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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

Nigerian Manufacturing Sector Contracts for 5th Consecutive Month – CBN

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The Manufacturing Purchasing Managers’ Index (PMI) in September stood at 46.9 index points, indicating a contraction in the Nigerian manufacturing sector for the fifth month.

This was disclosed by the Central Bank of Nigeria (CBN) in its September PMI report released last week.

According to the report, four out of the 14 sub-sectors surveyed reported expansion (above the 50 per cent threshold) in September.

It listed the expansion order as electrical equipment; transportation equipment; cement and nonmetallic mineral products.

It said the remaining sub-sectors reported contractions in the following order: petroleum & coal products; primary metal; furniture & related products; printing & related support activities; food, beverage & tobacco products; textile, apparel, leather & footwear; chemical & pharmaceutical products; fabricated metal products and plastics & rubber products; while the paper product sub-sector was stable.

Production

At 47.3 points, the production level index for the manufacturing sector indicated contraction in September for the fifth consecutive month.

Of the 14 sub-sectors surveyed, five recorded increased production level, one reported same level of production, while eight recorded declines in production.

New Orders

At 46.4 points, the new orders index also contracted in September for the fifth consecutive month. Six sub-sectors reported expansion in new orders, while the remaining eight recorded contraction in the month.

Supplier Delivery Time

The manufacturing supplier delivery time index stood at 53.5 points in the month, indicating a faster supplier delivery time for the fifth time.

Six of the 14 sub-sectors recorded improved suppliers’ delivery time, five reported same level, while three recorded slower delivery time

Employment Level

The employment level index stood at 44.1 points, indicating contraction in employment level for the sixth consecutive month.

Of the 14 sub-sectors, two recorded growth in employment, three recorded same level of employment, while the remaining nine recorded lower employment level in the review month.

Raw material Inventories

The manufacturing sector inventories index also contracted for the sixth consecutive time in September to 43.0 points. Four of the 14 sub-sectors recorded growth in inventories, while the remaining 10 recorded lower raw material inventories.


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FG Sacked IST Members over Fraud- Ahmed

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Mrs Zainab Ahmed, minister of Finance Budget and National Planning, has said the Federal Government sacked some past members of the Investments and Securities Tribunal (IST) as they indulged in corruption.

FG Sacked IST Members over Fraud- Ahmed

Inaugurating the new members, the minister charged the new members to eschew corruption and be forthright.

Bar. Azi Amos Isaac was appointed as Chairman for a five year term and Bar. Nosa Smart Osemwengie, was re-appointed as member for a second term of four years.

“The problem with the tribunal has been infighting amongst members, lack of industrial harmony and series of complaints bordering on maladministration.

“This has been the bane of the tribunal and a source of embarrassment not only for the Ministry of Finance but for the government in general,” Ahmed said.

The new chairman, Azi, assured the finance minister that, “the teething issue of restiveness has been addressed since he assumed duty,” adding that, “The place is calm and the staff have become very supportive.”

Azi said since 2003, the tribunal has “given judgment in the value of assets worth over N844 billion and that from 2017 to date, they have given decisions in monetary value totalling over N28bn.

“It has not failed in its adjudicatory responsibility.

“It has carried out its assignment with candour and integrity and intends to improve on what has been on ground.”

 


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CBN Bans Customer-to-Customer Forex Transfer

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Central Bank of Nigeria (CBN) has banned transfer of foreign exchange (forex) from one customer to another.

CBN Bans Customer-to-Customer Forex Transfer

According to the apex bank, forex cash lodgements into domiciliary accounts can only be done by the account owners henceforth.

An internal memo available in the media space explains that the new guidelines are necessary to review the utilisation of inflows into customers domiciliary accounts.

The circular states: “Forex inflows cannot be credited to customers until the legitimacy of funds is established.

“They can have unfettered access by telegraphic transfers up to a limit of $40,000 monthly for payment of medical bills, school fees, subscription to professional bodies subject to existing CBN guidelines.

“Transfers from one customer to another is prohibited. Transfer within related companies is allowed subject to a limit of $50,000 per month.”

It recommended that proceeds from non-oil exports should be sold to banks, used for repayment of dollar term loans, and self-utilisation for trade transactions for LC, bills and Form A.

Also oil export proceeds from E&P companies are to be used to pay contractors and service providers employed by the oil companies in addition to the recommended uses for non-oil FX proceeds.

Offshore forex inflows from other Nigerian banks and internal account to forex transfers sourced from offshore inflows are to be used for trade transactions subject to eligibility for E-Form M.

“Upon confirmation of the legitimacy of the inflows, customers can have unfettered access, subject to a maximum of $50,000,” the document read.

“Utilisation for trade transactions subject to processing of eligible trade transactions using E-Form M. Payment for services must be backed with demand note from offshore beneficiary and other regulatory documents.

“Related party transfers are allowed to the maximum of the inflow received. The transfer request should be backed by a signed instruction from the account holder.” Payment of government fees and levies are also allowed to the maritime, oil and gas, aviation. government parastatals and export processing zones.

 


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