📢 Nigerian banks’ losses to fraud decline by 77.62% in Q1 2024 – Report: 🪙🪙
🔥🔥Banks in Nigeria recorded a significant drop in losses to financial fraud in the first quarter of this year as the amount lost in the period declined by 77.62% compared to the previous quarter.
The Financial Institutions Training Centre (FITC) disclosed this in its Report on Fraud and Forgeries Report in Nigerian Banks for Q1 2024 just released.
According to the report, Nigerian banks lost N468.42 million in the first quarter, a substantial decline from the N2.09 billion loss they recorded in Q4, 2023.
In terms of the amount involved in fraud, the report revealed that a total of N2.99 billion was involved in fraud in the quarter, representing a 56.73% decline compared with the N6.91 billion recorded in the preceding quarter.
📌 The decline in reported fraud cases:
The FITC report also indicated that there was a decline in the number of fraud cases reported by the banks compared to the previous quarter.
For Q1 2024, a total of eleven thousand, four hundred and seventy-two (11,472) cases were reported, and when compared to the twelve thousand, four hundred and five (12,405) cases recorded in the Q4 2023, a 7.52 per cent decrease is noted,” the organization stated.
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