Nigerian Banks Lose N12bn To Fraud, Robbery
CBN Governor, Godwin Emefiele

Nigerian banks lost N12bn in six months due to cases of armed robbery and other criminal activities carried out by staff and non-staff of lending firms.

This was revealed in a report by the Central Bank of Nigeria (CBN) which noted that attempted fraud and forgery cases, which were unsuccessful, was pegged at N7.99bn between January and June 2018.

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“There were 20,768 reported cases of fraud and forgery (attempted and successful), valued at N19.77bn in the review period, compared with 16,762 cases, involving N5.52bn and $ 0.12m in the corresponding period of 2017,” the CBN said.

“The actual loss by banks to fraud and forgery, however, amounted to N12.06bn, compared with the N0.78bn and $0.03m suffered in the first half of 2017.”