Nigerian Banks Sack 49 Employees Over Fraudulent Activities in Q2 2024
The Financial Institutions Training Centre (FITC) has reported that 49 employees of Nigerian deposit money banks were dismissed due to their involvement in fraudulent activities between April and June 2024. This revelation came from FITC’s Q2 2024 fraud and forgeries report, which highlighted a 40% rise in employee terminations compared to the 35 cases recorded in Q1 2024.
The report also indicated that 58 bank employees were implicated in 11,532 fraud cases during the period under review, marking a 23% increase from the 47 insider fraud cases reported in the previous quarter. Fraud involving external parties also saw a slight uptick, rising by 5.2% from 10,397 cases in Q1 to 10,938 cases in Q2 2024.
Financial losses experienced by banks surged dramatically in Q2, with losses ballooning by over 9,000% to N42.6 billion, compared to the N468.4 million reported in Q1 2024. This figure also reflects a 637% rise compared to the N5.7 billion loss recorded in the same period in 2023.
The Q2 2024 loss alone surpassed the total fraud-related losses for the entire year of 2023, which amounted to N9.4 billion. FITC’s data highlighted that ‘miscellaneous and other fraud’ categories accounted for the vast majority of losses, representing 96.46% of the total amount at N41.14 billion. Other notable fraud types included fraudulent withdrawals and computer/web fraud, which accounted for losses of approximately N781.2 million and N400.7 million, respectively.
