In the past ten years, Nigerian bank clients have lost ₦45 billion due to fraud and forgery
Over the past ten years, there has been a rising trend of fraud and forgery cases in Nigerian banks. Although there was an 88% increase in reported cases in 2021, there was a 27% decrease in 2022, resulting in a 221% increase in financial losses of ₦9.5 billion.
Life Business was the single largest segment, and its 70.3% jump signals that more Nigerians are thinking seriously about financial protection for their families.
Miscellaneous, the smallest segment, posted the biggest growth at 86.7%, suggesting new and unconventional insurance products are gaining serious traction.
Aviation & Marine nearly doubled, with 79.9% growth in a sector tied to trade and logistics, reflecting Nigeria's expanding import/export activity and the rising cost of cargo and aircraft risk coverage.
Motor (52.5%), Fire (53.3%), and General Accident (49.6%) grew by roughly half, indicating broad-based sector expansion rather than isolated pockets of growth.
Life Business was the single largest segment, and its 70.3% jump signals that more Nigerians are thinking seriously about financial protection for their families.
Miscellaneous, the smallest segment, posted the biggest growth at 86.7%, suggesting new and unconventional insurance products are gaining serious traction.
Aviation & Marine nearly doubled, with 79.9% growth in a sector tied to trade and logistics, reflecting Nigeria's expanding import/export activity and the rising cost of cargo and aircraft risk coverage.
Motor (52.5%), Fire (53.3%), and General Accident (49.6%) grew by roughly half, indicating broad-based sector expansion rather than isolated pockets of growth.
