Reports have it that the financial institution has incurred over N9 billion in court cases as at December 2023.
This was revealed in the bank’s full year 2023 financial statement which was released recently.
The previous year’s litigation claims was a little above N8 billion, indicating that the bank had more legal issues to deal with in 2023.
As at September 2023, the litigations were pegged at N8.067 billion but within three months and there was an exponential increase in legal damages.
Although litigations are unavoidable in businesses but a continued increase could be dangerous for businesses due to its financial burden.
The bank’s reputation is now questionable due to the increase in litigations which could lead to loss of customers or partners.
