Banks’ losses to frauds hit N5.79 billion in Q2 2023 – FITC

Commercial banks in Nigeria lost a total of N5.79 billion to fraud activities in the second quarter of this year, FITC has revealed.

This amount represents a 1,125.03% increase in losses compared with the N472 million lost in Q1 2023.

The FITC in its Q2 Fraud and Forgeries report, pointed out that the losses were recorded by 24 banks that filed their returns on fraud cases for the period.