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E-Financial

Banks Set Up Fund to Fight e-Fraud

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Nigerian banks have set up a multimillion-naira fund to fight scammers as the banking sector continues to record rising cases of electronic fraud.

 

Part of the funds will be deployed in massive anti-fraud campaigns to expose the tricks of e-fraudsters beginning January 2018.

 

Mr. Dele Adeyinka, chairman, Committee of Electronic Banking Industry Heads (CeBIH), the umbrella body for the heads of e-banking in all the commercial banks in the country, made the disclosure in an exclusive interview Punch.

 

Adeyinka said, “Six months ago, in mid 2017, we realised that we needed to set aside some amount of money (running into hundreds of millions of naira) to create awareness about electronic fraud. We decided that an ‘X’ amount of all the transactions going through the NIBSS platform for the purpose of fighting fraud.

 

“What this means is that a fraction of the value of all the banking transactions going through the NIBSS platform is being set aside for this. In January 2018, we will begin massive campaign across all channels, social media, radio, television and print media to educate customers on the activities of fraudters. We are going all the way and we won’t stop once it starts because it is going to be on a sustainable manner.”

 

According to the Nigerian Inter-Bank Settlement System Industry Fraud Report, the banking industry recorded 6, 212 fraud cases during the second quarter of this year.

 

Within the period, the actual loss count was 3,211 while the actual loss value was put at N501m.

 

The report put the attempted fraud value at N791m.

 

“The Q2 2017 has a fraud volume of 6, 212 which depicts a 17 per cent increase when compared to Q1 2017 and Q2 2016 respectively,” the report read in part.

 

Adeyinka said the banking industry had realised the need to fight e-fraud in the banking sector by engaging in massive campaign to educate bank customers on e-payment fraud.

 

According to the CeBIH chairman, who is also the head of e-banking in Wema Bank Plc, the move to tackle the activities of fraudsters with the fund coincides with the Central Bank of Nigeria’s plan to resume cashless Nigeria policy next year.

 

“The fun is also in line with the regulator’s plan to resume cashless Nigeria policy next year,” Adeyinka said.

 

He said the heads of e-banking under the auspices of CeBIH was working with the Nigerian Inter-Bank Settlement System Plc and the Nigerian Electronic Fraud Forum to ensure that fraud cases were reduced to the minimum.

 

On the need to create a Customer Protection Fund to assist victims of electronic fraud to find better life, Adeyinka said issue like the Charge Back Process and Liability Shift were being looked into in order to  ensure that victims of e-fraud get their refund as and when due.

 

In line with the principle of the Charge Back Process and Liability Shift, customers who are found to have compromised their personal banking details may not get any refund,

 

Liability shift means any party found to have compromised to faulty in a fraud case will bear the liability of the fraud, whether the bank, switch company or customer.


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E-Financial

UBA Expands to More African Cities, Stamps Footprint  in Saudi Arabia

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United Bank for Africa (UBA) has announced strategic expansion into more African countries even as it plans to open a new office in Saudi Arabia, marking a significant milestone in its mission to connect Africa with key global markets.

UBA Expands to More African Cities, Stamps Footprint  in Saudi Arabia

Oliver Alawuba, GMD/CEO, UBA group,

This emerged during the Group’s Half Year Business Review held at its global headquarters in Lagos, where Oliver Alawuba, group managing director/CEO, UBA group, met with senior executives overseeing UBA’s 24-country footprint.

The meeting reaffirmed the bank’s pan-African strategy while outlining bold new steps into global markets.

Alawuba highlighted UBA’s continued growth outside Nigeria, with more than 51.7% of Group revenues now generated from its ex-Nigerian operations.

He described the Saudi expansion as a move that positions UBA to support cross-border trade, attract investment flows, and better serve the African diaspora.

“UBA’s vision is clear—we are building a truly global institution anchored in Africa, but serving customers across continents. Our entry into Saudi Arabia signals confidence in new opportunities and commitment to supporting economic connectivity between Africa and the Middle East,” he said.

