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Nigerian banks lost N42.6bn to fraud in three months Report

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Nigerian banks lost N42.6bn to fraud in three months Report
Banks in Nigeria
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Nigerian commercial banks have lost a total sum of N42.6bn to fraud and forgeries over a three-month period from April to June this year, a new report has stated.

The amount lost in the second quarter of 2024 alone exceeded the total amount lost to fraud by the banks throughout the entire year of 2023. In 2023, the banks lost a total of N9.4bn.

This was revealed by the Financial Institutions Training Centre in its Q2 2024 Fraud and Forgeries report released on Saturday, highlighting a surge in fraudulent activities across banking platforms.

The FITC report is based on returns on fraud and forgery cases received from 28 deposit money institutions in the country.

According to FITC, 80 of such returns were received in the quarter under review. It said that 26 reports were submitted in April, while twenty-seven 27 reports were received in both May and June.

A breakdown of FITC’s data showed that the Q2 loss shows an 8,993 per cent increase in loss when compared with the N468.4m lost in Q1 2024.

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This also represents a 637 per cent increase when compared with the N5.7bn loss recorded in Q2 2023.

FITC said ‘miscellaneous and other fraud’ types constituted the largest loss, representing 96.46 per cent of the total amount lost, with a value of N41.14bn.

This was followed by losses from fraudulent withdrawals and computer/web fraud, amounting to approximately N781.2m and N400.7m, respectively.

According to the report, there was a staggering 1,784 per cent increase in the total amount involved in fraud cases from Q1 to Q2 2024, with the sum escalating from N2.9bn to approximately N56.3bn in Q2.

During the second quarter of 2024, fraudulent activities were carried out through various channels, including ATMs, online platforms like web and mobile banking, bank branches, and point-of-sale terminals.

Among instruments used, card fraud recorded a significant decrease, declining by 47.66 per cent from 21,469 in Q1 to 11,237 in Q2.

In contrast, fraudulent activity involving cheques and cash increased by 36.67 per cent and 9.09 per cent, respectively, with cheques surging from 30 cases in Q1 to 41 cases in Q2, while the use of cash rose from 209 in the first quarter of 2024 to 228 in the second quarter of 2024.

The increase via cash is likely to be fuelled by the demand for cash ransom for kidnapped citizens by bandits.

A further analysis of the data shows a significant rise in the amount lost across all channels, except for mobile fraud, which recorded a decline.

In terms of magnitude, losses through bank branch-related channels rose by 31,497 per cent to a value of N42.2bn in Q2 from N133.9m in Q1 2024.

Additionally, computer/web frauds also saw a monumental increase of 1,560 per cent, with losses growing from N24m to N400.8m.

However, there was no indication of the amount lost due to ATM-related fraud, while mobile fraud recorded a decline in the amount lost from the previous quarter, decreasing by 59 per cent from N216.4m in Q1 to N88.7m in Q2 2024.

With the staggering increase in losses to fraud, the FITC advised the banks to enhance their monitoring and auditing procedures.

According to the Centre, deposit money institutions can utilize AI-driven tools that flag unusual entries or patterns to implement continuous and automated monitoring systems that can detect anomalies or discrepancies in settlement files.

Additionally, regular unannounced internal audits focusing specifically on settlement processes can be conducted to identify and address any irregularities promptly.

“Access controls should also be strengthened by limiting access to settlement files to only a small, vetted group of authorized personnel given the appropriate clearance and are regularly trained on the latest security protocols.

“The implementation of multi-factor authentication and role-based access controls can aid the reduction of the risk of unauthorised changes to settlement files,” FITC stated.

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Bandits Abduct 29 Women, Child in Niger Communities as 11 Escape

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Gunmen kill Governor’s aide, wife during night raid
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Suspected bandits have abducted 29 women and a male child during attacks on four communities in Mariga Local Government Area of Niger State, with 11 of the female victims reportedly escaping from captivity.

The affected communities are Kwimo, Kalgo, Kakaki and Mabona.

The latest development was disclosed in an operational update by the Nigeria Police Force covering security operations across several states between October 27 and 28, 2026.

According to the report, the 11 women escaped from their abductors’ hideout following sustained tactical pressure from police operatives.

Security personnel are continuing efforts to secure the release of the remaining victims and apprehend those responsible for the abduction. The State Criminal Investigation Department in Minna is investigating the incident.

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A resident, Mohammed Ibrahim, said a joint security team led by operatives of the Bangi Police Division immediately launched a pursuit of the attackers after the incident.

He said the security operatives tracked the assailants, leading to efforts to rescue the abducted residents.

The Police Public Relations Officer of the Niger State Command, SP Wasiu Abiodun, also confirmed the attack and the ensuing security operation.

Mariga Local Government Area has experienced repeated attacks and kidnappings in recent months, raising concerns over the safety of residents, particularly those in rural communities.

In September, suspected bandits abducted dozens of farmers, most of them women, while they were harvesting groundnuts in the area. The police confirmed that more than 20 people were abducted, while the local government chairman put the figure at 47.

The recurring attacks have heightened concerns about the security of farming communities and the impact of kidnappings on residents’ livelihoods.

As of the latest available report, efforts were ongoing to rescue the remaining victims of the latest abduction.

The status of the male child and the exact number of victims still in captivity had not been independently established in the reports reviewed.

