At least 13,417 individuals linked to fraudulent activities in Nigeria’s financial system have been captured on the Person of Interest Portal jointly developed by the Nigeria Inter Bank Settlement System (NIBSS) in collaboration with the Central Bank of Nigeria (CBN), security agencies and other stakeholders.

Premier Oiwoh, managing director of NIBSS,  disclosed this while speaking on ongoing efforts to curb fraud in the payments ecosystem, noting that the portal which contains names and photographs of suspects has been actively used by law enforcement agencies since it began capturing data from 2019.

Oiwoh, while noting that fraud management remains a core responsibility of NIBSS, noted that the number of reported fraud cases has declined over the past five years, the value of losses remains a key concern for regulators and operators.

According to him, actual fraud losses stood at about N17.67 billion in 2023 before rising sharply to N52.26 billion in 2024, mainly due to a single incident involving N31.1 billion by one entity. He noted, however, that losses dropped significantly in 2025, reflecting tighter controls and improved collaboration across the industry.

He explained that Lagos continues to account for the highest concentration of fraud cases due to its position as the country’s commercial hub, while Abuja has also recorded a notable rise, with other states still featuring in reported incidents.

By transaction channel, Oiwoh said fraud is most prevalent in e-commerce and internet banking, followed by POS, mobile and web platforms.

He identified social engineering as the most common technique used by fraudsters, warning that insider abuse now poses the greatest threat to the system.

“Insider involvement is high, and recent investigations have confirmed this. Many of the fraud cases we are seeing today involve insiders, including former bankers,” he stated, noting that coordinated industry action has yielded results, and that joint efforts last year alone prevented losses of about N20 billion that could have been lost to fraud.

He raised concern over non-reporting of fraud incidents revealing that fraud reporting declined by about 34 per cent in the last quarter of 2025.

He warned that failure to report allows perpetrators to move freely between institutions undetected.

“In several cases investigated last year, individuals involved in fraud simply moved to other institutions because incidents were not reported. Non-reporting is unacceptable,” he said.

He said NIBSS, working with the CBN, the Nigerian Financial Intelligence Unit, and security agencies, has integrated centralised data systems, including industry watch lists, politically exposed persons databases, and customer account repositories, into the Person of Interest Portal to strengthen monitoring, identity management, and fraud prevention.

Credit… Leadership

First Asset Management, a subsidiary of FirstHoldCo Plc has recorded a significant milestone as its rating was upgraded to ‘AA’ from ‘AA-’ by DataPro, reflecting the firm’s strong fundamentals and sustained resilience in Nigeria’s Asset management landscape.

The rating upgrade, issued in DataPro’s latest rating report, underscores First Asset Management’s diversified income base, high-quality investment portfolio, and experienced team, all of which continue to support the firm’s long-term stability, sound governance framework, and consistent performance.

The improved rating highlights the organisation’s ability to maintain strong operational fundamentals while effectively navigating market cycles. It further reflects First Asset Management’s disciplined investment philosophy, prudent risk management practices, and commitment to delivering value-driven solutions to its clients.

Speaking on the upgrade, Ike Onyia, Managing Director/CEO of First Asset Management, stated, “We are pleased with DataPro’s decision to upgrade our rating to ‘AA’. This recognition affirms the depth of our investment expertise, and the consistency of our governance and risk management processes. We remain focused on sustaining strong performance while delivering reliable investment outcomes for our clients.”

In a related development, Agusto & Co. has upgraded the rating of the First Asset Money Market Fund to ‘Aa-(f)’ from ‘A+(f)’, further reinforcing the strength of First Asset Management’s product offering.

According to Agusto & Co., the upgraded rating reflects the fund’s consistent low exposure to interest rates and liquidity risks, as well as the fund manager’s commendable professionalism and prudent investment approach. The rating affirms First Asset Money Market Fund’s position as a formidable investment vehicle for capital preservation and steady income generation.

First Asset Management continues to maintain a strong position within Nigeria’s asset management industry, supported by its disciplined investment framework, experienced investment professionals, and a growing suite of products designed to meet the evolving needs of retail and institutional investors.

DataPro and Agusto & Co. are both recognized leaders in ratings and investment research in Nigeria, with extensive experience providing independent assessments across multiple sectors. Their ratings are widely accepted as benchmarks for evaluating financial strength, risk management, and business sustainability.

First Asset Management is a leading Nigerian investment manager within the FirstHoldCo Group. The firm has evolved into a full service investment platform, offering integrated wealth and portfolio solutions across the Group.

First Asset Management manages diversified strategies spanning fixed income, equities, alternatives, passive and quantitative products, in multiple currencies for a variety of individual, intermediary and institutional clients.

Zenith Bank, Nigeria’s second biggest lender by market value, has received approval from the Competition Authority of Kenya (CAK) to acquire 100 percent of Paramount Bank Limited, clearing a key regulatory hurdle in its East African expansion drive.

In a statement on Thursday, CAK said the transaction is “unlikely to lead to a substantial prevention or lessening of competition in the market for the provision of banking services in Kenya” and would strengthen Paramount’s financial position, helping it meet enhanced core capital requirements over the long term.

The Kenyan regulator noted that the deal poses no risk of reduced competition in the country’s banking sector. Zenith currently has no banking operations in Kenya, while Paramount is a Tier III lender with a modest 0.2 percent market share.

“The approval is based on the Authority’s determination that the transaction is unlikely to harm competition, while any negative public interest concerns regarding employment can be addressed through mitigating remedies,” CAK added.

Paramount met the Central Bank of Kenya’s KSh3.0 billion core capital requirement in November last year, reporting KSh3.118 billion after raising KSh332 million from shareholders, according to Mwango Capital, a Nairobi-based research firm.

The deal reflects a broader shift among banks in East Africa’s largest economy as lenders seek growth opportunities beyond increasingly saturated home markets marked by weak credit expansion, rising regulatory costs, and intense competition.

While several global banks — including Standard Chartered and HSBC — have scaled back African operations over the past decade, Zenith’s move signals confidence in selective regional expansion, particularly in East Africa, where economic growth and financial inclusion trends remain supportive.

The banking group is also widening its continental footprint. Last month, the lender disclosed plans to expand into Ethiopia, Africa’s second most populous country, as it targets generating up to half of its profits outside Nigeria over the medium term.

Historically, Nigeria, the continent most populous nation contributed as much as 90 percent of the bank’s earnings, a dominance that is now gradually easing.

Data cited by The Africa Report show that profit contributions from foreign subsidiaries rose to 27 percent in the first nine months of 2025, up from 14 percent in 2024.

Nigeria’s banking recapitalisation drive is also pushing large lenders such as Zenith to deploy capital beyond their home market. In January 2025, Zenith — which holds an international banking licence — raised N350.4 billion ($242 million), lifting its paid-up capital to N614.6 billion ($425 million).

With higher capital buffers in place, banks are reassessing how best to deploy fresh funds as domestic earnings normalise following two years of windfall gains.

As part of the approval, Zenith has been required to retain Paramount’s 78 employees for at least 12 months after the transaction is completed.

The bank is listed on the Nigerian and London stock exchanges and operates across corporate, commercial, retail, and investment banking. Its international subsidiaries span the United Kingdom, Ghana, Sierra Leone, Gambia, the UAE, and China.