As Central Bank of Nigeria, CBN's bank recapitalisation looms, Omonaijablog can reports that Moruf Oseni’s led Wema Bank PLC has incurred over N9 Billion in court cases as at December 2023.
This was revealed in the bank’s full year 2023 financial statement which was released recently.
Omonaijablog observed that 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.
Meanwhile as at September 2023, the litigations were pegged at N8.067 Billion but within three months, there was an exponential increase in legal damages.
Although litigations are unavoidable in businesses but a continued increase could be dangerous for businesses due to its financial burden.
This also has a lot to do with Wema Bank’s reputation as an increase in litigations could damage the Bank’s reputation which could in turn lead to loss of customers or partners.
We also recall that the bank flouted seven Nigerian laws which resulted in more than N60 million fine.