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Bankers, Criminals Collaborate to Clone ATM Cards- Police

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Dan Okoro, commissioner of Police, Anti-Fraud Unit, Federal Criminal Investigation Intelligence Department (FCIID) Ikoyi- Lagos, has raised alarm over many cloned certificates and ATM cards in circulation.

 

Okoro raised the alarm while briefing journalists in Lagos on the discovery of some cloned certificates by a syndicate, which specialised in printing fake documents of banks, government and corporate organisations.

 

He said that the syndicate had been using the cloned documents to defraud banks, government, corporate organisations and individuals, stressing that some bank officials were collaborating with the suspects for the crime.

 

Among documents cloned by the syndicate included CBN, presidential clearance certificates, IMF and court documents.

 

“I advise members of the public against cloned certificates, ATM card and other important documents currently in circulation. I want members of the public to keep their pin numbers, passwords and ATM safe.

 

“We have some documents recovered from one suspect arrested. We are investigating the documents and some bank staffers allegedly collaborating the syndicate.

 

“It is only the bankers that have details of every deposit in the bank. Our investigation revealed that some bankers give information to the syndicate on how much customers have in every account.

“The syndicate cloned documents and transferred such money to another account, particularly, accounts with ATM cards are their easiest target.

 

“Many crimes are going on in different banks, unfortunately, the bank management will not allow the public to know about it because they want to keep their customers trust,” he said.

 

Okoro said the unit was able to detect some of the documents through the assistance of a foreign cyber security firm based in Lagos using forensic analysis equipment to unravel the identities of the syndicate members.

 

He noted that cyber crime was a global challenge, stressing that the unit was synergising with the foreign firm for capacity building for officers and men in the unit.

 

The commissioner said the suspect arrested was currently in the hospital after he collapsed during search of his house and many incriminating materials, including hard drugs were discovered.

 

“The suspect is a web site designer. He designed many of the cloned documents. We are on the trail of other members of the syndicate,” Mr Okoro said.


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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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E-Financial

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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