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.”
A Coalition of civil society organisations has urged the Federal Government to take proactive steps towards addressing the persistent gas eruptions in Bille, Rivers.
The coalition, made up of the People’s Assembly and Bille Working Group, made the call in an open letter addressed to President Bola Tinubu, and read to journalists in Port Harcourt, yesterday.
Reading the letter, the coalition’s convener, Dr Isaac Osuoka, said that the persistent gas eruption in Bille had led to serious environmental and public health challenges.
Osuoka, also the Executive Director, Social Action, urged Tinubu to establish a presidential task force to investigate and contain the gas leak in Bille.
He also called for the immediate relocation of residents to safe shelters, provision of clean water, food and healthcare services.
Dr Emem Okon, the Executive Director, Kebetkache Women Development and Resource Centre, stated that gas had been bubbling from the ground, creeks, boreholes and hand-dug wells in the community since October 2025.
Okon said that the gas had triggered several fires and explosions, and that residents of the community had reported respiratory problems, vomiting and other illnesses associated with exposure to the emissions.
According to her, preliminary investigations by the National Oil Spill Detection and Response Agency (NOSDRA) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) have yet to identify the source of the gas.
Mr Kentebe Ebiaridor, the Coordinator, Oilwatch International, called for the publication of results from preliminary soil and water tests conducted in Bille for the residents to know the nature and extent of the contamination.
Ebiaridor urged the Federal Government to deploy medical teams to screen and treat affected residents, and immediately commence an independent study on the health impacts of the leak.
He further called for the suspension of oil and gas operations around OML 18 and 24 until the source of the gas leak was identified and the affected areas declared safe.
Ebiaridor urged the government to hold current and former operators of the oil leases accountable for environmental damage on the community.
Another speaker, Dr Bieye Briggs, urged the National Assembly to fast-track the NOSDRA Amendment Bill, 2025 to provide the agency with statutory funding and stronger enforcement powers.
Briggs urged the Federal Government to activate the regional Spill Command Centre, and make the Upstream Remediation Fund accessible for the Bille crisis and other affected communities in the Niger Delta.
The Akwa Ibom State Police Command has banned drone operations and fireworks in Uyo and announced temporary traffic restrictions ahead of President Bola Tinubu’s visit to the State today.
The state Commissioner of Police, Baba Mohammed Azare, announced the measures yesterday while briefing journalists at the Police Headquarters in Ikot Akpan Abia, Uyo.
He said the restrictions were part of security arrangements to maintain public order, protect strategic locations and ensure the smooth movement of the President’s convoy during his engagements.
“There will be total restriction on the operation and flying of drones within Uyo metropolis throughout the period of the visit. Members of the public, drone operators and service providers are advised to strictly comply with the directive,” he said.
The police commissioner also announced a ban on fireworks, knockouts and other explosive sound-producing devices within the state capital during the visit.
He said the measure would prevent panic and allow security personnel to respond effectively to genuine security threats.
The command also announced temporary restrictions on public access to designated routes and locations in Uyo to facilitate the movement of the presidential convoy.
The affected areas are Airport Road, Shelter Afrique Junction, Oron Road, Nung Oku Junction, Mbierebe Junction and Godswill Akpabio International Stadium.
“Motorists are urged to plan their journeys, exercise patience and cooperate with traffic and security personnel deployed along the corridors.
“Members of the public are advised to avoid the routes during the restriction and use alternative routes,” Azare said.
He also urged residents to plan their journeys, exercise patience and cooperate with traffic and security personnel deployed along the affected corridors.
The commissioner said the command, working with other security agencies, had put in place security arrangements to ensure a peaceful and hitch-free visit.
He appealed to residents to understand that the temporary restrictions were necessary security measures and not intended to cause hardship.
Azare urged members of the public to remain law-abiding, avoid restricted areas and report suspicious movements to the nearest police station or through police emergency channels.
Tinubu’s visit to Akwa Ibom is a working visit during which he is expected to inaugurate major infrastructure projects executed by Governor Umo Eno’s administration under its ARISE Agenda. The projects cut across aviation, road infrastructure, tourism, healthcare, land administration and security.
Among the projects scheduled for inauguration are the international terminal building and airport hospital at Victor Attah International Airport, Aviation Village, ARISE Palm Resort, the 14.5-kilometre Nsit Atai–Okobo Road, Ring Road 3, the Command and Control Centre and the AkwaGIS building.
The state government had earlier announced plans for the President to inaugurate projects as part of activities marking Akwa Ibom’s 39th anniversary in September.
The airport projects are particularly significant to the state’s ambition to expand aviation, tourism and investment.
The international terminal is expected to strengthen the airport’s capacity to handle international operations, while the Aviation Village is intended to provide accommodation for aviation workers. The airport hospital is also among the facilities lined up for inauguration.
The road projects are also expected to improve connectivity. The 14.5-kilometre Nsit Atai–Okobo Road links communities in the two local government areas, while Ring Road 3 is designed to improve movement within Uyo and ease pressure on existing roads. The Command and Control Centre, meanwhile, is intended to strengthen security surveillance and coordination in the State.
The Rivers State Ministry of Culture and Tourism has floated a culture content platform in collaboration with digital television group, Multichoice.
Permanent Secretary, Ministry of Culture and Tourism, Mr. Freddy Ndigbara, disclosed this after a meeting with MultiChoice Head of Content Acquisition, Don Dotun Ojon, in Port Harcourt.
He assured that content entrepreneurs and film makers would enjoy the platform by promoting culture and other contents to sell the states tourism potentials.
He said MultiChoice M-net was now open to increase its patronage for content shots on locations in Rivers State, describing the State as one that has numerous potentials for film tourism.
“We were privileged to have Don Ojon with us at the Rivers International Film Festival (RIFF) at the weekend in Bonny and he saw, first hand, the numerous sites and opportunities that are open to creatives in the State. After that, we felt it was important to deepen the conversation and he obliged. This is a cheering news for the sector in the State,” he said.
Ndigbara stated that “Rivers State has many more untold stories to tell, many more contents to reel out and the assurances from the M-net Acquisition Manager is an indication that the industry in the state will soon enjoy a new lease of life”.
The Permanent Secretary thanked Ojon for the visit and assured that creatives in the State would grap this opportunity and show the world that Rivers State is a major hub for film tourism in Nigeria.
On his part, Ojon said the visit was to discuss on ways of promoting tourism in the State using creatives and film.
Ojon said although the company has recently been acquired by canal+ France and is undergoing restructuring, he would promote the chances of Rivers State to host the MultiChoice talent factory in the State.
With Asaba, capital of Delta State, being saturated, Ojon said the next port is Rivers State, which he said is capable of building fresh crop of creatives, new locations, new story lines and concepts.
He, therefore, called for collaboration from stakeholders in the State.
Kevin Nengia
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