Despite efforts by the regulatory authorities to curb financial fraud and clean up the banking system, Nigerian banks recorded 20,768 cases costing them N19.77 billion in the first 6 months of 2018.

The Central Bank of Nigeria (CBN) made this known in its economic report for the first half of 2018, released on Friday, November 2, 2018.

According to the apex bank, the reported fraud and forgery incidences were perpetrated by both bank staff and non-bank culprits.

In the period under review, the actual loss by banks to fraud and forgery, however, amounted to N12.06 billion, compared with the N0.78 billion and $0.03 million, suffered in the first half of 2017.

The report also shows that the number of fraud related cases increased by 4,006 compared with 16,762 cases involving N5.52 billion and $ 0.12 million in the corresponding period of 2017.

CBN said the cases involved armed robbery attacks, fraudulent ATM withdrawals, DRAFT 27 defalcation, illegal funds transfer, pilfering of cash, stealing, suppression and conversion of customers’ deposits

Zenith Bank Plc lost N2.9 million

In August 2018, Nigerian tier-1 bank, Zenith Bank Plc, recorded N2.9 million on fraud and forgeries related cases in 6 months.

Business Insider SSA’s analysis of the bank’s financial statement for half-year 2018, showed that it recorded 44 ATM/Electronic fraud, 9 fraud cases were perpetrated by the bank's staff, 8 impersonation account, 45, stolen and forged instrument, 2 internet banking fraud while others fraudulent activities account for 43.

The Offa bank robbery

The Offa bank robbery is also another prominent issue in the fraud and forgeries case recorded in the period under review. In April 2018, an armed robbery attacked about five banks in Offa communities and carted away an unspecified amount of money in different currencies.

https://www.pulse.ng/bi/finance/finance-nigerian-banks-lost-n1206-billion-to-fraud-and-forgery-in-6-months/przvt2z

FTC

Hmm