Talk of a financial institution that currently has the least integrity when it comes to money laundering and looting, then you won’t be wrong to mention WEMA Bank.
The bank has drastically lost its integrity, having become a cheap safe haven for looters.
Apart from WEMA’s normal banking activities which is marred by many irregularities and hidden fraudulent activities (some are exposed already), the bank has become a Mecca of sort for money launderers and crooked politicians. Despite previous efforts to turn the fortune of the bank around by its stakeholders, it is mind-boggling to note that WEMA Bank has declined to this abysmal state.
The bank has been able to go scot free with its numerous financial crimes because the public are not looking towards its direction, but recent investigative searchlight beamed into its daily activities has revealed a colossal decay. The bank now assists politicians to steal public funds.
WEMA bank is not new to fraud related issues. A plot by the bank to hide a fraud case which took place at its Iponri branch in Lagos has been uncovered.
According to a source, the bank attempted to cover details of a missing N6.5million belonging to the Vehicle Inspection Office (VIO) of Lagos State when internal investigation revealed that the bank was guilty of the offence as alleged.
“The can of worms of the many different fraudulent activities by the management and staff of the bank will be spilled soon,” our source added.
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