₦336 Million Fraud Investigation at a Financial Institution
Overview
An ex-employee exploited system weaknesses to divert over ₦336 million through unauthorised profit distributions. We were appointed to investigate and adjust the resulting fidelity guarantee claim.
Our approach
Our investigation combined interviews, forensic analysis of transactions, and close work with law enforcement agencies to trace the funds and establish how the controls failed.
Findings
We identified the control lapses that allowed the fraud to continue undetected, and recommended system improvements to prevent a recurrence.
Outcome
₦58 million was recovered. The claim was adjusted to ₦194.7 million, reflecting contributory negligence penalties for the control failures.
Key takeaway
In fraud claims, recovery work and control findings matter as much as quantum: they reduce the insurer's net exposure and protect the insured against repeat losses.
