Business
Moruf Oseni’s Wema Bank embroiled in litigation mess
..how bank incurs over N9bn in court cases, as stakeholders panic
One of Nigeria’s oldest financial institutions, Wema Bank Plc, led by Moruf Oseni, is reportedly facing a difficult period as the bank has racked up over N9 billion in legal fees as of December 2023.
This was revealed in the bank’s full year 2023 financial statement which was released recently.
READ ALSO: Wema Bank Records 196 Percent Profit Before Tax In 2023 Financial Report
Meanwhile, the previous year’s litigation claims was a little above N8 billion, indicating that the bank had more legal issues to deal with in 2023.
Interestingly, as at September 2023, the litigations were pegged at N8.067 billion but within three months, there was an exponential increase in legal damages.
It is understandable that litigations are unavoidable in businesses, however, a continued increase could be dangerous for businesses due to its financial burden.
Be that as it may, Wema Bank’s reputation is said to be at stake right now due to the increase in litigations which could in turn lead to loss of customers or partners.
Beside, it would be recalled that the bank flouted seven Nigerian laws which resulted in more than N60 million fine.
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