No Answers, Just Silence: Access Bank Ducks Questions On ₦1.64bn Fraud Loss Disclosure

Access Bank has declined to provide clarification on measures being taken to strengthen its internal systems and restore public confidence following reports that it suffered ₦1.64 billion in fraud losses in the first half of 2025.

The figure, contained in Access Holdings’ half-year financial statements, represents a sharp 254 percent increase from the ₦464.12 million recorded during the same period in 2024. The losses, according to the bank’s filings, stemmed largely from the presentation of forged instruments, which alone accounted for ₦831.96 million. Fraudulent transfers, withdrawals, and account reactivations made up another ₦617.11 million.

In total, Access Bank reported ₦2.25 billion worth of attempted fraud between January and June 2025, with ₦1.64 billion translating into actual losses—its highest six-month fraud loss since June 2023, when the figure peaked at ₦5.46 billion.

Despite the alarming rebound, the bank has so far maintained silence.

Multiple efforts by SocietyNow.Ng to obtain a response from Olakunle Aderinokun, Head of Media and Public Relations at Access Corporation, who oversees the bank’s image proved abortive.

He neither took calls nor replied to messages sent in the morning of Wednesday, November 5, 2025. Follow-up attempts later that afternoon also went unanswered.

While it is not uncommon for corporate entities to avoid commenting on unwanted reports, analysts note that banks—whose reputation rests heavily on public trust—rarely pass up opportunities to reassure investors and customers.

The development comes at a time when Nigerian banks are battling a resurgence of sophisticated fraud schemes. Data from the Financial Institutions Training Centre (FITC) revealed that industry-wide fraud losses surged by 602.98 percent to ₦3.29 billion in the first quarter of 2025, with most incidents traced to digital channels such as computer systems, mobile platforms, and PoS terminals.

Access Bank’s losses, however, still represent just 0.76 percent of its ₦215.92 billion profit for the period. The bank has also increased its spending on technology and IT infrastructure—₦193.52 billion in 2024 and ₦69.45 billion so far this year—suggesting ongoing investments in system security.

Yet, the sharp rise in fraud losses highlights persistent vulnerabilities across Nigeria’s banking landscape.

Some competitors reported significantly lower fraud losses of ₦288 million and ₦225.42 million respectively within the same period, underscoring the need for Access Bank to tighten its fraud controls and communicate more openly about its anti-fraud strategy.

As fraudsters evolve in sophistication, industry experts warn that banks must match their tactics with adaptive intelligence, stronger internal checks, and transparent communication—especially when public confidence is at stake.