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Eight Banks Lose N1.9bn To Fraud In One Year 

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5 years ago

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Bank deposit money banks in Nigeria lost a total of N1.9billion as a result of fraudulent incidents last year, data collated from their annual reports have shown.
They are Zenith Bank Plc, Access Bank Plc, Union Bank of Nigeria Plc, Guaranty Trust Bank, Wema Bank Plc, Fidelity Bank Plc, Polaris Bank Plc and Sterling Bank Plc.
Polaris and Zenith incurred the biggest losses as a result of fraud within the review period, as they lost N938.4m and N360m respectively.
According to its annual report, Polaris recorded a total of 134 cases of fraud in 2020 which comprise seven fraud categories, namely Automated Teller Machine fraud (43 cases), Internet bank fraud (three cases), mobile fraud (46), impersonation fraud (three cases), cheque theft (one case), outright theft (25 cases) and general fraud incidents (113).
The report also revealed that ATM, Internet bank, mobile and impersonation fraud cases cost the bank N830.1m, N37.7m, N16.2m and N989,700 respectively.
It said cheque theft led to a loss of N1m, while outright theft and general fraud incidents resulted N21.8m and N30.4m losses respectively.
Zenith’s fraud losses grew by N92m from N268m recorded in 2019 to N360m in 2020.
The number of fraud cases recorded by GTB grew from 15,461 in 2019 to 17,310 last year, while the cost of the fraud cases rose to N174.4m from N107.4m recorded in 2019.
Access Bank lost a total of N138.1m in 2020, which is N197.1m lower than what it incurred in the previous year. However, the bank’s fraud incidents rose from 5,836 cases in 2019 to 11,784 last year.
Sterling, Wema and Fidelity recorded fraud losses of N132.23m, N105.4m and N22.2m, respectively.
Further analysis of the reports revealed that Sterling Bank’s total fraud loss grew from N109.5m in 2019 to N132.23, while losses incurred by Fidelity Bank fell by N315.3m in the period under review.
Wema recorded 1,201 fraud cases, which led to a loss of N105.4m, consisting of Internet fraud (N93.9m) and operational and other types of fraud (N11.4m).
Union Bank lost N1.5m to fraud in 2020, which was N400,000 lower than what it recorded in the previous year.
The Nigeria Inter-Bank Settlement System Plc had in February 2021 released the second edition of its ‘Fraud in the Nigerian financial services’ report, which revealed that in the first nine months of 2020, financial institutions lost N5bn to fraudulent activities.
NIBSS said in Nigeria’s banking sector, N203.4m was lost in 984 fraud attempts, while 3,163 attempts that could have resulted to a N380.2m loss were repelled.
According to the report, there is a need for financial institutions to offer increased artificial protection for customers’ investment.

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Boat Mishap Kills Pastor, Wife And Church Members  In Brass Water

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6 days ago

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May 18, 2026

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A boat accident in Bayelsa state has killed a serving Pastor, Wife and other church members along Brass waterways
The sad incident happened at Odioama in Brass local government area of Bayelsa State when the Pastor, wife and  members of his church were in a programme.
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?Tide confirmed that the lifeless body of the Pastor’s wife has been found and deposited in a mortuary while the remains of her husband ,the Pastor is yet  to be recovered
as search party are still ongoing.
Although the real cause of the boat Mishap is not yet known as at the time of this report,  our Correspondent gathered  that the identities of the Pastor, wife and church members were not disclosed to the public.
The mishap, Tide gathered occurred on Friday morning when the church members were on a boat transit
The Bayelsa State government and the state police command are yet to issue official statement’s  on the sad accident
By: CHINEDU WOSU
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Rivers Workers Seek Scrapping Of Contributory Pension Scheme

