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Staff, Robbers Steal N12Bn from Banks in 2017- Report

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Nigeria Deposit Insurance Company (NDIC) has said that financial institutions in the country lost some N12.01 billion in 2017, representing an increase of 38 per cent increase over the N8.68 billion reported in 2016.

Staff, Robbers Steal N12Bn from Banks in 2017- Report

The losses resulted from increasing cases of robbery and fraud involving bank staff.

The Central Bank of Nigeria (CBN) also reported a staggering rise in the reported cases of such incidences from 16,762 in the first half of the financial year of 2017 to 20,768 in the corresponding period of 2018, according to the Sun.

The public domain is awash with reported cases of such fraudulent activities, which include fraudulent transfers/withdrawals, cash suppression, unauthorised credits and fraudulent conversion of cheques, diversion of customer deposits, diversion of bank charges, burglary and presentation of forged or stolen-cheques.

Records show that some bank staff (names withheld), aside documentary fraud, sometimes stage-manage robbery or connive with outsiders to perpetrate such act.

A seven-man syndicate arrested recently by Operatives of the Rapid Response Squad (RRS) over botched  transfer of N25 million from a local bank  and a $220,000 from an international account confirmed to investigators that they work with bank insiders.

The members of the syndicate still under investigation. Police investigations revealed that the fraudsters scout for obituaries of well- to- do members of the public, use bank insiders to determine the deceased account balance, clone their SIM cards for online transfer. It was learnt that one of the bank insiders was arrested in Lagos while another one based in Benin is on the run after suspecting the gang has been busted and that police are on his trail.

Also recently, the Economic and Financial Crimes Commission (EFCC) Benin zone, arrested a staff of a first generation bank over alleged stealing of N18.9 million from the bank.

The suspect is said to be in charge of the ATM gallery keys.

Unknown to him, according to the report, the CCTV footage captured him walking into the ATM gallery, using a nylon bag to cover the CCTV and disappearing with the money until he was arrested.

Sometime ago, EFCC arraigned a 36-year-old banker (names witheld) before Lagos State High Court, Ikeja, on one count-charge of stealing.

The anti-graft agency counsel, Mr. U.U. Buhari, said : “The defendant dishonestly converted to his use, the sum of $200,000 belonging to Insurance Brokers of Nigeria (IBN), using his position as a bank’s relationship officer to the complainant.”

A customer care officer in a bank connived with robbers to steal N7million from an Automated Teller Machine in the bank. When he was arrested, he confessed to mobilising the criminals, “Thinking it was something I could pull off easily,” he said.

“I simply told them how they should enter the bank, where to find the mobile policeman guarding the bank and how to disconnect the CCTV cameras.”


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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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E-Financial

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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