Digital Barker
  • Home
  • Startups
    • News
    • Opportunities
  • Tech
    • Tech Support
  • Videos
No Result
View All Result
Digital Barker
  • Home
  • Startups
    • News
    • Opportunities
  • Tech
    • Tech Support
  • Videos
No Result
View All Result
Digital Barker

UBA Lost ₦1.14 Billion to Fraud in 2024 Despite Record Profits

Omolade Oyelaja by Omolade Oyelaja
March 28, 2025
0
UBA Headquarters

United Bank for Africa (UBA) lost ₦1.14 billion ($744,200) to fraud in 2024, even as it recorded a profit after tax of ₦766.6 billion ($493 million). The bank’s latest audited financial statements reveal that electronic fraud and unauthorized transfers were the main culprits behind these losses, highlighting the persistent fraud challenges in Nigeria’s banking sector.

UBA disclosed that fraudsters targeted transactions worth ₦4.9 billion ($3.15 million) in 2024. Of this amount, 23% resulted in actual losses. Electronic fraud accounted for ₦805 million ($518,000) in losses, while fraudulent transfers led to ₦314 million ($202,000)—representing 88% of the total value of such cases.

Fraud Losses vs. Record-Breaking Profits

Despite these losses, UBA’s ₦766.6 billion ($493 million) profit after tax marks a 26% increase from ₦607.7 billion ($391 million) in 2023. While fraud losses make up only a small fraction of the bank’s earnings, they highlight the growing risks posed by financial crime.

How to use chatGPT to make money

ADVERTISEMENT

UBA’s disclosure is its first fraud-related report since 2012, coming at a time when Nigerian banks are under pressure to tighten security measures. Nigerian banks lost ₦10.1 billion ($6.7 million) to fraud in Q3 2024, a 76.4% decline from the previous quarter, according to a report by the Financial Institutions Training Centre (FITC). However, fraudsters are becoming more sophisticated, with outsider involvement in fraud cases rising by 70.4% between Q2 and Q3 2024. Staff-related fraud also increased by 54% during the same period.

Nigerian Banks Under Pressure to Combat Fraud

UBA stated in its financial report that no fraud cases involved management or employees with significant internal control roles. However, the overall rise in fraud cases across the banking sector has pushed regulators to take action.

In January 2024, the Central Bank of Nigeria (CBN) directed NIBSS to debit the settlement accounts of commercial banks that receive fraudulent funds. This measure aims to force banks to strengthen internal controls and curb illicit transactions.

UBA’s fraud disclosure signals a shift toward greater transparency in Nigeria’s banking industry. Historically, many banks have downplayed fraud risks to avoid reputational damage. In 2023, only 60 out of 163 financial institutions in Nigeria reported fraud cases, according to the Nigeria Inter-Bank Settlement System (NIBSS).

As fraudsters become more advanced, Nigerian banks and regulators face a tough challenge which is enhancing security measures while maintaining customer trust.

READ MORE:

PalmPay rolls out Verve debit cards as Nigerian fintechs shift to local providers

Why Bank Transfers Are Becoming Nigeria’s Preferred Payment Method

ShareTweetPin

More Stories

Microsoft
News

Microsoft Announces 6,000 Global Layoffs to Streamline Operations and Invest in AI

2 weeks ago
Meta Image
News

Meta Clarifies Nigeria Chat Alert as Anti-Scam Measure, Not Discrimination.

3 weeks ago
AI powered Google Ads
News

Google Introduces AI-Powered Campaign Tools For African Businesses

3 weeks ago

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *


The reCAPTCHA verification period has expired. Please reload the page.

Trending Stories

Space Universe Africa: How the new technology company wants to power the future

NDIC Set To Probe Eyowo And 182 Other Microfinance Banks

Fintech Partnerships To Reduce Remittance Costs Across Africa.

Platos Health Secures $1.4Million Pre-Seed Funding to Launch Preventive Health Device in Nigeria.

Nigeria Launches First Indigenous AI Software To Transform Education.

How AI is Revolutionizing Search and Digital Experiences in Sub-Saharan Africa

In a major re-brand move, Aboki Africa is now Grey!

TLcom secures $150mn Pan-African tech fund to invest in 20 startups

President Buhari will unveil the e-Naira tomorrow

Facebook reportedly plans to change its name

  • About
  • Advertise
  • Privacy Policy
  • Contact
  • Jobs

© 2025 Digital Barker

No Result
View All Result
  • Home
  • Startups
    • News
    • Opportunities
  • Tech
    • Tech Support
  • Videos

© 2025 Digital Barker