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Nigerian Banks Lose Millions of Naira in Frauds Due to Lack of Live Detection

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Nigeria Inter-Bank Settlement System (NIBSS) has revealed that the country’s financial sector lost around N52.26 in 2024 to fraudsters, some of whom enrolled fake identities for Bank Verification Numbers (BVNs).

Nigerian Banks Lose Millions of Naira in Frauds Due to Lack of Live Detection

These incidents, observers say, evoke the need for liveness detection systems to secure biometric identity verification by banks and financial institutions in the country.

Specifically, about N329 million from this total amount was directly lost to fraudsters using static images of BVNs to activate financial transactions, NIIBSS said in its latest report on financial fraud trends in Nigeria.

According to Punch, the NIBSS report indicates that the BVN fraud scheme was facilitated by some enrollment agents registering still images as if they were live, allowing ill-intentioned individuals to use those fraudulent BVN records to open bank and mobile money accounts to carry out transactions.

Liveness or presentation attack detection is not always used for in-person biometric enrollments, but if not the integrity of enrollments can be undermined by the kind of collusion observed in these incidents.

Per the report, many of the fraudulent BVNs were given Nigerian names to dissipate any strong suspicion, but the fake accounts were eventually discovered and deleted with the suspects tracked down for arrest and possible prosecution.

An additional N400 million ($270,000) in fraud was carried out with stolen identities in the past year, according to 21st Century Chronicle.

Nigeria introduced the BVN system in 2014 with the idea being to strengthening banking security. It has since been an official requirement for anyone opening a bank account or carrying out a banking transaction.

The federal government insists that all bank accounts must be linked to the biometric bank ID number.

Last year, Dermalog said it now ensures BVN use for over 64 million Nigerian bank account owners.

“Still images of Asians and Nigerians are taken and enrolled for BVN by recalcitrant agents. An estimated N329m being proceeds of fraud was received into some of the accounts opened with the BVN generated with these still images a few days before the fraud,” Punch quoted the NIBSS report as stating.

The report offers insights into other fraud indicators, noting for example that the 52.26 billion Naira lost to fraudsters in 2024 is a massive jump from the 11.6 billion Naira loss recorded four years earlier. Paradoxically, there were more fraud cases reported then than in 2024.

In the face of the growing financial sector threats and scams, actors in the industry are of the opinion that stronger response measures need to be taken, in terms of strengthening the regulatory frameworks.

Adaora Eze, fintech expert and CEO of Digital Finance Solutions, told Blueprint newspaper that “the regulatory landscape needs to evolve in response to these emerging threats” and that “financial institutions must implement stricter compliance measures, and the government should introduce more stringent policies to ensure accountability.”

“Without these interventions, fraud losses will continue to rise,” she opines.

NIBSS released a similar annual fraud landscape report in 2023 in which it also noted high levels of financial sector fraud in the country.


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World Bank Blocks Social Media Comments from Nigerians over Loan Backlash

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World Bank has restricted comments on its Instagram page after thousands of Nigerians flooded the platform begging them to stop lending money to Nigeria.

World Bank Blocks Social Media Comments from Nigerians over Loan Backlash

The protest erupted after reports that President Bola Ahmed Tinubu is seeking a fresh $1.25 billion dollar loan for approval on June 26.

Some Nigerians asked the World Bank to provide more details about the purpose of the loan and how the funds would be managed.

Others said the country should reduce dependence on foreign loans and focus on improving local revenue.

The federal government has continued to defend its borrowing plans.

Officials say the funds will support economic reforms, development projects and efforts to strengthen the economy.

Nigeria remains one of the major borrowers from the World Bank in Africa, with different administrations securing loans over the years for infrastructure, social programmes and economic support.


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Lagos Plans New Cybersecurity Centre

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The Lagos State Government plans to establish a Cybersecurity Operations Centre to strengthen protection of government systems, digital services and citizen data amid rising cyber threats linked to the city’s expanding digital economy.

Tunbosun Alake, Lagos commissioner for innovation, science and technology, said the centre would help secure the infrastructure supporting online payments, e-government services, cloud platforms and technology-driven business operations across the state.

