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.

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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.