E-Financial
Bank Customers Lose N42.7Bn to Fraudsters in 3 Months- Report

Bank customers lost a whopping N42.755 billion to fraudulent activities perpetrated through social engineering in just three months.
Social engineering is when fraudsters trick individuals to reveal personal data that could be used to access their bank accounts.
In the heat of the COVID-19 pandemic and the months following, many Nigerians were and are still being defrauded mainly thorough social engineering.
With increasing penetration of fraudsters into the banks’ database, experts have warned Nigerians to avoid releasing sensitive information to strangers.
This is as some customers believe that staff of banks also collude with these fraudsters to release sensitive information with which they use in perpetrating their heinous crimes.
Leadership newspaper citing data from the Nigeria Inter Bank Settlement System (NIBSS) showed that social engineering is still a preferred and successful technique employed by fraudsters, as a total of 11,589 cases were reportedly carried out using various social engineering techniques, resulting in N42.755 billion fraud loss value for Q3,2020. This represented 68 per cent of the entire fraud volume and value for the third quarter of 2020.
Although, Leadership investigation revealed a rapid increase in the spate of calls from fraudsters claiming to be bank staff with the motive to get sensitive information that could give them access to victims’ accounts, there are strong indications that some bank workers partake in this racket by selling sensitive information of customers to these fraudsters for a fee.
Experts however believe that while few of the fraudsters have insider links in the banks, a majority of them rely mainly on information gotten from people’s mobile phones, especially, stolen ones, or from websites in which bank customers may have done one transaction or the other, hence, revealing certain sensitive information that could be useful for fraudsters to pounce.
Leadership learnt that the fraudsters trick Nigerians by pretending to be staff of a bank, and ask for some details that will give them access to customers’ bank account; once they succeed in getting the information, they withdraw almost all the funds in there.
So, when fraudsters call bank customers and read their bank verification number (BVN), their full names and date of birth, many believe that they are being called from their banks and give out other sensitive information such as the two-factor authentication code that allows a successful diversion of the customer’s fund.
Many Nigerians have been defrauded this way and there has not been anyone who takes responsibility for the funds that have been stolen in this regard.
While banks, in this circumstance, always insist that the customer would have compromised his or her bank details for the fraud to have been successfully carried out, customers accuse the banks of leaking out information or collaborating with the fraudsters.
One opportunity that fraudsters leveraged on last year was through the several government social intervention funds aimed at relieving the impact of the Covid-19 pandemic on Nigerians, to rob them of their funds.
They had sent messages via WhatsApp and text telling people to fill a form to be a recipient of some of the funds being disbursed.
Similarly, the federal government N-Power website was cloned as individuals filled out sensitive information on phoney websites. An individual lost more than N1 million to fraudsters within hours of filling out his details such as BVN, full name, date of birth and home address, alongside other details on the cloned website.
According to data from NIBSS, attempted fraud value rose by 44 per cent in the third quarter of 2020 compared to Q3 2019, while actual loss value for Q3 2020 rose by 500 percent compared to Q3 2019.
In Q3, 2019, there was 10,692 attempted fraud cases with a value of N1.09 billion while actual loss was N552 million. The figure, however, rose to 16,988 attempted fraud cases with a value of N3.5 billion of which actual loss to fraudsters was N3.35 billion.
While noting that there have been a few cases of bad eggs within the system who collaborate with the fraudsters, Osita Nwanisobi, director of corporate communications of the Central Bank of Nigeria (CBN), pointed out that most bank customers in one way or the other compromise their data.
According to him, most individuals store their bank details such as account number and bank name as well as BVN on their phone which can be easily accessible by anyone who has access to the phone.
“Most of the time we give them the information. I have been hearing the stories and the reality is that we give the information. When some of these criminals are caught and they begin to tell how they do these things, we know that we give them the information.
“They tell you that all they need is your phone or your simcard and once they are able to get your sim card, it is possible to get some of these things. I am not discountenancing that even in the system, we still have some bad eggs, and it is very possible that some of them might connive, but the reality is that often times we give the information,” Osita stated.
E-Financial
Edun, Finance Minister Inaugurates NDIC New Management

Mr Wale Edun, minister of Finance and coordinating minister of the Economy, has inaugurated Mr Thompson Oludare Sunday, new managing director/chief executive officer of the Nigeria Deposit Insurance Corporation (NDIC), and Dr Kabir Sabo Katata, executive director (Operations), at the Ministry of Finance, Abuja.

