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Banks Sack 110 Top Executives, Others Over N82bn Fraud

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At least 110 top bank executives and junior staff members have been sacked for fraud-related cases in the past two years.
These were contained in the ‘Reports of Fraud and Forgeries in Nigerian Banks’’ released by the Financial Institutions Training Centre between the second quarter of 2021 and Q2 2023.
FITC’s institutional members are members of the Nigerian Banker’s Committee, which comprises the Central Bank of Nigeria, the Nigeria Deposit Insurance Corporation, and all licensed banks in Nigeria.
A breakdown showed that while only four bank officials were sacked in Q2 2021, the figure rose by 175 per cent to 11 in Q2 2023.
The highest number of sacked top bank executives and junior staff members was recorded in Q3 2022as 20 officials were fired.
The report shows that between Q2 2021 and Q2 2022, 52 bank staff members were sacked for fraud-related issues.
However, between Q3 2022 and Q2 2023, 58 bank staff members were sacked for the same reason.
Also, within the period under review, the sacked staff members were involved in a total of 967 fraud cases.
The highest number of cases was recorded in Q4 2021, with 410 cases involving bank staff, while the lowest was recorded in Q3 2021, with 32 cases.
Also between Q2 2021 and Q2 2022, bank staff were involved in 657 cases, while between Q3 2022 and Q2 2023, they were involved in 310 cases.
Also, about N18.01bn was lost due to fraud committed by bank staff and outsiders within the reviewed period out of a total of N81.69bn involved in fraud cases.
It was gathered that the highest amount lost was N5.79bn in Q2 2023, while the lowest amount lost was N472.28m in Q1 2023.
For the total amount involved, the highest amount was N34.78bn in Q3 2021, while the lowest amount was N1.18bn in Q2 2022.
Mobile fraud, computer/web fraud, and P0S-related fraud were reported to be the most prevalent types of fraud, and this trend persisted in Q2 2023.
In June 2022, three former workers with the First Bank of Nigeria were tried over attempted fraud charges before a Lagos State Special Offences Court, Ikeja.
The defendants, Ozioma Ugorji, 35; Ugwu Emeka, 32; and Obike Chukwuka, 38, were arraigned by the Economic and Financial Crime Commission for allegedly attempting to steal N20bn from the bank.
It was learnt that the defendants conspired to tap into the bank’s server to grant access to a syndicate.
They were, however, apprehended by the EFCC on March 6, 2021, following an intelligence report.
In June this year, four men were arraigned at the Yaba Magistrates’ Court for allegedly defrauding their employer, Think Finance Microfinance Bank, of N150m in the FESTAC Town area of Lagos State.
The defendants include the company’s Head of Risk Management, Ojimi Ayodeji; the Loan Officer, Isaac Eddy; Joseph Setonji and Juwon Irinyemi, and were arraigned before Magistrate Patrick Nwaka on three counts of theft.
There were recent reports that four Nigerian deposit money banks lost a total of N1.77bn 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.
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 56.45 per cent decrease from the 61,715 fraud cases that were recorded by the banks between June and December, 2021.
The President of the Bank Customers Association of Nigeria, Dr Uju Ogunbunka, recently urged banks to educate their staff and create protective measures that would discourage fraud.
The Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, recently urged the CBN to introduce sanctions and eliminate policies that promote corruption.
He said, “I think what they can do is to activate sanctions on anyone found wanting. Aside from the tracking, there must be evidence. And once there is evidence, they should close in on anyone they find. Cyber fraud is the biggest threat in the banking industry.’’
The FITC advised banks to strengthen their security protocols and utilise advanced fraud detection systems.

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Rivers NIPR Gets New Executive

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The Nigerian Institute of Public Relations (NIPR), Rivers State Chapter, has inaugurated a new Executive Council to pilot the affairs of the institute for the next two years.

The new Executive Council was elected during the maiden edition of the Rivers Public Relations Week and Annual General meeting held last Friday, in Port Harcourt.

The re-election marked a historic moment as members of the chapter converged to chart a new course for professional excellence, ethical standards, and the advancement of public relations practice in the State.

This was contained in a statement signed by the Public Relations Officer of the institute, Ayodeji Emmanuel Afelumo, at the weekend.

The Registrar and Secretary to the NIPR Governing Council, Chief Uzoma Onyegbadue, who swore in the officers charged them to redouble their efforts in upholding professional integrity and excellence in public relations practices.

