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Fidelity Bank Chief Tasks NeFF on Solutions to e-Fraud Threats

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Nneka Onyeali-Ikpe e-Fraud Threats

By Modupe Gbadeyanka

The Nigeria Electronic Fraud Forum (NeFF) has been tasked to come up with solutions to the challenges posed by electronic fraud to the financial system.

This charge was given by the chief executive of Fidelity Bank Plc, Mrs Nneka Onyeali-Ikpe, at the third quarter general meeting of the group in Lagos recently.

The respected banker, according to Vanguard, decried the threats posed by e-fraud to the banking sector, its customers and others in the country, noting that efforts must be made to address these challenges.

Mrs Onyeali-Ikpe explained that e-fraud is carried out online to exploit individuals and business entities for financial gain, listing examples as phishing, advanced fee fraud (419), online auction fraud, identity theft, tech support scams, online romance scam, investment scam, business email compromise (BEC), ransomware, online rental schemes, pyramid schemes, and click fraud.

Highlighting the rising trend of e-fraud in the country and the associated challenges, the Fidelity Bank boss said, “According to data released by the NIBSS, the value of electronic payment transactions in Nigeria increased by 298 per cent year-on-year from N34.04 trillion in Q1 2022 to N135.52 trillion in Q1 2023.

“As technology continues to advance at an unprecedented pace, our reliance on digital transactions has grown exponentially.

“However, with this rise in digital interactions, the threat of e-fraud has become a significant challenge affecting individuals, businesses, and industries alike.

“The banking industry lost a total of N14.3 billion to electronic fraud in 2022, up from the N12.7 billion reported in 2021. As of Q1 2023, the total fraud loss was N5 billion, according to the NIBSS Annual Fraud Landscape reports.

“The mobile channel is the most exploited channel by fraudsters in 2021 and 2022, with 42,821 and 45,090 reported fraud records, respectively. The total fraud count in 2021 was 123,918, and 101,668 in 2022.

“E-fraud has permeated multiple industries, spanning from banking and finance to e-commerce and beyond. These cybercriminals leverage advanced methods to exploit vulnerabilities, gaining unauthorised access to crucial data and funds. The repercussions of e-fraud are not limited to financial losses; they also extend to eroding trust and eroding brand reputation.”

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

Banking

GTCO Distributes 3,000 Gas Cylinders to Obafemi Owode Residents

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GTCO cooking gas cylinder

By Aduragbemi Omiyale

Over 3,000 residents of the Obafemi Owode Local Government Area of Ogun State have been given a unit each of a 3kg gas cylinder by Guaranty Trust Holding Company (GTCO) Plc under its Waste for Gas initiative launched recently.

The cooking tool was distributed mostly to women in the community after conducting thorough assessments by visiting beneficiaries’ homes to ensure that the support reached those who genuinely needed it.

The financial institution said the items would provide access to gas-powered cooking solutions and simplify daily routines by freeing up time for other productive activities that support financial stability.

It expressed optimism that the cooking gas cylinder will make a meaningful impact in the community and enhance the quality of life for households.

“The Waste for Gas initiative is about making life easier for families, giving them more time to focus on important activities such as education, work, or personal development.

“Beyond this, our goal is to continuously develop sustainable initiatives that empower individuals, strengthen communities, and contribute to socioeconomic growth,” the chief executive of GTCO, Mr Segun Agbaje said.

Also, the Chief Communication Officer of GTCO, Ms Oyinade Adegite, said, “We visited various households across the local government and were surprised to find that some residents had already gone borrowing from money lenders just to afford gas cylinders, while some others were considering doing the same.”

She urged beneficiaries to use the cylinders for their intended purpose and not resell them, adding that GTCO would return for the second phase of the program. The bank’s decision to expand the initiative would depend on how well the items are utilized.

Expressing gratitude for the initiative, Obafemi Owode Local Government Chairman, Mr Ogunsola Adesina, stated that the intervention would significantly improve the standard of living in the area.

He also appealed to GTCO to establish a branch within the community to alleviate the banking challenges residents currently face.

In his remarks, the Olu of Owode-Egba, Mr Kolawole Aremu Sowemimo, advised beneficiaries not to sell the gas cookers and assured them that discussions were underway to establish discounted gas refill stations within the community.

Additionally, the Iyaloja General, Mrs Ganiyat Oyelakin, cautioned beneficiaries to use the gas cookers safely to prevent accidents. Residents were also educated on the proper handling and maintenance of their gas cylinders.

One of the beneficiaries, Mrs Risikat Ayoka, thanked GTCO for the initiative, saying, “We are excited. This gesture will make us stop using firewood for cooking.”

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Banking

Union Bank, ICAN Explore Potential Areas of Collaboration

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ICAN Union Bank

By Aduragbemi Omiyale

The managements of Union Bank of Nigeria and the Institute of Chartered Accountants of Nigeria (ICAN) are looking at ways to join forces for growth.

Recently, the executives of ICAN were at the head office of the financial institution tucked in the iconic Stallion Plaza in Lagos.

This visit underscores ICAN and Union Bank’s mutual commitment to advancing the accounting profession and contributing to the overall growth of Nigeria’s financial sector.

The president of ICAN, Mr Davidson C.S Alaribe, appreciated the warm reception and highlighted the importance of such engagements in promoting professional excellence and ethical standards within the accounting and finance sectors.

In his remarks, the Chief Financial Officer of Union Bank, Mr Oluwagbenga Adeoye, emphasised the bank’s commitment to supporting initiatives that enhance the professional development of accountants and ICAN members.

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Banking

Senate Accuses CBN of Stalling N30trn Ways and Means, ABP Investigations

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CBN IMTOs

By Adedapo Adesanya

The Senate Ad-hoc Committee on Ways and Means Advance has accused the Central Bank of Nigeria (CBN) of frustrating its investigation into the N30 trillion Ways and Means Advance and the Anchor Borrowers’ Programme (ABP) under former President Muhammadu Buhari’s administration.

The committee made the accusation after receiving an interim report from its consultants at a meeting where they expressed frustration over the central bank’s failure to provide crucial documents required for the probe.

The panel, which was inaugurated a year ago by Senate President, Mr Godswill Akpabio, stated that the delay has significantly stalled progress on the investigation.

The chairman of the committee, Mr Isah Jibrin, criticised the CBN for withholding vital information, despite multiple requests, revealing major infractions with the preliminary reports of the lender.

He dismissed speculations that the Senate had been compromised or gone to sleep, reaffirming its commitment to ensuring accountability and transparency in the management of public funds.

“The information we have here is not different from what we have heard all along. What we did was to hand over the documents to the consultants, and when the consultants made available to us this interim report, our intention was to hold onto the interim report on the final report,” he told reporters.

“But we’ve been compelled to make available this interim report to the general public so that they know that we let them know where the problem is, and the problem is that the Central Bank of Nigeria has denied us consistently the documents that we need to complete this assignment. That is the truth.

“It was at the CBN sometimes, I met Bala the deputy governor. And they promised, but nothing came out of it. The Clerk has been there several times. Nothing has come out of it.

“The consultants themselves even took it upon themselves to go with CBN directly, because we introduced them to CBN and nothing has come out of it.”

The committee issued a strong warning to the CBN representatives, emphasizing the need for full disclosure of how the funds were utilized to address Nigeria’s economic challenges.

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