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.
