110 Bank Executives and Staff Fired for N82 Billion Fraud

According to a report from the Financial Institutions Training Centre (FITC), over the past two years, a total of 110 individuals, including both senior bank executives and junior staff members, have been terminated from their positions due to cases related to fraud.

This information is detailed in the ‘Reports of Fraud and Forgeries in Nigerian Banks’ spanning from the second quarter of 2021 to Q2 2023.

FITC’s institutional members are part of the Nigerian Banker’s Committee, which consists of key financial entities such as the Central Bank of Nigeria, the Nigeria Deposit Insurance Corporation, and all licensed banks operating in Nigeria.

A closer look at the data reveals that in Q2 2021, only four bank officials faced terminations due to fraud, but this number surged by a staggering 175 percent to reach 11 individuals by Q2 2023.

The highest number of such terminations among top bank executives and junior staff members was reported during Q3 2022, with a total of 20 officials being dismissed.

The report also highlights that between Q2 2021 and Q2 2022, a sum of 52 bank staff members had their employment terminated due to issues related to fraudulent activities.

However, between Q3 2022 and Q2 2023, 58 bank staff members were sacked for the same reason.

Also, within the period under review, the sacked staff members were involved in a total of 967 fraud cases.

The highest number of cases was recorded in Q4 2021, with 410 cases involving bank staff, while the lowest was recorded in Q3 2021, with 32 cases.

Also, between Q2 2021 and Q2 2022, bank staff were involved in 657 cases, while between Q3 2022 and Q2 2023, they were involved in 310 cases. About N18.01bn was lost due to fraud committed by bank staff and outsiders within the reviewed period out of a total of N81.69bn involved in fraud cases.

The highest amount lost was N5.79bn in Q2 2023, while the lowest amount lost was N472.28m in Q1 2023.

For the total amount involved, the highest amount was N34.78bn in Q3 2021, while the lowest amount was N1.18bn in Q2 2022. Mobile fraud, computer/web fraud, and P0S-related fraud were the most prevalent types of fraud, and this trend persisted in Q2 2023.