Skip to content
VON Digest

VON Digest

A News, Fashion & Lifestyle Website in Nigeria

  • Home
  • News
    • Education
    • Events
  • Politics
  • Business
  • Entertainment
  • Health & Lifestyle
  • Sports
  • Crime & Security
  • Religion
  • Science & Technology
Watch Online
  • Home
  • Business
  • ₦8.5 Billion Cyber Fraud Scandal Shakes Wema Bank, CEO Oseni Under Fire
  • Business

₦8.5 Billion Cyber Fraud Scandal Shakes Wema Bank, CEO Oseni Under Fire

Vanessa May 29, 2025
₦8.5 Billion Cyber Fraud Scandal Shakes Wema Bank, CEO Oseni Under Fire

Wema Bank is facing a major crisis after becoming the target of an ₦8.5 billion cyber fraud scandal. The incident has triggered regulatory investigations and shaken investor confidence in the bank’s operations.

The Economic and Financial Crimes Commission (EFCC) has arraigned seven individuals in connection with the fraud. Among them are three Wema Bank employees accused of colluding with four external accomplices in a scheme involving large-scale fund diversion and data manipulation.

 

EFCC Reveals January Breach

According to the EFCC, the cyberattack took place in January 2025. It is now considered one of the most serious breaches in Nigeria’s banking history. The accused allegedly accessed internal systems, diverted funds, and erased sensitive customer data to cover their tracks.

Sources familiar with the matter told POLITICS NIGERIA that the scandal has raised serious concerns about Wema Bank’s internal controls and governance.

 

Stock Value Drops Amid Capital Drive

Following the news, Wema Bank’s share price dropped by 3.76%, closing at ₦12.80 on Wednesday. The decline has cast a shadow over the bank’s current capital-raising efforts.

Last week, the bank concluded a ₦150 billion rights issue. It also announced plans to raise an additional ₦50 billion via private placement. These initiatives are designed to help the bank meet the Central Bank of Nigeria’s ₦200 billion minimum capital requirement for national banks.

Analysts warn that the fraud scandal could discourage investors and delay the recapitalisation process.

 

Data Breach Sparks Fresh Oversight

The breach has also raised red flags at the Nigeria Data Protection Commission (NDPC). The agency is now monitoring the situation closely. Last year, the NDPC fined Fidelity Bank ₦555.8 million for violating the Nigeria Data Protection Act.

Wema Bank could face similar penalties if found to have failed in protecting customer data.

 

Leadership in the Spotlight

Attention has turned to Managing Director and CEO, Moruf Oseni, under whose leadership the fraud occurred. Oseni has led the bank for over a decade, but calls for accountability are growing louder.

In its 2023 financial report, Wema Bank disclosed ₦685 million in losses from 1,195 fraud and forgery cases. The recurring breaches have sparked fresh questions about the bank’s leadership and security measures.

“This goes beyond rogue staff,” a senior employee told POLITICS NIGERIA. “It points to failures in management and oversight.”

A financial analyst added: “Fraud at this scale signals deep governance issues. Either leadership is incompetent, complicit, or both.”

As investigations continue, pressure is mounting on Wema Bank to restore trust, and on Oseni to take responsibility.

Related

Tags: EFCC WEMA Bank

Continue Reading

Previous: Nigeria to Eliminate Exam Fraud, Fully Adopt CBT by 2026 – Alausa
Next: Fidelity Bank Marks Children’s Day with Read2Lead Anthology and Scholarship Awards

Related Stories

Fitch Upgrades Fidelity Bank’s Rating to ‘A+(nga)’, Affirms Long-Term IDR at ‘B’ Fitch Upgrades Fidelity Bank to A+(nga)
  • Business

Fitch Upgrades Fidelity Bank’s Rating to ‘A+(nga)’, Affirms Long-Term IDR at ‘B’

June 2, 2025
FG to Roll Out 7 Million Smart Meters to End Estimated Billing FG to Roll Out 7 Million Smart Meters to End Estimated Billing
  • Business

FG to Roll Out 7 Million Smart Meters to End Estimated Billing

June 1, 2025
FG Eyes $1 Billion Annual Investment in CNG Projects — PCNGi FG Eyes $1 Billion Annual Investment in CNG Projects — PCNGi
  • Business

FG Eyes $1 Billion Annual Investment in CNG Projects — PCNGi

May 31, 2025

Read News in:

  • Agriculture
  • Business
  • Crime & Security
  • Education
  • Entertainment
  • Events
  • Health & Lifestyle
  • News
  • Politics
  • Religion
  • Science & Technology
  • Society
  • Sports

Follow Us

Tweets by vondigest

You may have missed

Fitch Upgrades Fidelity Bank’s Rating to ‘A+(nga)’, Affirms Long-Term IDR at ‘B’ Fitch Upgrades Fidelity Bank to A+(nga)
  • Business

Fitch Upgrades Fidelity Bank’s Rating to ‘A+(nga)’, Affirms Long-Term IDR at ‘B’

June 2, 2025
Kizz Daniel Unveils Deeply Personal EP ‘Lemon Chase’ Ahead of ‘Uncle K’ Album Kizz Daniel Drops Soulful EP 'Lemon Chase'
  • Entertainment

Kizz Daniel Unveils Deeply Personal EP ‘Lemon Chase’ Ahead of ‘Uncle K’ Album

June 1, 2025
UK-Based Nigerian Filmmaker Set to Release Ago Alago on June 7 UK-Based Nigerian Filmmaker Set to Release Ago Alago on June 7
  • Entertainment

