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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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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.

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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.

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“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.

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[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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Appointments

PwC admits 8 Nigerians, 16 others as partners across Africa 

PwC has about 400 partners and over 9,000 people spread across 34 countries in Africa.  

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PricewaterhouseCoopers (PwC) has admitted 24 professionals in Africa, including 8 Nigerians, into the firm’s partnership.

Akinyemi Akingbade, Chioma Obaro, Yinka Yusuf, Wura Olowofoyeku, Tosin Labeodan, and Rukaiya El-Rufai were all admitted into the firm’s Assurance practice, while Kunle Amida and Olusola Adewale were appointed into Advisory.

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From South Africa, nine partners were also admitted; Lumko Sihiya, Mary-Jane Mberi, Nitassha Somai, Erik Booysen, Dale Stonebridge, and David Hill, into Assurance.

Kerin Wood and Gavin Johnston have admitted partners into Advisory, and Michael Butler into the Tax and Regulatory Services.

In Zambia, the partners admitted include George Chitwa, Tax, and Martin Bamukunde in Assurance.

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Andre Burger was admitted Partner, Assurance in Namibia; Mwangi Karanja, Partner Assurance in Kenya; and Icho Molebatsi, Partner Assurance, in Botswana.

Two partners were admitted in Ghana, Richard Ansong in Assurance; and Kingsford Arthur in Advisory.

READ MORE: Dual citizenship firm opens office in Nigeria for millionaires, charges over $1 million

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About PwC

PricewaterhouseCoopers is a multinational professional services network of firms headquartered in London, United Kingdom, operating as partnerships in several countries under the PwC brand.

PwC has about 400 partners and over 9,000 people spread across 34 countries in Africa.

 

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Hospitality & Travel

Arik Air to resume flights on July 8 as FG lifts ban on air travel

Capt. Roy Ilegbodu announced that Arik Air airline would operate 3 flights from Lagos and Abuja in phase 1 of the re-opening.

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COVID-19: Arik Air suspends flights to West Coast, COVID-19: Arik Air. Aero, Dana, others suspend flight operations, Arik Air to resume flights on July 8 as FG lifts ban on air travel

Following the announcement by the Aviation Ministry that the Lagos and Abuja airports will reopen on the 8th of July, Arik Air announced on Sunday that its domestic flights will resume from July 8.

Chief Executive Officer, Capt. Roy Ilegbodu, announced in a statement that the airline would operate 3 flights from Lagos and Abuja in phase 1 of the re-opening. He also announced that flights to Port Harcourt will begin on July 11 when the airport reopens. Some part of his statement read:

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“We are ready to fly our esteemed customers again. All preparations have been made to make flying in this extraordinary period in the world safe and pleasurable.

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“The airline has put various measures in place, in line with COVID-19 health protocols, as recommended by the World Health Organisation (WHO), International Civil Aviation Organisation (ICAO) and the Federal Government of Nigeria.

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“Passengers have been assured of their safety and wellbeing at every stage of their flight.

“Arik has worked actively with aviation agencies for an effective re-start of the industry and also ensure that agreed health measures are effectively implemented.”

READ MORE: FAAN bans non-travelling passengers from airport as flight operations resume

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The CEO then advised that passengers come properly kitted with face masks during the flights.

Arik Air suspended operations on March 27 after the Federal Government closed the airports to contain the spread of COVID-19 in Nigeria.

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Companies

NSITF board to investigate suspended MD and others over financial misconduct

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NSITF, FG moves to scrap hazard allowances earned by State Governors

The board of directors of the Nigerian Social Insurance Trust Fund (NSITF) has revealed that it will investigate the activities of the suspended Managing Director, 3 Executive Directors, and 8 other senior management staff over financial breaches and gross misconduct.

This was disclosed by the Chairman of the board of NSITF, Mr. Austin Enajemo-Isire, in a statement in Enugu on Sunday July 5, 2020.

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Enajemo-Isire said that the Managing Director and other top management staff of the organization would have the opportunity to clear themselves of any wrongdoing with the probe panel which was being set up.

READ MORE: Ecobank appoints Aissatou Djiba Diallo to oversee its fintech initiatives 

While reacting to claims that the suspension did not follow due process as President Muhammadu Buhari did not approve it, Enajemo-Isire said that the approval for the suspension of the affected staff had been conveyed to the Labour Minister in a correspondence referenced SGF. 47/511/T/99 of June 30, 2020.

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According to the Chairman, “The minister has conveyed this approval and directives to me for necessary action in terms of setting up a board-driven investigative panel.

READ MORE: Nigeria’s debt rises to $79.5 billion, as debt to revenue ratio worsens

“This is to give the affected officers the opportunity to clear themselves of the financial and procurement breaches and acts of gross misconduct and other infractions that gave rise to their prima facie indictment.

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“It is in this light that I have decided to call a virtual meeting of the management board on Tuesday, July 7, 2020, to consider the modalities for our action.”

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He, therefore, appealed to staffers of NSITF and their social partners to keep calm and exercise restraint.

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A few days ago, Nairametrics reported the suspension of the Managing Director and some senior management staff over corruption allegations. However, the management in its reaction debunked that claim and said that the President did not approve their suspension but that rather, it was the sole decision of the Labour Minister, Chris Ngige, who they said was overreaching himself.

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