REVEALED: MORUF OSENI LED WEMA BANK IN OVER 9 BILLION NAIRA LITIGATION/JUDGEMENT DEBT

If information emanating from the Moruf Oseni led Wema Bank's, year 2023 financial statement released recently is anything to go by, the books of the bank might be in danger if not quickly nipped in the bud.

Checks revealed that Moruf Oseni, the Managing Director and Chief Executive Officer of Wema Bank PLC, has incurred over 9 Billion naira in court cases as at December 2023.

It was also gathered that the previous year’s litigation claims was a little above 8 Billion naira, indicating that the bank had more legal issues to deal with in 2023.

Meanwhile as at September 2023, the litigations were pegged at 8.067 Billion naira, 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.

It will be recalled that the bank flouted seven Nigerian laws which resulted in more than 60 million naira fine being imposed on the Bank.

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