Stakeholders at the Customers’ Forum organized by the Bulkpost venture, an outfit of the Nigeria Postal Service (NIPOST) have frowned at unethical practices in the industry, especially the emergence of conversion of dividend warrants.
Mallam Ibrahim Mori Baba, post-master general of the Federation (NIPOST) said that theme of the Forum: “Nipping in the Bud the Re-Emergence of Conversion of Dividend Warrants: The Role of the Bank,” demonstrated the aspiration of the Service to eliminate most of the hideous activities which make effective delivery of capital market mail very difficult, if not impossible.
“Our concern stems from the realization of that gone are the days when some government agencies rely upon monopoly to hide their inefficiency and poor performances,” he said.
He added the imperative is also culled from believe that competition has become a key characteristic in the global economy and that postal services operate within the global communication marketplace that is growing more competitive and diverse.
Bayo Olugbemi, managing director and chief executive officer, First Registrars and chairman of the occasion, identified that fraudulent practices in the financial industry has permeated other sectors like the postal and courier because they are important stakeholders, hence the need to nip in the bud the trajectory of the incidences.
He also called on the courier operators and the banks to embrace integrity and curb all miscellaneous fraud practices like manipulation of customers’ salary scheme, fraudulent liquidation o f customer’s investment, dry posting into staff account, and conversion of dividend warrants as well as the late delivery of services.
He added that NIPOST and the courier firms should hurriedly carry out “Know Your Customer” (KYC) report to update their delivery addressing systems.
Speaking on the theme, Mr. Paul Eluhaiwe, director, Development Finance Department, Central Bank of Nigeria (CBN), defined dividend as, “A payment made by a corporation to its shareholders, usually as a distribution of profits”. Therefore, it remains one of the key factors that drive market activities and aid investment decisions.
He said that despite the significance of dividends to investors, the stock of unclaimed dividends from the nation’s bourse reached N60bn in 2012 from N42bn in 2011; hence the knowledge of the magnitude of unclaimed dividends is one of the factors that caused the re-emergence of illegal conversion of dividend warrants.
Meanwhile, according to the Financial Institutions Training Centre (FITC) released report on frauds and forgeries in the Nigerian banking industry between July and September 2012, it received 59 returns from 22 deposit money banks in the 3rd Quarter of 2012. Of these, 20 were received for the month of July, 18 for August, and 21 for September.
“Analysis of these returns indicates that the banking industry reported a total of 1,501 cases of frauds and forgeries in the period under review from 1,103 cases reported in the preceding period,” he added.
Also speaking, Adeola Odetunde, presenting a paper on behalf of Mr. Ibrahim Lamorde, chairman of the Economic and Financial Crimes Commission (EFCC) reminded the attendees that a fair suit towards the fight of fraudulent conversion of dividend warrants, calls for strong institutional framework and integrity of staff.
According to him, the registrars have enormous responsibility to ensure that information relating to various stakeholders in their database are not leaked to fraudsters.
“Investigation into some reported cases of fraudulent conversion of dividend warrants has shown that, sometimes, the fraud was made possible because of compromise of stakeholder information in the database of the Registrar,” the EFCC chieftain said.
He added that market operators, banks, post offices and other critical stakeholders should be weary of the trends of the crime, impersonation and forgery and should aid the EFCC in trying culprits.
On his part, Dr. Mike Umo, general manager, Bulkpost Venture, and the Organizers of the Forum said that the Forum was conveyed for stakeholders to share their thoughts and suggestions on how to tackle to issue and other unwanted obstacles that have made business processes unsecured and unhealthy for the practitioners.
“It is a way to show that we care about the happenings in the industry. Nipping in the Bud the Re-Emergence of Fraudulent Convention of Dividend Warrant: the Role of the Bank, is a topic borne out of our desire to address some to the challenges we are having in the field. For instance, the Convention on Dividend Warrant (CDW) has been there; at a time, it was removed, all of a sudden the Convention reemerged. So we have been having challenges with different Registrars writing to us that a lot of customers are complaining they did not see their dividend warrant.
“In BulkPost we do not deliver mails. We only collect, flank and distribute them to Central Mail Processing Centers (CMPC). That is where our duties end. Whatever happens from that point we do not know. So when people started complaining we felt it is important we bring the topical issue to bear,” he explained.
NCC Arrests Man for Hacking into DSTV System
Nigeria Copyright Commission (NCC), has arrested one Mr Aliu Olalekan, for allegedly hacking into DSTV system and watching the channels free without subscription.
Mr Matthew Ojo, NCC Director in the Lagos Directorate Office said this while speaking with newsmen in Lagos, on Tuesday.
He said that the suspect used to watch DSTV channels free without subscription on his Android phone via an app which he downloaded on google play store.
“This suspect distributed the know-how to his telegram followers and on his blog with the aim of gaining more followers and viewership on his blog and makes more money through google ad-sense.
