Negative reports have continued to trail Moruf Oseni’s led Wema Bank, one of which is its involvement in what is termed a heavy litigation mess.
Although litigations are unavoidable in businesses but a continued increase could be dangerous for businesses and send false signals to customers due to its financial burden.
According to National Waves, an online news platform, the financial institution had incurred over N9 billion in court cases as of December 2023.
This was revealed in the bank’s full year 2023 financial statement, which was released recently.
The previous year’s litigation claims were a little above N8 billion, indicating that the bank had more legal issues to deal with in 2023.
As of September 2023, the litigations were pegged at N8.067 billion, but within three months and there was an exponential increase in legal damages. These have plunged the bank’s reputation into vulnerability and questioning, and such situations may lilely leed to loss of customers or partners.
Recall report had it that the bank had flouted seven Nigerian laws, which resulted in more than N60 million fine.
