WEMA Bank enjoyed profit boom in the first half (H1) of 2025 but fraudsters and forgers attacked its sophisticated technology, stealing a huge sum of money.

Wema Bank’s profit in the H1 of 2025 rose by 229 percent to N87.519 billion from N26.595 billion obtained in the corresponding period of 2024. In other words, the bank was able to grow profit more than three times in the first six months of this year when compared with the first six months of 2024, according to the bank’s financial statement seen by Economy Post.

In spite of the profit boom, the bank suffered losses to fraudsters and forgers, who succeeded in stealing N281.178 million from its tills over the period. The fraudsters had stolen N261.037 million from the bank in the same period of 2024.

READ ALSO: Wema Bank loses N263m to fraudsters after heavy investment in technology

Incidentally, Wema Bank spent a huge amount of money on technology within the period in the H1 of 2025. In the H1 of 2025, it invested nearly 8 times what it put into technology in the H1 of 2024. The bank spent N8.650 billion on technology and alternative channels in the first six months of 2025 as against N1.128 billion it pumped into technology in the corresponding period of 2024.

Wema Bank grew revenue by 70 percent to N303.734 billion this year as against N179.168 billion reported in the same period of 2024.

In May 2025, the Economic and Financial Crimes Commission (EFCC) arraigned three staff of Wema Bank and four alleged accomplices before Justice Daniel Osiagor of the Federal High Court sitting in Ikoyi, Lagos, on a case bordering on fraud totalling N8.5 billion.

The defendants, Samuel Asiegbu, Fabian Onyeimachi, and Kingsley Kejim, all staff of Wema bank, were arraigned alongside Hannah Okunlola Adesokan, Hamza Zakariya, Achionu Ubaku, and Sunday Osademe on an 8-count charge bordering on conspiracy and obtaining money under false pretences.

According to a statement on Monday by the EFCC’s Head of Media and Publicity, Mr Dele Oyewale, the defendants conspired to manipulate and alter bank data belonging to Wema Bank Plc in January 2025, causing a financial loss to the tune of N8,568,090,500.

If the amount is added to Wema Bank’s fraud list, the losses within the H1 of 2025 will be over N8.8 billion.

READ ALSO: Wema Bank spends N1.84bn on technology but loses N550m to fraudsters

Economy Post had reported that Wema Bank Plc lost N263.409 million to fraudsters and burglars in the first quarter (Q1) of 2025 after making heavy investments in the information technology (IT) space.

The bank invested N389.902 million in technology in the period under review, according to its Q1 2025 financial statement released to the Nigerian Exchange Group. The tier-2 bank had, in the corresponding period of 2024, expended N5.094 billion in IT and alternative channels.

In the full year 2024, the financial institution lost 255.923 million to frausters in 987 cases despite spending N5.554 billion just within the year, representing 291 percent increase in IT expenditure over the one-year period.

Fraud rising in Nigeria

Nigeria’s financial institutions such as banks lost N17.6 billion ($11.2 million) to fraud in 2023, according to the Nigeria Inter-Bank Settlement System’s (NIBSS)’s Annual Fraud Landscape report. They lost N52.26 billion in 2024, NIBSS said.

A study by Surfshark, an Amsterdam-based cybersecurity firm, showed that Nigeria was the 32nd most breached nation in the first quarter of 2023.

The report noted that Nigeria recorded 82,000 leaked accounts between January and March 2023, representing a 64 percent jump from the result of the previous quarter

A US Federal Bureau of Investigation (FBI) 2020 report had ranked Nigeria as the 16th nation most affected by internet crimes. The study noted that Nigeria received 443 complaints relating to internet crimes in 2020.

Strengthen your IT systems, experts advise

Financial and IT experts have advised banks to improve their systems to beat fraudsters.

“To successfully combat fraud, banks must beat cybercriminals at their own game, which requires making advanced technology part of their first line of defense,” said Hitach Solutions, a global Microsoft integrator, while advising banks to use artificial intelligence (AI), biometric authentication, multi-factor authentication, and advanced analystics to stem fraud.

It also counselled financial institutions to monitor transactions in real time, create database of known threats, educate banking customers, while hosting regular awareness training for the staff members.

A Lagos-based IT expert, Mr Tobe Iloani, stressed the need to develop several layers of IT security. “There is a need for banks to use the multi-level approach. The use of AI is most critical now because fraudsters are innovating. Banks across the world use machine learning, and Nigerian banks can adopt this approach,” he said.

A former bank worker in Abuja, Ms Patience Gyan, said there is a need to change the staff in the IT departments regularly.

READ ALSO: Zenith Bank fined N15.4bn for FX, cybersecurity, anti-money laundering violations

“Non-IT related frauds also happen. People steal others’ pin numbers or even smartly take their money while in the banking hall. So, this calls for vigilance among Nigerians. Do not believe every story you hear in the streets. Fraudsters are preying on people’s compassion and we should not give them that opportunity,” she added.