Over 100 Nigerian bank staff sacked for fraud related offences

The Financial Institutions Training Centre (FITC) has reported that fraud-related cases led to the sack of about 110 top bank executives and junior workers between the second quarter (Q2) of 2021 and Q2 2023.

According to the ‘Reports of Fraud and Forgeries in Nigerian Banks’’ report released by FITC, the sacked bank staff were involved in a total of 967 fraud cases within the review period.

FITC, a group consisting of the Central Bank of Nigeria (CBN), the Nigeria Deposit Insurance Corporation (NDIC) and all deposit money banks, said Q3 last year recorded the highest number of employees sacked for fraud-related cases.

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It was reported that 20 bank executives and junior level workers were sacked for fraud-related cases in the third quarter last year, with the least being four in the second quarter of 2021.

In one year covering Q2 2021 and Q2 2022, FITC said 52 bank workers were sacked, but the number increased to 58 between Q3 last year and the second quarter of this year.

A breakdown of the fraud cases showed that 657 cases were recorded between April 2021 to June last year, compared to 310 cases between July 2022 and June 2023.

During the period in review, FITC reported that both bank employees and outsiders were involved in N81.69 billion fraud-related cases, but N18.01 billion was lost, as they carried out P0S-related fraud, computer/web fraud and mobile fraud.

FITC provides innovative knowledge solutions and capacity building programmes that develop and strengthen individuals and organizations through Learning & Development, Advisory, and Insights & Policy Advocacy services.