Nigerian businesswoman and cosmetics entrepreneur, Susan Chanel, has accused Wema Bank Plc of failing to adequately explain how ₦25 million allegedly disappeared from her account through an unauthorised transaction.
Chanel, who operates a cosmetics and beauty business, reportedly raised the alarm after discovering that ₦25 million had been transferred out of her account at approximately 11:22 p.m. on 31st October 2026.
The businesswoman questioned how such a substantial amount could have been withdrawn without her knowledge or approval, particularly as she maintained that she had not activated internet banking on her Wema Bank account.
Chanel claimed that her account was operated principally through an Automated Teller Machine (ATM) card and that she had never used Wema Bank’s online banking channels.
She reportedly said she was chatting with a friend shortly before the alleged transaction occurred and was unaware that the money had left her account until she subsequently discovered the debit.
The circumstances surrounding the alleged transaction have raised questions about how the perpetrators could have accessed the account and initiated the transfer without the customer’s knowledge.
Chanel reportedly suspects that criminals may have cloned her account details, although the actual method through which the transaction was allegedly executed has not been established.
Funds allegedly transferred to Sterling Bank
Further details of the complaint indicate that the disputed ₦25 million was initially transferred to an account domiciled with Sterling Bank.
The beneficiary was reportedly identified as Olasco Horizon Ventures.
Chanel also claimed that she subsequently received information indicating that the money had been transferred again to another financial technology institution, raising concerns about the possibility of the funds being moved through multiple accounts.
The alleged movement of the money across financial institutions could complicate efforts to trace and recover the funds if the receiving accounts were not promptly restricted.
However, the identity of the subsequent financial technology institution, the account holders involved and the present whereabouts of the money have not been independently established.
Businesswoman questions Wema Bank’s response
Chanel reportedly approached Wema Bank following the discovery and sought an explanation regarding how the transaction was authorised.
According to the account published by NBG Africa, bank personnel told her that relevant parties had been alerted.
However, she reportedly expressed dissatisfaction with the response, particularly after being asked to obtain a court order before the identity of the beneficiary could be disclosed.
The businesswoman reportedly spent several hours attempting to obtain clarification and trace the funds, with her efforts extending until approximately 2 a.m.
Frustrated by the development, she subsequently took her complaint to social media, appealing to prominent Nigerians and members of the public to intervene and help her recover the money.
She also called on the relevant financial institutions to investigate the transaction, trace the beneficiary accounts and facilitate the recovery of the disputed funds.
Wema Bank yet to publicly address allegation
The allegations have placed Wema Bank under renewed scrutiny over its transaction-monitoring systems, customer protection procedures and handling of disputed electronic transfers.
A report published by The Source on 3rd November 2026 stated that the bank had not issued a public explanation addressing Chanel’s complaint as of the time of publication.
Sterling Bank was also reported not to have publicly addressed the allegations.
The absence of a publicly documented explanation has further fuelled concerns about the handling of the complaint and the steps being taken to establish how the money allegedly left the customer’s account.
Incident recalls earlier ₦25m unauthorised withdrawal involving Wema Bank customer
The latest allegation is particularly noteworthy because it follows an earlier incident involving another Wema Bank customer, Isa Aremu Lawal, who reportedly lost ₦25 million through unauthorised transactions in May 2026.
According to an investigation by the Foundation for Investigative Journalism (FIJ), the money was transferred from Lawal’s account in several instalments to an account identified as Gumel Provision Store.
The customer’s family said the transactions occurred without his authorisation or any One-Time Password (OTP) request.
Following FIU’s investigation, Wema Bank refunded the entire ₦25 million on 12th May, 2026, six days after the publication of the initial report.
Lawal’s son subsequently disclosed that the bank attributed the incident to an insider hack.
Although there is no established evidence linking the May incident to Chanel’s latest allegation, the recurrence of complaints involving the same amount raises questions about the effectiveness of the bank’s fraud-prevention and transaction-monitoring mechanisms.
The latest development also places renewed attention on the responsibility of financial institutions to protect customer deposits and promptly investigate disputed transactions.
As of the latest reports reviewed, there was no independently verified confirmation that Chanel’s alleged ₦25 million had been recovered, nor had the precise mechanism behind the disputed transaction been established.
The allegations against Wema Bank remain unproven, pending an investigation and an official explanation from the financial institutions involved.
