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Nigerian Banks Lost N42.6Bn to Fraud in Q2 2024

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Fasasi Sarafadeen Atanda, national president, Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) said Nigerian Banks lost N42.6b to fraudsters in Nigeria within the Q2 of 2024.

Atanda quoting Financial Institutions Training Center (FITC) report, said the loses were traced to agent locations through the use of stolen cards, phones, fake alerts and ransom cash out.

Atanda, who made the disclosure at the 8th Annual National Conference of the association in Benin City, Edo State with the theme “Match Data With Actions” said that to steam the tide AMMBAN has introduced an automated verifiable identity card for agents and launched a Joint Task Force (JTF) in conjunction with the Office of the Inspector General of Police (IGP), DSS, NSCDC and other security agencies.

According to him, “The 8th AMMBAN annual national conference is unique as it is meant to match data with actions.

Data on Access to Financial Inclusion: As at the last EFInA report in 2023, financial inclusion was at 64% but on the ground, over 300 local government areas in Nigeria are without bank branches (AMMBAN Survey, 2024).

Why access to commercial banks are of concern? CBN recent regulation on mandatory BVN and/or NIN for owning an account or a wallet requires the presence of bank branches, because they are majorly the structures enabled for BVN enrollment/modification.

On action from AMMBAN, he noted that the association has introduced a one-stop shop for financial services, offering NIN, BVN, Account Opening, Card Issuance, Sim Registration, Savings, Credit, Insurance etc across the excluded local government areas.

Continuing, he said. “Data on Security: Nigerian banks lost N42.6B to fraud in Q2, 2024 (FITC), and most were traced to agent locations through the use of stolen cards or phones, fake alerts, ransom cash out, etc.

“Action From AMMBAN: AMMBAN introduced an automated verifiable identity card for agents and launched a Joint Task Force (JTF) in conjunction with the Office of the Inspector General of Police (IGP), DSS, NSCDC and other security agencies. JTF has been providing intelligence for the security agencies on enforcement sanity and regulatory standards at agent locations – in public interest.

AMMBAN has indeed led the way of data to actions by turning our insights into inclusive financial solutions (NFIC, Agent QR-coded ID card, Agent Joint Task Force, AMMBAN cooperative, AMMBAN women wing etc).”

In his keynote address Mr. Philip Ikeazor, Deputy Governor Financial Stability, Central Bank of Nigeria (CBN) represented by the apex bank Controller, Benin Branch, Michael Mgbeze said that the Central Bank aims at advancing financial inclusion and building a robust and inclusive financial system that leaves no Nigerian behind.

He said the contribution of AMMBAN have been instrumental in ensuring that millions of Nigerians particularly in the underserved communities now have access to financial services.

“We gather today with a shared mission – to advance financial inclusion and build a robust and inclusive financial system that leaves no Nigerian behind. Your contributions have been instrumental in ensuring that millions of Nigerians, particularly in underserved communities, now have access to financial services.

“As we approach the end of 2024, we are closer than ever to our goal of 95% financial inclusion. Currently, less than 25% of Nigerians are financially excluded – an impressive leap from 32% in 2020. This figure represents millions of people gaining access to the tools needed to improve their lives, from savings and loans to insurance and investment products.

“Nigeria’s financial inclusion landscape has transformed significantly from 2016 to 2024. As at 2023, the formal financial service usage has grown from 30% to 57%, the adoption of financial service agents has also skyrocketed, from 4.4% in 2018 to 54%in 2023.

“The Usage of informal financial service providers increased by 39% since 2020, with significant increase in the use of village associations predominantly in the South East. The use of financial services, including transaction accounts, savings, remittances, credit, and insurance, is on the rise. Notably, savings increased by 2%, remittances by 8%, and credit by 4%”, he said.

On his part, the Sen Ibrahim Hadejia Deputy Chief of Staff to the President Office of the Vice President, represented by Nurudeen Abubakar, said President Bola Ahmed Tinubu’s administration is putting sustainable mechanisms in place to build a $1trillion economy by 2030, adding that while substantial progress has been made. Something around 26% of the adult population primarily women, rural dwellers, and small business owners are financially excluded.

