Business

Experts Alert On Looming Global Financial Crime

Published

6 years ago

September 2, 2019

Global financial crisis induced by cybercrimes is imminent unless this is checked, president, Fintech Association of Nigeria President, Dr. Segun Aina, has warned.
Aina who is also the Chairman of Global Banking Education Standards Board, warned that most regulators and operators might not be prepared for the financial downturn.
He gave the warning at the 2019 Chartered Institute of Bankers of Nigeria (CIBN) Lagos State Branch, Bankers and Stakeholders nite in Lagos at the weekend.
Aina stressed that governments of different countries might also not be able to provide bailouts to banks like they did previously in 2008.
According to him, banks’ losses to fraud in Nigeria jumped to N15.15 billion in 2018, an increase of 539 per cent compared to N2.37 billion in 2017, maintaining that internet and technology based sources of fraud accounted for 59 per cent of fraud cases and 43 per cent of actual loss.
Citing the NDIC report that cybercrime will cost the world $6 trillion annually by 2021, he said this rose upward from $3 trillion in 2015.
“Global spending on security awareness training for employees is predicted to reach $10 billion by 2027, up from around $1 billion in 2014. Training employees how to recognise and defend against cyber-attacks is the most under spent sector of the cyber security industry,” he said.
He noted that the UN E-Government Survey 2018 showed Denmark coming first place while Nigeria ranked 143 out of the 193 member countries surveyed.
Earlier, the president and Chairman of Council, CIBN, Uche Olowu, said the golden era of digital banking has gained so much significance that according to the 2018 report from Global Market Insight, the Digital Banking Market would cross the $9 trillion mark by 2024.
“As we all may already know, the Central Bank of Nigeria as part of its National Financial Inclusion Strategy aims to significantly increase financial inclusion rates from 58.4 per cent recorded in 2016 to 80 per cent in 2020. Banks who choose to operate under the current banking model would hinder the advancement of this policy. On the other hand, banks who choose to stay ahead of the curve can leverage on digital banking to further facilitate the efforts of the apex bank,” he said.

Business

CBN Revises Cash Withdrawal Rules January 2026, Ends Special Authorisation

Published

33 minutes ago

December 5, 2025

The Tide

The Central Bank of Nigeria (CBN) has revised its cash withdrawal rules, discontinuing the special authorisation previously permitting individuals to withdraw N5 million and corporates N10 million once monthly, with effect from January 2026.

In a circular released Tuesday, December 2, 2025, and signed by the Director, Financial Policy & Regulation Department, FIRS, Dr. Rita I. Sike, the apex bank explained that previous cash policies had been introduced over the years in response to evolving circumstances.

However, with time, the need has arisen to streamline these provisions to reflect present-day realities.

The statement said the new set of cash-related policies is designed to reduce the cost of cash management, strengthen security, and curb money laundering risks associated with the economy’s heavy reliance on physical currency.

“These policies, issued over the years in response to evolving circumstances in cash management, sought to reduce cash usage and encourage accelerated adoption of other payment options, particularly electronic payment channels.

“With the effluxion of time, the need has arisen to streamline the provisions of these policies to reflect present-day realities,”

“Effective January 1, 2026, individuals will be allowed to withdraw up to N500,000 weekly across all channels, while corporate entities will be limited to N5 million”, it said.

According to the statement, withdrawals above these thresholds would attract excess withdrawal fees of three percent for individuals and five percent for corporates, with the charges shared between the CBN and the financial institutions.

Daily withdrawals from Automated Teller Machines (ATMs) would be capped at N100,000 per customer, subject to a maximum of N500,000 weekly stating that these transactions would count toward the cumulative weekly withdrawal limit.

The special authorisation previously permitting individuals to withdraw N5 million and corporates N10 million once monthly has been discontinued.

The CBN also confirmed that all currency denominations may now be loaded in ATMs, while the over-the-counter encashment limit for third-party cheques remains at N100,000. Such withdrawals will also form part of the weekly withdrawal limit.

Deposit Money Banks are required to submit monthly reports on cash withdrawals above the specified limits, as well as on cash deposits, to the relevant supervisory departments.

They must also create separate accounts to warehouse processing charges collected on excess withdrawals.

Exemptions and superseding provisions
Revenue-generating accounts of federal, state, and local governments, along with accounts of microfinance banks and primary mortgage banks with commercial and non-interest banks, are exempted from the new withdrawal limits and excess withdrawal fees.

However, exemptions previously granted to embassies, diplomatic missions, and aid-donor agencies have been withdrawn.

The CBN clarified that the circular is without prejudice to the provisions of certain earlier directives but supersedes others, as detailed in its appendices.

