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E-PPAN, Others Say Judiciary Strategic In Combating Financial Frauds

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Stakeholders in the Nigerian financial sector have urged the judiciary not to relent on the fight against financial and other related frauds in a bid to safeguard the economy.

Rising from the 5th e-fraud conference organized by the Electronic Payment Association of Nigeria (E-PPAN) in Lagos, the stakeholders issued a communiqué identifying the judiciary as strategic partners to stem fraud.

The communiqué signed by Mrs Onajite Regha, chief executive officer of E-PPAN read: The criminal justice process in Nigeria in relation to electronic frauds is evolving with relevant laws still being enacted and law enforcement agencies and judicial system still in the process of understanding the technicalities of the issues.

“The entire process is made up of Laws, Institutions and Processes. Participants welcomed the formation of a collaborative strategy between the judiciary, the law enforcement agencies and the financial industry. They offered the industry their full support to strengthen justice and to implement policies and procedures that ensure that all components of the process are effective. All of these measures are necessary in order to successfully combat electronic payment crimes which threaten the entire payment framework”.

The conference participants averred that electronic payment fraud is a threat not only to individuals and corporate organisations but to the entire nation. Its cost implication can be measured through its economic and social impacts.

“It affects job opportunities and reduces standard of living. It diminishes national image, affects consumers’ confidence, ruin big brands and erodes international confidence in the authenticity of our payments systems. They condemned the acts of fraudsters who gladly exploit the anonymity, global reach, speed and cost effectiveness of the electronic payment system to pursue criminal endeavours,” the Communique read.

According to the statistics provided by NIBBS, in the first 9 months of 2014, the industry had lost over Four Billion, Eight Hundred and Ten Million, Two Hundred and Sixty Two Thousand, Two Hundred and Sixty Six Naira, (N4, 810,262,266). Participants agreed to cooperate and do everything to ensure that offenders are brought to justice.

All participants accentuated the urgent need to enhance awareness creation at different levels of the criminal justice chain, which includes staff of financial institutions, the law enforcement agencies and the judiciary.

They decried the situation where the prosecutors and the judiciary are not invited to be part of knowledge event.

To that effect, the industry committed to supporting the judiciary and law enforcement agents with awareness and trainings on trends and techniques of electronic crime.

“The participants recognized the role of the judiciary as strategic partners to stem fraud. The Chief Judge of Lagos State reaffirmed the commitment of the judiciary to the fight against electronic payment crime.  She advised investigators and prosecutors to pay great attention to details and be meticulous to ensure investigations stand the scrutiny of the courts  since the courts decisions are based on evidence.

“The participants agreed that the role of the judiciary remains unchanged as the resolver of disputes, interpreter of the law and defender of the Constitution. What must change however, are the tools and resources to tackle crimes.

“Participants proposed a practice direction from the judiciary to accept opening statements in cases of electronic fraud to assist the court in understanding the gravity of offences before the court. The advantage of an opening statement is that both attorneys at the earliest opportunity are able to give a brief summary of their case and highlights the evidence they intend to lead in support or defence of the allegation.

“A well planned opening statement serves as a road map of the trial. Participants welcomed the prospect of working on an action plan to improve the knowledge of the judiciary as it relates to types, modus operandi and consequence of electronic fraud.

“The status of the current laws in Nigeria shows that the delay in the cyber crime law has its negative effect in the criminal justice process. There is need for accelerated passage of comprehensive laws on payment system e.g. the Payment System Management Bill and other relevant laws that can support the structure of the payment systems”.

The passage of the Evidence Act of 2011 has improved the opportunities for prosecution of criminals.

However, the deficiency of expertise in digital forensics within the banking sector impairs adequate evidence to prosecute fraudsters that are apprehended and charged to court.

Participants therefore called for an industry wide forensics laboratory and capacity building of experts in digital forensics.

Reiterating their support for E-PPAN, the Economic and Financial Crime Commission (EFCC) requested further cooperation of the financial institutions, ISPs, and telecommunication companies for crime investigators and prosecutors.

They lamented the current information sharing process within the industry.

The participants agreed that all parties involved in the e-Payment ecosystem should carryout due diligence and detailed background checks on employees before employment.

