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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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Explore Opportunities, Become Employers, Fubara Urges Rivers Youths

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Rivers State Governor, Siminalayi Fubara, has urged youths in the state to take advantage of the vast opportunities available to become employers of labour and contribute meaningfully to growth and development.

Fubara said global trends increasingly favour entrepreneurship and innovation, stressing that youths in Rivers State must not be left behind in harnessing such opportunities.

Represented by the Secretary to the State Government, Dr Benibo Anabraba, the governor stated this while declaring open the 2026 Job Fair organised by the Rivers State Government in partnership with the Nigeria Employers’ Consultative Association in Port Harcourt, yesterday.

Speaking on the theme, “Addressing Youth Employability for Prosperity,” the governor acknowledged the responsibility of government to create jobs for its teeming youth population but noted that it was unrealistic to absorb all job seekers into the civil service.

“As a government, we recognise our duty to provide employment opportunities for our teeming youths. However, we also understand that not all youths can be accommodated within the civil service.

“This underscores the need to encourage entrepreneurship across diverse sectors and to partner with other stakeholders, including the youths themselves, so they can transition from being job seekers to employers of labour,” he said.

Fubara further urged participants to continually sharpen their skills and explore opportunities within their immediate environment and the global space through digital platforms.

He reaffirmed his administration’s commitment to sustaining peace and providing an enabling environment for youths to develop their potential and thrive.

In a goodwill message, the Commissioner for Employment Generation and Economic Empowerment, Dr Chisom Gbali, said the job fair was designed to equip youths with contemporary skills, innovation and mentorship needed to transform them from unemployable to resourceful individuals.

Gbali disclosed that the ministry had rolled out various training and capacity-building programmes in areas such as ICT and artificial intelligence, oil and gas, maritime, and the blue economy.

Delivering the keynote address, the Head of the Department of Human Resources Management, Rivers State University, Dr Chris Biriowu, advised participants to remain informed about evolving sources of employability.

He said the labour market was dynamic and shaped by industry-specific demands, technological advancement, management practices and other emerging factors.

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King Jaja Impacted Beyond Rivers -Deputy Gov

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Rivers State Deputy Governor, Professor Ngozi Odu, has poured accolades on late Amayanabo of Opobo, HRM Dandeson Douglas Jaja V, saying his footprints went beyond the State.

Speaking during a condolence visit to the wife of the late king, Prof. Odu said the late monarch contributed meaningfully beyond the shores of Rivers State.

“He contributed not only to Opobo, not only to Rivers State, but to Nigeria as a nation. We all know the various positions he held until his passing. For us as a Commission, we are really going to miss him greatly, especially at this time when his guidance was most needed,” she stressed.

She described the late king as a distinguished traditional ruler whose life and service contributed immensely to the development of Rivers State and Nigeria at large.

The deputy governor, who also serves as Chairman of the Rivers State Boundary Commission, noted that until his demise, King Jaja was an Ex-Officio member of the Commission, representing Rivers South East Senatorial District.

According to her, the late monarch actively participated in several meetings of the Commission and played an important advisory role.

“He actually participated with us in a couple of meetings. It was with great shock that we received the news of his passing. We saw daddy as someone who was very strong, healthy and athletic,” Prof. Odu said.

Prof. Odu explained that the Commission relied heavily on the wisdom of traditional rulers like the late monarch to ensure that its responsibilities were carried out properly and conscientiously.

She assured the family of the Commission’s continued support, saying they will remain close to the family throughout the burial arrangements and beyond.

Addressing the widow, Queen Prudence Dandeson Douglas Jaja, Prof. Odu said the visit was to commiserate with her and encourage her during the period of mourning.

“Please accept our condolences. Please be strong and put your hope in God. The God who watches over widows will never abandon you,” the deputy governor prayed.

“We cannot question God. What has happened has happened. All we can do is to pull ourselves together. That is why we are here  to pray that the Holy Spirit will strengthen you, that God will turn your sadness into joy and clothe you with a garment of beauty,” she added.

Responding, Queen Jaja described her late husband as a gentle, humble man who was deeply committed to the progress of Rivers State, and Nigeria at large.

She expressed gratitude to the deputy governor and other members of the Boundary Commission for identifying with the family in their moment of grief.

“We are praying that his soul will rest in perfect peace. I thank you very much for coming to console me at this trying moment. Seeing you here has given me comfort. God bless each and every one of you,” she said.

She also offered prayers for the delegation, wishing them a long life and good health.

Highlight of the visit was the presentation Letter of Condolence from the Rivers State Boundary Commission to Queen Jaja.

 

Kevin Nengia

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NERC Raises Alarm Over Rising Electricity Deaths

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The Nigerian Electricity Regulatory Commission (NERC) has raised the alarm over the rising cases of electricity-related accidents and deaths in the power sector, linking most of the fatalities to human error arising from poor technical skills and inadequate training.

NERC issued the warning yesterday, at a one-day stakeholders’ engagement with the Nigerian Electricity Supply Industry on enhancing vocational training delivery for the power sector, organised by the National Power Training Institute of Nigeria.

The event, themed “Building skilled manpower for a sustainable power sector,” was organised by NAPTIN in collaboration with Explicit Communications Limited and funded by the French Development Agency and the European Union.

