Wema Bank has yet to refund the sum of N970,000 that reportedly vanished from the account of one of its customers, Opeoluwa Oduwole, in Oyo State, raising concerns over the bank’s response to the disputed transaction.
The money was allegedly withdrawn from Oduwole’s account in March 2025 under circumstances he described as suspicious and unexplained.
Speaking with the Foundation for Investigative Journalism (FIJ) on Thursday morning, Oduwole expressed frustration over what he called the bank’s silence and lack of transparency since the incident occurred.
“I have not received any meaningful feedback from Wema Bank regarding the issue,” Oduwole said. “They have kept me completely in the dark. I submitted several complaints and personally visited different Wema Bank branches in Ibadan multiple times, yet my N970,000 has not been recovered or properly accounted for.
“By March this year, it will be two years since the money disappeared. The bank has not clearly communicated any plan to help me recover my funds. It is both shocking and unacceptable.”
Earlier reports by FIJ, dated July 8, 2025, detailed how Oduwole initially visited a Wema Bank branch in Mokola, Ibadan, to make inquiries after discovering that his account had been classified as inactive.
According to him, the account had been marked inactive despite holding a significant balance. After he filed a complaint at the branch, bank officials reactivated the account, allowing him to regain access before he left the banking hall.
However, shortly after leaving the premises, Oduwole said he received an unexpected debit alert showing that N970,000 had been withdrawn from the same account that had just been reactivated.
Disturbed by the development, he returned to the Mokola branch a few days later to notify bank officials about the unauthorized transaction. Investigations later revealed that the money had been transferred to an individual identified as Emmanuel Yunusa, who holds an account with Sterling Bank.
Despite repeated follow-ups since March 2025, Oduwole maintains that Wema Bank has not taken concrete steps to resolve the matter or assist him in recovering the missing funds. The prolonged delay, he said, has caused him financial and emotional distress, while also raising broader questions about customer protection, dispute resolution processes, and internal security measures within the banking system.
The case adds to growing public scrutiny of how financial institutions handle disputed transactions and customer complaints, particularly when large sums are involved and recovery efforts appear slow or unclear.