E-Financial
E-PPAN, Others Say Judiciary Strategic In Combating Financial Frauds
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.
United Bank for Africa (UBA) has informed its customers that, in compliance with a new directive from the Nigerian Communications Commission (NCC), charges for USSD banking services will no longer be deducted from bank accounts, effective June 3, 2025.
In a notice sent to customers, the bank explained that the charges would now be deducted directly from users’ mobile airtime balances, in line with the NCC’s newly introduced End-User Billing (EUB) framework.
It said the new model aimed to ensure transparency in USSD transactions and shift billing responsibility to mobile network operators.
According to UBA, each USSD session would now cost ₦6.98 per 120 seconds, saying that customers initiating transactions would receive a prompt to provide consent at the start of each session, and airtime would only be debited if the bank is available to process the request.
The bank advised customers who are not comfortable with the new billing arrangement to opt for other digital banking alternatives such as the UBA mobile app and internet banking platform, which remain fully operational and user-friendly.
UBA reaffirmed its commitment to providing secure and accessible digital services, and encouraged customers to choose the channel that best suits their banking needs.
The policy marks a significant shift in Nigeria’s digital banking ecosystem and is expected to address longstanding disputes over USSD service charges between telecom operators and financial institutions.
E-Financial
Fitch Upgrades Fidelity Bank’s National Rating to ‘A+(nga)’, Affirms Long-Term IDR at ‘B’
Global credit rating agency, Fitch Ratings, has affirmed Fidelity Bank Plc’s Long-Term Issuer Default Rating (IDR) at ‘B’ and upgraded its National Long-Term Rating to ‘A+(nga)’ from ‘A(nga)’.
The upgrade, announced on May 29, 2025, reflects the bank’s strengthened capital buffers and improved profitability, signaling continued positive momentum in its performance.
According to Fitch, the rating upgrade is underpinned by Fidelity Bank’s successful capital raise through a rights issue and public offer, as well as a notable improvement in profitability—driven by higher interest income and a stable base of low-cost current and savings deposits.
Commenting on the announcement, Managing Director/CEO of Fidelity Bank, Dr. Nneka Onyeali-Ikpe, said, “This upgrade by Fitch Ratings affirms the resilience of our business model, the strength of our risk management practices, and our unwavering focus on delivering sustainable value to stakeholders.
Despite a challenging macroeconomic environment, we have continued to maintain strong asset quality, solid profitability, and ample liquidity. This recognition reinforces our position as one of Nigeria’s most resilient and customer-focused financial institutions.”
One of the key drivers of the improved rating is the bank’s robust capitalization. Fitch reports that Fidelity’s Fitch Core Capital (FCC) ratio rose to 29.9% at the end of 2024—well above the regulatory minimum. The agency also noted that further capital raising efforts are expected to position the bank to meet the ₦500 billion minimum capital requirement for internationally licensed banks before the 2025 deadline.
Fidelity Bank’s market positioning remains strong. As Nigeria’s sixth-largest bank, it commands approximately 5% of total banking sector assets. The bank’s balance sheet is reinforced by a high proportion of low-cost deposits, which accounted for 93% of total deposits as of year-end 2024—among the highest in the Nigerian banking industry.
The affirmation and upgrade by Fitch is expected to enhance investor confidence and support Fidelity’s continued efforts to scale its operations both locally and internationally.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.
Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
Securities and Exchange Commission (SEC) has warned the public against investing in unregistered investment schemes, including Silverkuun Investment Cooperative Society/Silverkuun Limited.
In a circular issued in Abuja, yesterday, the commission said its attention had been drawn to the activities of these entities, which falsely present themselves as investment advisers and fund managers in the Nigerian capital market.
“The attention of the Securities and Exchange Commission has been drawn to the activities of Silverkuun Investment Cooperative Society/Silverkuun Limited which holds itself out as an Investment Adviser/Fund Manager.
“The Commission hereby informs the public that Silverkuun Investment Cooperative Society/Silverkuun Limited is not registered to operate in any capacity in the Nigerian Capital Market.”
SEC advised the public to refrain from engaging with Silverkuun Investment Cooperative Society/Silverkuun Limited or its representatives in respect of any business in the Nigerian capital market.
“The Commission uses this medium to reiterate that transacting in the Nigerian Capital Market with unregistered and unregulated entities exposes investors to financial risk including fraud and potential loss of investment.
“The investing public is therefore reminded to verify the status of companies and entities offering investment opportunities on the Commission’s portal before transacting with them,” the SEC added.
Dr. Emomotimi Agama, director-general of the SEC, recently warned that the Commission would not hesitate to shut down the operations of such unregistered entities while also ensuring that the promoters are made to face the full weight of the law.
Agama said, “we will shut down their operations and the promoters will be made to face the full weight of the law.
“In a major reform, ISA 2025 officially brings digital assets under the SEC’s regulatory purview, defining them as securities and mandating registration for all virtual asset service providers (VASPs) and digital asset exchanges. This development aims to close the regulatory vacuum that has allowed many Ponzi-style platforms to thrive under the guise of cryptocurrency and digital finance.”
Agama also emphasized the Commission’s education-focused strategy to combat fraud through podcasts, digital campaigns, and the introduction of capital market literacy in schools and universities, the SEC aims to equip Nigerians with the knowledge to detect and avoid dubious investments.
Nigeria Strengthens Cybersecurity, Launches National Cleanup Plan
ARCON to Crackdown on AI-Generated Fake Ads
UBA Compiles with NCC, to Deduct USSD from Customers’ Accounts
Microsoft Sacks 300 Staff as Job Cut Hits 6,300
FG, UNICEF Partner to Train 20m Youths on Digital Skills
E-Business2 days agoFarmers to Get Identity Card for Loans, Inputs
Telecom2 days agoARCON Probes 9mobile over Alleged N1Bn Advertising Debt
News1 day agoJAMB Waxes Worriedly over Rising Digital Exam Fraud
News2 days agoSERAP Sues NNPC over Alleged Missing ₦500Bn, Seeks Accountability
E-Business1 day agoNIMC Plans to Register 95 Percent Nigerians by December
Telecom1 day ago9mobile Nigeria Inks Agreement to Roam with MTN
Telecom1 day agoBanks, Telcos to Start Deducting USSD Charges from Airtime Today
E-Business2 days agoDyna.Ai Launches Operations in Nigeria