E-Financial
Hackers Hit ATMs in Lagos
A large number of Automated Teller Machines located in some posh areas of Lagos like Victoria Island, Lekki Peninsula Phase I and II, and Ikoyi have been attacked by hackers and electronic fraudsters, according to Punch
The hackers are said to be fixing small fraud tools on the ATMs in order to harvest the passwords of cardholders who come to collect cash or do some other transactions on the machines.
Top bank officials privy to the development said a number of banks had deployed detectives to monitor their ATMs in those locations, especially in the Victoria Island and Lekki axis.
A banker told Punch correspondent, “A number of the ATMs in Victoria Island and Lekki axis have been compromised by hackers. Some of these fraudsters visit those ATMs very late in the night or very early in the morning to fix some fraud devices on them, which are capable of collecting cardholders’ information, including their passwords.
“They come back later to remove those devices. The information collected is then used to commit fraud against those customers later.
“Most of us (banks) are aware of the development and we are very vigilant now. What some of us have done is to get a patrol team of security men to start combing the affected areas and the ATMs from time to time. We will get those guys soon.”
While some of the cardholders’ information collected by the fraudsters were being used to commit online-related frauds locally, a large number was used to clone ATM cards and used to shop in malls abroad, especially in the United States of America, bankers told our correspondent.
Mr. Dele Adeyinka, vice-chairman, Committee of e-Banking Industry Heads, confirmed the fraudsters’ activities.
He, however, said that following the banks ‘compliance with the CBN directive asking them to install anti-skimming devices on their ATMs, it would be difficult for the fraudters’ devices to work.
He said, “Yes, it is true that hackers are carrying out those activities. It is not only in Victoria Island axis, they are doing it everywhere. But all the banks have complied with the CBN directive on anti-fraud tools. So, it will be difficult for those fraud devices to work.”
Punch reported that Rising cases of electronic frauds, especially ATM-related scams, which have made Nigerian banks to lose billions of naira in recent times, have forced some lenders to prevent their payments cards from working in the US, China and a few other countries.
According to Central Bank of Nigeria statistics, the banks lost N40bn to electronic frauds in 2013 alone.
On January 19, 2015, the CBN ordered banks in the country to prevent payment cards (debit and credit) issued by them from working in fraud-prone countries, including the US, South Africa and China.
The central bank also said that banks would be liable for frauds committed abroad using cloned cards belonging to their customers.
The CBN said in a circular that from February 1, 2015, all the banks in the country must stop the payment/ATM cards from working in non-Europay, MasterCard and Visa countries.
It directed the banks to only activate the cards when customers to whom the cards had been issued were travelling abroad and this should only be for the period that the customers would spend overseas.
The circular, signed by Mr. Dipo Fatokun, dDirector, Banking and Payment System, CBN, read in part, “The occurrence of card present frauds in non-EMV environments is on the increase, especially when international hybrid cards issued by Nigerian banks are used in non-EMV environments like the USA.
“It has, therefore, become necessary for the CBN to issue the following directives and that all DMBs should do the following: collate all their card frauds abroad and send to the CBN not later than January 30, 2015; subsequently, all data on card frauds occurring abroad should be rendered on the NIBSS fraud portal; implement anti-fraud solution on their card management systems not later than January 30, 2015; ensure that from February 1, 2015, only customers that expressly indicated the intention of travelling to non-EMV jurisdictions would have their cards default to the magnetic stripe and for the period indicated by the cardholder only.”
Prior to the deactivation of the payment cards from working overseas, one of the ‘systemically important banks’ made refunds in excess of N200m in 2014, The PUNCH had reported exclusively.
The PUNCH had in August last year also exclusively reported that electronic fraudsters had been duplicating payment cards belonging to Nigerian bank customers and using them to buy items worth millions of dollars from shopping malls in the US.
The development had forced top executives of the banks and senior officials of the CBN to meet with the Economic and Financial Crimes Commission sometime last year in order to stem the tide.
The Chairman, Chartered Institute of Bankers of Nigeria, Lagos State Branch, Mr. Abolade Agbola, had emphasised the need for the CBN to fast-track the biometric registration of bank customers as a way of checking electronic frauds.
