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Tag: bank

  • Offa robbery: Police officers allegedly collected N400k from armed robbers before operation

    There are strong indications that police officers might have been informed about the presence of armed robbers in Offa, Kwara state, before the recent robbery attack that led to the death of dozens of people.

    Recall that the group of at least 30 armed robbers had attacked Union Bank, Eco Bank, Guarantee Trust Bank, First Bank, Zenith Bank and Ibolo Micro Finance Bank, as well as the Owode Police Station and killed dozens on April 5, 2018. Nine police officers lost their lives in the attack.

    According to a report by Vanguard, the proprietor of Xontec Hotel on Igosun Road in Offa, Kadir Surajudeen, had called the Divisional Police Officer (DPO) of Owode Police Station to report the presence of suspected criminals that had lodged in the hotel. The report had been prompted by the discovery of some incriminating materials that had reportedly been found on the robbers while they were checking into the hotel.

    A source told Vanguard that when the DPO and Divisional Crime Officer (DCO) sent officers to the hotel to assess the situation, the suspects negotiated a deal and offered them the sum of N400,000. The officers reportedly returned to the station and lied that the suspects were internet fraudsters, known as Yahoo boys, and not robbers as was reported.

    “It was not surprising that the robbers visited the police station the following day and killed about nine policemen in retaliation for collecting N400,000 from them,” the source told Vanguard.

    The spokesperson of the the Kwara State Police Command, Ajayi Okasanmi, denied the allegation and questioned why Surajudeen didn’t deny the robbers lodging.

    He said, “If the hotelier actually gave the Police information about the suspects in his hotel, why didn’t he deny them lodging? To me, it is an afterthought.”

    Surajudeen, four members of his staff and four guests who stayed in the hotel at the time the robbers allegedly lodged in were arraigned before a Magistrate’s Court in Ilorin last week charged with two counts of criminal conspiracy and causing disappearance of evidence, including giving false information to screen an offender.

    The hotel staff charged along with Surajudeen are the accountant, receptionist, room keeper and clubhouse operator.

    The accused were unable to help investigators with useful information that could assist investigation into the crime, offences that contravened sections 97 and 167 of the Penal Code Law.

    The charge sheet read, “The hotel staff could not, however, satisfactorily give account of questionable lodgers in their hotel prior to the robbery by their failure to maintain or keep proper official lodger register expected to be presented to the police and other law enforcement agencies on demand.

    “Others found in the hotel during the investigation failed to give credible information to the police operatives to assist in the investigation concerning their observation in the hotel within the period in question.”

    The Magistrate, M.B. Folorunso, granted the accused bail in the sum of N200,000 each with two sureties each in like sum and adjourned the case till May 3, 2018.

    Vanguard also revealed that 12 of the suspects that are currently being interrogated in connection to the robbery were apprehended through the tracking of mobile phones the robbers collected from victims.

    The suspects took away the mobile phones and handed them over to their girlfriends who were later interrogated by the the police. The police interrogation led to arrests of suspects in Ibadan, Lagos and Abeokuta.

    At least 19 suspects have been arrested in connection to the robbery incident which sparked outrage across the country.

    Even though the official death toll for the incident is nine policemen and eight civilians, reports have indicated between 30 to 50 people died as a result of the attacks.

  • Again, robbers invade bank in Ekiti, kill officer on duty [Graphic photos]

    There was pandemonium in Ifake Ekiti, Ekiti State on Thursday as armed robbers attacked the First bank branch of the town.

    The hoodlums were said to have killed a mobile police officer who was stationed at the bank as they carted away with an undisclosed amount of money.

    The incident attracted a large number of residents who gathered in their numbers after the robbery as security operatives arrived the scene few hours later.

     

    See graphic photos below:

     

  • Bank customers drop by two million in 2017 – NIBSS

    Bank customers drop by two million in 2017 – NIBSS

    Recent statistics released by the the Nigeria Inter-Bank Settlement System (NIBSS) showed that despite concerted efforts by the Central Bank of Nigeria’s (CBN’s) to promote financial inclusion, the number of customers using financial services reduced in 2017.

    The statistics published on the NIBSS website on Sunday, showed that the total number of bank customers dropped from 61 million in 2016 to 59 million in 2017.

    Similarly, active bank accounts reduced from 65 million in 2016 to 63.5 million accounts in 2017.

    According to NIBSS, the banking sector, however, made great strides in linking customers’ account using the Bank Verification Number (BVN).

    The report showed that linked BVN accounts grew from 26 million in 2016, to 41.3 million in 2017.

    According to a banking industry source, the reduction in banking customers is not unconnected to the federal government’s anti-graft battle.

