Wema Bank ₦8.5bn Fraud: Court jails woman over ₦4.5m linked to scam.

Justice Daniel Osiagor of the Federal High Court, Ikoyi, Lagos, on Thursday convicted one Hannah Okunlola Adesokan over an alleged N8.5 billion fraud that occurred in Wema Bank Plc.

Adesokan was first arraigned on May 23, 2025, alongside six others Samuel Ihechukwu, Fabian Chizaram, and Kingsley Kelechi Ejim, who are all employees of Wema Bank Plc on an eight-count charge bordering on conspiracy and obtaining money by false pretence totaling ₦8.5 billion (Eight Billion, Five Hundred Million Naira). The other defendants are Hamza Zakariya, Achionu Chukwuka Ubaku, and Sunday Osademe.

The charges border on conspiracy, stealing, unauthorized access to a computer system, and impersonation. According to the EFCC, the accused conspired in January 2025 to illegally access Wema Bank’s computer system and steal the said amount.


Initially, Adesokan pleaded “not guilty” to the charges. However, during Thursday’s proceedings, she was re-arraigned on an amended charge and changed her plea to “guilty.”

One of the charges reads: “That you, Adesokan Hannah Okunlola, sometime in January 2025, at Lagos, within the jurisdiction of this Honourable Court, retained control of the sum of ₦4,500,000.00 (Four Million, Five Hundred Thousand Naira), which forms part of the sum of ₦199,000,000.00 (One Hundred and Ninety-Nine Million Naira) paid into your United Bank for Africa account number 1020676282, Search Light Media Concept, being money fraudulently obtained from illegal cyber-criminal activities, and thereby committed an offence contrary to Section 17(a) and (b) of the Economic and Financial Crimes Commission (Establishment) Act, 2004 and punishable under the same Act.”

Nigerian Banks Resume International Transactions on Naira Cards.

Two major Nigerian banks — United Bank for Africa (UBA) and Wema Bank — have announced the resumption of international transactions on their naira debit cards, marking a significant shift nearly three years after such services were suspended due to foreign exchange (FX) constraints.

UBA, in a message to customers, stated that all Premium Naira Cards — including Gold, Platinum, and World variants — are now enabled for global use. “You can now use your Premium Naira Card for everyday payments, online shopping, POS, and ATM transactions across the world,” the bank said, adding that customers can enjoy more ease and flexibility.

Wema Bank made a similar announcement: “Your Wema Naira Mastercard just went global! Now you can pay in dollars on all your favourite international platforms — Amazon, eBay, AliExpress, Netflix, Spotify, YouTube.” The move follows recent improvements in Nigeria’s FX market.

Ayokunle Olubunmi, head of financial institutions ratings at Agusto & Co, attributed the decision to increased FX liquidity, a reduced gap between official and parallel market rates, and fewer arbitrage opportunities.

Charles Sanni, CEO of Cowry Treasurers, added that high interest rates have discouraged currency speculation, while the naira has appreciated against major currencies. He also pointed to increased diaspora remittances, improved investor confidence in FX management, and CBN policies that allow account openings for non-resident Nigerians.

Sanni further cited other positive developments, including Nigeria’s improved credit rating, clearance of FX backlogs, the introduction of a new trading platform, rising oil prices, and better bank capitalisation.

Previously, from mid-2022 to early 2023, several banks and fintech platforms had halted international naira card transactions due to dollar shortages. The recent resumption by UBA and Wema signals renewed confidence in Nigeria’s financial system and FX stability.

World MSME Day: Wema Bank supports small businesses with N2.5m grant at LLF 2025.

Wema Bank, the official gold sponsor of Lagos Leather Fair (LLF) 2025, is set to disburse N2.5 million in grants to the top three outstanding Small and Medium Enterprises (SMEs) participating in the 8th edition of LLF 2025.

The fair, scheduled for June 28-29, 2025, at the Balmoral Federal Palace Hotel in Lagos, will showcase Africa’s diverse leather industry, attracting leather enthusiasts, manufacturers, suppliers, designers, and other key players.

This marks the second consecutive year Wema Bank has sponsored the Lagos Leather Fair, reinforcing its commitment to empowering businesses.

The Lagos Leather Fair is an annual showcase of Africa’s leather Industry, convening leather enthusiasts, manufacturers, suppliers, designers, and other key players in the leather ecosystem from across the globe to celebrate African culture, creativity, and craftsmanship in style.

In a statement on Friday, Wema Bank’s Managing Director and CEO, Moruf Oseni, stressed the importance of access to market in stimulating SME growth, stating, “Funding is crucial to business growth, but market access is equally vital.”
He reiterated the bank’s commitment to supporting businesses and providing tailored solutions at every stage of their journey.

"Inspiring the next generation of leaders! Wema Bank made history by appointing 12-year-old Chiderije Mbah as its one-day MD/CEO on May 27, 2025 — a bold step toward youth empowerment and innovation.