The President, Institute of Chartered Accountants of Nigeria, Mr. Chidi Ajaegbu, said the CBN had achieved a lot in the cashless drive but there was a need to continue to build public confidence in the electronic means of payment.
MoneyMaster Payment Service Bank has introduced a refreshed mobile banking experience designed to make purchasing airtime and data more convenient and straightforward for customers.
As part of the rollout, customers will enjoy added value on their transactions. Airtime purchases on the Glo network come with a 100 percent bonus, while data purchases attract a 10 percent bonus, giving users amazing rewards on each purchase.
With this revamp, the app is now much easier to use, especially for airtime purchases. From selecting accounts to choosing amounts, the process is more seamless, with clearer options and fewer steps. Data plans are now neatly organized into categories such as daily, weekly, and monthly, making it easier for users to find what they need without endless scrolling.
Beyond the improved layout, customers now have more flexibility in how they recharge. Lower airtime denominations have been introduced, giving users the freedom to choose amounts that better suit their needs, while navigation has been adjusted to be quicker and more intuitive.
Speaking on the update, the bank’s Head of Business, Tajudeen Omokhide, explained that the goal is to make payments as simple and seamless as possible. According to him, customers expect speed, clarity, and affordability, and these improvements are part of the bank’s ongoing effort to meet those expectations. He also encouraged both existing and new users to get the latest version of the app.
These updates are a testament to MoneyMaster’s broader mission of developing practical, relevant products for everyday life. Promoted by Globacom and licensed by the Central Bank of Nigeria, the bank offers mobile wallets, savings accounts, individual current accounts, and business banking services.
MoneyMaster continues to position itself as a flexible, customer-centric platform, enabling over 4,000 individual and business billers to manage payments, access financial services, and stay connected with ease.
Central Bank of Nigeria (CBN) has directed all International Money Transfer Operators (IMTOs) operating in the country to open and maintain naira settlement accounts with authorised dealer banks, as part of efforts to tighten oversight of diaspora remittances and improve transparency in the foreign exchange market.
The directive was contained in a circular dated March 24, 2026, signed by Dr Musa Nakorji, director of the Trade and Exchange Department, and addressed to IMTOs, authorised dealer banks and the general public.
The circular was published on the apex bank’s website on Tuesday.
The CBN said the measure is aimed at “enhancing diaspora remittances, strengthening transparency, traceability, and effective monitoring of all transactions.”
It stated that “all IMTOs are hereby directed to open naira settlement accounts and ensure that all transactions are routed strictly through their designated settlement accounts, maintained with Authorised Dealer Banks in Nigeria.”
Under the new rule, all inflows, beneficiary payments and related settlements linked to international money transfers are to be processed solely through these accounts.
IMTOs may, however, operate multiple settlement accounts across different banks in line with their operational needs.
The circular also introduced tighter controls on how the accounts can be funded, stating that they “shall only be credited with remittance flows and proceeds of foreign exchange conversions by licensed IMTOs (or their agents)” within the Nigerian foreign exchange market.
Operators are required to clearly designate the accounts and submit the details to the CBN, with updates provided periodically where necessary.
To improve market operations, authorised dealer banks are permitted to process foreign currency transfers from IMTO settlement accounts to other banks and approved participants, including licensed Bureau De Change operators.
The apex bank further directed IMTOs to adopt market-reflective pricing by referencing the Bloomberg BMatch system. It said IMTOs “shall observe real-time market prices from the Bloomberg BMATCH and utilise this as guidance for pricing transactions with their customers and Authorised Dealers.”
According to the CBN, this approach is expected to “improve price discovery, reduce information asymmetry between IMTOs and banks, and encourage increased participation in the official FX market.”
The bank added that all operators must maintain proper transaction records for regulatory checks and comply fully with anti-money laundering, counter-terrorism financing and counter-proliferation financing rules.
“This directive takes effect from May 1, 2026. Please note and ensure compliance,” the circular stated.
The move shows the CBN’s push to channel remittance inflows through formal banking channels, boost liquidity in the official foreign exchange market and strengthen regulatory oversight of cross-border transactions.
E-Financial
DLM Capital Group’s AAA-Rated Sovereign Bond-Backed Composite Notes (“SBCNS”) Strengthens Investor Confidence with Successful First Principal & Interest Payment
Foremost Development Investment Bank, DLM Capital Group has reinforced its position as a leader in innovative fixed income solutions with the successful payment of the first principal and interest (coupon) to investors under its Sovereign Bond-Backed Composite Notes (“SBCNs”) issuance.