    “When Buhari assumed office, many people abandoned their accounts, especially civil servants because of fear of investigation.

    “While some closed down their accounts outright, others opted for gradual withdrawal so as not to raise the alarm,’’ the source said.

    The source, who works at one of the top banks, blamed the BVN for the low patronage of banking products, especially in the rural areas, where awareness was very low.

    A bank customer, Olaitan Alagbe said she closed some of her accounts due to unnecessary and illegal charges by banks.

    “First of all, the interest rate is next to nothing, so there is little reason to keep your money at the bank when you can turn it over doing other businesses,” she said.

    Another customer, who preferred to remain anonymous said he opened several accounts during the Ponzi scheme boom in the country, but was forced to abandon them after the schemes crashed in late 2016 and early 2017.

    However, a source at the CBN told newsmen that the reduction in the number of banking customers was caused mainly by the introduction of BVN.

    “The reduction may not necessarily be a bad thing. For example, many people opened accounts using different variations of their names.

    “A person bearing Musa Salisu Mohammed, may have other accounts as Salisu Mohammed or Musa Salisu.

    “So with the introduction of BVN, such customers were forced to regularise their names, however, some opted to close down their accounts, which resulted in the reduction of active bank accounts and customers,’’ the source said.

    The CBN source was, however, optimistic that the financial inclusion strategy of the bank would succeed in bringing in more people into the formal banking system.

    The Financial Inclusion strategy aims to ensure that major bulk of the money in the economy remains within the banking sector.

    A major challenge in the financial inclusion process is how to ensure that the poor rural dwellers are carried along considering the lack of financial sophistication among this segment.

    The CBN, Money Deposit Banks, Micro Finance Banks and other stakeholders are currently implementing different policies designed to enhance financial inclusion in the country.

     

  • Fraud cases by Nigerian bank staff rise by 39% in 2017

    Fraud cases by Nigerian bank staff rise by 39% in 2017

    The number of fraud cases attributed to internal abuse by staff of banks increased from 231 in 2016 to 320 in 2017, a 38.5% increase, according to the Nigeria Deposit Insurance Corporation (NDIC).

    Mr Mohammed Ibrahim, Head, Communications and Public Affairs of NDIC, said in a statement in Abuja on Sunday that the figure was in the organisation’s recent report on off-site supervision of the Deposit Money Banks (DMBs).

    “The report relied on a total of 286 responses received from 26 banks during the period and there were 22 NIL monthly responses from the banks as at year ended Dec. 31, 2017.

    “The 286 responses received from banks in 2017 cited 26,182 cases of fraud and forgeries which is 56.30 per cent higher compared to 16,751 cases reported in 2016.

    “Similarly, the amount involved in the fraudulent activities documented increased by N3.33 billion from the N8.68 billion reported in 2016 to N12.01 billion in 2017 or 38 per cent.

    “However, the expected/actual loss slightly-decreased by N24.42 million or 1.03 per cent from N2.39 billion in 2016 to N2.37 billion in 2017.”

    Ibrahim said Internet/Online-banking and ATM/Card-related fraud-types reported constituted 24,266 or 92.68 per cent of all the reported cases, resulting in N1.51 billion or 63.66 per cent of losses in the industry in 2017.

    He said the report also documented other miscellaneous crimes, such as fraudulent transfers/withdrawals, cash suppression, unauthorised credits and fraudulent conversion of cheques.

    Others are diversion of customer deposits, diversion of bank charges and presentation of forged or stolen-cheques.

    He said that 22 Licensed Commercial Banks and four Merchant banks rendered 286 returns on dismissed/terminated staff as a result of fraud and forgeries during the year under review.

    Ibrahim said out of the 26,182 fraud cases reported by the 26 Licensed Banks, 320 cases were attributable to internal collaboration by bank staff.

    “A total of 320 bank employees had their appointments either terminated or were summarily dismissed in 2017, as against 231 in 2016.

    “That represented an increase of 38.53 per cent in the total number of fraud cases reported in 2017.

    “However, the losses arising from the reported cases decreased from N760 million in 2016 to N682 million or about 11.43 per cent in 2017.”

    Ibrahim said that NDIC attributed the improvement to additional internal control measures adopted by the banks in the wake of the proactive corrective measures taken to ensure their compliance with good corporate governance principles.

    He said NDIC would investigate some banks for inadequate rendition of returns on instances of fraud, forgeries and cases involving members of staff dismissed or their appointments terminated on grounds of fraud.

    He said that NDIC made the decision in light of the increase the report revealed.

