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Business News

Financial crisis induced by cybercrimes is imminent in Nigeria – Experts

There will be a financial crisis induced by cybercrimes all over the world, Nigeria inclusive. President, FintechNGR, Dr Segun Aina disclosed.

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Protecting your money from fraudsters, Financial crisis is imminent in Nigeria -Dr. Segun Aina, Yahoo Yahoo

There will be a financial crisis in Nigeria and all over the world. This is according to the President, Fintech Association of Nigeria, Dr Segun Aina, who predicted that the financial crisis is imminent if nothing is done to avert it.

While citing the UN E-Government Survey 2018 that placed Denmark first on the list of the countries to be hit by the financial crisis, Aina made known that Nigeria ranked 143 out of the 193 member countries surveyed.

During his speech at the 2019 Chartered Institute of Bankers of Nigeria (CIBN) Lagos State Branch, Bankers and Stakeholders Night in Lagos, Aina, who doubles as the Chairman, Global Banking Education Standards Board, revealed that governments of different countries might also not be able to provide bailouts to banks as they did in 2008.

[READ MORE: FRAUD: FBI’s arrest of Invictus Group’s Okeke stirs controversy]

Aina made reference to a report released by the Nigeria Deposit Insurance Corporation (NDIC), that projected that cybercrime would cost the world $6 trillion annually by 2021, upward from $3 trillion in 2015.

“Global spending on security awareness training for employees is predicted to reach $10 billion by 2027, up from around $1 billion in 2014. Training employees how to recognise and defend against cyber-attacks is the most under the spent sector of the cybersecurity industry,” he was quoted.

A glance at the banking sector: Aina revealed that banks’ losses to fraud in Nigeria jumped to N15.15 billion in 2018, an increase of 539% compared to N2.37 billion in 2017, maintaining that internet and technology-based sources of fraud accounted for 59% of fraud cases and 43% of actual loss.

Nairametrics had reported that the Central Bank of Nigeria (CBN) was considering revamping the modalities of banking regulations to address the losses that emanate from cybercrime and technology risk in the financial sector.

[READ ALSO: NDIC says ten Banks account for 87% of banking fraud]

This move has become imperative as a report by McAfee’s Centre for Strategic and International Studies suggested that the annual cost of cybercrimes in 2017 hit significant billions of dollars worldwide as hackers become more sophisticated and criminal marketplaces and cryptocurrencies thefts multiplied.

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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.

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Business News

Heavy sell-off in Guinness shares leads to N6.9 billion market value loss in a single day

Shares of Guinness Nigeria Plc suffered a 9.89% loss today.

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Guinness Nigeria Plc Reports Full Year F19 Results

Guinness Nigeria Plc suffered a 9.89% loss today following a heavy sell-off in the shares of the brewer. This triggered a market value loss amounting to about N6.9 billion at the close of trading activities on the Nigerian Stock Exchange, as investors scaled-down stakes in the brewer.

Data tracked at the close of the market today revealed that the shares of GUINNESS declined from N31.85 per share at the market open, to N28.70 per share at the close of the market today, to print a loss of 9.89%.

This decline saw the market capitalization of the leading maker of beer and spirits fall from N69.75 billion to N62.86 billion at the close of trading activities today, putting the total market value loss at N6.89 billion.

The shares of Guinness at the close of the market today cleared at N28.70 per share, 9.89% lower than the closing price of N31.85 per share yesterday.

At the current price, Guinness shares are currently trading 20.27% lower than their 52-week high of N36.00 per share. However, the shares of the company have returned about 120.8% gains for investors who bought them at their 52-week low trading price of N13.00 per share last week.

During trading hours on the Exchange today, about 159,380 ordinary shares of Guinness Nigeria Plc worth about N4.57 million, were exchanged in 27 executed deals.

The shares of Nigerian Breweries Plc and Golden Guinea Breweries Plc closed flat at N50.1 per share and N0.81 per share respectively, while the shares of International Breweries Plc shed 0.88% to close low today at N5.65 per share.

What you should know

  • At the close of trading activities today, the NSE All-Share Index and market capitalization appreciated by 0.29% to close higher at 39,128.34 index points and N20.477 trillion respectively.
  • The NSE Consumer Goods Index, an investable benchmark designed to track the performance of the shares of consumer goods companies like Guinness Nigeria Plc, depreciated by -0.35% to close the day lower at 553.26 index points.

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Business News

NAICOM revokes operational licence of UNIC Insurance, appoints Receiver/Liquidator

NAICOM stated that it had appointed Hadiza Baba Gimba as the Receiver/Liquidator to wind up the affairs of the company.

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Recapitalisation: 26 firms get NAICOM's approval

The National Insurance Commission (NAICOM) on Wednesday announced the withdrawal of the operational licence issued to UNIC Insurance Plc.

Although no official reason has been provided for the revocation of the insurance firm’s operating license, NAICOM, however, stated that the decision of the regulator was in the exercise of the powers conferred on it by the enabling laws.

According to a report from the News Agency of Nigeria (NAN), this disclosure is contained in a notice which was issued by the commission in Lagos to the general public and policyholders, where it noted that the revocation of the operational license, RIC 043, is with effect from March 25.

NAICOM, thereafter stated that it had appointed Hadiza Baba Gimba as the Receiver/Liquidator to wind up the affairs of the company.

NAICOM in its statement said, “The general public/policyholders are by this notice required to direct all inquiries and correspondence regarding UNIC Insurance to the receiver/liquidator.

The receiver/liquidator will be dealing with the company’s liabilities in accordance with the provision of Insurance Act 2003.’’

What you should know

  • It can be recalled that NAICOM, for the third time in June 2020, gave insurance firms in the country a one-year extension to meet the recapitalisation obligation that was recently set for them apparently due to the coronavirus pandemic which had disrupted the activities of most insurance companies.
  • Some insurance companies had been going through some bad patches with a good number of them struggling to meet up with their obligations and the recapitalization requirements.
  • The recapitalisation programme requires life insurance firms to meet a minimum paid-up capital of N8.0 billion, up from N2.0 billion previously. In the same vein, general insurance companies are required to raise their minimum paid-up capital to N10.0 billion from N3.0 billion previously.
  • The regulatory capital for composite insurance was raised to N18.0 billion from N5.0 billion previously while reinsurance businesses are now required to have a minimum capital of N20.0 billion from a previous N10.0 billion.

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