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CBN Monitors 6,047 BVNs Over Suspected Fraudulent Transactions

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At least, 6,047 Bank Verification Numbers (BVNs) of bank customers have been placed under the Central Bank of Nigeria (CBN) watch list for fraudulent transactions.
This was contained in the CBN Financial Stability June 2022 report published in December 2022.
The report also noted that 11,871 BVNs have been watch-listed as deceased persons this year.
The report disclosed that the apex bank conducted an assessment of 28 banks and the Nigerian Interbank Settlement System to ascertain compliance with the Regulatory Framework for BVN Operations and Watch-List for the Nigerian Banking Industry in the review period.
It noted that the assessment revealed some infractions and regulatory actions were taken.
The report further noted that there were 2.72million enrolled in the first half of this year, bringing the total number of enrolled BVNs to 54.65million.
In the report, it was also stated that the number of BVN-linked accounts was 130.57million out of 148.46million active accounts.
The report read in part, “Also, 2,722,518 BVNs were enrolled, bringing total BVN enrolment to 54,651,086, reflecting an increase of 5.24per cent over 51,928,568 enrolments at end-December 2021.
“The number of accounts linked with BVNs was 130,569,656 out of 148,462,947 active customer accounts, while the number of watch-listed BVNs associated with fraud and deceased persons stood at 6,047 and 11,871, respectively.”
Based on the report, the total number of watch-listed BVNs for fraud rose by 13.09per cent from 5,347 in December 2021 to 6,047 in June 2022.
Four Nigerian deposit money banks lost a total of N1.77billion to fraudulent activities involving the banks’ employees and consumers in 2021.
This was contained in the 2021 financial statements of the banks, which included Access Bank Plc, Guaranty Trust Bank Plc, First Monument City Bank, and Wema Bank.
According to their financial statements, WEMA and GTB incurred the biggest losses as a result of fraud within the period under review, as they lost N670.73million and N511.9million, respectively.
For Wema Bank, the cost of fraud rose by N27.46million, year on year, as the loss incurred in 2020 was N643.277million.
In the case of GTB, the fraud losses almost tripled in 2021.
At N511.9million, the losses the bank incurred due to fraudulent activities rose by N337.5million from N174.40million recorded in 2020.
GTB also disclosed that it recorded 15,204 cases of fraud and forgeries in 2021 involving N1.2billion.
Access Bank revealed that while it lost N502million to fraud in 2021, third parties lost about N1.98billion.
The bank also said that it recorded a total of 17,697 cases of fraud in 2021, majorly comprising electronic fraud/USSD (17,911), cash theft/ suppression/pilferage/dry posting (33), fraudulent transfer/withdrawals/reactivation of account (16), and armed robbery (6).
During the review period, FCMB’s losses as a result of fraud climbed from N59.03million to N89.8million.
The Access Bank, GTB and Fidelity Bank recorded 26,877 fraud cases in the first six months of this year, according to analyses of their financial reports for the first half of 2022.
This was a 56.45per cent decrease from the 61,715 fraud cases that were recorded by the banks between June and December, 2021.
In line with Section 5.1.2 (L) of the CBN Code of Corporate Governance, the Guaranty Trust Holding Company and subsidiary companies reported 15,004 fraud incidences in the period under review.
The bank reported that N1.55billion and $50,700 were involved in these cases, with N158.37milion recorded as actual/expected loss.
Similarly, Access Bank Plc reported N1.2billion as fraud losses for the period.
The bank recorded 10,706 fraud attempts in the first half of 2022.
About 7,104 attempts were successful while 3,602 were unsuccessful.
The sum of N12.55billion was involved in these attempts.
According to the bank, 7,928 electronic/USSD fraud cases were recorded in the period under review, with 849 successful attempts.
Fraudulent transfer/withdrawals/reactivation of accounts had the most amounts involved, with successful attempts worth N9.48billion made and actual loss worth N1.08billion.
Other successful and unsuccessful fraud attempts fell under the following categories: cash theft/ suppression/pilferage/dry posting, among others.
Fidelity Bank PLC recorded 1,167 fraud incidents in the period under review.
The amount involved was N471.01million and $8,367 but actual loss was N4.90million and $2,400.
According to the Nigeria Interbank Settlement System, Nigeria’s has one of the most advanced electronic payment capabilities in the world.
It said the increase in transaction processing speed and available channels had also created an avenue for fraudulent transactions to thrive.
In its ‘NIBSS Insight: Fraud in the Nigeria Financial Services’ report, it said, “Statistically, even a 1per cent successful fraud rate would result in 100,000 successful fraudulent transactions daily.
“This would directly impact customer’s faith in the entire system and could significantly impact our financial inclusion drive as well as the CBN cashless policy.”
Speaking on its fraud risk management, GTCO said, “Causal analysis of key fraud and forgeries incidents (over the counter or cybercrimes) identified in the group or prevalent in local and global business environments are carried out and reported.
“Likely and unlikely loss estimations are also determined in the process as input in the OpRisk capital calculation process. The focus in fraud risk management is to ensure that processes for preventing, deterring, detecting fraud and forgeries incidents, and sanctioning offenders are effective.”

