Illegal Banking Activities, FG Investigates Ademola Adebise led Wema Bank

Federal Government through the Federal Competition and Consumer Protection Commission has opened enquiry into Illegal activities of Wema Bank.
It would be recalled 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.
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 that reads “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.
It is 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.
In a statement released by Babatunde Bamigboye, Head of Legal, Enforcement and Regulations Lead Nigeria Data Protection Bureau (NDPB) – the agency said it is commencing investigation into Wema Bank’s activities to ascertain the level of breach of customer data.
The statement said, “Nigeria Data Protection Bureau (the Bureau) has commenced investigations into reports of breach of data privacy involving two major data controllers in Nigeria, namely, Wema Bank PLC and KC Gaming Networks (Bet9ja). This is in line with Section 37 of the 1999 Constitution and the provisions of Nigeria Data Protection Regulation (NDPR) 2019 – particularly Articles 2.1(2)-(3), 2.6 and Article 4 of the NDPR.
“It will be recalled that sometime in May 2022, some customers of Wema Bank PLC complained of breach of their rights to data privacy and protection by the bank. This data processing, according to the complaints against the bank, involves using their personal data to open accounts. The bureau is also investigating report of breach of data privacy at KC Gaming Networks. The breach in this case involved alleged external attack on the KC Gaming Networks.
“At this stage, the objectives of these investigations as directed by the national commissioner/CEO of the bureau, Dr. Vincent Olatunji, are to determine the impact of the breaches on the affected data subjects and the remedial actions taken by the concerned data controllers. The bureau assures members of the general public that it would ensure proper accountability of the data controllers in the ongoing investigations.”
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.

Leave a Reply

Powered by Live Score & Live Score App
%d bloggers like this: