In the past ten years, fraud and forgery cases in Nigerian banks peaked in 2021, with an 88% rise from 2020

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.

Eighty-six (86%) of the money involved in these cases was recovered thanks to banks' internal control techniques and assistance from relevant government agencies; ₦45 billion remains unrecovered.

Source:
Financial Institutions Training Centre
Period:
2013 - 2022
HTML code to embed chart

Click to copy HTML embed code

Tags
Related Insights
Binance tripled its annual user base between 2021 and 2022
Since its inception, Binance has demonstrated remarkable growth, ending its first year with 1.5 million users and increasing its user base nearly eightfold the following year. Over six years, it has established itself as the largest cryptocurrency exchange in the world, reaching 150 million users by 2023. This growth highlights Binance's significant impact on the global crypto market and its commitment to expanding access to digital assets.
Unity Bank Plc's gross earnings recorded consistent growth between 2011 and 2017
Unity Bank's gross earnings nearly doubled between 2011 and 2017 before sharply declining in 2018. The bank never hit its 2017 gross earnings record of ₦57.1b after 2018.
Unity Bank Plc recorded more losses in value than profit over a 12-year window
Since 2011, Unity Bank Plc has seen more losses than profits over a 12-year period. Despite a consistent growth in gross earnings from 2011 to 2017, profits were overshadowed by losses, exceeding profits by over ₦9 billion.
Workers in Nigeria contributed ₦1.32 trillion to their individual Retirement Savings Accounts in 2023
With over ten million registered Retirement Savings Accounts as of Dec 2023, Nigerian workers' pension contributions have grown steadily, despite fluctuations in recent years, to reach ₦1.32t in 2023. In 2023 alone, 13.3% of the total savings since inception was contributed. Total contributions since 2004 reached ₦9.9 trillion by 2023, with 52% coming from the public sector. The public sector grows at an average annual rate of 15.8%, while the private sector averages 16.2% yearly growth.
23 African countries are in different phases of launching a digital currency
Senegal's cancellation of its experiment with an eCFA in 2016 makes Nigeria's eNaira the only active Central Bank Digital Currency (CBDC) in Africa. Half of the countries in Africa are currently not doing anything about CBDC, while a larger share of the other half is currently in the research phase.
GTCO tops 2023 profit margins for Nigerian banks
After tax, 12 NGX-listed Nigerian banks retained 10% - 45% of their respective revenues for the year as profit, with GTCO in the lead. Despite Zenith Bank leading in profit after tax with nearly ₦677 billion, GTCO recorded the highest profit margin, keeping 45% of its revenue. Here are Nigerian banks' profit margins in 2023.
POPULAR TOPICS
SIGN UP TO OUR NEWSLETTER
Get periodic updates about the African startup space, access to our reports, among others.
Subscribe Here
Subscription Form
A product of Techpoint Africa. All rights reserved