Prime Business AfricaZenith Bank recorded 497 fraud incidents in 2024, which are valued at N7.74 billion or $62 million.
According to the company’s financial statements for the year ended December 31, 2024, the fraud incidents dropped compared to 523 cases, worth N894.4 million, recorded in 2023.
Join our WhatsApp ChannelHowever, out of the amount, Zenith Bank lost N5.26 billion last year, compared to the N383.38 million reported as a loss in the previous year.
Also, the company paid N15.42 billion as penalties to the Central Bank of Nigeria (CBN) in 2024 due to late resolution of a customer’s complaint, non-compliance with CBN’s directives, as well as cybersecurity breaches, among others.
The breakdown of the penalties showed that Zenith Bank paid N2 million due to the late resolution of a customer’s complaint; N14 million for non-compliance with CBN directive on reconciliation of customer charges; and N61 million due to anti-money laundering findings.
CBN also fined Zenith Bank N20 million for non-compliance with CBN directives; N4 million as a result of an infraction related to risk assessment examination; and N4 million for cybersecurity breaches.
The lender was also fined N322 million for checks on customers’ onboarding documentation; N250 million due to extant regulation violation; N103.25 million as a result of anti-money laundering reviews; and N14 billion for infractions from the foreign exchange examination.
Prime Business Africa gathered that the N5.26 billion lost to fraudsters and the N15.42 billion fine imposed by the CBN occurred in the same year Jim Ovia, the chairman of Zenith Bank, made a whopping N26.88 billion through his investment in the financial institution.
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