Banks in the country recorded 2,352 fraud cases involving N28.4 billion in 2011, the Nigeria Deposit Insurance Corporation (NDIC) said in its 2011 Annual Report released yesterday.
The fraud was expected to cause a loss of N4.071 billion in the banking sector, showing an increase of 53.5 percent over the 1,532 cases reported in 2010.
The amount of frauds and forgeries increased by 33.40 percent from N21.29 billion in 2010 to N28.40 billion.
However, the expected loss decreased by 65 percent from N11.68 billion in 2010 to N4.07 billion.
Of the 2,352 fraud cases reported, 498 were attributed to staff participation which showed an increase of 141 from 357 cases reported in 2010.
The number of staff involved increased by 39 percent in 2011 from the preceding year.
The report said that the number of staff involved in cases of fraud and forgeries during the year under review was from clerks and cashier status.
According to the report, the total assets of the banking industry increased by 17.31 percent from N18.66 trillion in December 2010 to N21.89 trillion in December 2011.
The total deposits within the banking industry grew by 13.7 percent from N10.84 trillion in 2012 to N12.33 trillion in 2011, the report said.