    He said that Section 35 and 36 of the NDIC Act No. 16 of 2006 (as amended) requires all DMBs to submit monthly information/returns on fraud and forgeries to the corporation.

    He said in spite of the Fidelity Insurance Cover taken by banks to address fraud perpetrated by staff, there was still need for the banks to further enhance their internal control and security measures.

    He said this was because of the rising trend of E-Channels (Online banking and Card-related) fraud and forgeries in the industry which remained a serious cause for concern to the organisation.

  • FG to establish specialised bank to assist innovators, science/tech ventures

    The Minister of Science and Technology, Dr Ogbonnaya Onu, says Federal Government is working toward establishing specialised bank to assist innovators and entrepreneurs in science and technology ventures.

    The minister said this after listening to presentations by some student inventors and innovators at the ongoing 1st International Workshop on Science Parks and Innovation Eco-system for National Development (SPIE4ND) on Friday at University of Nigeria, Nsukka (UNN).

    He said the delay in the coming on board of the specialised bank was due to the earlier economic recession in the country, noting that the bank should have taken off by now “but we had a challenge of recession and accompanying paucity of funds.

    “But I believe that with the picking up of the economy and other economic activities now; I believe it would not be long it would be a reality.

    “Talks were in progress with stakeholders and government partners on the specialised bank project.”

    Onu said that with the coming on stream of the bank, funding issue for innovations, science and technology ventures, as well as to an extend science researches meant to solve societal challenges, would be taken care of.

    He said Federal Government had also made innovations and development in science and technology as the focal point of its Economic Recovery and Growth Plan (ERGP).

    He advised young innovators to protect their work through patenting them and jealously guard the secret of their work against intellectual theft.

    The minister assured UNN that he would be sending heads of parastatal agencies under his ministry to discuss and know how to help the university to develop its science park programme and other technological-driven programmes.

    He added that “the ministry and its agencies will assist you in various ways to ensure that we build the capacity of young inventors and innovators.

    “Heads of parastatal agencies under the ministry will be coming down here to discuss with the vice-chancellor on how best to assist you in any aspect of these programmes to create jobs and wealth needed from it.”

    Onu urged the students not to give-up hope, saying “I see many Bill Gates and other great inventors and innovators among you.”

    The four-day workshop, which started on Feb. 21, was organised by UNN; Ideon Science Park, Sweden and LundaVision AB, Sweden.

    It was attended by over 100 lecturers from across Nigerian and African universities, including investors.

     

  • Police warn Enugu residents against bank fraud

    The Police Command in Enugu State has urged residents of the state to guard their bank details jealously to avoid being victims of fraud syndicate operating in the state.

    The Command’s spokesman, SP Ebere Amaraizu, gave the advice in a statement in Enugu on Tuesday.

    Amaraizu noted that the advice had become necessary in view of intelligence report about the antics of mischief-makers, who tried to reap where they did not sow.

    He said the command had started to unmask and arrest members of the syndicate involved in the unwholesome act in the state.

    The spokesman said some of the suspects engaged in the financial fraud had been helping the police in the investigation.

    “The command wishes to advise members of the public to be wary of disclosing pin numbers of their Automated Teller Machine (ATM) cards as well as their Bank Verification Numbers (BVN) to people.

    “This will avoid unpleasant consequences of hoodlums wreaking havoc on their bank accounts,” said the spokesman.

    He also advised residents of the state to be wary of those who ask to be assisted to withdraw money from ATM points with their ATM cards as such people might be mischief-makers.

    “Such people only desire to cash in on such opportunity to get their victims’ ATM pin numbers and change their cards without them knowing and thereafter wreak havoc on their account,” Amaraizu said.

     

  • 13bn Ikoyi loot: Bank kicks as EFCC seeks forfeiture of apartment where money was hidden

    13bn Ikoyi loot: Bank kicks as EFCC seeks forfeiture of apartment where money was hidden

    The Economic and Financial Crimes Commission (EFCC) on Wednesday urged the Federal High Court in Lagos to order the forfeiture of Flat 7B in Osborne Towers, Ikoyi to the Federal Government.

    Counsel to the anti-graft agency, Mr Rotimi Oyedepo, prayed the court to refuse an application by Union Bank of Nigeria Plc which seeks to discharge an interim order forfeiting the flat.

    He said the bank’s application was designed to scuttle the forfeiture hearing and was in bad faith.

    Oyedepo said since the bank had admitted selling the flat to Chobe Ventures Ltd, it would amount to eating its cake and having it by asking the court not to order the flat’s forfeiture.

    Large sums of money were found in flat, including $43,449,947, N23, 218,000 and £27,800, which were forfeited to the Federal Government last June 6.

