Prime Business Africa
The number of fraud cases recorded in the Nigerian banking sector dropped in 2025, however, the amount involved in the fraudulent activities increased during the same period, according to analysis of the industry by Prime Business Africa (PBA).
Between January and December of last year, Nigerian banks recorded 54,372 fraud cases, decreasing from the 61,923 cases reported during the corresponding period in 2024.
The analysis focused on the major commercial banks listed on the Nigerian Exchange (NGX), which are Sterling Financial Holdings Company, Wema Bank, Access Holdings, and Guaranty Trust Holding Company (GTCO), Zenith Bank, United Bank for Africa (UBA) and Fidelity Bank.
Join our WhatsApp ChannelFirst City Monument Bank (FCMB), Stanbic IBTC, First HoldCo, and Ecobank did not disclose any fraudulent activity in 2025.
Prime Business Africa gathered that while the number of fraud cases fell by 12.19 percent, the value of the money involved in the fraudulent activities increased by 3.53 percent.
Over N21.02 billion was targeted by the fraudsters between the first quarter (Q1) and the fourth quarter (Q4) of 2025, surpassing the N20.3 billion targeted in the previous year.
However, the actual or expected loss during the period under review dropped significantly to N4.68 billion, compared to N9.10 billion recorded in 2024, representing a 48.57 percent decline, according to PBA’s analysis.
Out of the six companies that revealed the fraud cases recorded in 2025, five experienced a decline, while two reported an increase.
The number of cases, amount involved and actual loss for 2025 excludes Zenith Bank, as the company did not reveal details of the fraudulent activities experienced by the firm, however, the record for the year before was added in 2024 figures.
Prime Business Africa presents the banks with highest decline in fraud cases
Breakdown Of Fraud Cases By Bank
Access Holdings
Access Holdings recorded the highest decline in fraud cases among its peers, after experiencing 8,555 fraudulent activities in 2025, compared to the 13,256 cases reported in 2024.
- While the number of cases declined by 35.46 percent, the amount involved increased marginally by N26.51 million or 0.72 percent year-on-year, from N3.65 billion to N3.67 billion.
Fidelity Bank
Fraud cases experienced by Fidelity Bank dropped to 1,687 between January and December 2025, against the 2,249 cases recorded in 2024, reflecting an increase of 562 fraudulent activities or 24.98 percent.
- This indicates Fidelity Bank recorded the second highest decline in fraud cases last year and also the highest drop in amount involved, as over N774.48 million held in the company was targeted in 2025.
- This represents a N162.66 million or 17.35 percent increase in amount involved, when compared to the N937.15 million targeted by fraudsters between the first quarter and fourth quarter of 2024.
Sterling Financial Holdings Company
Sterling Financial Holdings Company recorded the lowest fraud cases among its peers in 2025, after experiencing 26 fraudulent activities, compared to the 31 cases reported in the year before.
- Prime Business Africa notes that the 16.12 percent drop was the third highest decline in fraud cases, however, the company recorded 171.05 percent increase in amount involved, which is the second highest.
- The value of the fraud cases experienced by Sterling Financial Holdings last year was N2.25 billion, up from the N830.63 million involved in the fraudulent activities in 2024, indicating a N1.42 billion increase within 12 months.
UBA
Within January and December 2025, UBA recorded 26,400 fraud cases, down from 29,359 fraudulent activities experienced during the corresponding period in 2024, reflecting a decline of 2,959 cases.
- While the lender recorded 10.07 percent decline in fraud cases — the fourth highest decrease, according to PBA analysis — UBA also recorded the second highest drop in amount involved.
- The amount involved in the fraud cases experienced by UBA declined by 7.09 percent or N348 million within 12 months to N4.55 billion during the period under review, below the N4.9 billion recorded in 2024.
GTCO
With over 0.48 percent decline in its fraud cases, which were 15,469 in 2025, below the 15,544 recorded between Q1 and Q4 of the previous year, GTCO recorded the fifth highest decline in fraudulent activities last year.
- Looking deeper showed that while fraud cases dropped, amount involved surged by 30.05 percent, the third highest increase, according to Prime Business Africa’s analysis.
- The amount involved in the fraud cases recorded by GTCO increased by N595.11 million, as the company recorded N2.57 billion in 2025, up from the N1.98 billion recorded in the previous year.
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Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
Dr Mbamalu, who serves as Founder and Publisher, set up Prime Business Africa to deliver sharp, data-driven reporting on Nigeria’s markets, trade, investment, and governance trends for decision-makers, entrepreneurs, and policy leaders.
He also writes The Bottom Line, a backpage column for Punch Newspaper every Thursday.
Under his leadership, Prime Business Africa combines deep newsroom experience with a focus on accountability journalism, aiming to bridge information gaps between Africa’s private sector and the global economy.
