Nigerian banks lost N42.6bn to fraud in few months

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Nigerian commercial banks lost a total of N42.6 billion to fraud and forgeries over the three months from April to June 2024.

The Financial Institutions Training Centre (FITC) disclosed this in its Q2 2024 Fraud and Forgeries report, released on Saturday.

The report, based on returns on fraud and forgery cases from 28 deposit money institutions in the country, highlighted a worrisome surge in fraudulent activities.


The figure surpassed the total amount lost to fraud in 2023, which stood at N9.4 billion.

A further breakdown showed that the Q2 loss represents an 8,993 percent increase compared to the N468.4 million lost in Q1 2024.