Wema Bank Incurs Over N9bn In Court Cases In 2023 Financial Year
WEMA Bank Plc incurred over Nine Billion Naira (N9,000,000,000.00) 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 Eight Billion Naira (N8,000,000,000.00), indicating that the bank had more legal issues to deal with in 2023.
Meanwhile, as of September 2023, the litigations were pegged at Eight Billion, Sixty-Seven Thousand Naira (N8.067,000,000.00) but within three months, there was an exponential increase in legal damages.
Although litigations are unavoidable in businesses however a continued increase could be dangerous for businesses due to its financial implications.
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.
Eighteen-Eleven Media