The Electronic Payment Providers Association of Nigeria (E-PPAN) hosted the 5th Annual Payment Systems and Fraud Conference on the 4th of November, 2014 with the theme: “Unbundling the Criminal Justice Process in a Digital Economy”.

Delegations came from thirty four companies to strategize on collaborative opportunities on achieving a smooth and speedy prosecution of financial crimes.

The communiqué acknowledges the push on the critical need for education and awareness within the criminal justice process and the crucial role of collaboration amongst stakeholders in ensuring the success of crime reduction within the cyber space.

The conference participants (Abbey Mortgage Bank, Altech West Africa, Central Bank of Nigeria, Computer Warehouse Group, Economic and Financial Crime Commission, Digital Encode, Eartholeum Networks, E-Payment Providers Association of Nigeria, Enterprise Bank Plc, First City Monument Bank, ITEX Integrated Services, Lagos State Judiciary and Mainstreet Bank Plc.

Others are Money4 Nigeria Services Ltd, Nigeria Inter Bank Settlement Systems, P O. Jimoh- Lasisi and Associates, Socketworks Ltd, Standard Chartered Bank, United Bank for Africa, Unified Payments Services, and VoguePay ) expressed their commitment to the development of a formidable electronic crime justice process.


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E-Financial

SEC to Strengthen Borrowing Framework for Governments, Corporates

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The Securities and Exchange Commission (SEC) has pledged to enhance its regulatory framework for borrowing by government entities and corporate organizations.

Emomotimi Agama, Director General of SEC, revealed this in an interview, where he emphasized the pivotal role borrowing plays in sustaining the financial system and fostering economic growth.

He highlighted the need for strategic management of resources, particularly in light of the Supreme Court’s recent ruling mandating direct federal allocations to Nigeria’s 774 local government areas.

Agama stated, “Improving the framework for borrowing is very important because borrowing is part of the financial system, and we can only make much of the move we want to make if there is enough funding.

“Hence, we want to ensure sustainability in both government borrowing, especially for municipal and state governments, given the new Supreme Court order regarding local government allocations.”

He further stressed the importance of structured borrowing in supporting development across sectors. For corporate organizations, the SEC DG noted that the Commission is revolutionizing the landscape with the introduction of new rules on Central Counter Parties (CCPs).

“As a Commission, we have established those new rules, and they will become operational in 2025. Our aim is to make borrowing a seamless and effortless process for Nigerian companies,” he said.

Agama added that SEC was also committed to diversifying the Nigerian capital market, which had long been dominated by a mono-product focus. He disclosed plans to introduce derivatives trading in 2025, supported by enabling laws and regulations to foster growth and confidence.

“To build confidence in derivatives trading, we aim to provide clear exemptions for these transactions from general insolvency laws, creating a safer and more predictable trading environment. By doing this, we hope to attract more players and provide new opportunities for every Nigerian,” Agama concluded.

The SEC reiterated its commitment to creating a safer and more robust trading environment to strengthen the Nigerian capital market and support sustainable economic development.


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GTCO Completes First Phase of Capital Raise Initiative with N209bn

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Guaranty Trust Holding Company Plc (“GTCO Plc” or the “Group”) (NGX: GTCO) has successfully completed the first tranche of its equity capital raise programme, following the completion of the capital verification exercise conducted by the Central Bank of Nigeria (CBN) and the approval of the Basis of Allotment of the Offer by the Securities and Exchange Commission (SEC).

The Offer, which garnered substantial interest from domestic retail investors, raised a total of N209.41 billion from 130,617 valid applications for 4,705,800,290 ordinary shares, fully allotted.

This milestone concludes the first phase of GTCO’s phased equity capital raise programme, which is structured on a balanced allocation strategy based on an equal split between institutional and retail investors.

This balanced approach aligns with GTCO Plc’s commitment to fostering a well-diversified and robust investor base.

Commenting on this phase of the recapitalisation exercise, Segun Agbaje, Group Chief Executive Officer of GTCO Plc, expressed his gratitude, saying:

“We extenour sincere appreciation to our new and existing shareholders, as well as the regulatory authorities, for their unwavering support during this initial phase of our equity capital raise.