    EFCC accused former National Intelligence Agency (NIA) Director-General Ayodele Oke of fraudulently converting the agency’s funds and hiding them in the flat.

    It alleged that Oke’s wife, Folasade, used part of the funds to buy the flat.

    The court, last November 9, ordered the flat’s temporary forfeiture to the Federal Government.

    Justice Saliu Saidu ruled that it would be permanently forfeited if no one turned up to justify ownership within 14 days.

    Union Bank, through its lawyer Chief Ajibola Aribisala (SAN), filed applications praying the court not to order the flat’s final forfeiture.

    In a supporting affidavit, the bank said the flat was part of 16, Osborne Road, Ikoyi, belonging to former two-term governor of Bauchi State Alhaji Ahmadu Adamu Mu’azu.

    The bank said Muazu mortgaged the property to it by virtue of a tripartite deed of legal mortgage of November 1, 2011.

    “The property was mortgaged to United Bank to secure a loan granted to Tripple A Properties & Investment Ltd by Union Bank,” the bank said.

    It said the original title deed was vested in it, adding that the loan’s tenor had expired but it was not liquidated.

    Union Bank said it sold the flat to Chobe Ventures, owned by Oke’s wife, with an agreement that flat’s owner would observe several “covenants”, including payment of service charges, land use charge and levies, among others.

    The bank said Flat 7B forms part of several flats and that it “cannot be severed from the other flats in the building”.

    It added non-observance of any of the terms of the agreement would “severely affect the other users of the property”.

    Union Bank said Chobe Ventures’ act of allowing “strangers” to stash illegally money in the flat violated their agreement, which entitles the bank to nullify the flat’s sale.

    “The title of Chobe Ventures has not yet been registered and the legal title of the property still resides in Union Bank,” it said.

    Among others, the bank said granting the order of final forfeiture would prevent it from enforcing the terms of the agreement on which the flat sale was based.

    But, Oyedepo said based on Section 17 of the Advance Fee Fraud and other Related Offences Act, any property that is reasonably suspected to be a proceed of crime is liable to be forfeited.

    “I urged your Lordship to grant this application, particularly in view of the fact that Chobe Ventures who allegedly used the proceeds of unlawful activity to acquire the property in issue did not oppose this application or controvert the facts,” Oyedepo said.

    Justice Saidu adjourned till January 19 for ruling.

  • ATMs disappoint customers in Jos metropolis, failed to dispense

    ATMs disappoint customers in Jos metropolis, failed to dispense

    Residents of Jos on Saturday decried the poor services by banks as many automated teller machines (ATM) in the metropolis failed to dispense cash to frustrated customers on long queues.

    Some of the stranded customers, who spoke with the News Agency of Nigeria (NAN) in Jos, expressed disappointment at the failure of many bank ATMs to dispense cash.

    NAN observed that no fewer than 20 customers were seen clustering round various ATM points waiting to withdraw money.

    The bank customers attributed the inability of many of the ATMs machines to dispense cash to network problem and accused bank managements of inadequate arrangements to avert the situation.

    Mr Alfred Ibrahim, a businessman, said he was on the ATM queue at Beach road in Jos North for more than four hours, lamenting that most of the ATMs were not working.

    He said that bank managements were aware of the usual bottlenecks at the ATM points during festive periods and ought to have made good provision for easy access to withdrawals.

    “I was expecting the banks to make adequate preparations for this season but out of five machines in a bank, none is even dispensing cash; that is why there are longer queues where they are operational,” he explained.

    Mr Chijioke Okpara, a civil servant, said he went to the ATM at Stefans Rayfield at about 5 a.m. and still met bdozens of people on the queue.

    “I went to the ATM around 5 a.m. and left around 8.45 a.m. I just wonder why banks would not ensure all their machines are working and have enough cash, “he said.

    Mrs Josephine Dawak, a civil servant, told NAN at an ATM at Secretariat Junction in Jos South that the banks were making deliberate efforts to reduce spending during the Yuletide season.

    “They tell us if you are not withdrawing above N100,000, do not come to the banking hall, yet they are hoarding money for the machines when they should all be operational, ” she said.

    Mr Ibrahim Isa, who was on transit to another local government, said he had visited several ATMs and was unable to withdraw money due to the long queues.

    ““I am stranded now for lack of funds to continue my journey, I am coming from Abuja going to Mangu Local Government Area, I have been on my feet without food for more than four hours.

    “I came to Terminus, thinking it would be easier but to my dismay, the crowd here is intimidating, you cannot be allowed to withdraw for emergency reasons because everyone is tired of standing, “he said.

