
News
Nigerian banks lost N42.6bn to fraud in three months Report
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.
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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News
I might not be alive to contest in 2027 – Peter Obi raises alarm over threats to his life
Presidential candidate of the Nigeria Democratic Congress, NDC, Mr Peter Obi, has cried out over alleged threat to his life.
Obi, who is a major contender ahead of the 2027 presidential election said he might not be alive to participate in the election.
According to him, there is obvious attack on everything that had to do with him, including his life.
The former Anambra state governor made the allegation during a podcast with Chude Jideonwo.
“The way they are going now I might not be alive, I’m telling you every single thing I do for a living this government is frustrating it deliberately so.
“Everything, so there’s even a possibility if they have opportunity I will not be alive. I get frustrations every day because you do things that may think it may be normal it is not normal they won’t come directly and say oh we are doing this but you could see their hand in eventually everything.

“The government is attacking everybody, I am being attacked personally even to provide me with things I am entitled to, not at all,” he said.
He recalled how his vehicle was clamped down at the airport while he was right there, whereas other vehicles lined up on the same spot were untouched.
Obi further that stated that even close associates were beginning to avoid him over fear of government clampdown.
He disclosed that friends now send him invitations for occasions but tell him not to bother attending.
News
Yilwatda hails Tinubu’s intervention funds as a promise kept
The National Chairman of the All Progressives Congress (APC), Professor Nentawe Yilwatda, has said that the intervention programmes of the administration of President Bola Ahmed Tinubu have continued to demonstrate that the Renewed Hope Agenda is delivering tangible economic benefits to millions of Nigerians through strategic investments in entrepreneurship, small businesses, and youth empowerment.
According to Professor Yilwatda, the Presidential Intervention Funds represent yet another example of the Tinubu administration fulfilling its campaign promises by providing the critical financial support needed to stimulate enterprise, create jobs, and deepen economic inclusion across the country.
In a statement by his Special Adviser on Media and Information Strategy, Abimbola Tooki, the National Chairman noted that for decades, access to affordable financing remained one of the biggest obstacles confronting Micro, Small and Medium Enterprises (MSMEs), despite their enormous contribution to national economic growth and employment generation.
The current administration, he said, has deliberately moved to address this challenge through targeted intervention programmes that are unlocking the entrepreneurial potential of Nigerians.
“The Tinubu administration understands that sustainable economic growth begins with empowering the productive sector. By supporting small businesses and young entrepreneurs, government is laying the foundation for long-term prosperity and shared economic progress,” he stated.
Professor Yilwatda highlighted the ₦75 billion Presidential Intervention Fund for MSMEs as a landmark initiative designed to provide accessible financing for small businesses across various sectors of the economy.

He said the programme is enabling entrepreneurs to expand their operations, increase productivity, and create employment opportunities.
He further pointed to the ₦11 billion support package through the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), describing it as a strategic investment in strengthening the capacity and competitiveness of Nigerian small and medium enterprises.
The APC National Chairman also commended the ₦30 billion Youth Entrepreneurship Fund through the Niger Delta Development Commission (NDDC), noting that the initiative reflects President Tinubu’s commitment to equipping young Nigerians with the resources required to transform innovative ideas into successful businesses and become drivers of national development.
Professor Yilwatda emphasized that these interventions are already making meaningful differences in the lives of ordinary Nigerians. Across the country, young entrepreneurs, artisans, farmers, traders, tailors, manufacturers, and other small business owners are accessing capital to expand their businesses, employ more people, and contribute to the economic development of their communities.
He explained that the impact extends beyond individual beneficiaries, creating a multiplier effect through increased productivity, higher household incomes, stronger local economies, and expanded opportunities for wealth creation.
“The APC remains committed to building an economy that works for all Nigerians. These intervention funds are not mere policy announcements; they are practical investments in the dreams and aspirations of millions of our people.
“The evidence is clear. Businesses are receiving support, young people are being empowered, jobs are being created, and economic inclusion is expanding. This is governance that delivers results, and it is another demonstration that President Bola Ahmed Tinubu is keeping his promises to the Nigerian people,” Professor Yilwatda said.
He reaffirmed the commitment of the APC and the Tinubu administration to implementing policies that promote entrepreneurship, stimulate investment, strengthen local industries, and build a resilient economy capable of delivering sustainable prosperity for all Nigerians.
News
Ex-Minister Uche Nnaji set for arraignment as ICPC files six criminal charges over alleged certificate forgery
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has filed a six-count criminal charge against former Minister of Innovation, Science and Technology, , over alleged certificate forgery and related offences.
The charges, filed before the Federal High Court in Abuja, are contained in suit number FHC/ABJ/CR/389/2026, with the Federal Government listed as the complainant and Nnaji as the sole defendant.
According to the charge sheet, the ICPC accused the former minister of receiving N29.58 million in salaries and allowances while serving in office, alleging that he ought to have known the funds were proceeds of an unlawful act arising from corruption and fraud. The commission said the action contravenes provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
The anti-graft agency also alleged that Nnaji used his office to confer corrupt advantage on himself and knowingly presented false information to the Federal Government by submitting forged > (NYSC) and (UNN) certificates during his ministerial appointment in 2023.
In separate counts, the ICPC accused him of producing and using as genuine a forged NYSC Certificate of National Service and a forged UNN degree certificate, offences punishable under the Penal Code.
The filing of the charges follows Nnaji’s arrest last Wednesday after arriving in Abuja from Enugu aboard a chartered flight.

The prosecution stems from an investigation published by Premium Times, which alleged that Nnaji forged his university degree and NYSC certificates submitted to President and the Nigerian Senate during his ministerial confirmation.
The newspaper reported that the confirmed Nnaji was admitted in 1981 but neither graduated nor was issued a degree certificate, while the NYSC also reportedly disowned the discharge certificate attributed to him.
Nnaji resigned as minister shortly after the allegations became public. He has since defected from the APC to PDP , where he emerged as the governorship candidate of a faction of the party for the 2027 Enugu governorship election.
He is expected to be arraigned before the Federal High Court in the coming days.
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