“The strong participation and successful capital verification exercise and allotment process reaffirm the confidence investors have in our fundamentals and execution capabilities.

This sets a solid foundation for accelerating our strategic roadmap, which aims to pivot the Group for transformational growth and unlock greater value across the Group’s Banking and NonBanking businesses.” GTCO Plc continues to lead its peers in key profitability metrics and financial performance.

Building on this successful first phase, the Group will commence the second phase of its recapitalisation plan in 2025, which is strategically positioned to attract significant foreign institutional investments, reinforcing its reputation as a “Truly International” financial services brand.

Proceeds from the combined equity raise will be strategically deployed to recapitalise the Group’s flagship subsidiary, Guaranty Trust Bank Limited (GTBank Nigeria), enhancing its ability to meet regulatory requirements and further solidify its position as a leading financial institution.

Additionally, the funds will support Group-wide growth initiatives, including footprint expansion, product enhancement, and innovation across both Banking and Non-Banking subsidiaries.

GTCO remains committed to delivering sustainable value to its stakeholders and driving innovation across the financial services landscape in Africa.


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UBA Ranks Among Top 5 Banks in KPMG 2024 Customer Experience Survey

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Africa’s Global Bank, United Bank for Africa (UBA) Plc, has cemented its position as a leading customer-centric institution, emerging among the Top 5 banks, in various survey’s segmentation, in the recently released KPMG 2024 West Africa Banking Industry Customer Experience Survey.

The survey showed that the bank earned an impressive second place in SME Banking as well as a third place in Retail Banking, marking a significant leap in rankings that highlights UBA’s transformation under its Customer First (C1st) philosophy.

Africa’s Global Bank, United Bank for Africa (UBA) Plc, has cemented its position as a leading customer-centric institution, emerging among the Top 5 banks, in various survey’s segmentation, in the recently released KPMG 2024 West Africa Banking Industry Customer Experience Survey.

The survey showed that the bank earned an impressive second place in SME Banking as well as a third place in Retail Banking, marking a significant leap in rankings that highlights UBA’s transformation under its Customer First (C1st) philosophy.

The survey results showcase UBA’s remarkable transformation in customer experience over the past year. For instance, in Retail Banking, the bank rose to third place up from the14th place recorded in 2023, while in SME Banking, it jumped to second position up from 6th place last year.

The bank also made notable progress in Corporate Banking, climbing to fourth place from 8th in 2023. These milestones underscore the bank’s ability to consistently exceed customer expectations and deliver unmatched service across all its business segments.

Speaking on the achievement, UBA’s Group Managing Director/CEO, Oliver Alawuba, said: “This recognition is a testament to our ability to turn aspirations into achievements and challenges into victories. At the heart of this success lies our unwavering commitment to the Customer First (C1st) philosophy. It is not just a slogan but the essence of who we are. Through C1st, we’ve redefined customer satisfaction, delivered value, and earned the trust and loyalty of our clients.”

Alawuba who credited UBA’s success to the dedication of its employees, said, “From retail branches to corporate offices, from technology teams to front-line staff, every effort contributed to this extraordinary transformation. I extend my heartfelt gratitude to our exceptional team for making this possible.”

According to the GMD, UBA has for several years, placed its customers at the centre of its operations, guided by its six pillars of Customer Experience: including Integrity- Building trust through honesty; Resolution- Promptly addressing customer concerns; Expectations-Anticipating and exceeding customer needs; Time and Effort- Simplifying processes to save time; Empathy- Demonstrating genuine care and understanding as well as Personalisation- Delivering tailored solutions.

He added that these principles have reshaped how UBA connects with its customers, fostering trust and deepening loyalty across its diverse markets.

While celebrating this milestone, the GMD disclosed that UBA remains committed to becoming the undisputed number one across all segments, adding that the bank aims to achieve this through deepened customer relationships, strengthened processes, and continuous innovation.

“The world of banking is evolving rapidly, and customer expectations are at an all-time high. To lead in this dynamic landscape, we must stay agile, innovative, and unwavering in our commitment to excellent service. Together, we will set new benchmarks and deliver unparalleled value to our customers,” he stated.

United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally. Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.


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