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RSG Moves To Diversify Rivers Economy  …As Farmers, Others Laud Ibas Over Implementation Of RAAMP

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The Rivers State Government has restated its readiness to diversify the economy of the state from oil to Agriculture.

This is as farmers and other stakeholders have commended the Sole Administrator of Rivers State, Vice Admiral Ibok-Ete Ibas (Retd) for approving the implementation of Rural Access and Agricultural Marketing project (RAAMP) in the state.

Permanent Secretary, Rivers State Ministry of Agriculture, Mr Maurice Ogolo, said this during a meeting on implementation of RAAMP in Ikwerre, Eleme and Ogba Egbema Ndoni Local Government Areas.

Ogolo said the programme would create an agricultural industrial hub in the 23 local government areas, and urged the people to embrace the project.

Meanwhile, rural farmers and other stakeholders in the State have lauded Ibas for approving the implementation of RAAMP in the State.

RAAMP is a world bank program with support from the International Development Association ( IDA), the French Development Agency and the Federal Government of Nigeria.

According to a statement made available to newsmen, the programme aims to strengthen the institutional and financial base for sustainable management of state and rural networks, fostering historic development to enhance food security, creating access in rural communities to boost agricultural processes through creation of durable access roads and agro logistics centres/hub.

Tide source confirms that the program has been in operation since 2020 with 19 states benefitting.

The benefitting states are Kano, Katsina, Sokoto, Kebbi and Bauchi.

Other beneficiaries are Plateau, Kwarra, Ondo, Niger, Gombe, Anambra, Cross River, Taraba and Benue states.

The source said that 12 new states including Rivers State recently completed their requirements for inclusion into the RAAMP 3.

Speaking at the stakeholders’ meeting at Isiokpo, Nchia and Omoku,  headquarters of Ikwerre, Eleme and Ogba/Egbema/Ndoni local government areas respectively, a cross section of farmers described the programme as timely as it would  boost food production as well as create markets for agricultural produce.

At Eleme, HRH Emere J D Nkpe warned against politicising the project.

The people also complained against incessant destruction of crops by herdsmen and called for it to be checked.

Also speaking at Omoku headquarters of Ogba Egbema Ndoni Local Government Area,Eze Allison Dan and Barrister Lola Nwaribe commendation the government for the program but warned against it going the way of other programmes.

For Barrister Nwaribe Women in the area needs assistance to break free from subsistence agriculture 

Speaking at the three ocal government areas Ogolo said Rear Admiral Ibok Ete Ibas rtd needs to be commended for approving the implementation of the program in the state.

Ogolo said the program is aims at diversifying Rivers economy from oil to Agriculture.

He said the program will also enable farmers to move from subsistence farming to commercial agriculture, adding that access roads will not only be created to farms but markets will be built for farmers to sell their produce.

He listed other benefits to include creation of employment for the youths and helping small traders to boost sales.