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TUC Rejects FG’s N70,000 Wage Award, Demands N300,000 Minimum Salary

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The Trade Union Congress of Nigeria (TUC) has rejected the Federal Government’s proposed N70,000 wage award, demanding an increase in the monthly salary of the lowest-paid worker to N300,000 to cushion the effects of rising living costs.

The congress described temporary wage allowances as inadequate to address the economic hardship facing Nigerian workers, urging the government to implement a permanent salary review and honour outstanding agreements with organised labour.

The position was contained in a statement issued on Wednesday by the TUC President, Festus Osifo, and Secretary-General, N.A. Toro, following a National Administrative Council meeting held in Abuja on October 8, 2026.

The congress said it had written to the Federal Government through the Office of the Secretary to the Government of the Federation, demanding an immediate review of workers’ salaries in response to rising food prices, transportation costs, healthcare expenses and other essential needs.

According to the TUC, the government does not need to wait for negotiations on the national minimum wage before reviewing workers’ salaries, arguing that there is no legal ceiling on how much employers can pay.

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It proposed raising the monthly salary of the lowest-paid worker from N70,000 to N300,000, with corresponding adjustments across other salary grades.

The congress also expressed concern over the implementation of the 2023 wage award, alleging that the arrangement had not benefited workers consistently across the country.

It said some workers were still owed one or two months’ payments, while others had yet to receive the allowance. Some beneficiaries, it added, experienced irregular payments and were repeatedly forced to demand their entitlements.

The TUC further claimed that more than 80 per cent of states and workers in the informal sector had not benefited from any form of wage award.

It questioned the rationale for introducing another temporary relief measure when outstanding obligations under the previous arrangement remained unsettled.

The congress maintained that ongoing negotiations on a new national minimum wage should not prevent the government from implementing urgent salary increases for workers grappling with mounting economic pressures.

Beyond salary adjustments, the TUC called on federal, state and local governments to introduce practical measures to reduce the cost of essential goods and services, ensure prompt payment of salaries and pensions, protect jobs and address exploitative labour practices.

TUC Accuses FG of Breaching Health Workers’ Agreement

The congress also accused the Federal Government of failing to implement an agreement with the Joint Health Sector Unions (JOHESU) on adjustments to the Consolidated Health Salary Structure (CONHESS).

According to the TUC, representatives of organised labour, JOHESU leaders and government officials reached an agreement during conciliation talks at the Federal Ministry of Labour and Employment.

The government delegation included the Minister of Labour and Employment, Dr Muhammad Maigari Dingyadi; the Coordinating Minister of Health and Social Welfare, Prof. Muhammad Ali Pate; and the then Minister of Finance and Coordinating Minister of the Economy, Wale Edun.

The congress said JOHESU suspended its industrial action in good faith following the agreement but alleged that the government had failed to fulfil its commitments seven months later.

It described the delay in implementing the CONHESS adjustment as a breach of the agreement, warning that failure to honour commitments could undermine confidence in collective bargaining.

The TUC consequently demanded the immediate implementation of the salary adjustment, a clear timetable for execution, adequate budgetary provisions and consultations with the relevant unions to resolve outstanding issues.

It also pledged to support affected health workers and pursue lawful measures to compel the government to honour the agreement.

The congress said it was awaiting the outcome of its scheduled meeting with the Federal Government before deciding on its next course of action. It did not announce an immediate nationwide strike.

Nigeria’s national minimum wage was increased from N30,000 to N70,000 monthly in July 2024 after President Bola Tinubu signed the new minimum wage law following negotiations with organised labour.

However, the increase has not ended calls for broader salary reviews and additional measures to protect workers’ purchasing power amid rising living costs.

The TUC maintained that Nigerian workers needed lasting improvements in their earnings rather than temporary relief measures, stressing that government agreements must be honoured and workers’ welfare prioritised.

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Governor Bago’s Convoy Accident Kills Four University Students, Driver

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Four students of the Federal University of Technology, Minna, and a driver attached to the Niger State Government House have died in a road accident involving a vehicle in the convoy of Governor Mohammed Bago.

The accident occurred on Monday at Gidan Kwanu, near Minna, when a Toyota Hilux conveying the Director-General of the Government House, Mr Dauda Chikuba, collided head-on with a vehicle carrying five students of the university.

According to a report by The PUNCH, four of the five students died on the spot, alongside the driver of the Government House vehicle.

The newspaper reported that the governor’s convoy was returning to Minna, while the vehicle conveying the students was travelling towards Bida when the crash occurred.

Eyewitnesses said the governor and his entourage were returning from a condolence visit to the Etsu Nupe and Chairman of the Niger State Council of Traditional Rulers, Alhaji Yahaya Abubakar, following the death of the Sagi Nupe, Hajia Aisha.

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One of the eyewitnesses described the incident as a head-on collision and alleged that the convoy was travelling at high speed when the crash occurred.

“It was a head-on collision. We learnt that the convoy was at high speed when the accident occurred. It was a terrible accident,” the eyewitness was quoted as saying.

The eyewitness added that Chikuba was immediately rushed to a hospital for treatment, while the bodies of the deceased students and the driver were evacuated to an undisclosed destination.

The spokesperson for the Niger State Police Command, Superintendent of Police Wasiu Abiodun, confirmed the incident, saying the police had commenced an investigation.

“The accident occurred this morning, and we are investigating it,” Abiodun was quoted as saying by The PUNCH on Wednesday.

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