Mr Wale Edun, minister of Finance and coordinating minister of the Economy, flanked by Mr Thompson Oludare Sunday, new managing director/chief executive officer of the Nigeria Deposit Insurance Corporation (NDIC), and Dr Kabir Sabo Katata, executive director (Operations),
In his speech during the occasion, the Minister submitted that the NDIC, as a component of the financial safety-net has a crucial role to play in the nation’s march to economic stability and prosperity.
He therefore charged the Management team to bring their diverse wealth of experience to bear on their new assignment while assuring them of the ministry’s full support in the task ahead.
Responding, Mr Sunday who spoke on behalf of the Management team, expressed appreciation to His Excellency, President Bola Ahmed Tinubu for their appointment.
He assured the Hon Minister of the readiness of the Management under his leadership to live up to expectations of the President in particular and the nation in general in the discharge of their duties.
The Management later received by the Corporation’s Head Office with a warm welcome by the workforce.
A statement signed by Hawwau Gambo, head, Communication & Public Affairs Department, revealed that Addressing the workers on behalf the Management team, Mr. Sunday promised to work in harmony with the staff to move the Corporation to its next level performance.
He stressed that the Management’s focus would be based on the public policy objectives, functions and mandate devolved on the Corporation by the enabling law that established it.
Thompson Oludare Sunday is a seasoned financial expert with over 30 years of regulatory and supervisory experience.
Having cut his teeth with the Central Bank of Nigeria (CBN) in 1989, he went ahead to acquire high-end knowledge in Central Banking, spending 24 unbroken years in banking supervision.
While his vast experience is in the regulation and supervision of licensed institutions, his deep expertise span corporate governance, risk management and compliance as veritable tool for ensuring the safety and soundness of institutions.
He is a highly analytical and cross functional team worker with strong interest in building individual and institutional capacity for transformation and excellence.
Thompson’s skills and experience were horned by several key responsibilities and special assignments he handled for the apex Bank before his retirement as a Director 2021.
Kabir Sabo Katata, ED (Operations), is a quantitative energy strategist and computational finance expert with strong power trading and risk management experience.
He has over twenty-eight years’ experience in the design and management of technically innovative systems in multiple industries including telecommunications, IT, energy (petroleum & power), finance and government.
He is a specialist in sophisticated financial optimization, the application of modern statistical techniques and mathematics to energy, deposit insurance and banking sectors.
Dr. Katata joined the service of the Nigeria Deposit Insurance Corporation in 2012 as an Assistant Director in the Research, Policy and International Relations Department and rose to the pinnacle of his career as Director in January 2022, before his new appointment as Executive Director (Operations).
E-Financial
Union Bank Rewards Customers with ₦5 Million Each in Save and Win Palli Promo Season 4 Grand Finale

Union Bank of Nigeria has proudly concluded the fourth edition of its acclaimed Save and Win Palli Promo, awarding three fortunate customers a life-changing ₦5 million each at the grand finale. Since its inception, this transformative campaign has disbursed over ₦330 million in cash and gift prizes, touching the lives of more than 5,000 customers nationwide and elevating their financial prospects.
The grand prize winners, representing diverse regions across the country, emerged through transparent electronic draws supervised by regulatory authorities. The celebrated recipients, Alhaji Abubakar Sadiq Isah (Zaria Branch, North), Atilabor Seikemefa Friday (Sapele Branch, South-South), and Oluranti Ogunluyi (Ilaro Branch, South-West), received their prizes at The Stallion Plaza, Union Bank’s Head Office, Marina, Lagos, in the presence of other winners, and the Bank’s executive leadership led by Managing Director/CEO Yetunde Oni.
Vivian Imoh-Ita, Head of Retail and SME Business, reflected on the enduring impact of the campaign: “Over the past four years, the Save and Win Palli Promo has enriched the lives of thousands, providing crucial financial relief and rewarding diligent savers. We are unwavering in our commitment to empowering our customers so they may thrive and achieve their ambitions.”
Chief Brand and Marketing Officer, Olufunmilola Aluko, highlighted the Bank’s broader mission: “Union Bank is delighted by the ripple effect our targeted savings initiatives have created. We have seen a significant boost in savings culture, allowing customers to reach their financial goals, while our innovative promotions continue to cushion economic challenges and foster responsible financial habits.”
Kicking off in December 2024 and concluding in May 2025, the latest season saw over 3,000 customers rewarded with gifts and cash, including motorcycles, tricycles, fuel vouchers, and substantial cash prizes, with total giveaways exceeding ₦131 million.
To qualify, customers maintained a minimum balance of ₦10,000 and completed at least five transactions monthly. Monthly draw winners received ₦100,000, while quarterly draws featured exciting prizes such as motorcycles and tricycles.
As Season 4 draws to a close, Union Bank reaffirms its dedication to nurturing customer growth and extending robust financial support nationwide. Through continued innovation, the Bank remains steadfast in its mission to empower Nigerians and foster sustainable wealth for all.
E-Financial
NIBBS: Banks Close 29.4m Accounts, Dormant Accounts Hit 33.39m

Banks in Nigeria closed 29.4 million accounts as of March 2025, according to the latest report by the Nigerian Interbank Settlement System (NIBSS).
The figure represents a sharp year-on-year increase of 30.43 per cent from the 22.54 million closed accounts recorded in March 2024.
It also reflects a steady rise in account closures over recent months, with 33.29 million closed accounts reported in February 2025 and 29.43 million in January.
The report also revealed a significant increase in dormant accounts, which surged to 33.39 million in March 2025, up from 19.79 million in the same period in 2024, a 71.3 per cent rise in inactive accounts over the past year.
Despite the spike in closures and dormant accounts, the number of active bank accounts rose from 219.64 million in March 2024 to 320.05 million in March 2025, representing an increase of over 100 million, or 45.7 per cent.
NIBSS defines a dormant account as one that has seen no deposit, withdrawal, transfer, or point-of-sale transaction for a period of six months.
The surge in account closures and dormancy follows the Central Bank of Nigeria’s directive issued in December 2023, mandating commercial banks to restrict Tier-1 accounts not linked to a Bank Verification Number (BVN) and National Identification Number (NIN) by March 1, 2024.
In response to the directive, BVN enrolment increased from 61.6 million in April 2024 to 66.23 million by July 2025, as more Nigerians rushed to meet the CBN’s compliance deadline.
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