Also speaking the state RAAMP Coordinator,Mr Joshua Kpakol said the “the essence of this project is to provide rural access roads and improve agricultural marketing systems across the 23 Local Government Areas of the state”

Kpakol said the project is divided into three components which are improvement of Rural Access and Trading Infrastructure, Sector Reform,Asset management and Agro logistics performance Enhancement and Institutional Development, Project Management and Risk Mitigation.

He urged farmers and traders to embrace the project as it would go along way in changing their fortunes.

At Ikwerre and Eleme local government areas respectively, the sole administrators of the two councils Hon Isaiah Christian and Dr Gloria Obo Dibiah said the councils will work towards the success of the program.

They commended President Bola Ahmed Tinubu and the Sole Administrator of Rivers state for ensuring that their respective councils benefits from the programme.

 

John Bibor 

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Defamation: Court Grants Natasha N50m Bail 

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The FCT High Court in Abuja, yesterday, granted the suspended Senator representing Kogi Central Senatorial District, Natasha Akpoti-Uduaghan, bail in the sum of N50 million and one surety who must be a person of reasonable integrity resident in F.C.T Abuja and owns a landed property within the Abuja Municipal Area Council.

The trial judge, Justice Chizoba Orji, made the declaration in a ruling after taking arguments for and against the bail application from the parties in the suit.

The Attorney General of the Federation, in a three-count criminal charge marked CR/297/25, accused Akpoti-Uduaghan, the sole defendant, of making defamatory statements against the Senate President, Godswill Akpabio, during a live television broadcast.

The charge, which lists Akpabio and the former Kogi State Governor, Yahaya Bello, as nominal complainants, alleged that Akpoti-Uduaghan claimed Bello had conspired with Akpabio to orchestrate her assassination outside Abuja, disguising it as a mob or local attack.

According to the Federal Government, these allegations were made during a live broadcast on Channels Television’s Politics Today on April 3, 2025.

The Federal Government claimed that Akpoti-Uduaghan knowingly or recklessly made these imputations, fully aware that they could harm the reputation of the individuals involved.

The charge alleged that she said, “Let’s ask the Senate President, why in the first instance did he withdraw my security, if not to make me vulnerable to attacks? He then emphasised that I should be killed, but I should be killed in Kogi. What is important to me is to stay alive, because dead men tell no tales. Who is going to get justice for me?”

The charge also cites her statements during the programme as saying, “That you, Senator Natasha Akpoti-Uduaghan, on or about the 3rd day of April 2025, during the same Politics Today programme on Channels Television in Abuja, Federal Capital Territory, made the following imputation concerning Yahaya Adoza Bello, former Governor of Kogi State.

“It was part of the meeting, the discussions that Akpabio had with Yahaya Bello that night, to eliminate me. When he met with him, he then emphasised that I should be killed, but I should be killed in Kogi. You knew or had reason to believe that such imputations would harm the reputation of Yahaya Adoza Bello, former Governor of Kogi State.”

The senator is also accused of making defamatory statements about Akpabio during a telephone conversation with Sandra C. Duru in Abuja on March 27, 2025.

The alleged statement is as follows, “That girl that was killed, what’s her name, umm…. Imoren Iniubong, her organs were actually used for the wife, because the wife was really ill… when they killed the girl, and her organs were used for the wife.”

The Federal Government contends that Senator Akpoti-Uduaghan knew or ought to have known that this claim would harm the reputation of Senator Godswill Akpabio.

Meanwhile, the Senate President, Bello, and four others have been listed as witnesses in the trial.

The arraignment of Akpoti-Uduaghan was initially scheduled for June 3, 2025. However, the strike action of the Judiciary Staff Union of Nigeria stalled the arraignment.

Meanwhile, a similar matter is also lodged before Justice Muhammed Umar, of the Federal High Court in Abuja.

While Senator Akpoti-Uduaghan was slated for arraignment before Justice Umar, she, however, did not appear for the arraignment since the prosecution had not been able to serve her as stated in court.

The prosecution, however, applied for a bench warrant to be issued on the suspended senator, which the court refused.

At the commencement of the hearing, the counsel to the Attorney General of the Federation, David Kaswe, told the Court that the matter is for arraignment of the defendant (Senator Akpoti-Uduaghan).

Natasha was docked, and the three-count read to her. She pleaded not guilty to all the charges.

