News
Fidelity Bank boss advocates measures to curb e-fraud challenges
Managing Director/Chief Executive Officer, Fidelity Bank Plc, Mrs. Nneka Onyeali-Ikpe has called on the Nigeria Electronic Fraud Forum, NeFF to come with solutions to the challenges posed by electronic fraud to financial system.
According to a report published in Vanguard Newspaper, she made this call in Lagos while speaking at the 3rd quarter general meeting of NeFF.
Nneka Onyeali-Ikpe explained that e-fraud are activities carried out online to exploit individuals and business entities for financial gain.
She listed examples of e-fraud to include: Phishing; Advanced fee fraud (419); Online Auction Fraud; Identity Theft; Tech Support Scams; Online Romance Scam; Investment Scam; Business Email compromise; Ransomware; Online Rental Schemes; Pyramid Schemes; and Click Fraud.
Highlighting the rising trend of e-fraud in the country and the associated challenges, the Fidelity Bank boss said: “According to data released by NIBSS, the value of electronic payment transactions in Nigeria increased by 298% YoY from N34.04 trillion in Q1 2022 to N135.52 trillion in Q1 2023.
“As technology continues to advance at an unprecedented pace, our reliance on digital transactions has grown exponentially. However, with this rise in digital interactions, the threat of e-fraud has become a significant challenge affecting individuals, businesses, and industries alike.
“The banking industry lost a total of N14.3 billion to electronic fraud in 2022, up from the N12.7b reported in 2021. As at Q1 2023, the total fraud loss was N5b according to the NIBSS Annual Fraud Landscape reports.
“The Mobile channel is the most exploited channel by fraudsters in 2021 and 2022 with 42,821 and 45,090 reported fraud records respectively. Total fraud count in 2021 was 123,918 and 101,668 in 2022.
“E-fraud has permeated multiple industries, spanning from banking and finance to e-commerce and beyond. These cybercriminals leverage advanced methods to exploit vulnerabilities, gaining unauthorised access to crucial data and funds. The repercussions of e-fraud are not limited to financial losses; they also extend to eroding trust and eroding brand reputation.
News
Israel says news of Netanyahu’s death is fake
Israeli authorities have described news of possible death of Prime Minister Benjamin Netanyahu as false.
The office of Israeli Prime Minister dismissed a viral social media claims suggesting the Prime Minister had been assassinated following the escalating conflict involving Israel, the United States and Iran.
“These are fake news; the Prime Minister is fine,” the Prime Minister’s office said
The rumours gained traction after a video shared by Netanyahu on his X account on Friday showed him addressing a press conference on the ongoing Israel-US-Iran conflict.
Some social media users, immediate after the video was posted, claimed they had spotted what appeared to be six fingers on Netanyahu’s right hand when he briefly raised it during the speech.
The speculation spread further after US conservative commentator, Candace Owens raised questions on X.
News
Bala Mohammed prepares to join APC
Strong indications have emerged that the Chairman of the Peoples Democratic Party, PDP governors’ forum and Governor of Bauchi State, Bala Mohammed, has concluded plans to join the ruling All Progressives Congress (APC) this week, barring any unforeseen circumstances.
According to Bauchi State government house sources, the Governor’s recent Abuja visit and meeting with President Bola Tinubu were purely related to the movement to APC. It was stated however, that final touches are still being made on the agreement.
It would be recalled that the Governor had after his meeting with Tinubu, told journalists that he was at the presidential Villa to discuss rising insecurity in some parts of the state and to seek the president’s intervention. Days after the visit, a detachment of military and other security agencies took over the affected areas and restored relative peace to the communities.
It is not yet clear the conditions given by the Bauchi State Governor before his defection. But one source told Nationwide Reports that the APC has already assured him of three opportunities including, deciding who would succeed him as Bauchi State Governor, a ticket to return to the senate and special allocation from the presidency as was given to other governors that have previously defected.
Another source also mentioned the ongoing terrorism charges brought by the federal government against one of Governor Mohammed s most trusted aides, the Commissioner for Finance, Yakubu Adamu.
The case against the commissioner also include money laundering involving about N4.6billion. The Governor has made frantic efforts in the past to free the commissioner and even threatened war, if persecution of opposition persists.
However, a top aide of the Governor described the suggestion as mere rumour, saying Bala Mohammed has said severally that that he would stick with the PDP.
“His Excellency is the chairman of the PDP governors forum. I just said this as a reminder to you. The Governor has made several sacrifices to preserve the PDP as the leading opposition in the country. Therefore, the idea of him defecting to the APC is strange to me. He has never mentioned it and I therefore do not believe you,” the aide stated.
News
Tinubu doing well across sectors, says Gowon
Former Head of State, General Yakubu Gowon said on Saturday that President Bola Ahmed Tinubu is doing his best across key sectors of governance.
Gowon spoke with journalists after paying a courtesy visit to the President at the State House, Abuja, where he said he came primarily to appreciate the efforts of the administration and to encourage the President in his leadership of the country.
“I came to see him and to thank him for all the good works that he’s doing for the country. We had to look at all the good work that the President is doing and the progress that Nigeria is making economically and otherwise”, the elder statesman said.
The former military leader, who governed Nigeria from 1966 to 1975, noted that the country is witnessing progress under Tinubu’s leadership and expressed satisfaction with the direction of governance.
When asked by journalists what areas the President should improve upon as his administration progresses, Gowon declined to single out any particular sector, stressing that Tinubu appears to be addressing national challenges across the board.
“Isn’t he doing the best he can all round?” he asked rhetorically, adding “so there is no particular place, every other area; political, economic, social, etc.”
Gowon also acknowledged the complexity of Nigeria’s security challenges but maintained that the President is taking necessary steps to confront the situation in the interest of the country.
“And, of course, the major problem that we have today, the security area, he’s doing everything to deal with those for the good of all Nigeria,” he said.
According to him, leadership requires balancing multiple priorities simultaneously, and the President must continue to safeguard Nigeria’s interests across all sectors.
“He’s got to look after the interests of Nigeria in all areas, and I’m happy about that,” Gowon added.
The elder statesman, widely regarded as a voice of national reconciliation and peace, was also asked about the message he would give Nigerians amid the current challenges facing the country.
Responding, Gowon said the responsibility of addressing such issues ultimately rests with the government, expressing confidence that the administration is handling the situation as best as possible.
“If I say that the problem that is happening today, it is only the government today, that’s Mr. President, that can really deal with it, and he is dealing with it the best he can without creating any problem for Nigerians and for the country,” he said.
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