The unauthorised debits occurred while Lawal was travelling to Akure. He noticed the withdrawals happening in quick succession without any request for a one-time password (OTP). The last transaction he made was at a filling station before the funds were sent to an account named ‘Gumel Provision Store’.

Key facts:

• N25 million deducted from Isa Aremu Lawal’s Wema Bank account without authorisation.
• The first tranche of unauthorised debit was N4.5 million.
• The second tranche of unauthorised debit was N4.2 million.

Wema Bank is currently celebrating its 81st anniversary. The bank is launching the fifth season of its ‘5 for 5’ reward initiative during this celebration. Moruf Oseni, a spokesperson for the bank, stated, “The world is rapidly evolving. Digital evolution and emerging technologies continue to present newer opportunities and realities.” He added that Wema Bank aims to support various customer segments with tailored opportunities and strategic guidance.

However, uncertainties remain regarding the identity and location of Gumel Provision Store. Officials have not confirmed how the unauthorised access occurred in Lawal’s account.

This incident raises significant questions about financial security in digital banking. As more customers rely on online banking services, incidents like this highlight the need for robust security measures.

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