According to Alake, the facility will monitor, detect and respond to cyber threats targeting government networks, digital transactions and sensitive public data.

The move comes as Lagos accelerates its smart city agenda through investments in broadband infrastructure, digital identity systems and automated public services.

Alake said Lagos had already deployed 109 Data Protection Officers across Ministries, Departments and Agencies, which he described as the highest number among Nigerian states, to strengthen compliance with data protection regulations.

Alongside the proposed cybersecurity centre, the state also launched the Lagos Campus Network Upgrade project aimed at improving digital infrastructure within the public sector.

The upgrade is expected to improve network performance, automate internal government processes and enhance digital engagement with residents. The cybersecurity initiative follows the release of Lagos State’s cybersecurity guidelines in April.

The framework recommends measures including multi-factor authentication, vulnerability testing, encrypted backups and tighter endpoint security controls.

The guidelines align with Nigeria’s Cybercrime Act 2024, the Nigeria Data Protection Act 2023 and the National Cybersecurity Policy and Strategy 2021.

 


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LG Electronics Strengthens Household Energy Efficiency in Nigeria with Advanced Inverter Refrigerator Solutions

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LG Electronics (LG) is reinforcing its commitment to smarter and more energy‑efficient living by spotlighting its range of inverter‑powered refrigerators designed to meet the evolving needs of Nigerian households.

As electricity costs continue to rise and inflationary pressures shape consumer spending, LG’s refrigerator portfolio is positioned as a practical solution that combines dependable performance with responsible energy consumption.

Refrigerators are among the most frequently used appliances in Nigerian homes, operating 24 hours a day and accounting for a significant share of household electricity usage. LG addresses this challenge through its proprietary Inverter Compressor technology, which intelligently adjusts cooling power based on actual usage conditions.

By reducing unnecessary energy draw, the system delivers stable temperature control while helping households lower energy consumption and manage monthly utility costs more effectively.

Beyond energy savings, LG refrigerators are designed to support food security and reduce waste, an increasingly important consideration for families navigating rising food prices. The inverter system enables faster cooling recovery after power interruptions and helps maintain consistent internal temperatures, preserving food freshness for longer periods. With fewer friction points in the compressor design, LG refrigerators also offer enhanced durability and long‑term reliability, minimizing maintenance costs over time.

LG’s energy‑saving refrigerator lineup includes Top Mount, Side‑by‑Side, and Door‑in‑Door models, each tailored to different household sizes, storage needs, and lifestyle preferences. The Top Mount refrigerators offer practical, space‑efficient designs ideal for everyday family use, delivering reliable cooling with optimized energy efficiency.

The LG GN-F452PFAQ model keeps food perfectly fresh with FRESH Converter+ that optimizes temperature as per food items and never runs out of ice with the Auto Ice Maker.

For households that require larger storage capacity and improved organization, Side‑by‑Side models provide generous interior space, improved visibility, and consistent cooling across compartments.

For more design‑conscious consumers, LG’s Door‑in‑Door refrigerators reduce cold air loss by allowing quick access to frequently used items, supporting both energy efficiency and long‑lasting freshness.

At the premium end, LG continues to innovate with advanced models such as the MoodUP™ refrigerator, which combines customizable aesthetics with functional energy‑saving features like the InstaView panel, allowing users to view contents without opening the door and reducing unnecessary cold air loss. This refrigerator comes with a washing machine as a bundle promotion.

According to LG, this range‑based approach reflects a deep understanding of how Nigerian households differ in size, consumption habits, and lifestyle needs.

“Nigerian consumers are becoming more intentional about how they use energy and manage household costs,” said Mr. Oktai Kim, General Manager, Home Appliance Solutions, LG Electronics Nigeria. “By offering a diverse range of inverter‑powered refrigerators, we are giving families the flexibility to choose solutions that suit their homes while delivering long‑term value through energy efficiency and dependable performance.”

Rather than focusing on technology alone, LG’s energy‑saving refrigerator portfolio emphasizes everyday benefits, efficient operation, reliable cooling, and designs that adapt to real living conditions. Available nationwide, LG refrigerators continue to support smarter living and economic resilience, reinforcing the company’s commitment to delivering durable, consumer‑focused home solutions for Nigerian households.


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