Connect with us
nairametrics
UBA ads

Business News

CBN makes move to combat internet fraud

CBN said it is developing a Risk Based Cyber Security Framework for financial institutions.

Published

on

In a bid to counter the high rate of internet fraud in Nigeria, the Central Bank of Nigeria (CBN) said it is developing a Risk Based Cyber Security Framework for financial institutions.

The CBN Governor, Godwin Emefiele, who was represented by the apex bank’s Deputy Governor, Financial System Stability, Aishah Ahmad, during the Nigeria-JP Morgan Chase Cyber Security Conference in Abuja, said the framework would ensure appropriate cyber security of data in Nigeria’s banking system.

UBA ADS

Emefiele said:

“Technology has transformed the way we learn, communicate, deliver services, conduct financial transactions and even experience entertainment. However, these new conveniences of modern technology have ushered in complex security challenges and cyber-crime.”

According to McAfee’s Centre for Strategic and International Studies, the annual cost of cyber crimes in 2017 hit $600 billion worldwide as hackers become more sophisticated and criminal marketplaces and cryptocurrencies thefts multiply.

In its recent report on the costs of cyber attacks, not only are the losses rising, but there are a growing number of cybercrime centres in the world, which now include Brazil, India and Vietnam, in addition to North Korea.

GTBank 728 x 90

The McAfee report noted that theft of intellectual property now represents about 25% of the cost of cybercrime in 2017. Other attacks such as those involving ransomware are also growing rapidly.

Recall that the CBN had made known its intention to partner the Chartered Institute of Bankers of Nigeria (CIBN) as Nigeria continues to battle rising cases of internet-related crimes particularly in the banking sector. The move was to proffer a solution to the alarming rate of cyber crimes.

Dr. Okwu Joseph Nnanna, CBN’s Deputy Governor, Financial System Stability, who disclosed the apex bank’s move said Nigeria is currently struggling with cyber-crime more than ever before.

onebank728 x 90

Patricia

Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ). Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Financial Services

Zenith Bank and GTBank are considering paying interim dividends despite COVID-19

Analysts earlier predicted that banks may hold off on dividend payments as a way of cutting down on costs in view of COVID-19.

Published

on

Zenith Bank’s board of directors is set to meet on July 23rd, 2020 to consider the tier-1 bank’s audited financial statements for half-year 2020. The directors will also consider “the proposal for recommendation of interim dividend for shareholders,” said a notice that was sent by the company to the Nigerian Stock Exchange.

In a similar development, Guaranty Trust Bank Plc said in a statement to the NSE that “issues relating to half-year dividend may also be discussed” when its board of directors meet later this month.

UBA ADS

Zenith Bank and GTBank, which are two of the most profitable banks in Nigeria, have always paid interim dividends to their shareholders. However, analysts earlier predicted that many banks may hold off on dividend payments as a way of cutting down on costs, in view of COVID-19 and its attendant economic implications. It is, therefore, fascinating to see that Zenith Bank and GTBank are considering interim dividends nonetheless.

Elsewhere, banks around the world have either been warned not to pay dividends at all or to be careful with dividend payouts. In April, The Economic Times reported that the Reserve Bank of India advised Indian banks to suspend dividend payments in order to conserve their capital amid the pandemic. In a similar development, regulators in Europe also banned European banks from paying any dividend in 2020. In Australia, banks were advised to slash their dividend payouts. Meanwhile, over in North America, the US Federal Reserve announced in late June that it will temporarily restrict dividend payouts by some of the country’s biggest banks, the New York Times reported.

As Nairametrics had repeatedly reported, the COVID-19 pandemic is expected to adversely impact different sectors of the Nigerian economy, including the financial institutions. An earlier report by Nairametrics quoted Augusto & Co to have predicted how the pandemic would weaken Nigerian banks’ assets. An April report by PwC also highlighted some of the ways COVID-19 could impact Nigerian banks.

GTBank 728 x 90

In the meantime, the Banking Industry Risk Indicator (BIRI) in Nigeria stands at a score of 12.14 out of 100, according to a recent analysis by Fitch Solutions, as Nairametrics reported.


Do note that Zenith Bank Plc has declared a closed period for the trading in its stock starting from July 6th, 2020. The closed period will last until 24 hours after the company’s half-year 2020 financial report is released to the public. In the meantime, all persons with inside knowledge of Zenith Bank’s affairs shall be prohibited from buying and selling the company’s stock during the closed period. 

onebank728 x 90
Patricia
Continue Reading

Financial Services

GTBank declares closed period as directors meet July 22nd to consider H1 result

GTBank reported a net interest income of N64.28 billion in Q1 2020 as against N53.58 billion in Q1 2019.

Published

on

GTBank H1 2020 result

Guaranty Trust Bank Plc (GTBank) has declared a closed period ahead of the release of its audited half-year 2020 financial statements.