The Saudi expansion adds to UBA’s international presence, which currently includes the United Kingdom, United States, France, and the United Arab Emirates. Alawuba also disclosed that the bank is upgrading its operating licence in France to further strengthen its European operations.

“In Europe, UBA has operations in the United Kingdom and is upgrading its licence in France, expanding its capacity to serve cross-border trade, investment flows, and the African diaspora, complementing our over 40-year presence in New York,” Alawuba noted.

Since launching its pan-African journey with an entry into Ghana in 2004, UBA has expanded rapidly across 20 African countries, establishing itself as a leading driver of financial inclusion, innovation, and regional integration.

 

 

 

 

 

 


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E-Financial

Ecobank Plans to Raise $250m Capital Through Private Placement

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Ecobank Transnational Incorporated announced its plan to raise up to $250m in Additional Tier 1 capital through a private placement of contingent convertible notes.

In a statement filed on the Nigerian Exchange Limited recently, the capital raise was approved by shareholders at the company’s Extraordinary General Meeting held in Lomé, Togo. The private placement offer was launched on July 9 and will run for ten days.

“Following the approval of the shareholders at its Extraordinary General Meeting held on May 28, 2025, in Lomé, Togo, to raise up to $250m in additional Tier 1 capital qualifying instruments via a private placement of contingent convertible notes, Ecobank Transnational Incorporated announces the launch of the AT1 effective July 9, 2025, for ten days. Renaissance Capital Africa has been appointed as the transaction adviser to ETI.”

The move is an initiative aimed at strengthening Ecobank’s capital adequacy, enhancing financial resilience, and supporting its long-term growth ambitions across its diversified pan-African banking platform.

Additionally, Madibinet Cisse, Ecobank’s Company Secretary, said, “This proposed capital raise represents a critical step in our efforts to fortify the bank’s financial foundation and support sustainable growth across Africa.”

It would be recalled that Ecobank Transnational Incorporated, the parent company of the Ecobank Group, has raised an additional $125m through a Eurobond tap, bringing the total size of its 2029 notes to $525m.

 


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E-Financial

EFCC Recovers Funds Lost to CBEX Fraud

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Ola Olukoyede, chairman, Economic and Financial Crimes Commission (EFCC), has announced that the body has recovered lost funds from the CBEX fraud scheme.

EFCC Recovers Funds Lost to CBEX Fraud

Olukoyede did not announce the amount recovered, but he assured Nigerians that the EFCC is taking action against the promoters of the scheme.

The EFCC Chairman emphasised that the suspects found are facing prosecution.

“We have found a lot of people culpable. Those who promoted that scheme are within our jurisdiction and have been arrested. So, at this moment, they are being prosecuted. And we can also say that money has been recovered, even though the process is still ongoing for us to finally forfeit it,” he said.

Olukoyede also urged Nigerians to exercise caution when investing their resources into online platforms.

“Ponzi schemes remain one of the most pervasive threats facing unsuspecting investors. The CBEX case is a clear example. We all remember the outcry that followed the collapse of the scheme, but these unfortunate situations are preventable. Nigerians must begin to conduct due diligence before committing their resources to such platforms,” Olukoyede said.

He also stressed that the body remains committed to fishing out the culprits and recovering the lost funds.

“It was only when the bubble burst that people wanted EFCC to perform magic and recover their money. In the case we investigated in Lagos, which we dubbed Operation Flush, we arrested a large number of foreigners involved in various cybercrimes, including CBEX. I want Nigerians to know that as of today, we have secured close to 150 convictions. Some of them are already serving their jail terms. And when they are through with that, we are going to send them back to where they came from. So we are monitoring them,” he added.

He urged the public to stay vigilant, assuring them that the body will see the case to the end.

“We are no longer the EFCC that drops cases halfway. Whatever we start, we will finish. Nigerians should trust us and believe in our capacity to do justice. Some of these cases are complex and may require cross-border investigations, but we are up to the task,” he said.


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