Wema Bank PLC, under the leadership of Moruf Oseni, has about N9 billion in outstanding court debt as of December 2023.
The bank's recently filed financial statement for the full year 2023 disclosed this.
It was noted that the litigation claims from the prior year were just over N8 billion, suggesting that the bank will have additional legal problems to handle in 2023.
In the meantime, as of September 2023, the estimated value of the litigations was N8.067 billion, but in just three months, the amount of legal damages increased exponentially.
Although litigations are unavoidable in businesses a continued increase could be dangerous for businesses due to its financial burden.
This also has a lot to do with Wema Bank’s reputation as an increase in litigations could damage the Bank’s reputation which could in turn lead to loss of customers or partners.
We also recall that the bank flouted seven Nigerian laws which resulted in more than N60 million fine.
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