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CBN Orders Banks to be Security Certified By 2015

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The Central Bank of Nigeria (CBN) has mandated all commercial banks to be information security-certified by 2015.

Tunde Lemo, deputy governor (Operations), stated this during conferment of ISO 27001 certificate to the CBN by the British Standards Institution (BSI).

Also showing great admiration for the CBN attainment, Dr. Andrew Peacock, the UK High Commissioner described the achievement as one of the highest standards of information security management in the world. He also noted that it is a confidence building measure as well as a remarkable achievement.

The High Commissioner stated that the British government plans to double trade volume with Nigeria to about £8 billion in 2014 provided British investors were convinced the Nigerian economy was adequately regulated. He also said the CBN information security certification would open doors for such investment opportunities in the country.

The acquisition of the coveted certification puts the CBN at par with the institutions like the World Bank and International Monetary Fund (IMF) that had adopted the standard. The central bank also becomes the first organisation in the country to attain such level of certification.

Essentially, the information security and management system allows the CBN to install processes including controls, technology and people awareness to ensure that particularly classified information held in custody on behalf of its stakeholders and clients is properly protected.

Lemo said: “CBN regulates banks and other financial institutions. For those ones we regulate particularly commercial banks, we have made it mandatory for them to be so certified before the end of 2015.”

The CBN Governor, Mallam Sanusi Lamido Sanusi, also said information security had become critical to the central bank’s operations, adding that going forward, any unauthorised disclosure or compromise would be have consequences.
 
Represented at the occasion by Alhaji Suleman Barau, CBN Deputy Governor, Corporate Services, Sanusi said all its stakeholders and partners would now have more confidence in the bank’s ability to protect the data in its possession.

He said the CBN would do all within its powers to sustain controls and retain the certification.

However, the certification which is for an initial period of three years is presently limited to the CBN headquarters but with the possibility of extension to its branch offices in future.

Mark Basham, managing director of BSI, Europe, Middle East and Africa (EMEA), said follow-up audit would be conducted every six months to ensure the CBN standards and controls are still intact and within the requirements for which the standard was awarded.

The certificate could either be withdrawn or re-issued at expiration.

Elsewhere, Dr. Sarah Alade, CBN deputy governor, Economic Policy, congratulated some of the banks which had already adopted the standards.

She however noted “the Central Bank of Nigeria has taken the lead by certifying to a much wider scope and achieving this in less than one calendar year.” She said the driving force for the adoption was the need to have formalised processes to protect the organisation’s key  information assets as some of them are information of national relevance.

Afolabi Oke, executive director, Global InfoSwift (the consulting firm which prepared the CBN for the award) said he proud of the apex bank’s reposition.

“We are indeed very proud to be part of the Central Bank of Nigeria’s success story. This is an affirmation that the CBN has adopted and complied with one of the most reputable international information security management system standards in the world.”
 


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E-Financial

CBN Investigates 55 Companies over Forex Infractions

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Amidst sustained pressures on Nigeria’s official foreign exchange resources, the Central Bank of Nigeria (CBN), has opened investigations into foreign exchange transactions of 55 companies and individuals.

The apex bank linked them to foreign exchange deals outside the official Investors & Exporters (I&E) window.

CBN Investigates 55 Companies over Forex Infractions

Mr. Godwin Emefiele, CBN governor

The I&E window was created by the CBN as the legitimate platform for buying and selling of foreign currencies.

Some of the major corporate organisations in the list include Stallion Nigeria Limited, a conglomerate involved in several sectors of the Nigerian economy.

The list also includes Nigeria’s leading electronic payment company, Interswitch Nigeria Limited, as well as a leading global shipping line, CMA CGM Nigeria Shipping Limited.

Other big names in the list include Petro-Afrique Energy Services Limited, Steel Force Far East Limited, Auto Petroleum Company Limited, Cavendish Mechanicals Limited, Aquashield Oil & Marine Limited, Haitch & Elf Integrated Services Limited, Fenog Nigeria Limited, and Promasidor Nigeria Limited.


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FG Makes u-Turn on Bank Account Re-Registration

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Federal government on Friday apologised for asking all account holders in financial institutions in the country to re-register their personal details.

FG makes u-Turn on Bank Account Re-Registration

Recall that the federal government had on Thursday ‎ordered that all persons holding accounts across financial institutions and insurance firms should complete and submit self-certification forms to their respective financial institutions.

The notice issued by the government to that effect read, ‎“This is to notify the general public that all account holders in Financial Institutions (Banks, Insurance Companies, etc.) are required to obtain, complete, and submit Self – Certification Forms to their respective Financial Institutions.

“Persons holding accounts in different financial institutions are required to complete and submit the form to each one of the institutions. The forms are required by the relevant financial institutions to carry out due diligence procedures, in line with the Income Tax Regulations 2019.‎”

The directive raised eyebrows, as account holders already possessed Bank Verification Numbers.

Following widespread condemnation that trailed the directive, the Federal Government backtracked on Friday, saying the fresh guidelin‎e was not for all Nigerians.

The government attributed the development to misinformation.

The clarification issued by the government on Friday read, ‎“We apologise for the misleading tweets (now deleted) that went up yesterday, regarding the completion of self-certification forms by Reportable Persons. The message contained in the notice does not apply to everybody. ‎FIRS will clarify Nigerians on the objectives of the directive.”

Also on Friday, FIRS, in a statement posted on Twitter, explained that the guidelines were only for non-residents, as well as people paying tax in more than one country.

Parts of the FIRS statement read, “The Self Certification Form is basically to be administered on Reportable Persons, holding accounts in Financial institutions, that are regarded as “Reportable Financial Institutions” under the CRS.

“Reportable persons are often non-residents and other persons, who have residence for tax purposes in more than one jurisdiction or country.”

“The information that indicates an account holder is a resident for tax purposes in more than one jurisdiction, is expected to be available to Financial Institutions during account opening processes, for the KYC and AML purpose.”


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Stanbic IBTC Bank Disowns Lagos ATM Fraudster

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Stanbic IBTC Bank PLC has disowned Tope Olajide, 22-year-old fraudster arraigned for theft of customers deposits.

Stanbic IBTC Bank Disowns Lagos ATM Fraudster

The Bank said this in a statement on Wednesday.

The statement said: “The attention of the management of Stanbic IBTC Bank PLC has been drawn to news currently circulating in the media, about the alleged arraignment of staff of the Bank on charges bordering on the theft of customers deposits.

“The Bank would like to clarify that the defendant, a 22-year-old Tope Olajide, IS NOT, and was at no point in time an employee of Stanbic IBTC Bank PLC.

“The alleged culprit was apprehended around 7:30 am, on Thursday, 27 August 2020, by security operatives after he was exposed by CCTV footage using ATM cards he had allegedly stolen and converted, to make withdrawals from the accounts tied to the stolen ATMs.

“The CCTV footage also showed the alleged culprit pretending to assist customers at ATMs whilst also attempting to fraudulently dispossess the customers of their ATMs.

“He was subsequently arraigned before an Ikeja Magistrate Court on Monday, 14 September, for stealing the debit cards of two customers and using them to unlawfully withdraw the sum of N427,000.

“The Bank would also like to implore members of the public to be security conscious when conducting transactions at ATMs. Customers are advised to report any suspicious actions around them to security operatives who are usually stationed around the Bank’s ATMs, when carrying out transactions at any of our ATM locations.

“As an organisation, we hold dear the values of integrity, and we will continue to prioritise the safety of our customers effectively.”


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