“As we seek to achieve this milestone, financial inclusion is at the heart of our economic agenda, ensuring that all Nigerians—regardless of location, gender, or socioeconomic status—are not only included but also empowered in our financial system.

“President Bola Ahmed Tinubu’s administration is putting sustainable mechanisms in place to build a $1 trillion economy by 2030,

“This has been made evident in the administration’s effort to boost access to credit for Micro, Small, Medium, and Nano Enterprises (MSMSNE), and various other programs targeted at enhancing inclusive growth through economic and financial inclusion”, Abubakar stated.


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NBS Website Still Down More than 3 Weeks after Cyber Attack

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The website of the National Bureau of Statistics (NBS), www.nigerianstat.gov.ng, has remained offline for three weeks following a cyber attack that compromised its operations.

NBS Website Still Down More than 3 Weeks after Cyber Attack

As at 12am today (Friday), attempts to access the site returned an error message, indicating the page is still inaccessible.

The breach was initially confirmed by the NBS on December 18, 2024, in an announcement made on social media platform X.

In the statement, the bureau urged the public to disregard any information published on its website until further notice, signaling ongoing efforts to recover from the attack.

The hacking incident occurred shortly after the NBS released its Crime Experience and Security Perception Survey on December 17, which revealed alarming statistics about crime in Nigeria.

The survey indicated that Nigerians paid a staggering N2.23 trillion in ransom over a year, from May 2023 to April 2024, and that 51.89 million crime incidents were reported across the country. The northwest region recorded the highest number of incidents, while the southeast had the least.

The day after the report’s publication, rumors surfaced that the Department of State Services (DSS) had summoned Adeniran Adeyemi, the Statistician-General of the Federation, for questioning regarding the survey. However, the NBS promptly denied these claims, clarifying that no such invitation or arrest had taken place.

Despite the confirmation of the hack, the NBS has not provided any additional updates on the restoration of its website or disclosed any developments regarding the breach.

 

 


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InnovateAI Lagos 2025: Addressing Nigeria’s Challenges with AI Innovations

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AI in Nigeria today announced that InnovateAI Lagos 2025, the second edition of its flagship annual artificial intelligence (AI) conference, theme “Scaling AI Adoption in Nigeria: Catalysing Cross-Sectoral Innovation and Fostering Inclusive Growth” is scheduled for February 21, 2025.

InnovateAI Lagos 2025, scheduled to hold at the Landmark Event Centre in Lagos, will be promoting the theme that builds upon the success of the inaugural edition, according to AI in Nigeria, a collective of visionary leaders and tech enthusiasts dedicated to propelling Nigeriato the forefront of the global AI revolution.

Co-convener, Dotun Adeoye comments that: “InnovateAI Lagos 2024 was a stepping stone. For 2025, we are taking it further—examining how AI can drive inclusive growth, solve economic challenges, and catalyse innovation across Nigeria.”

According to him, “the inaugural InnovateAI conference in 2024 was a defining moment, bringing together over 4,000 attendees from across Nigeria and beyond. It ignited collaborations, inspired innovation, and influenced policies, businesses, and community initiatives that have driven measurable progress.”

As momentum builds up towards InnovateAI Lagos 2025, AI in Nigeria said that this year’s event is set to be even more impactful as attention will focus on promoting AI solutions to addressing pressing challenges including unemployment, infrastructure gaps, and financial inclusion to foster sustainable growth across key sectors of the Nigerian economy.

According to Adeoye, InnovateAI Lagos 2025 is to attract over 6,000 attendees with a dynamic mix of live participation at the Landmark Event Centre, Lagos, and simultaneous livestreaming to 12 AI-in-Nigeria Community Hubs that have been inaugurated over the course of the last year across all six geopolitical zones in the country.

Ehia Erhaboh, co-convener, adds: “This is not just a conference; it is a movement. We are building on last year’s successes to deliver actionable outcomes that shape Nigeria’s future.”

Erhaboh said that the second edition of the flagship AI conference promises to delve into transformative AI innovations and their potential to solve Nigeria’s pressing challenges.

