpaid Salary
-
Crime7 days ago“I killed Her Because We Don’t Spend Enough Time Together” Timileyin Ajayi Confesses
-
Politics7 days agoNWC Meeting Looms Amid Tensions Over PDP National Secretary Role
-
Gist2 days agoAnambra govt shuts down brothel, rescues 10 sex workers
-
Politics3 days ago$6 Billion Fraud: Tinubu grateful for Buhari’s testimony in Paris court – Presidency
-
Crime1 day agoUPDATE:”She normally gives us N500,000 for each child that we bring to her–Suspect”