Over the past two years, a disturbing pattern has emerged, revealing that a substantial number of both senior bank executives and junior staff members, totaling at least 110 individuals, have been dismissed due to their involvement in fraud-related activities.

This disconcerting information has come to light through a series of reports titled ‘Reports of Fraud and Forgeries in Nigerian Banks,’ which were published by the Financial Institutions Training Centre (FITC) during the period spanning from the second quarter of 2021 to Q2 2023.

The FITC’s institutional members include esteemed entities such as the Nigerian Banker’s Committee, which encompasses the Central Bank of Nigeria, the Nigeria Deposit Insurance Corporation, and all licensed banks operating within Nigeria.

The report discloses that the number of terminated bank officials surged by a staggering 175% from four individuals in Q2 2021 to 11 in Q2 2023.

Particularly alarming was the peak occurrence during Q3 2022, wherein 20 bank officials were expelled.

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Further investigation reveals that between Q2 2021 and Q2 2022, a total of 52 bank staff members were dismissed due to their involvement in fraudulent activities.

However, this number escalated to 58 between Q3 2022 and Q2 2023. Incredibly, during this period, these ousted staff members were implicated in an astonishing 967 fraud cases.

Analyzing the nature of these fraudulent acts, it is observed that mobile fraud, computer/web fraud, and point-of-sale (POS) related fraud remained dominant. This trend persisted into Q2 2023.

Monetary losses due to these illicit activities were substantial, amounting to approximately N18.01 billion within the reviewed period, out of the total N81.69 billion tied to fraud cases.

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

These deeply troubling statistics underscore the urgent need for stringent measures and enhanced security protocols within the Nigerian banking sector.

The FITC has advised banks to fortify their security mechanisms, implement robust fraud detection systems, and prioritize customer education.

Addressing these concerns is essential to safeguarding the integrity of the banking industry and maintaining public trust.