E-Financial

Hackers Hit ATMs in Lagos

Published

11 years ago

April 7, 2015

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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.

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E-Financial

Africa Prudential Launches Sabivest to Boost Digital Investment Access

Published

5 hours ago

May 11, 2026

Chike Onwuegbuchi

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Africa Prudential Plc has launched Sabivest, a digital shareholder and investment management application, as part of efforts to deepen access to investment opportunities and enhance transparency in Nigeria’s capital market.

Unveiled in Lagos, the platform is designed to provide investors with a centralised system for managing shareholdings and tracking portfolio performance across multiple investment products.

At the launch, the Chairperson of Africa Prudential Plc, Christabel Onyejekwe, said the initiative reflects the company’s commitment to leveraging innovation to improve investor experience and participation.

“Sabivest provides a unified ecosystem that enables individuals and institutions to seamlessly access, monitor and grow diversified financial assets through a single interface,” she said, describing the platform as a significant step in advancing digital transformation within the capital market.

The Managing Director, Catherine Nwosu, noted that the application, which is available for download on both iOS and Android platforms, was developed to address structural challenges that have continued to limit investor efficiency, including fragmented investment accounts, restricted access to diverse financial instruments, and inadequate visibility into portfolio performance.

According to her, the platform aggregates multiple investment services, offering users real-time insights and control through a centralised dashboard.

She added that Sabivest features consolidated portfolio views, performance tracking, asset allocation insights, and electronic dividend management, alongside tools for monitoring, documenting, and recovering unclaimed dividends.

The launch also featured a roundtable session themed, “Building Trust and Driving Innovation in Nigeria’s Capital Market,” where stakeholders emphasised the importance of technology-driven solutions in strengthening investor confidence and expanding market participation.

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E-Financial

Transcorp Excites Shareholders with ₦20.3 Billion Dividend @20th AGM

Published

5 hours ago

May 11, 2026

Ugo Onwuaso

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Transnational Corporation Plc (“Transcorp Group” or the “Company”) (NGX: TRANSCORP), Africa’s leading listed conglomerate with strategic investments in power, hospitality and energy, has declared a total dividend of ₦20,323,995,148, representing ₦2.00 per share to its shareholders, at its 20th Annual General Meeting (AGM), held at the new state-of-the-art Transcorp Centre Abuja.

Group Chairman, Mr Tony O. Elumelu, CFR; President/Group CEO,, Mrs. Owen D. Omogiafo, OON; and Company Secretary, Ms. Atinuke Kolade, during the 20th Annual General Meeting (AGM) of Transnational Corporation Plc( Transcorp Group) held in Abuja at the weekend

The total dividend comprises an interim dividend payment of ₦4,064,799.030, representing 40 kobo per share, paid in August 2025, together with a final dividend of ₦16,259,196,118, equivalent to ₦1.60 per share.

At the AGM, where the shareholders approved the Audited Financial Statements for the year ended December 31, 2025, the Group Chairman of Transcorp Plc, Mr Tony O. Elumelu, CFR, restated the company’s commitment to delivering sustainable long-term value creation as shareholders commended the conglomerate and its management for sustained performance.

In 2025, the Group, with a combined market capitalisation of ₦4.78 trillion ($3.52 billion) as of May 7, 2026, recorded strong year-on-year growth across all key metrics. Revenue increased by 33% to ₦544 billion (FY 2024: ₦408 billion). Profit Before Tax rose 31% to ₦179.5 billion (FY 2024: ₦136.7 billion), while Profit After Tax surged 44% to ₦135.9 billion (FY 2024: ₦94.1 billion)

Mr. Tony O. Elumelu, CFR, Group Chairman, Transnational Corporation Plc said: “Transcorp Group remains firmly focused on strong corporate governance and the disciplined execution of its strategic priorities to deliver sustainable, long-term value. Despite a challenging macroeconomic environment, the Group continues to benefit from its diversified portfolio, which has underpinned resilient financial performance in 2025.

Mrs. Owen D. Omogiafo, OON, President/Group CEO, Transnational Corporation Plc said: “FY 2025 was a year defined by disciplined execution, strategic resolve, and resilient performance. Transcorp Group is committed to resolving the energy crisis in Nigeria; we have an energy situation, and the gap between the demand and supply is still very wide. Hence, we will continue to work assiduously and tirelessly towards bridging that gap, creating value for the wider country.

In our hospitality business, the 5,000-seat capacity Transcorp Centre hosting us today is a testament to our disciplined execution, and you will see more in the coming years.

While commenting on the performance, one of the shareholders, Mrs E. O. Obideyi, commended the management of Transcorp Group, saying, “I commend the management and staff of Transcorp for sustained performance year-on-year. While we appreciate the Board, I am also extending my commendation to the members of staff of Transcorp for a job well done.”

Another Shareholder, Mr Moses Igrude, commended the Board, Management and Staff of Transcorp Plc. He said: “I appreciate the vision behind Transcorp and what it has become. When I look at the history, and how far it has come under Mr Tony Elumelu’s leadership, I am proud that the aim and objectives are being achieved. That payoff line, ‘Improving lives and transforming Africa,’ is a reality we are witnessing.

Transnational Corporation Plc (Transcorp Group) is one of Africa’s leading listed conglomerates, with strategic investments in power, hospitality and energy, driven by its mission to improve lives and transform Africa.

The Group’s power businesses — Transcorp Power Plc and Transafam Power — provide over 20% of Nigeria’s installed power capacity. Transcorp is also advancing Nigeria’s domestic energy value chain through its investment in OPL281. Its hospitality subsidiary, Transcorp Hotels Plc, owns the iconic Transcorp Hilton Abuja and the landmark Transcorp Centre Abuja.

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E-Financial

IMF Fears AI-Powered Cyberattack Could Spark Global Financial Crisis

Published

2 days ago

May 9, 2026

Ebere Melum-Nwogbo

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International Monetary Fund (IMF) has warned that artificial intelligence (AI) is significantly increasing the danger of cyberattacks on the global financial system.

IMF Fears AI-Powered Cyberattack Could Spark Global Financial Crisis

Pic credit… saturnpartners

According to a blog post from the IMF, these AI-driven threats could turn isolated security breaches into severe economic disruptions, potentially freezing payments, shaking markets, and undermining public trust in banks worldwide.

In its analysis, the fund highlighted a specific example involving the controlled release of an advanced AI model called Claude Mythos Preview by Anthropic.

The IMF noted that this model demonstrated the ability to identify and exploit weaknesses in all major operating systems and web browsers, even when used by individuals without specialized expertise.

The IMF cautioned that AI could heighten risk concentration within the financial system.

A single exploited vulnerability might cascade across numerous institutions simultaneously due to heavy reliance on a limited number of cloud providers, software platforms, and AI models.

Such events could escalate from operational issues to macro-financial shocks, triggering confidence crises, liquidity problems, and fire-sale dynamics in markets. The organization also acknowledged that AI forms part of the solution.

As attackers operate at machine speed, financial institutions are deploying their own AI-assisted tools for threat detection, fraud prevention, and faster incident response.

The IMF highlighted a geopolitical dimension to the threat, noting that cyber risk crosses national borders and that inconsistent oversight among countries could weaken the globally interconnected financial system.

Emerging economies, often with limited resources, may face disproportionate exposure.

The fund urged policymakers to treat cybersecurity as a core financial stability concern rather than a technical or operational matter.

It called for prioritization of resilience standards, systemic supervision, and international coordination to contain breaches before they spread.

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