NEWS: How Zenith bank lost N200,523,436 to fraud and forgeries

-Zenith bank said said 5 fraud cases perpetrated by the bank’s staff members resulted in a N155,727,899 loss

 – The bank said it recorded no losses from Automated Teller Machine/electronic fraud and impersonation


Jim Ovia, Chairman of Zenith bank


One of Nigeria’s financial institution has revealed that it lost N200,523,436 to fraud and forgeries in 2015. Zenith bank, in its group annual report and financial statement said five fraud cases perpetrated by the bank’s staff members resulted in a N155,727,899 loss which accounted for 78 per cent of losses in the fraud/forgeries category.




 The bank said it recorded no losses from Automated Teller Machine/electronic fraud and impersonation.

Meanwhile, total deposits for the bank stood at N2.33tn in 2015, representing a three per cent increase over the previous year figure of N2.27tn.

 Profit before tax also rose by 6.8 per cent, from N107.85bn in 2014 to N115.22bn in 2015; while profit after tax similarly rose by 6.8 per cent from N92.48bn in 2014 to N98.78bn in 2015.

On dividend payouts, the bank said it had declared and paid an interim dividend of 25 kobo per share in the course of 2015 to shareholders. It also proposed a final dividend of 155 kobo per share. This brought the total dividend for 2015 to 180 kobo per share as against 175 kobo per share that was paid in 2014.

 Meanwhile, Nigeria’s anti-graft agency, Economic and Financial Crimes Commission (EFCC) is set to swing into action and arrest Nigerians named in the Panama Paper leaks with secret offshore companies.

 So far, Nigerians named in the leak are embattled senate president, Bukola Saraki, Former Senate President David Mark, Saraki’s wife, Toyin, former Delta State Governor James Ibori, Mr. Laolu Saraki, Mr. Obi Asika, Olufela Ibidapo and former Defence Minister Gen. Yakubu Danjuma.