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N14.71 Billion Lost To Fraud In Nigeria Banking Sector – SBM Report
The Nigeria banking sector has recorded an all time high fraud in the past four years. In a research by a geopolitical research firm, SBM Intelligence, the Nigeria financial sector lost 14.71 billion between 2019 and 2023.
According to SBM Intelligence research report, fraud has steadily increased from N2.96 billion to N17.67 billion over the reviewed period.
Unfortunately, Nigeria’s financial sector has continue to record accelerated losses to fraud. In 2020, N11.61 billion was lost to fraud.
In 2021, N12.77 billion was lost, in 2022 N14.32 billion and in 2023, N17.67 billion sinked out into fraud.
SBM report reads, “Fraud is common in the financial sector globally, and in Nigeria, it is endemic”.
The firm stated that regardless of a decrease in the number of incidents since 2021, the value of losses has significantly risen.
“This may indicate that perpetrators have improved their methods, allowing them to move larger sums undetected,” it added.