Electricity-related deaths have remained a persistent problem in Nigeria’s power sector, with incidents involving fallen distribution lines, illegal connections, poorly executed installations and unsafe maintenance practices frequently reported across the country.

Data from industry operators and safety agencies show that technicians, linemen and members of the public are often electrocuted during repairs, meter installations or as a result of exposed cables and weak safety enforcement.

According to NERC’s safety performance reports, 112 Nigerians lost their lives in electricity-related incidents in 2024, slightly lower than the 115 deaths recorded in 2023 but still alarmingly high. Injuries stood at 95 for the same period, underscoring persistent hazards in the industry.

In 2025, 149 electricity personnel were killed or injured in electricity-related incidents across Nigeria’s power sector between the first and third quarters, prompting regulatory investigations and calls for stronger safety oversight.

Speaking on behalf of the Commission, Joseph John said that massive investments in power infrastructure would amount to wasted resources if they were not matched with deliberate development of skilled manpower to operate and maintain them.

He said, “You can invest in infrastructure, but if there is no corresponding development of skills and manpower to manage that investment and ensure efficiency, then the investment will be a waste. The Commission is always in support. We are committed to do whatever is required to ensure that NAPTIN delivers on its mandate.”

John stressed that while the Commission remained focused on expanding generation capacity and stabilising the electricity system, human capacity remained the backbone of a reliable power supply.

“We are very mindful, as regulators in the industry, that we have a mandate to ensure that adequate electricity is provided to the citizens. In doing this, we strive to ensure that we grow our generation capacity and to ensure that we have stability in the system. But none of this can be done without the requisite and oversight of human capacity,” he added.

He noted that one of the major challenges facing the industry, particularly in closing Nigeria’s wide metering gap, was the shortage of skilled technicians.

“We know the issues, challenges that we have in the industry. In terms of scaling up and trying to close the metering gap, we have a bigger challenge, which has to do with manpower. In the trajectory, we are expecting that a lot of meters will be coming into the country, but these meters cannot be installed, but they must install themselves. We expect a lot of meters to come into the country, but meters will not install themselves. People have to do it. That is where the skills gap becomes critical,” he said.

According to him, poorly trained operators and maintenance personnel were a major cause of electricity accidents across the value chain.

“We have a lot of electricity accidents in the industry. Most of these accidents are attributed to human errors and poor judgment. When operators are not well skilled, accidents follow, and many of these accidents are fatal. They lead to deaths,” John warned.

He assured stakeholders of the Commission’s commitment to supporting NAPTIN to ensure that the right technical skills were developed to reduce accidents and improve sector efficiency, nothing that, “We need appropriate training to close these gaps.”

Earlier in his address, the Director-General of NAPTIN, Ahmed Nagode, said the engagement was aimed at rebuilding the link between training and the real workforce needs of the electricity industry.

He explained that the institute had undergone significant institutional renewal in recent years, including strengthening its infrastructure, expanding its training portfolio and aligning its programmes with industry realities.

He, however, noted that reforms without proper communication were often misunderstood or undervalued, praising Explicit Communications Limited for helping the institute articulate its evolving mandate to regulators, operators, policymakers and development partners.

The NAPTIN boss also acknowledged the European Union and the French Development Agency for funding capacity-building initiatives under the Enhanced Electricity and Trade Agreement for the Nigerian power sector, saying the support had strengthened training delivery and stakeholder engagement.

He noted, “Today is not just about programs or presentations. It is about renewing the connection between NAPTIN and the industry stakeholders, between training and real workforce needs, and between vision and execution. Over the past few years, and particularly in recent months, NAPTIN has been undergoing significant institutional renewal.

“By strengthening its infrastructure, expanding its trading portfolio, deepening its research and consultancy offerings, and aligning more closely with industry realities. However, we are all aware of an important truth. Transformation that is not clearly communicated is often unseen, misunderstood or undervalued. Progress without visibility can easily be mistaken for stagnation. This is why I must with genuine appreciation acknowledge the outstanding work of Explicit Communications Limited, our consultants, and our communication and visibility consultant. Over the past 14 months, Explicit has played a truly strategic role in helping NAPTIN find its voice clearly, confidently, and consistently.”

Also speaking, the Chief Human Resources Officer of the Abuja Electricity Distribution Company, Adeniyi Adejola, commended NAPTIN for its growing role in technical training across the distribution segment.

According to him, about 40 per cent of AEDC’s skilled technical training in 2025 was delivered by NAPTIN, contributing significantly to workforce development within the company.

Adejola explained that recent structural reforms within the distribution companies, including the creation of state-based subsidiaries, were aimed at improving operational efficiency and decentralising electricity distribution.

He added that stronger partnerships with NAPTIN would be critical to achieving the Federal Government’s goals of improved electricity supply, job creation and economic growth under the Renewed Hope Agenda.

At the event, representatives of the Nigerian Independent System Operator, the Infrastructure Concession Regulatory Commission, the Licensed Electricity Contractors Association of Nigeria, the Standards Organisation of Nigeria and the National Board for Technical Education acknowledged the critical role of the National Power Training Institute of Nigeria in bridging the widening skills gap in the power sector.

The stakeholders said sustained technical training and certification were essential to improving safety, efficiency and reliability across the electricity value chain, noting that NAPTIN’s programmes had become increasingly central to building a competent workforce capable of supporting sector reforms and infrastructure expansion.

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