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EFCC, SFU Tighten Noose on 9 Banks Over Cybercrime

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Economic and Financial Crimes Commission (EFCC) and the Special Fraud Unit (SFU) of the Nigeria Police Force are presently handling different Cyber-related crimes cases involving banks and other financial institutions, according to a report by the Political Economist.
 

The report contained that the Commission and the SFU are handling some 197 cases involving over nine commercial banks and six Bureau D’ Change, respectively.

The Political Economist reported that EFCC Lagos office alone operatives were trying to solve the puzzle behind some 100 of such cases, whereas the Police detectives at SFU at Milverton Road, Ikoyi in Lagos  are still combing through the files and scouring the monetary system to unravel some 97 cases.

Tunde Ogunsakin, a police commissioner (CP) and head of the SFU, said, “We are treating a large number of Cybercrime cases. Let me say this, we have a special unit handling such matter here and that is for professionalism and dispatch.”

According to him, over nine commercial banks (names withheld) all based in Lagos are being investigated for Cybercrime cases ranging from illegal transfer of money through the internet, by-passing the Nigerian Financial Intelligence Bureau (NIFIU) or other related security agency.

He posited that, even with the sophistication of the cyber criminals, “SFU has been able to give them sleepless nights, especially in the city of Lagos and Abuja. We have successfully charged over five of them to court and the trial is still going on at various courts in the country.”

At EFCC where some 100 of Cybercrime related cases were reported last year alone, and are currently under-going investigation, the Chairman of EFCC, Ibrahim Lamorde said over 50 of these cases are before a court of competent jurisdiction in Lagos.

He also said that presently five banks in Lagos have been warned by the anti-graft agency for engaging in electronic fund transfer fraud, while five persons are currently serving various prison sentences.

He maintained that fight against the heinous crime requires every citizen’ involvement; “After all it is all of us that are being treated with contempt outside the shores of this country, so everybody must get involved in this fight.”

In the cases involving Bureau D’ Change, Lamorde said the concerned operators have been sanctioned accordingly. He said such sanctions include withdrawal of operating license and forfeiture of such money to the state.


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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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