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HomeBusinessGovt Investigates Ademola Adebise Led Wema Bank Over Illegal Banking Activities

Govt Investigates Ademola Adebise Led Wema Bank Over Illegal Banking Activities

Govt Investigates Ademola Adebise Led Wema Bank Over Illegal Banking Activities—T Federal Government through the Federal Competition and Consumer Protection Commission has opened enquiry into Illegal activities of Wema Bank.

It would be recalled that days back, ENigeria Newspaper published a report revealing how Ademola Adebise led Wema Bank engaged in illegal banking activities by opening unauthorized accounts for customers with information sources from their Bank Verification Number (BVN) details

This online Newspaper reports that in order to commemorate its 5th anniversary, Wema Bank under the watch of Ademola Adebise allegedly set a goal to have a million subscribers or more on its ALAT platform.

For this reason, Wema Bank has gone ahead to create unauthorized accounts for people after pulling out their sensitive information through their BVN details.

And more worrisome is the fact that most of these accounts are harnessed by criminals to defraud unsuspecting customers of the bank.

on its digital banking platform, ALAT, without their knowledge or agreement.

In what has been commended by many as a swift response, FCCP has also ordered that the bank be investigated and punished.

Although Wema Bank has tried to issue a press statement in an attempt to distract the attention of the public, the FCCP in a tweet seen by TCN Newspaper “Can Wema Bank comment publicly on the message that consumers without Wema Bank accounts are receiving across the country, allegedly from the bank? This situation is widespread and cannot be a DM issue anymore. Wema Bank has to come clean,” the tweet from the commission read.

Meanwhile, narrating his experience and how he was a victim of Wema Bank’s high handedness, a Nigerian journalist (names withheld) said, “I have contacted the bank to report the development but to no avail. They have continued to send same mail.

“This means someone is using my details for banking transactions. It’s fraud and I shall seek legal redress,” he said.

TGN Newspaper now has it on good authority that FCCPC has now opened investigation into Wema Bank’s activities especially as it concerns data breach and other illegal banking activities, after which appropriate sanctions will follow.

With events and happening s since he took over mantle of leadership, it has now become public knowledge that Wema Bank under the watch of Ademola Adebise seem to be submerged in endless controversies and this is not an exception.

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