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Politicians Steal $5oBn Yearly-OBJ



Former President Olusegun Obasanjo

Former President Olusegun Obasanjo has revealed that political leaders and other key players in both public and private sectors in Africa launder the sum of $50 billion every year.


The former President spoke at the 1st Annual Nigeria Anti Fraud Conference organised in Abeokuta by the Association of Certified Fraud Examiners, ACFE, Lagos, Nigeria Chapter.


The ex-Presiddent said that the increasing smuggling of such funds meant for socio-economic growth and development of African continent is now giving African leaders, past and present, great concerns.


Obasanjo who called for joint effort to curb smuggling of funds to foreign lands.


Obasanjo who was named as Grand Patron of ACFE, Lagos Nigeria Chapter asked the financial professionals and all members of the Association to help fight fraud and corruption in Nigeria and Africa as a whole.


He said, “$50 billion annually, is illicitly taken away from Africa, this is a major concern for African leaders, past and present.


“We are now trying and putting up efforts to ensure that we prevent it.


“Organisation like you can also help us and Africa fight corruption and fraud in Nigeria and Africa as a whole.”


Godwin Oyedokun, president and CEO of ACFE speaking earlier, said, “It is really a delight to h Olusegun Obasanjo. Your acceptance of our invitation is an indication that you have the love of this nation at heart. Let me say that two things informed our decision to have you in our midst.


“First, ACFE, Lagos Nigeria Chapter recognises your role in sanitising the Nigeria system before, during and even after you have left government. Secondly, we want to honour you as our Grand Patron, the one we could always run to, for advice, guidance and mentorship.


“Thanks very much for honouring us with your presence – may God continue gracefully add to your age.”

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Ex-Mainstreet Bank Boss Remanded in Prison over Forgery



Mr Chester Ukandu, former managing director, Mainstreet Bank Registrars Limited, and Mr Achi George, director of the company, have been remanded in prison custody over alleged forging Corporate Affairs Commission (CAC) documents.


The two ex- officials were ordered to be remanded by Justice O. A. Williams of the Special Offences Court, Ikeja after they pleaded not guilty to a three-count charge of conspiracy and forgery brought against them by the Economic and Financial Crimes Commission (EFCC).


According to Mrs Zainab Ettu, the EFCC prosecutor, the suspects between February 6 and 7, 2012, conspired among themselves and forged the letter head paper of Mainstreet Bank Registrars Limited, with registration number: 613674, claiming that it emanated from Mainstreet Bank’s Registrars Limited.


They were also accused of forging a Corporate Affairs Commission (CAC) Form 2A, claiming that it emanated from CAC.


Ettu informed the court that the two suspects, who were formerly Managing Director and Director of the company, had retired from the company, only to unlawfully convert the company’s properties and bank account with Skye Bank for personal use.


The prosecutor also informed the court that the two defendants were apprehended after investigation was conducted on a petition written by the Company’s lawyer, Dr. Charles Mekwunye, after which they were consequently charged before the court. However, they all pleaded not guilty to the three-count charge.


Following their plea, Samuel Agwuh, their Lawyer, informed the court that he had filed bail applications, and urged the court to grant his clients bail in the most liberal terms.


Responding, the prosecutor, informed the court that they were just served with the applications, and needed time to respond.


The prosecutor consequently urged the court to remand the defendants in custody pending when the bail applications will be heard. Ruling on the submissions of both parties, the presiding Judge, Justice O.A. Williams, ordered that the two defendants to be remanded in Ikoyi Prisons till April 10, when their bail applications will be entertained.

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Kaspersky says POS Malware Targets Chip and PIN Cards



Researchers from Kaspersky Lab researchers have discovered that the cyber criminal group behind the Prilex point-of-sale (POS) malware now have the ability to turn stolen credit card data into functional plastic cards.

Employing ‘smart’ chip and PIN technology to protect payment cards has been widely used around the world over the past ten years, and its growing popularity has attracted attackers.

Prilex has been active in South America since 2014, and has evolved, shifting its efforts from ATM hacks to attacks on POS systems developed by Brazilian vendors. It is now using used stolen credit card information to create functional plastic cards.

This will allow crooks to perform fraudulent transactions in online and physical shops. “This is the first time that the researchers have seen in the wild such a full suite of tools for carrying out fraud. The cloned credit card works in any point-of-sale system in Brazil due to a faulty implementation of the EMV standard that means not all data is verified during the approval process,” says Kaspersky Lab.

How it works

Prilex malware is made up of three components: malware that modifies the POS system and intercepts the credit card information, a server to manage the illegally obtained information, and finally an application that the malware ‘client’ can use to view, clone or save statistics related to the cards.

“This is the most notable feature of the malware: its associated business model, where all the users’ needs are taken into account, including the need for a simple and friendly user interface,” adds Kaspersky.

Research shows that Prilex is distributed through the traditional postal service, convincing victims to grant computer access to the criminals for a remote support session, which is then used to install the malware. The majority of victims tend to be traditional shops, such as petrol stations, supermarkets and typical retail markets.

Thiago Marques, security analyst at Kaspersky Lab, says Prilex offers attackers everything from a graphic user interface to well-designed modules that can be used to create different credit card structures.

Chip and PIN technology is still relatively new in some parts of the world, such as the US, and many people are not aware of the risk of credit card cloning and abuse.

In Brazil, Prilex has been able to take advantage of a faulty implementation of the industry standards, emphasising the importance of developing secure, future proof standards for payment technologies, he added.

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FG Approves Cisco Networking Academy in Federal Unity Colleges



The Federal Government of Nigeria through the Federal Ministry of Education has approved the Cisco Networking Academy Program as well as the establishment of 6 Internet of things (IoT) innovation centres across the Federal Unity Colleges in the six geo-political zones of Nigeria.

This initiative is part of Cisco’s strategic partnership with the Federal Ministry of Education to provide access to quality ICT education in the Country.

The project is driven by one of Cisco’s Networking Academy Support Centres, UNITeS, and so far, two IoT Innovation Centres have already been established at the Federal Science and Technical College, Yaba and at FGC, Bwari, Abuja.

Speaking at the official opening and inauguration of one of the Innovation Centres at Queen’s College, Lagos, the Minister of Education, Mallam Adamu Adamu represented by the Director of ICT, Federal Ministry of Education, Ifegwu Orji, stated: ‘Qualitative education in the modern world is intrinsically tied to the development and deployment of ICT in education.

This initiative by Cisco is highly commendable as it will train our students to become global problem solvers and to become competitive on a global level.  It is my earnest desire that this centre will produce great minds that will make a difference Nigeria”

The Minister went on to endorse and approve of all other Cisco long-term CSR programmes, urging all stakeholders in the sector to partner with the government in order to salvage the education system of the country towards the attainment of sustainable development, towards a digital economy.

CSR Programme Manager, Cisco Nigeria, Imoh Akpan remarked: “The establishment of these centres is one way that Cisco encourages the adoption and the application of technology.

Our aim is to boost the education sector, ensuring more students are exposed to skills for the digital economy, in the current 4th Industrial Revolution, thereby enhancing Nigeria’s global competitiveness, boosting socio-economic development, as well as promoting employability”.

The Unites Internet of Things Innovation Centre which is the first in Sub- Saharan Africa, designed to serve as a centre for research and development that will provide solutions to social challenges and developmental problems, and transform Federal Unity Colleges into smart schools for teaching and learning.

The intervention will provide our children with a competitive edge when entering higher education or the labour market.

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