Scare For Customers as Wema Bank Announces N8bn Loss

Wema Bank has announced a significant financial loss to the tune of more than N8 billion.

Daily Report Nigeria reports that the development has raised concerns among customers of the deposit bank.

According to the tier 2 lender, led by Moruf Oseni, it suffered the huge loss more than N8 billion to litigation and fraud in 2023.

As reported by Economy Post, the disclosure was made in the financial statement presented to the Nigeria Exchange Group.

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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 monetary valuables with the bank.

Recall that 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 on January 1, 2023.