110 Bank Employees Ousted in Fraud Crackdown

A recent crackdown has resulted in the dismissal of 110 bank employees over the past two years due to their involvement in various fraudulent activities.

This revelation sheds light on the troubling underbelly of the nation’s financial institutions.

The report, which is based on data from the ‘Reports of Fraud and Forgeries in Nigerian Banks’ released by the Financial Institutions Training Centre (FITC), unveils a disturbing pattern of deceit that has plagued the industry.

FITC, an institution backed by the Nigerian Banker’s Committee, comprising the Central Bank of Nigeria, the Nigeria Deposit Insurance Corporation, and licensed banks, is committed to upholding the highest standards of ethics within the sector.

The statistics are deeply concerning. From Q2 2021 to Q2 2023, the number of employees dismissed for fraudulent activities surged by 175%, rising from a modest four cases in Q2 2021 to an alarming 11 in Q2 2023.

During this period, 967 fraud cases were recorded, with losses totaling approximately N18.01 billion, highlighting the grave financial implications of such misconduct.

Mobile fraud, computer/web fraud, and POS-related fraud have emerged as the most prevalent forms of wrongdoing.

These trends have persisted, underscoring the need for enhanced security measures and employee education.

As Nigeria’s banking sector grapples with this wave of fraud, industry experts, including Dr. Uju Ogunbunka, President of the Bank Customers Association of Nigeria, emphasize the urgency of proactive measures, including robust education and security enhancements, to safeguard the sector’s reputation and the trust of its customers.