UK-Based Nigerian Filmmaker Set to Release Ago Alago on June 7

June 1, 2025
Falana Accuses ECOWAS Leaders of Disregarding Rule of Law Falana Accuses ECOWAS Leaders of Disregarding Rule of Law
  • News

Falana Accuses ECOWAS Leaders of Disregarding Rule of Law

June 1, 2025

Sports

Another “So Close” Season for Arsenal as Transfer Worries Mount Another "So Close" Season for Arsenal as Transfer Worries Mount
  • Sports

Another “So Close” Season for Arsenal as Transfer Worries Mount

Vanessa May 12, 2025
Carragher Defends Alexander-Arnold After Liverpool Fans Boo Vice-Captain at Anfield Slot, Carragher Urge Respect for Trent at Anfield
  • Sports

Carragher Defends Alexander-Arnold After Liverpool Fans Boo Vice-Captain at Anfield

Vanessa May 11, 2025
Transfer Race Heats Up: Juventus Plot €85m Move for Victor Osimhen Amid Saudi Interest Juventus Plot €85m Bid for Osimhen
  • Sports

Transfer Race Heats Up: Juventus Plot €85m Move for Victor Osimhen Amid Saudi Interest

Vanessa May 9, 2025
Alvaro Morata Threatens to Leave Galatasaray If Osimhen Departs Without Replacement Alvaro Morata Threatens to Leave Club If Osimhen Departs
  • Sports

Alvaro Morata Threatens to Leave Galatasaray If Osimhen Departs Without Replacement

Vanessa May 2, 2025
Fenerbahce Board Member Hakan Safi Ready to Fund Bold Move for Osimhen Fenerbahce Join Race for Victor Osimhen
  • Sports

Fenerbahce Board Member Hakan Safi Ready to Fund Bold Move for Osimhen

Vanessa May 1, 2025

News

Falana Accuses ECOWAS Leaders of Disregarding Rule of Law Falana Accuses ECOWAS Leaders of Disregarding Rule of Law
  • News

Falana Accuses ECOWAS Leaders of Disregarding Rule of Law

Vanessa June 1, 2025
Human rights lawyer and Senior Advocate of Nigeria, Femi Falana, has criticised West African leaders under the...
Read More
Senate Approves N124.2 Billion Budget for Nigeria Police Trust Fund for 2025 Senate Approves N124.2bn for Police Trust Fund

Senate Approves N124.2 Billion Budget for Nigeria Police Trust Fund for 2025

May 29, 2025
Lagos Eyes N3 Trillion via PPP to Fight Coastal Erosion Commissioner for Waterfront Infrastructure Development, Hon. Ekundayo Alebiosu

Lagos Eyes N3 Trillion via PPP to Fight Coastal Erosion

May 19, 2025
Lagos Govt Dismisses 5 CBD Officers Over Misconduct, Launches New Reforms in Apapa Lagos Govt Dismisses 5 CBD Officers Over Misconduct

Lagos Govt Dismisses 5 CBD Officers Over Misconduct, Launches New Reforms in Apapa

May 15, 2025
Nigeria’s Future Is Bright, Says Afenifere Leader at 99 Nigeria’s Future Is Bright, Says Afenifere Leader at 99

Nigeria’s Future Is Bright, Says Afenifere Leader at 99

May 12, 2025

Trending News

Kizz Daniel Unveils Deeply Personal EP ‘Lemon Chase’ Ahead of ‘Uncle K’ Album Kizz Daniel Drops Soulful EP 'Lemon Chase' 1

Kizz Daniel Unveils Deeply Personal EP ‘Lemon Chase’ Ahead of ‘Uncle K’ Album

June 1, 2025
UK-Based Nigerian Filmmaker Set to Release Ago Alago on June 7 UK-Based Nigerian Filmmaker Set to Release Ago Alago on June 7 2

UK-Based Nigerian Filmmaker Set to Release Ago Alago on June 7

June 1, 2025
FG, Chocolate City Partner to Transform National Film Institute into Global Film School FG, Chocolate City Partners to Upgrade Film Institute 3

FG, Chocolate City Partner to Transform National Film Institute into Global Film School

May 22, 2025
Drug Abuse Among Nigerian Youths Alarming – Small Doctor Cries Out Small Doctor Decries Youth Drug Abuse 4

Drug Abuse Among Nigerian Youths Alarming – Small Doctor Cries Out

May 21, 2025
“I Was Never His Girlfriend” – Eva Apio Shuts Down Dating Rumours with Asake Eva Apio Denies Dating Asake 5

“I Was Never His Girlfriend” – Eva Apio Shuts Down Dating Rumours with Asake

May 19, 2025
Akinola Davies Jr Makes History at Cannes with Nigeria’s First Film in Competition Akinola Davies Jr. Explores Fatherhood at Cannes 6

Akinola Davies Jr Makes History at Cannes with Nigeria’s First Film in Competition

May 19, 2025
Andre Vibez Launches Vibez Music Factory, Signs GoodGirl LA to Lead a New Era Andre Vibez Music Factory Aims to Transform Nigerian Music 7

Andre Vibez Launches Vibez Music Factory, Signs GoodGirl LA to Lead a New Era

May 18, 2025
  • About Us
  • Contact Us
  • Privacy Policy
  • Terms of Use
© 2025 VON Digest Media Limited, Niegria. | DarkNews by AF themes.