Prime Business Africa
In 2025, the banking industry lost N4.68 billion to fraudsters, compared to the N9.10 billion loss suffered in 2024, representing a dcrease of N717.32 million within 12 months, according to Prime Business Africa’s (PBA) analysis.
The loss to fraudsters dropped by 3.53 percent during a period when fraudulent activities in the banking sector dropped to 54,372 attacks, surpassing the 61,923 fraud cases recorded in 2024.
Prime Business Africa gathered that two banks; UBA and Access Holdings saw a decrease in their losses to fraudsters, while four, Sterling Financial Holdings Company, Wema Bank, Fidelity Bank and GTCO, reported an increase in their losses.
Join our WhatsApp ChannelZenith Bank was not included due to the company’s failure to disclose the amount lost in 2025.
Sterling Financial Holdings Company
Sterling Financial Holdings Company accounted for the largest share of the loss recorded in 2025, after losing N1.66 billion to the fraudulent activities that the company experienced last year.
- According to PBA’s analysis, this accounts for 35.56 percent of the loss, a significant increase when compared to the 8.90 percent accounted for in 2024, when Sterling Financial lost N810.94 million to the fraudsters.
- This means the loss incurred by Sterling Financial soared by N853.87 million or 105.29 percent year-on-year, representing the third highest increase in the industry, despite a 16.12 percent drop in number of fraud cases, which declined from 31 to 26.
Access Holdings
Access Holdings recorded N1.23 billion loss due to fraudulent activities in the company between the first quarter (Q1) and the fourth quarter (Q4) in 2025, representing 26.40 percent share of the total banking sector loss.
- The lender had the second largest share despite recording the second highest decline (26.89 percent) in losses, which dropped from the previous year’s N1.69 billion, representing 18.57 percent share of the industry’s loss.
- Access Holdings suffered the losses after experiencing 8,555 fraud attacks in 2025, which is lower than the 13,256 fraud cases recorded in 2024, indicating a decline of 35.46 percent.
Wema Bank
Between January and December last year, Wema Bank lost N847.59 million to fraud activities — after suffering 1,489 fraud cases during the same period — exceeding the N29.44 billion lost in 2024.
- The amount lost in 2025 represents 18.10 percent or third highest share of the industry’s loss, rising significantly from the 0.32 percent the financial institution accounted for the year before.
- With the company’s loss rising by 2,778.22 percent — representing an increase of N818.15 million — Wema Bank recorded the highest surge among its peers, according to Prime Business Africa’s analysis.
- It was further gathered that Wema Bank experienced a surge of 502 in the number of fraud cases suffered, as the lender reported 987 fraudulent activities in 2024, reflecting 50.86 percent.
UBA
UBA held the fourth largest share of the industry’s loss after accounting for 13.27 percent due to the N621.57 million lost to fraudulent activities that took place in the company’s in 2025.
- It was gathered that the company’s share increased from 12.52 percent accounted for 2024, when it lost N1.14 billion, despite the loss dropping by N518.43 million or 45.47 percent, the highest decline in the sector.
- Note that UBA had recorded 26,400 fraud cases between Q1 and Q4 in 2025, below the 29,359 fraudulent activities experienced in 2024, reflecting a 10.07 percent (2,959 fraud cases) drop.
GTCO
Within 12 months last year, fraudsters stole N269.44 million from GTCO, which represents 5.75 percent or the fifth largest share of the industry’s loss, compared to the N159.11 million they stole in 2024.
- While the share increased from 1.74 percent in 2024, the 69.33 percent (representing an increase of N110.32 million) jump in the amount lost year-on-year is the fourth highest increase recorded in the industry.
- The number of fraudulent activities GTCO recorded last year was 15,469, down by 0.48 percent when compared to the 15,544 fraud cases experienced in 2024.
Fidelity Bank
Over N41.30 million was stolen by fraudsters in Fidelity Bank last year, representing 0.88 percent, which is the six largest share of the industry loss, according to Prime Business Africa’s analysis.
- The share increased from 0.12 percent in 2024, after the loss recorded by the company soared from N11.01 million, representing a 278.88 percent, the second highest increase among its peers.
- The money stolen from Fidelity Bank by fraudsters increased by N30.28 million year-on-year despite a 24.98 percent drop in fraud cases, as the lender recorded 1,687 attacks in 2025, compared to the 2,249 fraudulent activities experienced in 2024.
Key takeaway
Note that while Zenith Bank did not release the details of the amount lost last year, it recorded 746 fraud cases and accounted for a 57.79 percent share of the industry loss in 2024, the highest in the sector.
The share was recorded after Zenith Bank suffered N5.26 billion loss to fraudsters, following 497 fraud attacks.
Meanwhile, banking sector fraud cases dropped by 12 percent in 2025, but the amount involved rose to N21 billion.
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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.
