News
Banks Lose N159Bn to Cyber Crimes
Nigerian banks lost a total of N159 billion to electronic fraud between 2000 and the first quarter of 2013, Nigerian Inter-Bank Settlements Systems (NIBSS Plc) has said.
The organisation, however, added that the successful switch from magnetic stripe for automated teller machine (ATM) cards in 2009 to a more secure chip and PIN cards led to a drastic reduction in e-fraud to the tune of N21.72 billion with a further decline to N14.96 billion in 2010.
Leadership newspaper reported that a fortnight ago, Mr Adebayo Adelabu, deputy governor, financial systems stability, Central Bank of Nigeria, said 2.4 per cent of banking revenue was lost to fraud cases. While quoting from the 2013 Global Fraud Report, he revealed that Africa retained its position as the region with the largest fraud cases, while sub-Saharan Africa maintained the unenviable position of the region with the most prevalent fraud problems (77 per cent) among the regions surveyed.
Admonishing banks and telecom operators at a workshop organised by WiniGroup Limited, a Nigerian IT security solutions provider in Lagos, Nigerian Inter-Bank Settlements Systems (NIBSS Plc), Mr Shahar Alon, business development manager from Checkmarx, Israel’s leading Static Application Security Testing (SAST) developer, said Nigerian banks and telecom operators must collaborate to protect the economy from cybersecurity threats.
He said collaboration should be part of the lifecycle of any professional in charge of security, noting that it will be a natural response of industry to understand that, in order to survive, chief information officers (CIOs) would have to collaborate.
“If a bank in Nigeria falls, it is going to affect all other banks,” Alon said, adding that it is not a specific problem of one bank and that once the community understands they are in this together, they need to make sure that all banks, all businesses, all e-payment companies are secured.
He said it is the responsibility of all to collaborate, noting that, as the years come, the challenges will grow while those who refuse will be left behind with no collaboration to function in a group in the cyber battlefield.
“We recognize Nigeria as the giant of Africa; we recognise the economic development of Nigeria in recent years and we know the future will bring a lot of opportunities to the Nigerian market. One thing Nigeria must deal with is make sure it preserves a reputation of secure environment for businesses to operate in.
“And while doing that, cyber is a critical aspect of this reputation because if banks and businesses are not able to operate securely it will affect the whole economy. He said making sure they are secure from a cyber point of view is an essential stage Nigeria will face in the years to come.
“We feel that there is a big realization among businesses in Nigeria of the need to have secure development and make sure any application and software is secure from any vulnerability.
On his part, Tim Akano, vice chairman, WiniGroup, said the challenges of cyber frauds and cyber terrorism are growing and organisations and nations are not taking the battlefield lightly. He said nations have deployed cyber soldiers to protect their cyberspace and economy from being crumbled with distributed denial of service (DDOS) attacks and malware that can cripple their networks.
Akano said Nigerian banks, telecommunications companies and governments must as well deploy trained cyber soldiers to protect critical national infrastructures from going down through cyber attacks.
He said WiniGroup exists to bridge the technology divides between the West and Africa, leveraging on cutting-edge software and hardware solutions to drive cost southward, eliminating wastes and growing revenue for its clients in Africa.
Corporate Affairs Commission (CAC) has warned Nigerians against transacting with three fake Nigerian firms, citing fraudulent incorporation documents and registration numbers not issued by the commission.
According to the CAC, these companies are using fake certificates of incorporation with two different RC numbers each, none of which exist in the commission’s official records.
The affected companies are SPEF Cooperative Society Ltd with RC Numbers 1265884 and 512862, UPIL Staff Cooperative Society Ltd with RC Numbers 1265837 and 553220, and PREM Staff Cooperative Society Ltd with RC Numbers 1265844 and 545901.
The CAC warns that any Nigerian conducting business with these entities does so at their own risk.
“Anyone that transacts any business with the above-mentioned companies does so at their own risk,” the commission warned.
The commission further advised potential partners and investors to verify registration details directly through its official portal before signing contracts or making payments.
Similarly, the CAC, in a bid to enhance its services, introduced an AI-powered business registration platform on July 3, designed to streamline incorporations.
This new system offers instant name reservations, automated business-name suggestions, and same-day registration using a National Identification Number (NIN).