The officers re-elected for the second term include Rev. Francis Asuk as chairman, Dr. Parry Saroh Benson (Vice Chairman), Mr. Felix Tamuno (Secretary), Alhaja Ayo Odungweru (Treasurer), and Edna Alete as Financial Secretary.

Those with fresh tenure are Dr. Helen Chimezie who was elected as the Assistant Secretary, Mr. Ayodeji Emmanuel Afelumo (Public Relations Officer), and Mrs. Ngowari Oba as Welfare Officer, following the tenure expiration of the former officers.

In his acceptance remarks, Rev. Asuk expressed gratitude to members for their confidence and pledged to uphold the ideals of the institute, promote professional development, and foster partnerships that would further enhance the visibility of public relations in Rivers State and beyond.

The Rivers Public Relations Week is the first of its kind organised by a State chapter of the institute and it provided a platform for practitioners, scholars, and stakeholders to engage in knowledge-sharing, networking, and discussions on the evolving role of public relations in governance, business, and society.

The statement added that the Rivers State Chapter of the NIPR looks forward to a new era of purposeful leadership, innovation, and impact under the stewardship of its newly inaugurated executive council.

 

 

 

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Falana Gives Ken Saro-Wiwa, Others Clean Bill Of Health …As Activist Decries Marginalisation Of Ogoni People  p6 lead

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Human rights lawyer, Femi Falana(SAN) has apparently exonerated the slain writer and environmental rights activist, Mr Ken Saro-Wiwa and his eight Ogoni kinsmen of  the murder charge which led to their execution by hanging by the Gen  Sani Abacha military junta on November 10, 1995.

This is even as a human rights activist, Evangelist Caroline Nagbo, has decried the spate of marginalisation against Ogoni people in Nigeria and Rivers State, saying, in spite of the struggles, sacrifices and contributions of the Ogoni people, they have continued to be marginalised, particularly in politics.

Falana, who bared his mind  in a keynote address   during the 30th Anniversary of the Ken Saro-Wiwa Memorial Lecture at Hotel Presidential, Port Harcourt on Friday, said   the Ogoni nine never committed the crime for which they were hanged  by the Federal Government.

 

On her part, Nagbo noted in a goodwill message at the event that  despite the Ogoni people’s contributions, struggles and sacrifices, they continue to face exclusion and intimidation.

She decried a situation where people who hated Ken Saro-Wiwa during his lifetime, equally hate Ogoni people, because they consider them as very intelligent, stressing that instead of giving them political power, stooges are rather favoured.

According to her, Ogoni people must continue to speak out and agitate for their rights.

Nagbo further noted that the name of Ken Saro-Wiwa always evokes environment, minority and politics, emphasising that the legacies of the late environmental rights activist have continued to inspire and motivate the Ogoni people, and highlighted the significance of his birthday, which coincides with the Ogoni struggle for self-determination, environmental justice, and human rights.

She said the Federal Government’s treatment of Ken Saro-Wiwa’s memory and the Ogoni people is a reflection of the country’s flawed political system, and criticised politicians for their absence at events commemorating Ken Saro-Wiwa’s birthday and even illegal execution, attributing it to the marginalisation and intimidation faced by the Ogoni people.

“If you identify with Ken Saro-Wiwa and the Ogoni struggle, you are the enemy of the state, and that is marginalisation and intimidation,” she said.

Nagbo further lamented that despite the Ogoni people’s contributions to the country’s struggle for democracy, they are yet to be adequately rewarded.

“Politically, up till now, an Ogoni individual has never been a Governor, and they are not ready to give it to us, even in the next 30 years.The same thing they did to Ken Saro-Wiwa is the same thing they are doing to the Ogoni sons and daughters. They are manipulating it,” she said.

Nagbo praised the consistency of fiery human rights lawyer, Femi Falana(SAN), in championing the cause of the Ogoni people, saying, even Ken Saro-Wiwa was known for his consistency.

 

The keynote speaker, Mr Femi Falana actually chronicled the circumstances surrounding the hanging of Ken Saro-Wiwa and eight of his kinsmen on November 10, 1995, saying, they never committed the offence for which they were executed, and,therefore, deserve not only the recent pardon granted to them by the Federal Government but also exoneration and apology from the government.

 

Falana accused the state and Shell of masterminding the murder of four Ogoni sons, with the intent of roping in Ken Saro-Wiwa and the other Ogoni activists, saying, the execution of the Ogoni activists was premeditated.

 

According to him, when it was clear that the then Abacha military junta had already made up its mind to kill Ken Saro-Wiwa and others, the legal team defending them had no option than to withdraw from the trial in order not to give it legitimacy.

