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General News

Stakeholders @ Bulkpost Forum Rue Dividend Warrants Conversion

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Ibrahim Mori Baba,PMG, NIPOST
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Stakeholders at the Customers’ Forum organized by the Bulkpost venture, an outfit of the Nigeria Postal Service (NIPOST) have frowned at unethical practices in the industry, especially the emergence of conversion of dividend warrants.

Mallam Ibrahim Mori Baba, post-master general of the Federation (NIPOST) said that theme of the Forum: “Nipping in the Bud the Re-Emergence of Conversion of Dividend Warrants: The Role of the Bank,” demonstrated the aspiration of the Service to eliminate most of the hideous activities which make effective delivery of capital market mail very difficult, if not impossible.

“Our concern stems from the realization of that gone are the days when some government agencies rely upon monopoly to hide their inefficiency and poor performances,” he said.

He added the imperative is also culled from believe that competition has become a key characteristic in the global economy and that postal services operate within the global communication marketplace that is growing more competitive and diverse.

Bayo Olugbemi, managing director and chief executive officer, First Registrars and chairman of the occasion, identified that fraudulent practices in the financial industry has permeated other sectors like the postal and courier because they are important stakeholders, hence the need to nip in the bud the trajectory of the incidences.

He also called on the courier operators and the banks to embrace integrity and curb all miscellaneous fraud practices like manipulation of customers’ salary scheme, fraudulent liquidation o f customer’s investment, dry posting into staff account, and conversion of dividend warrants as well as the late delivery of services.

He added that NIPOST and the courier firms should hurriedly carry out “Know Your Customer” (KYC) report to update their delivery addressing systems.     

Speaking on the theme, Mr. Paul Eluhaiwe, director, Development Finance Department, Central Bank of Nigeria (CBN), defined dividend as, “A payment made by a corporation to its shareholders, usually as a distribution of profits”. Therefore, it remains one of the key factors that drive market activities and aid investment decisions.

He said that despite the significance of dividends to investors, the stock of unclaimed dividends from the nation’s bourse reached N60bn in 2012 from N42bn in 2011; hence the knowledge of the magnitude of unclaimed dividends is one of the factors that caused the re-emergence of illegal conversion of dividend warrants.

Meanwhile, according to the Financial Institutions Training Centre (FITC) released report on frauds and forgeries in the Nigerian banking industry between July and September 2012, it received 59 returns from 22 deposit money banks in the 3rd Quarter of 2012. Of these, 20 were received for the month of July, 18 for August, and 21 for September.

“Analysis of these returns indicates that the banking industry reported a total of 1,501 cases of frauds and forgeries in the period under review from 1,103 cases reported in the preceding period,” he added.

Also speaking, Adeola Odetunde, presenting a paper on behalf of Mr. Ibrahim Lamorde, chairman of the Economic and Financial Crimes Commission (EFCC) reminded the attendees that a fair suit towards the fight of fraudulent conversion of dividend warrants, calls for strong institutional framework and integrity of staff.

According to him, the registrars have enormous responsibility to ensure that information relating to various stakeholders in their database are not leaked to fraudsters.

“Investigation into some reported cases of fraudulent conversion of dividend warrants has shown that, sometimes, the fraud was made possible because of compromise of stakeholder information in the database of the Registrar,” the EFCC chieftain said.

He added that market operators, banks, post offices and other critical stakeholders should be weary of the trends of the crime, impersonation and forgery and should aid the EFCC in trying culprits.

On his part, Dr. Mike Umo, general manager, Bulkpost Venture, and the Organizers of the Forum said that the Forum was conveyed for stakeholders to share their thoughts and suggestions on how to tackle to issue and other unwanted obstacles that have made business processes unsecured and unhealthy for the practitioners.

“It is a way to show that we care about the happenings in the industry. Nipping in the Bud the Re-Emergence of Fraudulent Convention of Dividend Warrant: the Role of the Bank, is a topic borne out of our desire to address some to the challenges we are having in the field. For instance, the Convention on Dividend Warrant (CDW) has been there; at a time, it was removed, all of a sudden the Convention reemerged. So we have been having challenges with different Registrars writing to us that a lot of customers are complaining they did not see their dividend warrant.

“In BulkPost we do not deliver mails. We only collect, flank and distribute them to Central Mail Processing Centers (CMPC). That is where our duties end. Whatever happens from that point we do not know. So when people started complaining we felt it is important we bring the topical issue to bear,” he explained.

 


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General News

FBI Sends Team to Nigeria to Track Down ‘Sextortion’ Scammers

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Sextortion scams have become so widespread that the Federal Bureau of Investigation (FBI) is sending agents to Nigeria to help track down the perpetrators.

FBI Sends Team to Nigeria to Track Down 'Sextortion' Scammers

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.

 

 

 

 


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FBNQuest Trustees Hosts Estate Planning Summit in Port Harcourt

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L-r: Head, Private Trust, FBNQuest Trustees, Rotimi Obende; Group Head, Wealth Management and Investment Advisory, FirstBank Nigeria – Private Banking, Dike Nze-Dike,; Head, Marketing and Business Development, FBNQuest Trustees, Abimbola Ajinibi; Acting Managing Director, FBNQuest Trustees, Babajide Fetuga; Private Trust Specialist, FBNQuest Trustees, Mutiat Olatunji and Head, Trust Investment and Strategy, FBNQuest Trustees, Yosola Odunaiya at the Estate Planning Summit recently held in Port Harcourt, Rivers State.
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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.


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Meta Tightens Spam Controls to Elevate Original Content on Facebook

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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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