    NAN reports that many customers blamed bank managements for not adequately stuffing their ATMs with enough cash during the festive period.

    “Bank officials knew well that cash is always in high demand during this time and more so salaries have just been paid, so they should have made enough cash available at ATMs,” said a bank customer.

    All efforts by NAN to speak with officials of the various banks proved abortive as they all refused to comment.

  • NHF Act: FMBN blames banks, insurance companies for non -compliance

    The Federal Mortgage Bank of Nigeria (FMBN) has blamed banks and insurance companies for non-compliance with provisions of the National Housing Fund (NHF) Act since its inception.

    The FMBN Managing Director, Mr Ahmed Dangiwa spoke on Tuesday in Abuja at a public hearing on “A Motion on the Need to Ensure Full Compliance with the NHF Act for effective housing delivery in Nigeria’’.

    The public hearing was organised by the House of Representatives Committee on Housing, held at the National Assembly.

    The NewsGuru reports that the NHF is a pool which mobilises long-term funds from Nigerian workers, banks, insurance companies and Federal Government to advance loans at a single digit interest rate to its contributors.

    The NHF was established by Decree No. 3 of 1992 (Now NHF Act Cap N45, LFN 2004).

    Presenting a memorandum on the motion, Dangiwa stated that banks and insurance companies in Nigeria were required to be investing in the NHF scheme, but unfortunately they defaulted.

    Dangiwa said that unless these provisions of the act were complied with, the pool of funds available for mortgage financing at affordable interest rate would continue to be inadequate.

    “This means that the FMBN will be unable to make low interest mortgages available to Nigerians as the 2.5 per cent workers monthly contribution is grossly inadequate, especially that of the medium income earners’’.

    He said that the Central Bank of Nigeria (CBN), and the National Insurance Companies statistics indicated that between 2011 and 2016, total loans and advances by commercial banks and non-life and life funds from insurance companies amounted to N66.996 trillion.

    “At 10 per cent investment of their loan advances and non-life and life insurance with the NHF, about N6.7 trillion should have been invested in the fund by the banks and insurance companies over the period.

    “In 2016 alone, the CBN pursuant to section 11 (1) of NHF Act ought to have credited the fund with the sum of N1.553 trillion by March 2017.’’

    TNG reports that section 11 (1) of NHF Act states that “CBN shall collate funds from commercial and merchant banks at the end of every year and not later than one month thereafter, the percentage of their contribution of the fund as specified.

    He explained that at an average of N6.5 million per housing unit, the amount could have provided 300 units in each of the 774 Local Government in the country.

    According to him, the failure to make the remittances has deprived Nigerians the opportunity of owning houses.

    He said the NHF Act CAP N45 was passed into law with laudable objectives but the implementation of the Act since inception had not made much impact, adding that the public hearing was long overdue.

    Commending the 8thNational Assembly for organising the public hearing, and appealed for effort at ensuring that compliance with the provisions of the act would make impact to the government.

    Earlier, Mr Ahmad Kaita, the Chairman, House Committee on Housing stated that measures listed for consideration in the public hearing would open more sources of funding for the bank to become more efficient.

    Kaita said that the committee, in line with the legislative agenda of the House of Representatives had recognised the need to provide required legal and legislative frameworks to ensure affordable housing for Nigerians.

    “This initiative is also in accordance with the provisions of Section 16 of the Constitution of the Federal Republic of Nigeria 1999, that the state shall direct policy toward ensuring that suitable shelter is provided for citizens.

  • CBN injects $210m into currency market

    The interbank window of the nation’s foreign exchange market on Tuesday received a boost of $210m from the Central Bank of Nigeria.

    The interventions were made at the wholesale, the Small and Medium-scale Enterprises, and invisibles segments of the market.

    The Acting Director, Corporate Communications, CBN, Mr. Isaac Okorafor, said the bank offered the sum of $100m to the wholesale segment, while the SMEs and invisibles segments received the sum of $55m each.

    He reiterated that the releases were meant to boost liquidity, trade and ease of remittances for legitimate personal commitments.

    In spite of the stable exchange rate and the expected inflow from various sources such as the Eurobond and remittances from the Diaspora, Okorafor said the bank would continue to intervene in the inter-bank forex market to guarantee liquidity.

    While also noting that the interventions had largely checked unwholesome activities of currency speculators, he said that the CBN would not relent in its daily monitoring of activities in the market in order to ensure that all concerned operate in line with extant rules.

    The naira has maintained a relatively steady rate against major currencies around the globe, exchanging for N363/$1 at the parallel market in the past few months.