UBA lost ₦1.14 billion to fraud in 2024 amid record profits

United Bank for Africa (UBA) lost ₦1.14 billion ($744,200) to fraud in 2024, even as the Nigerian lender reported a profit after tax of ₦766.6 billion ($493 million), according to its latest audited financial statements. The losses, primarily from electronic fraud and unauthorised transfers, highlight the ongoing battle Nigerian banks face against rising fraud.

UBA disclosed that ₦4.9…