“The conference’s theme, ‘Scaling AI Adoption in Nigeria: Catalysing Cross-Sectoral Innovation and Fostering Inclusive Growth,’ seeks to position Nigeria as a global hub for AI by unlocking its vast potential in diverse sectors,” he said.

“The country’s unique combination of human capital, natural resources, and budding infrastructure presents an opportunity to lead in AI development and adoption.”

InnovateAI Lagos 2025: Key Thematic Track Spotlights AI and the Future of Work

As part of this year’s programme, InnovateAI Lagos 2025 will host a focused session on “AI and the Future of Work”, featuring a high-powered panel of leading HR directors from diverse industries.

This session will explore how AI is reshaping the skill sets and competencies required in the workplace, influencing recruitment trends, and redefining roles
across sectors.

Participating companies will host booths at the conference to further support this vision for capacity development, providing a unique opportunity for skilled professionals to engage directly with employers seeking AI talent.

This initiative bridges the gap between AI skill development and real-world applications, demonstrating Nigeria’s readiness to harness its human resources for global competitiveness.

InnovateAI Lagos 2025: Participants can anticipate:

● Dynamic Discussions: Gain actionable insights from industry leaders, tech innovators, and policymakers on how AI is transforming sectors and driving inclusive economic growth.

● Workshops & Skills Building: Join hands-on sessions tailored to equip participants with cutting-edge AI skills to address Nigeria’s unique challenges.

● AI and the Future of Work: Explore how AI shapes workplace demands and creates opportunities for Nigeria to become an AI talent powerhouse.

● Networking Opportunities: Forge meaningful connections with innovators, investors, and decision-makers shaping Nigeria’s AI landscape.

● Showcasing Innovation: Discover AI-powered solutions designed to tackle real-world problems in Nigeria, from agriculture and healthcare to education and finance.
InnovateAI Lagos 2025: Profiles of Speakers

The 2025 conference will feature a distinguished lineup of speakers, each offering unique insights into Nigeria’s AI ecosystem.

This year’s discussions will focus on building the infrastructure needed for sustainable AI growth. Speakers will include leaders from companies making significant investments in data centres, as well as executives from a global social media platform, sharing strategies for scaling AI to drive digital transformation and community engagement.

Additionally, a representative from a Nigerian new-generation bank will explore how AI is revolutionising financial services and fostering financial inclusion. An agricultural technology innovator will showcase AI solutions to enhance food security, while a globally renowned AI researcher will provide in-depth insights into ethical AI and localised applications tailored to Nigeria’s unique challenges.

The conference will also feature HR experts who will discuss the impact of AI on the future of work, focusing on reskilling the workforce and building AI-driven talent pipelines to meet the demands of a rapidly evolving job market.

Policy experts will explore frameworks for ethical governance, while thought leaders will address how Nigeria can develop a competitive AI talent pool.

By bringing together experts on infrastructure, innovation, workforce development, and governance, the conference will position Nigeria as a leader in building a thriving AI ecosystem.

InnovateAI Lagos 2025: What is The Big Picture?

AI in Nigeria continues to drive impactful initiatives that position Nigeria as a leader in AI innovation. Since the inaugural conference, AI in Nigeria has focused on:

● Capacity Building: Training young Nigerians in AI, empowering them with skills to create impactful solutions.

● Showcasing AI Startups: Highlighting the work of 54 AI-driven startups across sectors such as agriculture, automation, content creation, financial services, fraud
detection, cybersecurity, healthcare, and logistics.

● Research: Publishing the AI Landscape in Nigeria Report (2024), an in-depth analysis spotlighting opportunities, challenges, and growth areas in Nigeria’s AI ecosystem.

● Private Sector Achievements: Collaborating with leading firms to implement practical AI solutions addressing critical needs in various industries

Why Attend InnovateAI Lagos 2025?

Whether you are a tech enthusiast, business leader, HR Manager, policy advocate, or simply curious about AI’s transformative power, InnovateAI Lagos 2025 is where you’ll find inspiration, collaboration, and solutions.