A corporate disclosure that was signed by the Company Secretary (Erhi Obebeduo) and sent to the Nigerian Stock Exchange said the closed period commenced on July 3rd, 2020. In line with the listing rules of the NSE, the closed period is expected to last until twenty-four hours after the bank’s financial statements have been released to the public.

UBA ADS

Note that the implication of the closed period is that all persons with insider knowledge of the company’s affairs are hereby prohibited from trading the company’s stock.

READ ALSO: Fidelity Bank announces closed period as it readies to release unaudited Q1 2020 result

Meanwhile, members of GTBank’s board of directors are scheduled to meet on July 22nd to consider the audited HI 2020 financial statements. A separate notice that was sent to the NSE said:

GTBank 728 x 90

“Pursuant to the post-listing requirements of the Nigerian Stock Exchange for quoted companies, Guaranty Trust Bank Plc hereby informs you that the board of directors of our bank is scheduled to meet on Wednesday, July 22, 2020, to consider the audited financial statement for the half-year ended June 30, 2020. Issues relating to half-year dividend may also be discussed at the meeting.”

The audited financial statements for half-year 2020 shall be sent to the Central Bank of Nigeria for approval prior to being made public through the Nigerian Stock Exchange.

READ ALSO: Analysis: GTB is minting profits but CBN is squeezing its cash.

onebank728 x 90

Recall that GTBank reported a net interest income of N64.28 billion in Q1 2020 as against N53.58 billion in Q1 2019. In the same vein, the tier-1 bank’s profit before tax grew by 2.1% to N58.2 billion, up from N57 billion in Q1 2019. Profit after tax also grew from N49.3 billion in Q1 2019 to N50 billion in Q1 2020.

GTBank closed last week’s trading on the Nigerian Stock Exchange with a share price of N20.80, according to trading reports seen by Nairametrics. Year to date, the stock has lost by more than -19%.

app
GTBank 728 x 90
Patricia
Continue Reading

Coronavirus

COVID-19: WHO stops hydroxychloroquine, HIV drugs trial after failure 

The WHO boss had earlier warned that the worst is yet to come from the coronavirus pandemic.

Published

on

Dr Tedros Adhanom, Head of the World health organization (WHO), COVID-19

The World Health Organization (WHO) has announced that it was going to abandon its trials of the malaria drug, hydroxychloroquine and combination of HIV drug, lopinavir/ritonavir on hospitalized patients that have coronavirus disease after they failed to reduce the death rate. 

This is a major setback for the WHO in the face of a second wave of the virus outbreak in US, China, Asia and some American countries. The United Nations (UN) health agency reported over 200,000 new cases of the disease globally, the first time in a single day. 

UBA ADS

According to a statement from the WHO, ‘’These interim trial results show that hydroxychloroquine and lopinavir/ritonavir produce little or no reduction in the mortality of hospitalized COVID-19 patients when compared to standard of care. Solidarity trial investigators will interrupt the trials with immediate effect.’’ 

READ ALSO: Nigeria’s ratings risk downgrade over rising debt and lower revenue

The WHO has hinged its decision on the recommendation of the trial’s international steering committee and does not affect other studies where those drugs are used for non-hospitalized patients. 

GTBank 728 x 90

Another aspect of the WHO-led trial is looking at the potential effect of Gilead’s antiviral drug remdesivir on COVID-19. The European Commission gave remdesivir a conditional approval for use on Friday after it was discovered that it helps reduce hospital recovery times. 

The trial which is led by WHO started with five branches looking at possible treatment approaches to coronavirus. They include, standard care, remdesivirhydroxychloroquinelopinavir/ritonavir, and lopanivir/ritonavir combined with interferon. 

The WHO Director-General, Tedros Adhanom Ghebreyesus, disclosed on Friday that almost 5,500 patients in 39 countries had been recruited into its clinical trials and that interim results were expected in the next two weeks. 

onebank728 x 90

There are about 18 experimental COVID-19 vaccines that are being tested on humans with almost 150 treatments under development. 

A top emergency expert from WHO, Mike Ryan, said it would not be wise to predict when a vaccine could be ready because while a vaccine candidate might show its effectiveness by the end of the year, the challenge might be how soon it could be mass-produced. 

READ MORE: Developing countries will pay less for COVID-19 drug – Gilead reveals 

app
GTBank 728 x 90

The WHO boss had a few days ago warned that the worst is yet to come from the coronavirus pandemic due to lack of global solidarity and the susceptibility of most people to the virus, which still has a lot of room to move. He stated that contact tracing of people that are infected with the virus is the most important step in fighting the coronavirus pandemic. 

The UN health agency had also revealed its plans with its partners to buy 2 billion doses of COVID-19 vaccines for the most vulnerable people across the globe. The plan projects that the doses of the COVID-19 vaccine will be distributed to countries with special priority on high-risk persons like people above 65 years, health care personnel and other adults with ailments like diabetes.  

 

Patricia
Continue Reading