Akpoti-Uduaghan’s legal team, led by Professor Roland Otaru (SAN), afterwards informed the Court that a bail application filed on May 27 has been submitted to the court.

Kaswe, however, informed the court that the Federal Government is opposing the bail application and called the attention of the judge to a counter-affidavit filed before the court to this effect.

He proceeded to ask the court to remand the Kogi Senator in prison as she poses a flight risk. 

He said, “In view of the charge, we will be asking for a remand in a correctional facility.

The defence counsel, however, interjected, stating, “We already filed an application for bail. We are in a court of law for Justice. We have a motion on Notice dated May 27, 2025. You represent the Ministry of Justice, not the Ministry of Injustice.

“If your lordship graciously will, we urge your lordship to grant the bail application. This is a case where your lordship has the discretion to grant bail, and nobody can query it, not even the president can query it. Even on self-recognition because it is not a case of murder.”

Referencing the Administration of Criminal Justice Act, Otaru added that anybody who is charged with a criminal offence shall be presumed innocent until proven guilty. “And she pleaded not guilty. As she is standing there, she is innocent until proven otherwise,” he added.

Justice Chizoba Orji, after listening to both arguments, however, granted Natasha bail in the sum of N50 million, with one surety who must be a person of reasonable integrity resident in F.C.T Abuja and owns a landed property within the Abuja Municipal Area Council.

 

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Benin Monarch Receives 119 Stolen Artefacts From Netherlands 

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Oba of Benin, Ewuare II, has received 119 stolen artefacts from the Netherlands.

The Oba who disclosed this on Wednesday in Benin, the Edo State capital, said plans by some international cartel to re-loot the artefacts were thwarted after he prayed to God and the ancestors.

He said, “I thank President Bola Tinubu for supporting and committing to the efforts former President Buhari put in place to ensure the artifacts are not re-looted because there were groups in this country believed to be an international cartel that had all sorts of conspiracy to re-loot our artifacts.

“They stole and burnt our Kingdom. They killed my people and tried to kill their spirit and their morale. Today, the boldness, courage, and bravery of the Benin people are still there. Events of 1897 reduced that to a significant level that Sometimes when I see my people, they are afraid of the unknown.

“The return of these objects has reawakened the courage we had in our people. We do not want modern-day politics and partisan politics to diminish the courage of our people.

“The Director General of the National Commission for Museums and Monuments has been doing wonderful work. His predecessor was part of the conspiracy to re-loot our artefacts. We had a running battle in this hall.

“I addressed my Chiefs in Benin language, and I said these artefacts belong to my ancestors, and I will not sit on the ancient throne and watch the artefacts re-looted. They would rather remain where they are than be re-looted. I thank the government of the Netherlands for working with us. This is part of the efforts to reawaken the morale and spirit of my people.

“After 1897, the kingdom was reduced. There was a government in this state that wanted to reduce the kingdom more and scatter it. I am angry when I speak about it. Why would anybody want to scatter the kingdom.

“The youths were courageous like the youths of those days. They were not afraid of anybody. I vowed that it would not happen. Not in my reign. Not while I am sitting on this throne. God heard my prayers. My ancestors heard my prayers. This throne is not partisan, but I should support what is good for my people.

“I urge the youths to be tough and strong in the face of adversity. This is not for anybody else. It is for my ancestors.”

The Benin Monarch further prayed for the return of more artefacts.

The NCMM DG, Olugbile Holloway, said the commission and the Benin Royal Palace were working hard to ensure more artefacts were returned.

Edo State Governor, Monday Okpebholo, who was represented by the Secretary to State Government, Barr. Musa Ikhilor said his administration would continue to build necessary infrastructure to preserve the returned artefacts as well as collaborate with the Federal Government to improve the storage system for the artefacts.

The General Director of the Wereld Museum, Marieke Van Bommel, said, “The artefacts are looted, and we have a policy in the Netherlands to bring them back. We are bringing back 119 artefacts. We don’t have more. These are the collections in the Netherlands. There are more collections in Europe, but that is not up to us. They have been with us for over 100 years.”

 

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