Inside the N848bn Wema Bank Heist: Staff Among Suspects

I uncovered that Wema Bank lost N847.6 billion to fraud in 2025, with insiders accounting for 14% of the theft. The bank’s own financial statement shows fraudsters aimed at N7.187 trillion but made off with N847.6 billion. Further analysis reveals losses across channels: internet fraud cost N10.892 billion, mobile banking N750.3 million, and POS transactions N929.2 million. The biggest hit came through operations and back-office functions, where N817.1 billion was stolen. One staff member has already been jailed for three years over an N8.56 billion scheme. Authorities are probing both internal and external actors in this massive fraud. This scandal exposes deep weaknesses in bank operations. It underscores the urgent need for stronger oversight and enhanced internal controls to protect depositors’ funds.

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