While many banks are counting their gains at the turn of the New Year, others are counting their losses.
One of such banks with loses to count is Wema Bank, which suffered a loss of over ₦8 billion to court cases.
In any business at all, there are only two possibilities. It is either you’re making profits or recording losses.
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For Wema Bank as at September 2023, a total of ₦8.067 billion loss had been incurred from court cases.
Also, ₦239.920 million were lost to fraud and burglary within the same period.
This statement was recently released by the Nigerian Exchange from what they received from Moruf Oseni’s led Wema Bank.
According to reports, the litigation claims represent only 3.2% from ₦8.331 billion reported in December 2022.
Similarly, the fraud and burglary losses in the third quarter of 2023 represents a 73% reduction from a loss totalling ₦880.154 million recorded in the corresponding period of 2022.
This means that Wema Bank succeeded in cutting down its fraud cases within the period.
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Increased technology expenditure rose by 31% from ₦1.421 billion in September 2022 to ₦1.856 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, Tobe Iloani.