Attendance at InnovateAI Lagos 2025 is free, but registration is mandatory to secure your spot at this transformative event. Register today at events.aiinnigeria.com


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FG to Activate Surveillance for Passengers from China amid Virus Scare

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Federal government has announced plans to implement surveillance measures for inbound passengers from China, following a surge in respiratory virus cases attributed to the Human Metapneumovirus (HMPV).

FG to Activate Surveillance for Passengers from China amid Virus Scare

This decision comes in response to reports of overcrowded hospitals, emergency interventions, and growing public concern in China, where HMPV cases have spiked across northern provinces, particularly affecting children during the winter season.

The Nigerian authorities aim to monitor the situation closely to prevent potential spread within the country.

Neighboring nations such as Cambodia, Taiwan, and Hong Kong are also taking precautionary measures, though they have reported only a few cases and no widespread outbreaks thus far.

Health experts describe HMPV as a respiratory virus that can cause symptoms ranging from mild cold-like issues to severe complications, especially in children, the elderly, and those with compromised immune systems.

According to Chinese authorities, there has been a noticeable increase in HMPV cases, especially among children under 14 years old in northern parts of the country. Social media posts, accompanied by videos of overcrowded hospitals, have sparked fears of a larger-scale health crisis.

In response to the rising cases, the Chinese government announced measures, including constant monitoring of cases, the adoption of masks, social distancing and disinfection of public spaces to curb the increase of the virus.

The new virus outbreak is coming five years after the emergence of a novel coronavirus – COVID-19 – in Wuhan, China, which was declared a global pandemic by the World Health Organisation on March 11, 2020.

So far, COVID-19 has infected 777 million people globally and killed over seven million, according to WHO.

However, while both HMPV and COVID-19 are respiratory illnesses, there are important differences. HMPV typically causes milder symptoms such as a cold or flu, while COVID-19, caused by the SARS-CoV-2 virus, can lead to more severe health complications and long-term effects.

HMPV is also a seasonal virus, similar to other cold-causing pathogens like RSV, and infections usually peak during the winter months.

HMPV, like COVID-19, spreads through respiratory droplets when an infected person coughs or sneezes and it can also spread via contaminated surfaces.

However, officials from the National Health Commission stated that while respiratory diseases are expected to rise during the winter months, the overall situation this year is less severe than last year.

Beijing also downplayed the developments as an annual winter occurrence.

China’s foreign ministry spokesperson Mao Ning said on Friday, “Respiratory infections tend to peak during the winter season.

The diseases appear to be less severe and spread with a smaller scale compared to the previous year,” she said.

 

A pilot programme was launched by China to track pneumonia of unknown origin, ensuring labs and health agencies reported and managed cases more effectively, state broadcaster CCTV reported, quoting an administration official at a news conference.

The US Centers for Disease Control and Prevention said HMPV could cause upper and lower respiratory diseases in people of all ages, especially among young children, older adults and people with weakened immune systems.

The U.S CDC noted that HMPV is most likely spread from an infected person to others through secretions from coughing and sneezing, close personal contact and touching objects or surfaces that have the viruses on them, then touching the mouth, nose, or eyes.

“Symptoms commonly associated with HMPV include cough, fever, nasal congestion and shortness of breath. Clinical symptoms of HMPV infection may progress to bronchitis or pneumonia and are similar to other viruses that cause upper and lower respiratory infections. The estimated incubation period is three to six days, and the median duration of illness can vary, depending upon severity but is similar to other respiratory infections caused by viruses,” the US CDC stated.

Meanwhile, health authorities in Nigeria are already implementing emergency measures to monitor and manage the spread of the HMPV.

Dr John Oladejo, director, Special Duties, Office of the Director-General of the Nigeria Centre for Disease Control and Prevention, said that the Federal Government would implement preventive measures by activating surveillance measures to curb the spread of the virus.

“The FG will activate surveillance measures, like quarantine, for passengers coming in from China,” Dr Oladejo said.

Earlier in November 2024, global health body WHO noted that it was closely monitoring the situation and was in close contact with national authorities in China, adding that it would continue to provide updates as warranted.


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