 

The human rights lawyer said the Ogoni people must be united today more than ever before to fight for their rights, stressing that the move for resumption of oil production in Ogoniland can only be justified when the ongoing cleanup of Ogoniland has attained an appreciable level.

 

He also applauded the siting of the Federal University of Environment and Technology in Ogoniland, but insisted that the university must employ Ogoni people to justify its establishment.

 

Falana said the time has come for the people of the Niger Delta region to demand accountability from the political class at all levels of governance in the region, saying, they are constitutionally empowered to find out how the 13 percent derivation funds and other funds are utilised.

 

According to him, the three percent fund stipulated and specified in the Petroleum Industry Act(PIA)  is supposed to go directly to oil and gas bearing communities in the Niger Delta.

 

He also sympathised with Umuechem people for what befell them during the military regime, and decried a situation where oil companies failed in providing social amenities to the people, in spite of benefiting from the oil and gas deposits in their land.

He promised to set up a think tank of lawyers to advocate and ensure that oil and gas host communities in the country, particularly in the Niger Delta are provided social amenities.

 

Also, human rights and  environment campaigner and one of the organisers of the event, Mr Celestine Akpobari thanked Femi Falana, Dr Nimo Bassey and other dignitaries and participants for gracing the event, which he described as the celebration of Ken Saro-Wiwa’s legacies.

 

He said the rush for the resumption of oil exploration in Ogoniland does not make any economic sense, and likened it  to mopping the floor while the taps are open.

 

At the event, the panel of discussants consisted of Prof KialeeNyiayana of the University of Port Harcourt; Prof Lucky Akaruese of the University of Port Harcourt; Eze(Prof) Christian Akani of the Ignatius Ajuru University of Education;  and Leader of Ogoni People’s Assembly, Rev Probel Williams, while the moderator was Dr EmemOkon.

The discussants gave a good account of themselves, as they did not only dissect the keynote address presented by Femi Falana, giving more insights into it, but also did justice to the questions posed to them by the moderator, bordering on Ken Saro-Wiwa and his legacies, among other issues.

 

By: Donatus

 

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Unveiling of $400million Otakaikpo crude oil Export Terminal; Monarch Hails Tinubu  …lists Economic Benefits Of The Project 

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The Okan Ama of Ikuru Town in Andoni Local Government Area HRM king Aaron Miller Ikuru has hailed President Ahmed Bola Tinubu for the unveiling of the $400million crude oil terminal at the Otakaikpo oil field in Ikuru Town
King Ikuru who said this in his address during the unveiling ceremony also assured multinational corporations operating in the area of a conducive business environment.
He said the project will not only improve the economy of Ikuru Town but that of the entire Andoni and Rivers state.
The traditional ruler said the ceremony Marks a new chapter in Ikuru Town and Andoni in general as the area has become the proud host of a monumental national asset the $400million crude oil terminal
He also commended President Ahmed Bola Tinubu for the feat, adding that “the project stands as a testament to the administration’s commitment to economic diversification, energy infrastructure development and local content advancement.
“Your Excellency Sir, this singular investment not only represents a milestone in Nigeria’s oil and gas production capacity but it also symbolizes hope for job opportunities, hope for improve livelihoods and hope for sustainable community development.
“We acknowledge and appreciate the vision policy direction and support that have made this project a reality ” King Aaron Ikuru said the community has utilized very judiciously the 3 percent opex for its development
“Currently there is an ongoing legacy water project for the provision of potable water and a one year skills acquisition programm for youths in the community”
The monarch however decried inconsistent payment of the statutory 3 percent opex by the JV and expressed the hope that priority will be placed on the payment of the outstanding 3 percent for 2024 to the community HCDT.
King Ikuru also urged the company to instruct the JV to provide electricity to the host community and stressed the need for Ikuru to be connected to the energy source as Otakaikpo marginal oil field.
Also speaking to journalists the chairman Community Development Committee( CDC) Ikuru Town, Ebenezer Bright, described the event as memorable one ,stressing that it would open up the area for development.
He said he was happy that the event  is happening at his own time and assured the company of a better relationship with the community.
Also an indigene of Ikuru Town, Professor Lysias Gilbert  said the economic effects of the terminal will be felt across the country as more barrels of oil will be exported from the terminal
He urged the community to unite and embrace the opportunity by remaining peaceful.
It would be recalled that President Ahmed Bola Tinubu last Wednesday commissioned the crude oil terminal at the Otakaikpo oil field. The president was represented by the Minister of state for Petroleum Senator Heineken Lokpobiri.
By: John Bibor
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