Nneka Onyeali-Ikpe. |
Reports have it that Fidelity Bank Plc has suffered a whopping N2.1bn loss after the lender saw a surge in fraud and forgery cases in 2023.
This
platform learned that an alleged fraud and forgery incidents rose by 22.2 per
cent year-on-year from 2,518 recorded in 2022 to 3,079 in 2023, according to
the bank’s financial statement.
The
Central Bank of Nigeria and Nigerian Deposit Insurance Corporation (NDIC) Act
2006, mandates banks to render monthly returns of frauds and forgeries.
Sections
35 and 36 of NDIC Act 2006, also mandate banks to notify the corporation of any
staff dismissed or whose appointment was terminated on accounts of fraud or
financial irregularities.
The
books disclosed that the amount involved in fraud and forgerie cases rose by
279.6 per cent to N3.82bn by the end of 2023, up from N1bn held as the amount
of fraud and forgery cases in 2022.
Aside
from fraud incidents on naira accounts, the bank also reported fraud cases in
foreign currency to the tune of $15,700, up from the $8,554 recorded in 2022.
According
to the data, the actual loss on naira accounts was N2.1bn, rising by 783 per
cent from the N237.2m recorded as an actual loss in the year 2022.
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However, the data showed that the actual loss as a
result of fraud cases in foreign currency fell from $2,450 in 2022 to only $200
by the end of 2023.
The
bank did not record a loss in Euro compared to 2022 when the bank lost €100 due
to fraud and forgery activities.
Fidelity
Bank is not the only Nigerian bank that has reported fraud and forgery cases.
A 2023 report on fraud and forgeries in Nigerian
banks showed that N5.79bn was lost in just the second quarter of 2023.
Despite
the surge in fraud cases, the bank grew its gross earnings from N337.1bn in
2022 to N555.8bn by the end of 2023.
Profit
after tax of the lender grew by 131.4 per cent from N53.7bn to N124.3bn while
the net profit of the bank surged to N99.45bn, from the N46.7bn recorded in
2022.
Fidelity Bank also grew its total assets base from N3.98bn recorded in 2022 to N6.2bn by the end of 2023.
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