E-Financial
Risks Underwriters to Deploy NIID to Detect Fake Certificates
Nigerian Insurers Association (NIA), umbrella body for risks underwriting companies in the country, said it would deploy the Nigerian Insurance Industry Database (NIID) to check the increasing rate of fake marine insurance in the industry.
According to the association, the NIID marine insurance module would be ready by the end of the second quarter of next year while awareness programme on the database would commence immediately.
NIID is an electronic platform established by the NIA to serve as a vehicle for easy identification of genuine insurance documents by relevant authorised persons, monitor insurance transactions and reduce fraud in insurance transactions.
It is currently being deployed to capture all the third party motor insurance transactions in the country with a view to extending it to other types of compulsory insurances in due course.
Mr. Sunday Thomas, director general of the association, said the NIID marine insurance module was designed to eliminate fake marine insurance certificates in circulation across the country.
“Marine module should be ready before the second quarter. We have engaged a Programmer resuming January 1, 2014. If they are able to conclude work on the module, the banks would have to reach individual companies to get details of their marine insurance business.
“Rather, the banks would link up to the NIID marine insurance module to get such details. When it is ready, we will increase awareness on this,” Thomas said.
The NIA boss applauded the NIID motor insurance module that has been in existence in the last three years, saying the success achieved this far has spurred the association to move on to the second phase of the programme, which is marine insurance module.
Thomas said the association was collaborating with security agencies such as the Vehicle Inspection Officers (VIO), Federal Road Safety Commission (FRSC) and the police to ensure the successful implementation of the motor insurance module across the country.
Throwing more light on the database, Thomas said “NIID is not an alternative to motor insurance certificate because the law requires that drivers must carry your certificate. What the NIID provides is a verification that actually, what you are holding is what the law requires/ because the law requires that it is only registered insurance companies in Nigeria who can issue you with a valid motor insurance certificate.”
The association has also assured stakeholders that the database would facilitate easy collation and dissemination of statistical date of all insurance companies and serve as a vehicle for easy identification of genuine insurance documents by relevant authorised persons.
Union Bank of Nigeria Plc is facing a major financial scandal after hackers reportedly siphoned N9.3 billion from multiple customer accounts.
The breach, which occurred on March 23, 2025, has led to an urgent legal battle as the bank seeks to freeze accounts suspected of receiving the stolen funds.
Court filings reveal that the cybercriminals exploited a critical system glitch, discreetly transferring the money in small amounts across 54 financial institutions to evade detection.
Oluwasegun Falola, Union Bank’s Head of E-Fraud Investigations, confirmed that tracking the transactions has been challenging due to their fragmented nature.
Acting swiftly, the bank filed a lawsuit (FHC/L/CS/629/2025) at the Federal High Court in Lagos, requesting an emergency order to halt further withdrawals. On April 2, 2025, the bank’s legal team, led by A. Adedoyin-Adeniyi, informed the court that the stolen funds were still being actively moved—suggesting an ongoing laundering operation.
In response, Justice Deinde Dipeolu granted a Post No Debit (PND) order, freezing all implicated accounts pending further investigation.
This crisis comes just 15 months after the Central Bank of Nigeria (CBN) dissolved Union Bank’s former board over governance failures. Under the leadership of MD Yetunde Oni, the bank now faces intense scrutiny as customers demand accountability.
The Central Bank of Nigeria (CBN) has announced a comprehensive review of documentation requirements for transactions processed through the Pan-African Payment and Settlement System (PAPSS), aimed at enhancing intra-African trade, promoting financial inclusion, and improving operational efficiency for cross-border payments within Africa.
In a press release issued on Monday, the CBN outlined key updates to the documentation framework in a circular addressed to Authorised Dealer Banks (ADBs) and the general public.
The revised guidelines are part of the CBN’s ongoing efforts to streamline processes and support seamless financial transactions across the continent.
Under the new framework, individuals conducting low-value transactions up to USD 2,000 equivalent in naira and corporates transacting up to USD 5,000 equivalent in naira can now rely on basic Know-Your-Customer (KYC) and Anti-Money Laundering (AML) documents already provided to their ADBs.
This measure simplifies compliance requirements for smaller transactions and reduces administrative burdens.
For transactions exceeding the specified thresholds, parties must comply with the full documentation requirements as outlined in the CBN Foreign Exchange Manual and related circulars to ensure regulatory compliance.
Applicants are also responsible for ensuring that all necessary regulatory documents are available to facilitate the clearance of goods as mandated by relevant government agencies.
The new policy permits ADBs to source foreign exchange for PAPSS settlements directly from the Nigerian Foreign Exchange Market, eliminating the previous requirement to obtain forex directly from the CBN.
Additionally, all export proceeds repatriated via PAPSS must be certified by the relevant processing banks to promote transparency and regulatory adherence.
The CBN urged all ADBs to adopt PAPSS and commence originating transactions in accordance with the updated policy.
Exporters, importers, and individuals were encouraged to familiarize themselves with the new requirements and leverage PAPSS for efficient cross-border transactions across Africa.
The Federal Inland Revenue Service has directed banks across the country to immediately identify and close any tax and levy collection accounts not authorised under its TaxPro Max platform.
The directive, aimed at promoting transparency and ensuring uniformity in tax collection, was disclosed in a public notice titled “Directive to close unauthorised FIRS tax collection accounts,” issued by the FIRS Chairman, Zacch Adedeji, and circulated to journalists on Monday by his Special Adviser on Media, Dare Adekanmbi.
According to the notice, all tax and levy collections must now be processed exclusively through assessments generated on the TaxPro Max system.
The FIRS warned that all banks participating in its collection, remittance, and reconciliation scheme must comply without delay, discontinue the use of unauthorised accounts, and ensure only transactions initiated from the TaxPro Max platform are processed.
“We count on your cooperation to ensure a smooth transition to this centralised system, thereby contributing to a more transparent and efficient tax collection process,” the agency stated.
Developed locally, the TaxPro Max platform facilitates key tax activities such as taxpayer registration, filing of returns, payment processing, and the issuance of tax clearance certificates.
It was introduced to streamline tax administration and support the FIRS’s broader digitalisation agenda.
The agency also urged taxpayers and stakeholders seeking clarification to contact its Revenue Accounting and Refund Department.
MTN Nigeria Invests N202.4Bn in Q1 2025 to Enhance Network Capacity
MTN Nigeria Reports N1 Trillion Revenue
NBS Unveils Crowd-Sourcing Initiative for Accurate Statistical Data
Lawmakers, Telcos in Heated Debate over Kidnapping, Phone Related Crimes
Emerging Technologies, Cybersecurity, Others Form Key Focus of NCA 2003 Review
News2 days agoNBC Loses Appeal as Tribunal Upholds ₦190m Fine for Misleading Packaging
Telecom2 days agoMTN’s Talent Hunt Returns: A Stage for Nigeria’s Next Creative Stars
Telecom3 days agoMeta Challenges Nigerian Tribunal’s $220M Fine over Data Breaches
Broadcasting3 days agoAI and Cybersecurity: Balancing Innovation with Caution
E-Financial3 days agoSupreme Court Sets Aside N22 Trillion Judgement against Union Bank
E-Business3 days agoFG Warns Nigerians Against Growing Threat of Cyber Slavery in West Africa
News3 days agoEFCC Bans Cash above $10,000 from Leaving Nigeria without Declaration
E-Financial2 days agoCBN Urges Banks to Source FX for PAPSS Settlement Through NFEM