“I was receiving debit alerts from my Wema Bank account,” said Isa Aremu Lawal, a Lagos resident who lost N25 million within minutes due to unauthorised debits. The funds were sent to an account named ‘Gumel Provision Store’. The debits occurred in quick succession without any OTP request.
The last transaction made by Lawal was at a filling station. He stated, “This money is not mine. They sent it to me for a project that I am working on in Ekiti.” This incident raises serious concerns about Wema Bank’s financial security measures.
Wema Bank celebrated its 81st anniversary on May 2, 2026. The anniversary theme was “Your Future of Possibilities, Powered by Wema Bank.” During the celebration, the bank launched the 5th Season of the ‘5 for 5’ Reward Initiative.
Moruf Oseni, the Managing Director and Chief Executive Officer of Wema Bank, emphasized their commitment to enhancing customer safety: “We are building a smarter and more secure financial future for our customers.” Yet, the identity of the person or entity behind the unauthorised transactions remains unclear.
Officials have not confirmed what measures Wema Bank will take to address these unauthorised debits. The situation has prompted discussions about customer support and digital banking security protocols.