News
Nigerian Banks Lost N42.6Bn to Fraud in Q2 2024

Fasasi Sarafadeen Atanda, national president, Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) said Nigerian Banks lost N42.6b to fraudsters in Nigeria within the Q2 of 2024.
Atanda quoting Financial Institutions Training Center (FITC) report, said the loses were traced to agent locations through the use of stolen cards, phones, fake alerts and ransom cash out.
Atanda, who made the disclosure at the 8th Annual National Conference of the association in Benin City, Edo State with the theme “Match Data With Actions” said that to steam the tide AMMBAN has introduced an automated verifiable identity card for agents and launched a Joint Task Force (JTF) in conjunction with the Office of the Inspector General of Police (IGP), DSS, NSCDC and other security agencies.
According to him, “The 8th AMMBAN annual national conference is unique as it is meant to match data with actions.
Data on Access to Financial Inclusion: As at the last EFInA report in 2023, financial inclusion was at 64% but on the ground, over 300 local government areas in Nigeria are without bank branches (AMMBAN Survey, 2024).
Why access to commercial banks are of concern? CBN recent regulation on mandatory BVN and/or NIN for owning an account or a wallet requires the presence of bank branches, because they are majorly the structures enabled for BVN enrollment/modification.
On action from AMMBAN, he noted that the association has introduced a one-stop shop for financial services, offering NIN, BVN, Account Opening, Card Issuance, Sim Registration, Savings, Credit, Insurance etc across the excluded local government areas.
Continuing, he said. “Data on Security: Nigerian banks lost N42.6B to fraud in Q2, 2024 (FITC), and most were traced to agent locations through the use of stolen cards or phones, fake alerts, ransom cash out, etc.
“Action From AMMBAN: AMMBAN introduced an automated verifiable identity card for agents and launched a Joint Task Force (JTF) in conjunction with the Office of the Inspector General of Police (IGP), DSS, NSCDC and other security agencies. JTF has been providing intelligence for the security agencies on enforcement sanity and regulatory standards at agent locations – in public interest.
AMMBAN has indeed led the way of data to actions by turning our insights into inclusive financial solutions (NFIC, Agent QR-coded ID card, Agent Joint Task Force, AMMBAN cooperative, AMMBAN women wing etc).”
In his keynote address Mr. Philip Ikeazor, Deputy Governor Financial Stability, Central Bank of Nigeria (CBN) represented by the apex bank Controller, Benin Branch, Michael Mgbeze said that the Central Bank aims at advancing financial inclusion and building a robust and inclusive financial system that leaves no Nigerian behind.
He said the contribution of AMMBAN have been instrumental in ensuring that millions of Nigerians particularly in the underserved communities now have access to financial services.
“We gather today with a shared mission – to advance financial inclusion and build a robust and inclusive financial system that leaves no Nigerian behind. Your contributions have been instrumental in ensuring that millions of Nigerians, particularly in underserved communities, now have access to financial services.
“As we approach the end of 2024, we are closer than ever to our goal of 95% financial inclusion. Currently, less than 25% of Nigerians are financially excluded – an impressive leap from 32% in 2020. This figure represents millions of people gaining access to the tools needed to improve their lives, from savings and loans to insurance and investment products.
“Nigeria’s financial inclusion landscape has transformed significantly from 2016 to 2024. As at 2023, the formal financial service usage has grown from 30% to 57%, the adoption of financial service agents has also skyrocketed, from 4.4% in 2018 to 54%in 2023.
“The Usage of informal financial service providers increased by 39% since 2020, with significant increase in the use of village associations predominantly in the South East. The use of financial services, including transaction accounts, savings, remittances, credit, and insurance, is on the rise. Notably, savings increased by 2%, remittances by 8%, and credit by 4%”, he said.
On his part, the Sen Ibrahim Hadejia Deputy Chief of Staff to the President Office of the Vice President, represented by Nurudeen Abubakar, said President Bola Ahmed Tinubu’s administration is putting sustainable mechanisms in place to build a $1trillion economy by 2030, adding that while substantial progress has been made. Something around 26% of the adult population primarily women, rural dwellers, and small business owners are financially excluded.
“As we seek to achieve this milestone, financial inclusion is at the heart of our economic agenda, ensuring that all Nigerians—regardless of location, gender, or socioeconomic status—are not only included but also empowered in our financial system.
“President Bola Ahmed Tinubu’s administration is putting sustainable mechanisms in place to build a $1 trillion economy by 2030,
“This has been made evident in the administration’s effort to boost access to credit for Micro, Small, Medium, and Nano Enterprises (MSMSNE), and various other programs targeted at enhancing inclusive growth through economic and financial inclusion”, Abubakar stated.
News
Aliko Dangote Signs out @ Dangote Sugar Refinery as Chairman

In a major leadership transition, Dangote Sugar Refinery Plc (DSR) has announced the retirement of Aliko Dangote, its founder and chairman, from the Board, effective June 16, 2025.

