Despite efforts by the regulatory authorities to curb financial fraud and clean up the banking system, Nigeria’s tier-1 bank, Zenith Bank Plc recorded almost a 400% loss to fraud and forgery cases in 2018 than it did in 2017.
Posting an impressive 2018 financial report with N193.15 billion profit, an 11.99% increase from the previous year, Zenith Bank Plc lost N429 million to fraud and forgery cases.
The reported fraud and forgery incidences were mostly perpetrated by bank staff and non-bank culprits within the past year.
This is an increase of N394.35 million from N34.7 million recorded during the same period in 2017.
Pulse’s analysis of the bank’s audited result released on the Nigerian Stock Exchange (NSE) on Tuesday, February 19, 2018, shows that 317 fraud and forgery cases were perpetrated during the period under review.
This shows an increase of 38 cases and almost 400% from N34.7 million posted in 2017 to N429 million in the 2018 accounting year.
The bank lost N316.9 million to fraud perpetrated by staff, N4.25 million to impersonation, N107.5 million to stolen and forged instrument, and N413,841 to internet banking related frauds.