As of September 2023, Moruf Oseni's Wema Bank had accrued N8.067 billion in legal fees and had lost N239.920 million to fraud and burglary in the nine months leading up to that date, according to Economy Post.
This is in line with the bank's most recent financial statement that the Nigerian Exchange Group received.
On the other hand, just 3.2% of claims are litigation-related. As of December 2022, 331 billion were recorded.
Similarly, the fraud and burglary losses in the third quarter of 2023 represent a 73 per cent reduction from a loss totalling N880.154 million recorded in the corresponding period of 2022.
This means that Wema Bank succeeded in cutting down its fraud cases within the period. Analysts attribute it to increased technology expenditure, which rose by 31 per cent from N1.421 billion in September 2022 to N1.856 billion by September 2023.
“Investment in technology is critical for banks because they are targeted by fraudsters who have cliques all over the world. If you do not spend on technology, you will spend time in courts with depositors,” said a Lagos-based IT expert, Mr Tobe Iloani.
SOURCE: ECONOMY POST
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