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NGN/USD 1,540.20 ↓ 0.4% BRENT CRUDE $82.14 ↑ 1.2% NGX INDEX 99,240.50 ↑ 0.1% INFLATION 33.95% ↑ 1.8% MPR 26.25% stable
NGN/USD 1,540.20 ↓ 0.4% BRENT CRUDE $82.14 ↑ 1.2% NGX INDEX 99,240.50 ↑ 0.1% INFLATION 33.95% ↑ 1.8% MPR 26.25% stable

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Wema Bank loses N263m to fraudsters after heavy investment in technology

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 […]

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Aug 09, 2024 post

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

Wema Bank lost N550 million to fraudsters and thieves in 12 months despite spending N1.84 billion on technology and alternative channels. The fraud losses were not just electronic, as come also occurred through burglary, according to the bank. Burglary is the the crime of illegally entering a building and stealing things, says the Cambridge Dictionary. […]

Nov 20, 2023 post

Wema Bank enjoyed CBN salary bailout for 14 years despite 239% profit increase

WEMA Bank has enjoyed the Central Bank of Nigeria (CBN)’s staff salary bailout in the last 14 years despite growing profits by more than 239 percent over the period, Economy Post has exclusively gathered. In October 2009, the CBN granted more than N87 billion in convertible loan to Wema Bank to support staff wages and […]