Wema Bank Plc incurred a ₦32 million cybersecurity penalty and recorded ₦847.6 million in losses from fraud and forgery in 2025, Pinnacle Daily can report.
An analysis of the bank’s audited financial statements for the year ended December 31, 2025, revealed this, underscoring heightened operational and compliance risks during the year.
It shows that the Central Bank of Nigeria (CBN) imposed the ₦32 million fine on Wema Bank over a breach of Section 2.4.6 of its Risk-Based Cybersecurity Framework and Guidelines.
The sanction formed part of the bank’s regulatory infractions for the financial year ended December 31, 2025.
A further review of bank operational risks shows that Wema Bank suffered fraud-related incidents, which also featured prominently in the bank’s risk profile, with a total of 1,489 cases recorded within the year.
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The total value involved in these cases stood at ₦7.19 billion, alongside $6,850, though the bank’s actual loss was significantly lower at ₦847.6 million and $2,550, representing about 12 per cent of the total exposure due to recovery and mitigation efforts.
A breakdown of the fraud data shows that while most incidents originated from external sources, internal actors accounted for a substantial portion of the financial impact.
The “Operations & Others” category emerged as the most significant channel, with approximately ₦6.93 billion involved and an actual loss exceeding ₦817 million.
Within this segment, internal perpetrators were responsible for 87 per cent of the activity.
By contrast, fraud across digital channels, including internet banking, web transactions, point of sale (POS), mobile banking, and automated teller machines (ATMs), was entirely external.
Losses from these channels remained relatively contained compared to the scale of operational fraud.
To stem the tide, Wema Bank implemented a fraud management tool in 2025, which it credits with curbing fraudulent transactions and reducing customer losses.
The system also strengthened incident response, enabling the bank to resolve fraud complaints within an average of 26 minutes, while enhancing monitoring and detection under the oversight of the Board Audit Committee.
In addition to technological measures, the bank reinforced its internal controls through an “Ethics & Integrity Sensitisation” programme, incorporating correctional centre visits aimed at deterring unethical conduct and promoting a zero-tolerance culture toward fraud.
In an earlier analysis, Pinnacle Daily reported that Wema Bank reduced its non-performing loans (NPLs) to ₦48.20 billion in 2025 from ₦64.99 billion in 2024, as its NPL ratio dropped to 4.90 per cent, below the widely accepted regulatory benchmark. The reduction came alongside a sharp contraction in loans, showing early signs of stress.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
