Nigerian banks and customers lose N134.48bn to fraud between 2020 and 2025
via Punch Nigeria3 min read
Nigerian banks and their customers collectively lost N134.48bn to fraud between 2020 and 2025, according to data from the Central Bank of Nigeria鈥檚 Nigeria Payments System Vision 2028 document. During this six-year period, attempted fraud across the banking and payments ecosystem totaled N187.79bn. The losses occurred across various payment channels, including over-the-counter, ATMs, cheques, e-commerce, Internet banking, mobile banking, Point of Sale terminals, and web channels. Fraud losses steadily increased from N11.61bn in 2020 to N12.77bn in 2021, N14.32bn in 2022, and N17.67bn in 2023, before surging to N52.26bn in 2024, which accounted for nearly 39 percent of the total losses. This significant rise in 2024 was largely attributed to a major internal fraud case involving N30bn. While attempted fraud also peaked in 2024 at N86.36bn, both attempted fraud and actual losses declined in 2025 to N37.57bn and N25.85bn, respectively. The report indicated that electronic payment fraud decreased by 51 percent in 2025 due to stricter regulations, increased industry cooperation, enhanced prevention strategies, and improved monitoring. The CBN, under Governor Olayemi Cardoso, acknowledges that while digitalization has improved financial inclusion, it has also introduced new risks requiring stronger cybersecurity and fraud-monitoring systems. The Payments System Vision 2028 aims to prioritize security, trust, innovation, interoperability, inclusion, and collaboration to address thes
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Sarah Araba Tettey, a 26-year-old Ghanaian lawyer, reportedly died after collapsing while celebrating Ghana's victory over Panama at the FIFA World Cup. The incident occurred on Wednesday at Standard Hostel in Bomso, near the Kwame Nkrumah University of Science and Technology. Tettey, an alumna of the university's Faculty of Law, was watching the match with friends when she collapsed during post-match celebrations. She was rushed to a hospital but was later pronounced dead. Tettey had been called to the Ghana Bar earlier this year and was practicing with O & A Legal Consult. Her death has led to an outpouring of grief on social media. No official statement has been issued by her family regarding the circumstances of her death, and the exact cause of death has not been officially confirmed by her family or medical authorities. Her body has been deposited at a mortuary.
Ivory Coast striker Elye Wahi has received permission to travel to Canada for his country鈥檚 World Cup match against Germany, according to the Ivorian football federation. This development follows earlier indications that Wahi, who is under investigation for alleged betting-related offenses, would be unable to travel. French police arrested Wahi in May as part of an ongoing investigation into alleged spot-fixing activities. The French soccer league reported an "unusual amount of bets" placed internationally on Wahi receiving a yellow card during a May 17 match while playing for OGC Nice. The Marseille prosecutor鈥檚 office confirmed a 23-year-old professional football player was arrested on May 29, 2026, as part of an investigation into alleged offenses including organized fraud, sports corruption, receiving stolen goods, and money laundering. The player was questioned and released. The Ivorian football federation stated it has not been formally informed of any judicial or administrative proceedings against Wahi and offers its full support, reaffirming confidence in him as an important team member. Wahi started in Ivory Coast's 1-0 win over Ecuador and is scheduled to face Germany on Saturday.
Must ReadThe Federal Government of Nigeria announced that the Transfer of Sentenced Persons Agreement with Ethiopia, designed to repatriate Nigerian citizens incarcerated there, aligns with President Bola Tinubu鈥檚 citizen diplomacy framework under the Renewed Hope Agenda. Minister of Foreign Affairs, Amb. Bianca Odumegwu-Ojukwu, described the agreement as a significant diplomatic achievement that prioritizes the welfare of Nigerians abroad and reflects ongoing efforts to assist citizens facing difficulties in other countries. She refuted a circulating list of Nigerian inmates in Ethiopian prisons as fake, stating that Nigeria does not have 136 inmates in Ethiopia and that some attributed crimes are unfounded. The minister emphasized the government's commitment to bringing inmates home to serve sentences with dignity, away from inhumane conditions. Efforts to secure their return have been ongoing for years, despite challenges in obtaining accurate data. Inmates are held in Kaliti and Aba Samuel prisons, both maximum-security facilities. Odumegwu-Ojukwu explained that the agreement allows prisoners sentenced in one country to return to their country of origin to complete their sentences, addressing the inmates' long-standing desire to return due to precarious living conditions, health issues, inadequate medical facilities, poor feeding, denial of visitation rights, insufficient legal services, and language barriers. She noted that four Nigerian prisoners died while the agreement was bei