Aliko Dangote
The announcement was made in a regulatory filing with the Nigerian Exchange Ltd on June 11, highlighting the company’s commitment to sound corporate governance and structured succession planning.
In a statement signed by Mrs. Temitope Hassan (FCIS), company secretary and legal adviser, the Board praised Dangote’s extraordinary leadership and lasting contributions to the company.
“Alhaji Aliko Dangote is one of the founding Directors of the Company and has served with exceptional leadership, integrity, and vision since 2005,” the statement read.
“Under his stewardship, Dangote Sugar Refinery transformed significantly, navigated industry changes, consistently delivered value to shareholders, and upheld strong governance principles.”
Widely regarded as Africa’s most influential industrialist, Dangote led DSR’s evolution into a dominant player in Nigeria’s sugar value chain.
His strategic initiatives, particularly the Backward Integration Projects (BIPs) across Adamawa, Taraba, and Nasarawa States, advanced the company’s self-sufficiency goals and aligned with the federal government’s national sugar master plan.
While stepping down from DSR, Dangote will continue as President of Dangote Industries Limited.
His legacy at DSR is marked by industrial innovation, strategic foresight, and sustained operational excellence.
To ensure a seamless transition, the Board has appointed Mr. Arnold Ekpe, a seasoned independent non-executive director, as the new chairman, effective June 16.
Ekpe is renowned for his tenure as Group CEO of Ecobank Transnational Incorporated, where he championed pan-African financial inclusion and institutional growth.
His extensive experience in banking and corporate governance is expected to strengthen DSR’s next phase of development.
The leadership change signals continuity of vision, with DSR reaffirming its focus on operational efficiency and long-term value creation in a dynamic market.
For shareholders and industry observers, Dangote’s exit from the Board marks the end of a transformational era—one defined by bold ambition and strategic execution—while opening a new chapter under Ekpe’s leadership.
News
Report Reveals New Malware Posing as an AI Assistant Steals User Data

Kaspersky Global Research & Analysis Team researchers have discovered a new malicious campaign which is distributing a Trojan through a fake DeepSeek-R1 Large Language Model (LLM) app for PCs.
The previously unknown malware is delivered via a phishing site pretending to be the official DeepSeek homepage that is promoted via Google Ads.
The goal of the attacks is to install BrowserVenom, a malware that configures web browsers on the victim’s device to channel web traffic through the attackers servers, thus allowing to collect user data – credentials and other sensitive information. Multiple infections have been detected in Brazil, Cuba, Mexico, India, Nepal, South Africa and Egypt.
DeepSeek-R1 is one of the most popular LLMs right now, and Kaspersky has previously reported attacks with malware mimicking it to attract victims. DeepSeek can also be run offline on PCs using tools like Ollama or LM Studio, and attackers used this in their campaign.
Users were directed to a phishing site mimicking the address of the original DeepSeek platform via Google Ads, with the link showing up in the ad when a user searched for “deepseek r1”.
Once the user reached the fake DeepSeek site, a check was performed to identify the victim’s operating system. If it was Windows, the user was presented with a button to download the tools for working with the LLM offline. Other operating systems were not targeted at the time of research.
After clicking on the button and passing the CAPTCHA test, a malicious installer file was downloaded and the user was presented with options to download and install Ollama or LM Studio.
If either option was chosen, along with legitimate Ollama or LM Studio installers, malware got installed in the system bypassing Windows Defender’s protection with a special algorithm.
This procedure also required administrator privileges for the user profile on Windows; if the user profile on Windows did not have these privileges, the infection would not take place.
After the malware was installed, it configured all web browsers in the system to forcefully use a proxy controlled by the attackers, enabling them to spy on sensitive browsing data and monitor the victim’s browsing activity.
Because of its enforcing nature and malicious intent, Kaspersky researchers have dubbed this malware BrowserVenom.
“While running large language models offline offers privacy benefits and reduces reliance on cloud services, it can also come with substantial risks if proper precautions aren’t taken.
Cybercriminals are increasingly exploiting the popularity of open-source AI tools by distributing malicious packages and fake installers that can covertly install keyloggers, cryptominers, or infostealers.
These fake tools compromise a user’s sensitive data and pose a threat, particularly when users have downloaded them from unverified sources,” comments Lisandro Ubiedo, Security Researcher with Kaspersky’s Global Research & Analysis Team.
News
Court Declares Bank’s Withholding of Retirement Benefits Unlawful

National Industrial Court in Lagos has ruled that a deposit money bank must pay over N162 million in outstanding retirement benefits to a group of its former employees.
The judgment, delivered by Justice R.H. Gwandu, criticized the bank’s attempt to withhold entitlements from staff employed through third-party arrangements.
The claimants, represented by Chief Mike Ozekhome, SAN, argued that the bank violated labor laws by refusing to honor their retirement benefits. They sought declarations that the bank’s actions were unlawful and requested immediate payment of their dues.
Justice Gwandu ruled in favor of the employees, stating that the use of third-party employment to evade obligations was unacceptable.
The court acknowledged their long service and dismissed the bank’s argument that they did not meet the required 15 years of uninterrupted service.
Notably, the court upheld the rights of the 10th claimant, who continued working with the bank after its merger with Manny Bank and another commercial institution.
This landmark ruling reinforces workers’ rights and establishes that organizations cannot use outsourcing arrangements to deny employees their legitimate benefits.
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