How has the Nigeria Economy fared so far?


The Nigeria Deposit Insurance Corporation, NDIC, reported last week, that Nigerian Banks lost ₦264.5bn to fraudsters in 45 months.

According to their records;
₦204.65bn in 2019, ₦38.93bn in 2018, and ₦12.01bn in 2017.

The report said 52,754 cases were reported in 2020.

These are cases that were reported and escalated by banks.
In many cases, they are either underreported or not reported at all.

It was further stated that 87% of this fraud happened in just 11 banks.

According to the report, 49.78% of the fraud are ATM and ATM Card related fraud, followed by 21.02% web-based and internet fraud.

What are the reasons for banking fraud?

Tomorrow’s Business Digest post will address one of the major reasons.

If you learnt anything from this, kindly share with someone out there.

Dr. Emmanuel Idenyi Shaibu
animn, ace, f.hcd, f.dss, m.frcn, fimc, cmc, cms, FAiPA, DPA
The Millennium Entrepreneur

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