Depositors at Wema Bank have expressed concern following the bank’s announcement of a significant financial setback.
The tier 2 lender, led by Moruf Oseni, revealed a loss of over N8 billion to litigation and fraud in 2023.
The disclosure was made in the financial statement presented to the Nigeria Exchange Group.
The financial report indicates that Wema Bank faced court cases amounting to N8.067 billion as of September 2023, along with losses of N239.920 million due to fraud and burglary in the nine months leading up to September 2023.
The revelation has raised questions among depositors about the safety of their money in the bank.
Moruf Oseni assumed the role of Wema Bank’s substantive Managing Director and Chief Executive Officer on April 1, 2023, after serving in an acting capacity from January 1, 2023.
