Olubunmi Fadare, a female banker in Lagos, is accused of stealing ₦116 million from customers’ accounts at her workplace. Employed as a customer service representative, she allegedly exploited her access to sensitive customer information to carry out unauthorized transactions over a period of time. Her position allowed her to manipulate account details, which facilitated the diversion of funds into private accounts. The scheme was reportedly detected during a routine internal audit, leading to her exposure.
The investigation revealed that Olubunmi had been conducting fraudulent transfers, targeting several customers in the process. Authorities suspect that her actions involved falsifying documents and forging transaction records to cover her tracks. These acts of fraud highlight vulnerabilities within banking systems, especially where employees have unrestricted access to customer data without sufficient oversight.
Upon uncovering the fraudulent activities, the bank promptly escalated the matter to law enforcement. Olubunmi is now facing criminal charges that include theft, forgery, and conspiracy under Lagos State laws. The prosecution is working to recover the stolen funds while determining whether others within the organization may have been complicit in the crime.
This incident sheds light on the broader issue of internal fraud within Nigeria’s banking sector. It raises questions about the adequacy of internal controls and oversight mechanisms. Financial institutions are being urged to strengthen their monitoring systems and implement stricter cybersecurity protocols to prevent similar breaches in the future.
The case also underscores the importance of ethical practices in the banking industry. Beyond stricter enforcement, there is a growing call for institutions to improve employee training and foster a culture of accountability. This scandal is a cautionary tale for banks, emphasizing the critical need for both robust security measures and ethical integrity among staff .