Business

Shippers Council Vows Commitment To Security At Nigerian Ports

Published

3 hours ago

December 5, 2025

The Tide

The Nigerian Shippers Council (NSC)has restated its commitment towards ensuring security at Nigerian seaports.

Executive Secretary/Chief Executive Officer of the Council, Dr Pius Akuta, said this in Port Harcourt, while declaring open a one day workshop organized by the Nigerian Shippers Council in collaboration with the Nigerian police( Marin Division).

Theme for the workshop was ‘Facilitating Port Efficiency; The strategic Role of Maritime police “

Akuta who was represented by the Director, Regulatory Services, Nigerian Shippers Council, Mrs Margeret Ogbonnah, said the workshop was to seek areas of collaboration with security agencies at the Ports with a view to facilitating trade

Akuta said the theme of the workshop reflects the desire of the council and the Nigerian police to build capacity of police officers for better understanding and administration of their statutory roles in the Maritime environment.

He said Nigerian seaports has constantly been reputed as one of the Port with the longest cargo dwell in the world, adding,”This is so, because while it takes only six hours to clear a containerized cargo in Singapore Port, seven days in Lome Port, it takes an average of 21 days or more in Nigerian Ports” stressing that this situation which has affected the global perception index on Ease of Doing Business in Nigerian seaports must be addressed.

Akuta said NSC which is the economic regulator of the Ports has the responsibility of ensuring that efficiency is established in the Ports inorder to attract patronages.

“Pursuant to its regulatory mandate, the NSC has been collaborating with several agencies to ensure the facilitation of trade and ease of movement of cargo outside the Ports to avoid congestion”he said.

Also speaking the commissioner of police, Eastern Port Command, Port Harcourt, CP Tijani Fakai, said Maritime police has played some roles in facilitating Ports efficiency.

He listed some of the roles to include ensuring security and crime prevention at the Ports, checking of illegal fishing activities at the Ports, checking of human trafficking and drug smuggling and prevention of fire incident at the Ports.

Represented by ACP, Rufina Ukadike, the CP said police at the Ports have also helped in the decongestion and prevention of unauthorized Anchorage.

He commended the Nigerian Shippers Council for the workshop and assured of continuous collaboration.

Speaking on the dynamics of cargo handling, Deputy Controller of customs, Muhydeen Ayinla Ayoola, said the launching of electronic tracking system and dissolution of controller General Taskforce has helped to ensure efficiency at the Ports.

Ayoola who represented the custom Area Controller Port Harcourt 1 Area command, however raised concerned over rising national security threat , which according to him has affected efficiency at the Ports.

John Bibor

Business

Nigeria Risks Talents Exodus In Oil And Gas Sector – PENGASSAN

Published

3 hours ago

December 5, 2025

The Tide

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) says Nigeria risks massive brain drain in the oil and gas sector due to poor remuneration.

Mr Festus Osifo, President of PENGASSAN, said this while briefing newsmen at the end of the National Executive Council (NEC) meeting of the union on Thursday in Abuja.

He said the sector was facing challenges arising from Naira devaluation and inflation, noting that, oil and gas skills remained globally competitive.

“A drilling engineer in Nigeria does the same job as one in the U.S. or Abu Dhabi,” he said.

Osifo said the union must take steps to bridge the wage gap to prevent members from leaving the country for better opportunities abroad.

“If we don’t act, the brain drain seen in other sectors will be child’s play,” he said.

He said PENGASSAN had recorded significant gains through collective bargaining across oil and gas branches.

“We signed numerous agreements across government agencies, IOCs, service and marketing sectors,” he said.

He said the agreements brought relief to members facing rising costs of living, adding that, the association’s duty is to protect members’ jobs and enhance their pay.

Osifo urged companies delaying salary reviews and those foot-dragging as a result of the prevailing economic realities, to do the needful.

He said the industry employed some of the nation’s best talents, making competitive pay critical to retaining skilled workers.

“This industry recruits the best. Companies must provide the best conditions,” he said.

On insecurity, Osifo urged government to take decisive action against terrorism and kidnappings across the country.

“We are tired of condemnations. government must expose sponsors and protect citizens,” he said.

He urged government at all levels to prioritise tackling insecurity through better funding and equipment for security agencies.

Osifo said PENGASSAN supported calls for state police to improve local security response, adding that decentralising policing will protect citizens better than rhetoric.

He also said economic indicators meant little, if food prices remained high and farmers could not return to farms due to insecurity.

“Nigerians want to see food on the table, not macroeconomic figures,” he said.

He urged government to coordinate fiscal and monetary policies to ensure economic gains reach households.

“Translate macro results to food on the table,” he said.