General News
Nigerian Banks Lose Millions of Naira in Frauds Due to Lack of Live Detection

Nigeria Inter-Bank Settlement System (NIBSS) has revealed that the country’s financial sector lost around N52.26 in 2024 to fraudsters, some of whom enrolled fake identities for Bank Verification Numbers (BVNs).
These incidents, observers say, evoke the need for liveness detection systems to secure biometric identity verification by banks and financial institutions in the country.
Specifically, about N329 million from this total amount was directly lost to fraudsters using static images of BVNs to activate financial transactions, NIIBSS said in its latest report on financial fraud trends in Nigeria.
According to Punch, the NIBSS report indicates that the BVN fraud scheme was facilitated by some enrollment agents registering still images as if they were live, allowing ill-intentioned individuals to use those fraudulent BVN records to open bank and mobile money accounts to carry out transactions.
Liveness or presentation attack detection is not always used for in-person biometric enrollments, but if not the integrity of enrollments can be undermined by the kind of collusion observed in these incidents.
Per the report, many of the fraudulent BVNs were given Nigerian names to dissipate any strong suspicion, but the fake accounts were eventually discovered and deleted with the suspects tracked down for arrest and possible prosecution.
An additional N400 million ($270,000) in fraud was carried out with stolen identities in the past year, according to 21st Century Chronicle.
Nigeria introduced the BVN system in 2014 with the idea being to strengthening banking security. It has since been an official requirement for anyone opening a bank account or carrying out a banking transaction.
The federal government insists that all bank accounts must be linked to the biometric bank ID number.
Last year, Dermalog said it now ensures BVN use for over 64 million Nigerian bank account owners.
“Still images of Asians and Nigerians are taken and enrolled for BVN by recalcitrant agents. An estimated N329m being proceeds of fraud was received into some of the accounts opened with the BVN generated with these still images a few days before the fraud,” Punch quoted the NIBSS report as stating.
The report offers insights into other fraud indicators, noting for example that the 52.26 billion Naira lost to fraudsters in 2024 is a massive jump from the 11.6 billion Naira loss recorded four years earlier. Paradoxically, there were more fraud cases reported then than in 2024.
In the face of the growing financial sector threats and scams, actors in the industry are of the opinion that stronger response measures need to be taken, in terms of strengthening the regulatory frameworks.
Adaora Eze, fintech expert and CEO of Digital Finance Solutions, told Blueprint newspaper that “the regulatory landscape needs to evolve in response to these emerging threats” and that “financial institutions must implement stricter compliance measures, and the government should introduce more stringent policies to ensure accountability.”
“Without these interventions, fraud losses will continue to rise,” she opines.
NIBSS released a similar annual fraud landscape report in 2023 in which it also noted high levels of financial sector fraud in the country.
General News
FBI Sends Team to Nigeria to Track Down ‘Sextortion’ Scammers

Sextortion scams have become so widespread that the Federal Bureau of Investigation (FBI) is sending agents to Nigeria to help track down the perpetrators.
The agency’s “Operation Artemis” has led to the arrest of 22 Nigerians, half of whom are “directly linked” to sextortion incidents in which victims died by suicide.
Sextortion scams often begin on social media, where perpetrators pose as attractive young women to lure victims—typically unsuspecting teenage boys—into sending nude photos or explicit videos.
Once the images are obtained, the scammers turn to blackmail, threatening to leak the content unless the victim pays up.
In some cases, the sextortion results in teenage victims taking their own lives over fear of the nudes leaking.
In Thursday’s announcement, the FBI noted it’s been “observing a significant increase over the last three years in financially motivated sextortion schemes targeting young males ages 14-17, resulting in more than 20 minor victims dying by suicide.”
The agency is also facing a 30% year-over-year increase in sextortion-related tips.
“According to the FBI’s Internet Crime Complaint Center or IC3, there were over 54,000 [extortion-related] victims in 2024, up from 34,000 in 2023,” it said.
“Over the last two years there have been nearly $65 million dollars in financial losses due to this crime.”
In response, the FBI says 55 agency field offices came together to identify “nearly 3,000 victims of financially motivated sextortion,” which led investigators to track down the culprits in Nigeria.
The US has since extradited at least three suspects from Nigeria.
“These subjects will now be held accountable in the American justice system, with more subjects still awaiting extraditions in Nigeria,” the FBI added.
General News
FBNQuest Trustees Hosts Estate Planning Summit in Port Harcourt

FBNQuest Trustees Limited, a subsidiary of First HoldCo Plc, provider of trust solutions to individuals, corporate and government institutions, recently hosted its inaugural Estate Planning Summit in Port Harcourt.
The maiden event, themed: Wealth Preservation and Transfer without Hassle, was organised to strategically enlighten and empower the participants with the necessary knowledge required to seamlessly manage and successfully transfer their assets and legacies to their beneficiaries.
Speaking at the event, the Acting Managing Director, FBNQuest Trustees, Babajide Fetuga, stressed the critical importance of seeking professional guidance on estate planning, preservation and transfer of wealth to successive generations and other beneficiaries. He stated that a professionally drafted estate plan gives no room for any form of ambiguity; hence, it provides clear directives on what to do at any time.
‘’The potential consequences of not having an estate plan include perennial family disputes and protracted court cases, which may result in a huge financial burden and foster long-lasting resentments among loved ones if proactive steps are not undertaken to protect individuals, families and loved ones from avoidable stress.
‘’Understanding the values of wealth preservation is crucial. It is vital to recognize the importance of having a strategic estate planning blueprint, and we are determined to educate you with knowledge that not only informs but inspires you to take the necessary actions as you move forward,” he added.
FBNQuest Trustees is dedicated to promoting effective estate planning solutions. The company has a track record of successfully hosting estate planning summits in Abuja, Lagos, Minna and Ibadan and continues to emphasize the importance of thoughtful planning through initiatives like the Legacy Series Campaign and the Legacy Room podcast.
The summit featured industry experts who delivered valuable insights on the significance of wealth preservation and transfer, addressing the residents of Port Harcourt and its environs. The discussions focused on practical approaches and proactive measures attendees can adopt to manage their estates effectively and minimize potential future challenges.
General News
Meta Tightens Spam Controls to Elevate Original Content on Facebook

Meta has announced new measures to tackle spammy content on Facebook, aiming to enhance the Feed experience and support authentic creators. These updates are part of Meta’s broader commitment to fostering a platform where meaningful interactions thrive.
The initiative includes reducing the visibility of spammy content. Accounts that share duplicate posts, irrelevant captions, or excessive hashtags will lose reach and monetization eligibility. Spam networks that create multiple accounts to share identical content will also face decreased visibility.
Meta is increasing efforts to detect and remove fake accounts and pages involved in coordinated engagement or impersonation.
In 2024, the platform removed millions of such accounts. Features in Moderation Assist have been enhanced to auto-hide comments from suspected fake identities, and creators can now report impersonators directly in comments.
To further support original content, Meta continues to improve its Rights Manager tool, helping creators protect their work. Updated guidance aims to encourage creators to share authentic and engaging content to ensure their success on the platform.
Oluwasola Obagbemi, Head of Communications for Sub-Saharan Africa at Meta, emphasized the importance of creating an environment where creators who invest in meaningful content are recognized and rewarded.
Meta remains committed to fostering a positive and authentic environment for creators and users alike. Let me know if you’d like more adjustments!
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