TAJ Bank, one of Nigeria’s non-interest financial institutions, is reportedly grappling with the aftermath of a major system glitch that allegedly led to the loss of over ₦900 million from customers’ accounts.
According to emerging reports, the glitch exposed vulnerabilities in the bank’s internal controls, allowing several customers to withdraw far more than they had in their accounts.
The incident, which occurred recently, has triggered internal investigations and efforts to trace the missing funds.
Sources familiar with the situation claim that the issue was first noticed when abnormal withdrawals were flagged by the bank’s monitoring systems. Further checks allegedly revealed that some customers exploited the downtime to carry out unauthorized withdrawals amounting to hundreds of millions of naira.
TAJ Bank has not issued an official statement at the time of filing this report. However, insiders say that disciplinary actions are already underway, with some staff members suspended or under review as part of the investigation.
This incident raises fresh concerns about cybersecurity, internal control systems, and digital infrastructure in Nigeria’s growing fintech and banking sectors.
Customers are advised to monitor their accounts and await official communication from the bank regarding the next steps.
More details on TAJ Bank’s cyber incidence, check here.
