NDIC to probe banks as fraud cases rise, loss hits N2.37b

Umaru Ibrahim, Managing Director/Chief Executive Officer of the Nigeria Deposit Insurance Corporation.

12/3/2018/The Guardian

The cases of fraud are rising in the nation’s banking industry, prompting a resolve by the Nigeria Deposit Insurance Corporation (NDIC) to investigate affected banks.

In a statement, NDIC reported a 56. 3 per cent jump in reported cases from 16,751 in 2016 to 26,132 in 2017, resulting in the loss of N2.37 billion.

The corporation lamented failure by the banks to file returns reporting their officials involved in the fraudulent practices throughout last year to the regulatory authorities. The number of staff involved in the malpractice also grew from 231 in 2016 to 320 in 2017.

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