An NTRC analysis has revealed that at least 110 senior bank executives and junior employees have been let go for cases involving fraud during the past two years.
These were detailed in the ‘Reports of Fraud and Forgeries in Nigerian Banks’ published by the Financial Institutions Training Centre between Q2 2021 and Q2 2023.
The Central Bank of Nigeria, the Nigeria Deposit Insurance Corporation, and all licenced banks in Nigeria are members of the Nigerian Banker’s Committee, which also includes FITC’s institutional members.
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According to a breakdown, the number of bank employees let go increased by 175% to 11 in Q2 2023 from just four in Q2 2021.
The highest number of sacked top bank executives and junior staff members was recorded in Q3 2022. Twenty officials were fired.
Between Q2 2021 and Q2 2022, 52 bank staff members were sacked for fraud-related issues.
However, between Q3 2022 and Q2 2023, 58 bank staff members were sacked for the same reason.
Also, within the period under review, the sacked staff members were involved in a total of 967 fraud cases.
The highest number of cases was recorded in Q4 2021, with 410 cases involving bank staff, while the lowest was recorded in Q3 2021, with 32 cases.
NRTC further observed that between Q2 2021 and Q2 2022, bank staff were involved in 657 cases, while between Q3 2022 and Q2 2023, they were involved in 310 cases.
Also, about N18.01bn was lost due to fraud committed by bank staff and outsiders within the reviewed period out of a total of N81.69bn involved in fraud cases.
The highest amount lost was N5.79bn in Q2 2023, while the lowest amount lost was N472.28m in Q1 2023.
For the total amount involved, the highest amount was N34.78bn in Q3 2021, while the lowest amount was N1.18bn in Q2 2022.
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