This milestone, alongside the consistent delivery of quarterly performance reports, underscores the Group’s commitment to transparency, capital preservation, and investor confidence.
DLM SPV PLC’s 40.62% Hold-to-Maturity return ₦7.30 billion (Tranche A) and 19.07% ₦1.70 billion (Tranche B) Plain Vanilla Series 1 Notes, issued under its ₦30.00 billion Medium-Term Notes Programme and developed by Sonnie Babatunde Ayere, Group CEO of DLM Capital, was recently listed on the FMDQ Exchange with the Tranche A bond becoming the most valuable AAA-rated corporate bond on the market.
This represents a new class of structured debt instruments designed to meet both issuer funding needs and investor expectations. As a platform widely recognised for supporting innovative debt structures, FMDQ provides an enabling environment for instruments like DLM’s SBCNs to thrive.
At launch in July 2025, DLM SBCNs, which achieved a 9-notch upgrade from BBB- (GCR Sponsor ratings at issuance) without securitisation, entered the market with a healthy degree of skepticism, as is typical with pioneering financial instruments. However, after six months of post-issuance, DLM Funding SPV Plc has delivered on its promise by comfortably and successfully meeting its first principal and coupon obligations to its investors.
This performance milestone has significantly strengthened market confidence and validated the robustness of the structure. The notes are rated AAA by Global Credit Rating and AAA by DataPro Limited, reflecting their strong credit fundamentals and low-risk profile. Designed to prioritise capital preservation, liquidity, and above competitive market returns, the instrument stands out as one of the most compelling corporate fixed income offerings for institutional investors currently available in the market.
Investor response has been notably strong and institutional investors who are beginning to recognize the value of a well-structured de-risked, high-return and, high-quality fixed income investment backed by a credible issuer with a proven track record. The combination of timely coupon payments, high credit ratings, and ongoing transparency has positioned SBCNs as a preferred option for investors seeking stability and performance in today’s evolving financial landscape.
As investor interest continues to build towards Series 2, DLM SBCNs are not only demonstrating resilience but also setting a benchmark for innovation in Nigeria’s debt capital markets. In its role as a Development Investment Bank (“DIB”), DLM Capital Group remains committed to delivering structured solutions that align with investor needs whilst maintaining the highest standards of governance and execution.
Mobile Money Transactions Accounted for $2 trillion in 2025
MoneyMaster Enhances App, Rewards Users with Data and Airtime Bonuses
Nigeria, Finland Sign Cybersecurity Pact
Firm Shares Tips for Updating Your Digital Habits for an AI-driven World
EU Pumps €290m into Nigeria’s Digital, Health, Agri Sectors
Kaspersky Discovers New Phishing Campaign Exploiting Google Tasks Notifications to Steal Corporate Credentials
esentry 2025 Report Shows Healthcare, Financial Services and Telecoms as Staging Grounds for Increased Cyberattacks in Africa
AfDB, UNDP Launch $10Bn AI Initiative for Africa
MultiChoice Suspends Yearly DStv Price Hike as Canal+ Pushes Growth
MTN Nigeria Posts Record N1.70 Trillion Pre‑Tax Profit, Declares N20 Dividend for 2025
E-Financial2 days agoDLM SPV PLC Lists ₦9.00bn AAA-Rated Medium-Term Notes on FMDQ Exchange, Sets Benchmark in Corporate Bond Market
News2 days agoMetaverse Collapses, Horizon Worlds Shuts Down on Quest
Telecom2 days agoLegend Internet, Spectranet in Merger Talks
News2 days agoNITDA Reaffirms Commitment to Advancing Creative Economy with Digital Initiatives
News2 days agoNigeria Spends $470m on AI-powered Surveillance Devices- Report
E-Financial2 days agoSEC Issues Six-Week Ultimatum to Market Operators to Submit Recapitalisation Plan
News2 days agoFG Plans New HIV Prevention Injection in 8 States, FCT
E-Business2 days agoQualified Cybersecurity Staff Shortage Among Key Obstacles in Curbing Supply Chain Risks