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6 days ago

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May 18, 2026

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The Rivers State Council of  Nigeria Civil Service Union has called on the State Government to urgently scrap the contributory pension scheme, describing it as unfavourable to long-serving civil servants in the state.
Chairman of the union, Chukwuka Osuma, said this in an interview with newsmen in Port Harcourt,  recently.
Osuma said the current pension structure has continued to worsen post-retirement hardship for workers.
He noted that  the contributory pension scheme had failed to provide adequate retirement security for workers who had spent many years in service, especially those approaching retirement age.
According to him, civil servants who had served for more than 20 years were among the worst affected under the scheme, insisting that many retirees could no longer cope with prevailing economic realities.
He also  informed that the Union has made moves to showcase their concerns, pleading with Governor Siminalayi Fubara to abolish the pension policy and introduce a more favourable arrangement for affected workers.
“The union was not opposed to pension reforms, the contributory scheme should only apply to newly employed workers or those with fewer years in service”, he said.
Osuma explained that workers who had already spent decades in the civil service ought to remain under a more secure pension structure capable of guaranteeing stability after retirement.
The labour leader further noted that inflation and the rising cost of living had continued to erode the value of retirement savings, thereby increasing the suffering of pensioners across the country.
He also appealed to the state government to consider extending the years of service in the civil service from 35 to 40 years and the retirement age from 60 to 65 years.
Osuma argued that such adjustment had become necessary in view of present-day economic realities and changing conditions in the workplace.
The unionist also reviewed that similar policies had already been adopted in some sectors and jurisdictions, expressing optimism that the State could also implement the reforms for the benefit of workers.
He however, commended Governor Fubara for approving an N85,000 minimum wage for workers in the state, noting that the amount was above the national benchmark of N70,000.
Osuma also acknowledged the government’s efforts in the area of workers’ promotions and bonuses, but insisted that pension reforms and extension of years of service remained critical to the long-term welfare and stability of civil servants in Rivers State.
By: King Onunwor
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FG Begins South-West Tour To Promote New Cooperative Bank

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2 weeks ago

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May 13, 2026

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The Federal Government has launched the South-West zonal engagement and ministerial advocacy tour on the Cooperative Bank of Nigeria share capital mobilisation, sensitisation and cooperative sector digitalisation.
 Reports say the initiative was launched through the Federal Ministry of Agriculture and Food Security.
According to reports, the advocacy tour, organised by the ministry’s Federal Department of Cooperatives, began on Monday in Lagos.
Speaking at the event, the Minister of State for Agriculture and Food Security and Supervising Minister of Cooperative Affairs, Dr Aliyu Abdullahi, said the initiative was part of President Bola Ahmed Tinubu’s Renewed Hope Agenda.
Abdullahi described the exercise as a strategic effort to reposition the cooperative sector as a key driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity.
“Today represents a defining moment in our collective determination to reposition the cooperative sector as a major driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity,” he said.
The minister noted  the modern cooperative movement in Nigeria originated in the South-West following the 1934 Strickland Report, which led to the enactment of the Cooperative Societies Ordinance of 1935.
According to him, the decision to commence the sensitisation and share capital mobilisation tour in the region is symbolic, as it marks a return to the roots of cooperative development in the country.
Abdullahi said the advocacy tour was a direct outcome of resolutions reached at the 8th Regular Meeting of the National Council on Cooperative Affairs held in Abuja in March 2026.
He said the council approved the Renewed Hope Cooperative Reform and Revamp Programme, a comprehensive framework designed to strengthen the cooperative sector and align it with the administration’s goal of building a one-trillion-dollar economy.
“The reform programme focuses on seven strategic pillars, including governance reforms, cooperative financing and the establishment of the Cooperative Bank of Nigeria, digitalisation, capacity building, value chain development, inclusion of youths, women and persons with disabilities, and strategic partnerships,” he said.
He said the establishment of the Cooperative Bank of Nigeria and the digitalisation of the cooperative sector were the two major transformational initiatives under the programme.
“The Cooperative Bank of Nigeria is aimed at rebuilding a strong cooperative financial system capable of supporting cooperators, farmers, artisans, traders, SMEs, youths, women and persons with disabilities with accessible and affordable financial services,” he said.
Abdullahi emphasised that the proposed bank would be government-enabled but not government-funded.
“Government is not establishing the bank as an owner, nor will it rely on Treasury Single Account funds.
“The role of government through the FMAFS is to provide policy support, stakeholder coordination, regulatory facilitation and an enabling environment under the Renewed Hope Cooperative Reform and Revamp Programme,” he said.
Also speaking, the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, reaffirmed the state government’s commitment to cooperative sector transformation.
She described cooperatives as critical tools for promoting inclusive growth, grassroots productivity, food security, financial inclusion and community wealth creation.
Ambrose-Medebem said Lagos State would continue to support reforms and collaborate with stakeholders to ensure the successful implementation of the Renewed Hope Cooperative Reform and Revamp Programme (2025–2030).
“Together, let us build a cooperative ecosystem that is modern, transparent, digitally enabled, financially inclusive and globally competitive.
“Let us build cooperatives that not only mobilise savings, but also mobilise prosperity,” she said.
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