Business News
‘Banks lost N15billion to fraud, cyber-crime in 2018’
The Nigerian banking industry lost N15.15 billion to cyber-crime and forgeries in 2018.
This amount was 539% higher than the N2.37 billion recorded in 2017.
This information was contained in the 2018 report of the Nigeria Deposit Insurance Commission (NDIC), posted on its website on Friday.
According to NDIC, the rising cases of fraud in the banking system could be attributed to the internet and technology-based channels and instruments.
The NDIC report reads: “The increase in the sophistication of fraud-related techniques such as hacking, cyber-crime as well as I.T related products and usages, fraudulent withdrawals and unauthorized credit are the sources through which the perpetrators operate.”
The fraud cases: According to the report, a total of 37,817 fraud cases which stood at N38.93 billion were reported in 2018, over 11,000 more than the 26,182 recorded fraud cases amounting to N12.01 billion in 2017.
[READ: six bank MDs in EFCC net over alleged N2 billion fraud]
- The report showed that the number of Automated Teller Machines (ATM)/card-related fraud cases declined to 10,063 in 2018. This decline was attributed to the improved security features of the cards as well as security awareness on the part of the users.
- Specifically, NDIC stated that internet and technology-based channels accounted for 59.2% of fraud cases and 42.83% of actual total loss suffered during the year.
- However, there was an increase in the number of web-based fraud cases to 12,343 in 2018 from 7,869 in 2017.
Further details: It was further revealed in the report that a total number of 899 staff were involved in fraud and forgery cases during the year This represented over 60% rise when compared to 120 recorded in the previous year.
- 394 temporary staff were involved in fraud cases, accounting for 43.83% of the total number of staff involved in fraud.
- Of the total number of staff, 206 or 22.91% was perpetrated by Officers and Executive Assistants’ Cadre
- Fraud cases supervisors and managers accounted for 13.24% or 199 cases.
Curbing persisting fraud: The NDIC noted that with the consistent rise in the number of temporary staff involvement in fraud and forgery cases, the deposit money banks, as well as the regulators, need to address the problem of temporary or contract staff in terms of welfare and permanent employment in view of the risk their current position poses on the bank’s operations.
What this means is that the banking sector becomes more vulnerable to risks as a result of the alarming rate of fraud and forgery cases within the sector as well as the advancement of technological tools in the financial sector. This, in turn, may lead to further increase in the liabilities of the deposit money banks or a possible bank failure.
[READ ALSO: DMBs meet SMEs’ financial needs with over N70 billion]
Business News
FG to distribute 10 million LPG gas cylinders in 1 year
The FG is set to inject up to 10 million gas cylinders into the market to help improve safety and deepen cooking gas utilization.
The Federal Government has announced plans to inject 5 to 10 million Liquefied Petroleum Gas (LPG) cylinders into the market in the next one year.
This is to help improve safety and deepen LPG (otherwise known as cooking gas) utilization across the country.
This disclosure was made by the Programme Manager, National LPG Expansion Implementation Plan, Mr Dayo Adeshina, at a sensitisation workshop on LPG Adoption and Implementation for Industry Stakeholders, on Wednesday in Lagos.
According to a report from the News Agency of Nigeria (NAN), Adeshina said the National LPG Expansion Implementation Plan, domiciled in the Office of the Vice President, was committed to achieving Nigeria’s target of 5 million Metric Tonnes of LPG consumption annually by 2027.
What the Programme Manager for LPG Expansion Implementation Plan is saying
Adeshina said, “The Federal Government is working towards injecting five to 10 million cooking gas cylinders into the market within the next one year. We are starting the cylinder injection under the first phase in 11 pilot states and FCT, with two states from each of the geopolitical zones.
The states are Lagos, Ogun, Bauchi, Gombe, Katsina, Sokoto, Delta, Bayelsa, Ebonyi, Enugu, Niger and the Federal Capital Territory. The cylinders will be injected through the marketers. The marketers will be responsible for the cylinders and the exchange will take place in homes and not in filling stations.
What this means is that going forward, cylinders will not be owned by individuals but by the marketers who will ensure that they are safe for usage.’’
Adeshina pointed out that apart from household consumption, the government was trying to increase LPG usage in agriculture, transportation and manufacturing adding that this will enable the country to reduce CO2 emission by about 20% and create millions of jobs for Nigerians.
