News
CBN Monitors 6,047 BVNs Over Suspected Fraudulent Transactions
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.”
News
NDLEA Arrests Four Notorious Female Drug Dealers In Four States
The National Drug Law Enforcement Agency (NDLEA) has arrested four notorious female drug dealers in Edo, Imo, Kano, and Gombe states.
The Director of Media and Advocacy, NDLEA, Mr Femi Babafemi, made this known in a statement in Abuja, yesterday.
Giving a breakdown, Babafemi said that in Edo, an intense sweep of notorious drug hotspots within Benin City by NDLEA operatives on June 2 led to the arrest of four key traffickers, including three females.
“At Uyosa, Benin City, two female suspects were nabbed with a cocktail of illicit substances, including 176 grams of skunk, 65g of Loud, and 5 grams of Methamphetamine.
“Along Agbor road in Benin City, another female suspect, 21-year-old Anita Abraham, was apprehended with 95 grams of Scottish Loud and 329 grams of regular Loud.
“At Upper Mission, Benin City, a male suspect was arrested with a diverse cache of psychotropic substances consisting of Loud, Colorado, Swinol, and Methamphetamine.
“A swift operation by operatives in Kano State on Thursday, June 4, led to the arrest of a 19-year-old suspect, Saifullahi Lawan at the Kafi area of Madobi, with 40 blocks of skunk weighing a total of 38 kilograms,” NDLEA said.
In a related development, Babafemi said, operatives in Gombe state intercepted a 28-year-old suspect on June 1 near Dantiti Plaza in the Tumfure area of Gombe.
“The suspect was caught with 15,000 capsules of tramadol,” he said.
He said the War Against Drug Abuse (WADA) social advocacy activities by NDLEA Commands and formations equally continued across the country in the past week.
Reacting to the string of successful operations, the NDLEA Chairman, retired, Brig.-Gen. Buba Marwa commended the officers, men and women of the Imo, Edo, Kano, and Gombe commands for their resilience and vigilance.
Marwa also praised their counterparts in all the commands across the country for pursuing a fair balance between their drug supply reduction and drug demand reduction efforts.
He re-emphasised that the agency remains fully committed to dismantling drug supply chains and would continue to target traffickers regardless of age, gender, or concealment methods.
News
Navy Intercepts Over 135,000 Litres Of Stolen AGO In Rivers
The Nigerian Navy says its operatives under Operation Delta Sentinel have intercepted over 135,000 litres of suspected illegally refined Automotive Gas Oil (AGO) during separate operations in Rivers State waterways.
Director of Information, Navy Captain Abiodun Folorunsho, said the operations were carried out by personnel of the Nigerian Navy Ship (NNS) Pathfinder around the Onne and Abonema axis.
He said the seizures were made during routine patrols aimed at curbing crude oil theft and illegal fuel transportation across creeks in the state.
In one of the operations, naval personnel intercepted a fibre boat at the entrance of Owogono Creek in Ogu-Bolo Local Government Area carrying drums and jerrycans filled with suspected stolen AGO.
According to him, the occupants abandoned the boat and fled into nearby creeks, while the vessel and about 63,000 litres of product were recovered.
In another operation around Abonema in Akuku-Toru Local Government Area, patrol teams intercepted a wooden boat conveying about 72,000 litres of suspected illegally refined AGO concealed in sacks.
The Navy said the products were being transported through waterways for onward distribution before the operation disrupted the movement.
Folorunsho said the recoveries highlight the continued exploitation of creek networks by criminal elements for illegal petroleum product transportation.
He added that all recovered items were handled in line with established procedures on anti-crude oil theft operations.
The Navy reaffirmed its commitment to intelligence-driven operations aimed at dismantling illegal oil networks and protecting Nigeria’s maritime economic assets.
News
PERM SEC Tasks PUBLIC SERVANTS TO EMBRACE ACCOUNTABILITY
The Permanent Secretary of Rivers State Ministry of Information and Communications, Dr Honour Sirawoo mni, has charged public servants to embrace accountability and prudent management of public resources, stressing that government funds must be utilised responsibly.
Dr. Sirawoo made the assertion during the 41st anniversary of The Rivers State Television (RSTV), in Elelenwo.
He noted that public service demands commitment and sacrifice, urging workers to justify the opportunities entrusted to them through diligengence and productivity.
“All I try to do is to see that we have value for every kobo that we spend and value for our time.
“Government has a social responsibility to provide opportunities, but when you have one, you must guard it through hard work and ensure your presence is justified,” he stated.
The Permanent Secretary further appealed to workers to see themselves as ambassadors of their respective institutions, adding that government remains committed to creating employment opportunities and improving public service delivery.
Also speaking, former Acting Managing Director of the Niger Delta Development Commission (NDDC), Dr (Mrs.) Christiana Atako, praised the station’s professionalism and consistency despite operational challenges.
“We have never been disappointed. In spite of all the challenges RSTV had at that time, they never failed us. They carried our stories very well,” she said.
Dr Atako encouraged staff members to continually improve themselves through training, education and professional development in order to remain competitive in the evolving media industry.
Earlier, Acting General Manager of RSTV, Ambassador Paul Damgbor, described the anniversary celebration as an opportunity to reflect on the station’s journey of over four decades and appreciate those who have contributed to its development.
Pastor Damgbor said that the station had recorded remarkable improvements in recent months through the acquisition of digital cameras, computers as well as upgrades in audio and visual production facilities.
“We have seen great change. We were able to get new brand digital cameras and improve on our audio. We have also provided new computers for key departments, including News, Programmes and the Library,” Damgbor remarked.
He also unveiled a commemorative magazine chronicling the history and achievements of the station, describing it as a valuable reference material for preserving RSTV’s heritage.
The Acting General Manager, however, expressed concern over the theft of critical equipment from the station’s transformer, a development he said had forced the organisation to rely heavily on generator power supply.
The Senior Pastor of Gateway International Church, Pastor George Izunma, who gave a short charge during the event, urged media practitioners to uphold the ethics of journalism and remain committed to accuracy in reporting.
“You are pressmen. You are okay to doubt, but verify,” he advised, stressing the importance of credibility and responsibility in the profession.
He equally highlighted the need to “ask the help of God, sow a seed of help, and step into something as if you have help” stressing the need to move by faith for growth.
Some participants at the event also raised concerns about employment opportunities while commending RSTV’s growth and contributions to public enlightenment in Rivers State.
A major highlight of the celebration was the presentation of an award to the Rivers State Ministry of Information and Communications in recognition of its diligence and service to the people of the state. Dr Honour Sirawoo also received a special award for his contributions to the growth and development of RSTV.
Awards were equally presented to outstanding members of staff of RSTV for exemplary performance and their dedication to duty.
The event also featured the unveiling and launch of the RSTV commemorative magazine as well as a tour of the station’s newly built cafeteria and other facilities.
The celebration marked another milestone in the station’s 41-year history and reaffirmed its commitment to excellence in public broadcasting.
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