The Financial Institutions Training Centre (FITC) has released a report indicating that approximately 110 top bank executives and junior employees were dismissed due to fraud-related cases between the second quarter of 2021 and the second quarter of 2023. According to the report titled ‘Reports of Fraud and Forgeries in Nigerian Banks,’ these individuals were implicated in a total of 967 fraud cases during this period.
FITC, a consortium comprising the Central Bank of Nigeria (CBN), the Nigeria Deposit Insurance Corporation (NDIC), and all deposit money banks, highlighted that the third quarter of last year recorded the highest number of dismissals for fraud-related cases. In that quarter, 20 bank executives and junior-level workers were dismissed, while the lowest number, four, was recorded in the second quarter of 2021.
Between the second quarter of 2021 and the second quarter of 2022, FITC reported that 52 bank employees were dismissed due to fraud. However, this number increased to 58 between the third quarter of last year and the second quarter of this year.
A breakdown of the fraud cases revealed that 657 cases were recorded from April 2021 to June 2022, while 310 cases were reported between July 2022 and June 2023. During this period, FITC reported that both bank employees and outsiders were involved in fraud-related cases, resulting in losses totaling N18.01 billion out of N81.69 billion in fraudulent activities. These fraudulent activities encompassed POS-related fraud, computer/web fraud, and mobile fraud.
FITC plays a crucial role in providing innovative knowledge solutions, capacity-building programs, and advisory services to develop and strengthen individuals and organizations in the financial sector.