He said that the government had also granted waivers on importation of LPG equipment and removed Value Added Tax (VAT) on LPG in addition to investment in infrastructure.
The President of the Nigerian Liquefied Petroleum Gas Association, Mr Nuhu Yakubu, said efforts should be made to ensure the availability, accessibility and affordability of cooking gas in the country adding that this would encourage more Nigerians to embrace gas usage in their homes with the attendant benefits to the country.
Mr Olalere Odusote, Lagos State Commissioner for Energy and Mineral Resources, said the population of Lagos makes it imperative for residents to adopt cleaner energy sources for cooking, transportation and power generation adding that the government was targeting the conversion of 45% of about 4 million vehicles in the state to autogas over a four-year period in partnership with marketers.
What you should know
- It can be recalled that the Federal Government had in November 2020, announced plans for the conversion of cars to autogas in a bid to have cheaper and cleaner energy especially with the high cost of petrol.
- The government at different levels are pursuing cleaner energy sources for cooking, transportation and power generation.
Business
JAMB bans use of email by candidates for UTME, DE registration
JAMB has announced that candidates for the UTME and Direct Entry will no longer be required to provide their email addresses at the point of registration.
The Joint Admission and Matriculation Board (JAMB) has announced that candidates for the Unified Tertiary Matriculation Examination (UTME) and Direct Entry will no longer be required to provide their email addresses at the point of registration.
The new adjustment is to protect candidates from various forms of manipulation and distortion of their personal details by some fraudulent cyber café operators.
The Registrar of JAMB, Prof. Is-haq Oloyede, who made the disclosure while addressing newsmen at the board’s headquarters on Wednesday in Bwari, Abuja, said the change, would take effect from Thursday, April 15, 2021.
What the JAMB Registrar is saying
Oloyede said, “They gain access to profiles of these candidates under the pretense of creating an email address for them. Then they change and block the candidates from receiving messages from the board. They also extort them after they change their passwords.
In view of this, the board has come up with adjustments to our operations. The first decision is that beginning from Thursday, April 15, candidates would no longer be required to provide any email address during registration from this year onwards.
It is by going to these cyber cafes to open emails that these candidates are open to abuse and stealing of their personal data,’’ he said.
He said that the board now had a mobile app that would allow candidates to deal directly with the board with their smartphones or via SMS to ‘55019’ code option.
The code option, he explained, would allow candidates to check admission status as well as all other verifications via SMS.
He said, “Printing of examination slips, results notification or raising tickets can be done anywhere by using candidates’ registration number only. However, at the close of registration every year, we would need the email addresses of the candidates so we can have access to as many of them as possible.
At the conclusion of registration, candidates are expected to send their email addresses through the mobile app or text message to the 55019 code twice, for validation. This is to update their profile with JAMB as the email will no longer be used as access to their profile, but rather as a communication tool with candidates.’’
While advising candidates to guard their phones with utmost care as it was the weapon for all transactions, Oloyede said that henceforth, all JAMB owned Computer-Based Tests (CBT) centres across the country, would only allow candidates with ATM cards into its centres.
He said that in order to cut down on the activities of fraudsters who hijack candidates to extort money from them, the centres would no longer allow candidates go outside the centres to pay for their e-pins and other cash transactions.
The JAMB Registrar said, “Only candidates with ATM cards will be allowed into all JAMB owned CBT centres, it can be that of their parents as long as they have the pin for the transaction.
“Those without ATM cards can go to other privately owned CBT centres where they can pay cash to register but we will not take cash or transact outside our centres.’’
What you should know
Meanwhile, in a related development, JAMB had said that the board lost over N10 million in 2020 to activities of fraudsters who penetrated their payment portal for ad-hoc staff.
The JAMB Registrar said that the money, which was meant to pay JAMB ad-hoc staff from the 2020 Unified Tertiary Matriculation Examination (UTME), was hijacked by the suspected fraudsters.
JAMB had a few days ago confirmed the commencement of registration for the 2021 UTME/DE examinations after the initial hiccup.
It stated that applicants must provide NIN at the point of registration with the registration by Direct Entry candidates to run concurrently with that of UTME candidates.
