₦82.4 billion lost: Top 5 hacks and fraud cases in Nigeria (2023-2024)
This article explains and documents the fraud cases that've happened in Nigeria from 2-23 to 2024.
₦82.4 billion lost: Top 5 hacks and fraud cases in Nigeria (2023-2024)
In 2023, financial institutions in Nigeria lost ₦17.6 billion ($11.2 million) to fraud, as revealed by the Nigeria Inter-Bank Settlement System's (NIBSS) 2023 Annual Fraud Landscape report . This report highlights a worrying trend of increasing fraud losses over the past five years, with significant annual growth. From ₦2.96 billion ($1.8 million) in 2019 to ₦11.61 billion ($9 million) in 2022, the total amount lost to fraud surged by 496%, reaching ₦17.6 billion in 2023. A closer examination of certain fraud cases reported in the media shows that losses are even more substantial, amounting to ₦82.4 billion ($52.6 million) across six major fraud incidents. NIBSS noted that many fraud cases were not reported through the official Industry Fraud Reporting Portal by financial institutions, suggesting the actual figures could be higher. The report indicates that 92% of the 95,620 reported cases originated from deposit money banks, while the remaining 8% were from other financial institut…
Founded Mainwave Digital Media, Temmy Samuel is a financial advisor and journalist, blending financial expertise with storytelling skills to simplify complex financial topics for readers and clients alike. Learn More About Temmy Samuel