Additionally, the commission plans to review its service fees starting August 1, aiming to make its services more efficient and cost-effective.
The African Development Bank, in partnership with the International Labour Organization, has launched a transformative system to mainstream youth employment, skills development, and entrepreneurship across its investments.
The approach, called the Youth, Jobs and Skills Marker System, is aligned with the Bank’s latest Ten-Year Strategy, which places Africa’s young people at the center of development efforts to maximize the impact of every dollar invested, turning demographics into a dividend.
The Marker System ensures that Bank projects spanning diverse sectors, such as agriculture, transport, energy, water, and education, systematically incorporate components that enhance youth employability, foster entrepreneurship, and build market-relevant skills.
“The Youth, Jobs and Skills Marker System is about ensuring Africa’s young people have a real say and active role in building sustainable economies and creating jobs – not as passive recipients of youth programs,” said Dr. Beth Dunford, the Bank’s Vice President for Agriculture, Human and Social Development. “This transformation of Bank practices and systems is a step toward making sure our investments have a positive impact on Africa’s young women and men.”
The integrated system has three focus areas:
Youth: Supporting youth-led micro, small, and medium-sized enterprises through targeted investments and operational integration.
Skills: Expanding access to practical, market-driven training and apprenticeships to enhance career prospects.
Jobs: Ensuring Bank-funded projects create sustainable job opportunities, particularly by developing youth skills for employability and the promotion of youth-led businesses in priority value chains.
Each year, around 10 to 12 million young Africans enter the labor market, which offers only three million formal jobs annually. The Bank will prioritize youth entrepreneurship and mobilize private sector partnerships to strengthen industry-oriented skills training as well as job creation over the coming decade.
“[This initiative] is very important because it allows us to significantly contribute to the United Nations Sustainable Development Goal #8 that includes decent work for all,” said Peter van Rooij, Director of Multilateral Partnerships and Development Cooperation at the International Labour Organization. “It also allows the International Labour Organization to influence the Bank’s work, to support their lending that is more geared toward more job creation and better jobs in a sustainable way.”
The Youth, Jobs and Skills Marker System is modeled on the success of the Bank’s Gender Marker System and its online dashboard, which categorize Bank projects based on their contribution to gender equality and women’s empowerment.
Similarly, the new system will feature an online platform enabling Bank staff and consultants to access real-time data for preparing country strategy papers, mid-term reviews, annual reports, project supervision, and reporting on youth-related skills, businesses and jobs outcomes.
The Bank has just launched a pilot version of the Youth, Jobs and Skills Marker System in readiness for the full implementation in 2026. This system will enhance data tracking, improve estimates of youth skills attainment and employment, strengthen labor market information systems, and support policymakers in making evidence-based decisions that drive meaningful change.
The International Labour Organization provided technical support for the system’s development with financial support from the Bank’s Youth Entrepreneurship and Innovation Multi-Donor Trust Fund. The Youth, Jobs and Skills Marker System is the first deliberate action of its kind developed by a development finance institution worldwide.
The Securities and Exchange Commission has revealed plans to commence investigation into the activities of an entity operating under FF Tiffany, allegedly running a fraudulent investment scheme that has defrauded citizens.
A statement by the SEC on Tuesday in Abuja said preliminary information revealed that the scheme, which promised investors unusually high and unrealistic returns, had resulted in the loss of several billions of naira.
The SEC said it viewed the activity as a threat to investor confidence and the overall integrity of the financial system.
The commission assured the public that it was working closely with law enforcement agencies and other relevant bodies to bring everyone involved in the unlawful operation to justice.
According to SEC, those found culpable will be prosecuted in accordance with the Investment and Securities Act and regulatory provisions.
SEC reiterated its earlier warnings to the general public to desist from engaging in Ponzi or unregistered investment schemes that promised guaranteed or exaggerated returns.
“These schemes are not registered with the SEC and do not offer investor protection under the law.
“The commission is currently investigating 79 schemes and will make a statement on its findings at the conclusion of the investigation,” the SEC said.
The commission encouraged investors to conduct due diligence and verify the registration status of any investment firm or product by visiting the SEC website or contacting the commission directly through official channels.
SEC said it remained committed to its mandate of protecting investors, ensuring fair practices, and maintaining confidence in Nigeria’s capital market.
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