“The operation was based on surveillance which had earlier been carried out by the Multi-choice team and verified by a copyright inspector, ” he said.
He added that the arrest was made in collaboration with a team of copyright inspectors led by the Head of Enforcement Department, Mr Charles Amudipe.
Others included; a team from Multichoice Nigeria led by Mr Umar Ibrahim and policemen from Lagos Command Headquarters, Ikeja.
Ojo said that the joint team conducted an anti-piracy operation at the premises of the culprit in Amukoko, Lagos.
According to him, the suspect was contacted on phone by a member of the operation team on the disguise of patronising him. “The suspect came out to meet the caller and in the process of discussion, he was apprehended.
“The suspect took the team to his resident. The squad paraded his one-room apartment and recovered his laptop and phones used in perpetrating the ungodly act. “He was arrested and brought to the copyright commission office for further investigation, ” he said.
Ojo said that, on getting to the commission’s office, the statement of the suspect was taken and the inventory of items seized from him taken. He said that investigation on the matter was still ongoing and if found guilty the suspect will be charged to court.
NCC, Digital Encode Support NITRA Innovative Tech Forum On Post-COVID-19 Strategies
The Nigerian Communications Commission (NCC), Nigeria’s telecommunications regulator and Digital Encode, Cybersecurity and Compliance advisory company, have indicated interest to partner with the Nigeria Information Technology Reporters Association (NITRA), the national umbrella body of ICT reporters, as it organizes a forum that will x-ray the industry’s future plans for ICT growth post pandemic era.
The event, slated to hold on October 15, 2020, will seek to discuss the needs for a fortified ICT sector after the COVID-19 era, and the level of preparedness of ICT stakeholders to embrace the challenge of being pivotal to the stability and growth of all other sectors.
A statement from NITRA National Secretariat in Lagos indicates that due to the pandemic and need to observe the COVID-19 protocol on social distancing, the event will be held via a Webinar.
This year’s theme, “Multi-stakeholder Approach To National Recovery Post-Pandemic”, is in line with the annual event’s generic theme, ‘NITRA Innovative Tech Forum’, a contribution by NITRA to the development of Information and Communication Technologies (ICTs) innovations and policies in Nigeria.
Prof. Umar Danbatta, executive vice chairman, NCC is expected to deliver the keynote speech at the event and will throw more light on Federal Government’s plans, programmes and policies on post-pandemic strategies using ICT.
Dr. Adewale Obadare and Dr. Seyi Akindeinde, founders of Digital Encode, while accepting to support the event expressed their readiness to offer their expertise in Cybersecurity for organisations to prepare against cyber- attacks with the new normal.
They will also highlight areas that are high risks that need fortification in terms of cybersecurity.
Speaking on the event, Mr. Chike Onwuegbuchi, national chairman, NITRA, noted that as the COVID-19 pandemic continues to leave its negative trails across the globe, economic reboot for countries will not only depend on how well they readapt to the new normal, but also more on their recovery plans.
According to him: “While the federal government has consistently expressed its willingness to set all policies in place to engender growth, and accelerated implementation of these policies, private sector firms have also shown great hunger for the task ahead in post-COVID-19 era.
However, the question that needs to be answered is whether all stakeholders are ready for the required task ahead.”
The event will also offer participating companies opportunities to publicize some of their individual efforts at contributing to reacting a soft landing or lifeline for SMEs and other ancillary companies as the pandemic threatens their survival.
Digital Encode is a multi-award winning and leading consulting and integration firm that specializes in the design, management, and security of business-critical networks, telecommunications environments and other Information Technology (IT) infrastructures.
NCC Threatens Illegal Users of GSM Boosters with Arrest, Prosecution
Nigerian Communication Commission (NCC) has warned telecom consumers to desist from using illegal GSM boosters.
The commission also said that anyone caught using a GSM booster without obtaining approval of a duly licensed network operator will face arrest and prosecution.
GSM boosters are devices that transmit and receive telecommunications signals and can therefore interfere with other radio frequency equipment.
Ikechukwu Adinde, director, public affairs, NCC, said in a notice published on NCC website, that only licensed network operators are allowed to use GSM boosters.
The booster, also known as amplifier or repeater is made up of three main elements – exterior antenna, amplifier, and interior antenna.
They form a wireless system to boost cellular reception
“Members of the public should note that, willful interference with any wireless telegraphy is an offence under Section 16 of the Telegraphy Act, 2004,”it said
The agency said it will not condone any flagrant breach of this law.
It has also enforced measures to prosecute offenders.
Accordingly, monitoring mechanisms have been put in place and anyone caught using a GSM booster without obtaining approval of a duly licensed network operator will face arrest and prosecution.
“Any member of the public with useful information regarding the illegal use of GSM Boosters should contact the Commission on 09-4617000/7351 or send an email to [email protected],” the notice said.
“Individuals desirous of using GSM Boosters should note that they can only do so in conjunction with licensed network operators,” it added.
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