The Economic and Financial Crimes Commission, EFCC, has issued a warning, noting that the Nigerian banking sector is becoming a hotbed of fraudulent activities, jeopardizing the economy and the financial sector’s stability.

EFCC Chairman, Ola Olukoyede, speaking in Abuja on Sunday at the annual conference of the Association of Audit Executives of Banks in Nigeria (ACAEBIN), underscored the commission’s growing concerns over the sector’s escalating fraudulent activities and the challenges they bring.

The conference had the theme: “The role of internal auditor in promoting stability in the financial services sector and national economic growth”.

Represented by the Commission’s Director of Internal Audit, Idowu Apejoye, he stressed that the group, as Chief Audit Executives of Banks, needs to increase efforts to curb these activities to uphold the trust and integrity of the sector.

“The sector is crucial as the primary supplier of credits to individuals, organizations, businesses and governments. The sector also offers several financial services such as mobilization, safeguarding of deposits, facilitating transactions and contributing to economy stability. It is one of the most important employer of labour and driver of development through its multifarious networks.

“The diversity of the banking sector is also a strength to the economy. Whether retail, commercial investment or multi-banking, no economy grows without banking, and this is why every effort should be made to tackle fraudulent practices in the sector. In Nigeria particularly, the banking sector is increasingly becoming a cesspool of fraudulent activities, and this is raising considerable challenges and concerns to the Economic and Financial Crimes Commission”, he added.

Olukoyede highlighted that banking fraud in Nigeria encompasses both internal and external elements.

Internal fraud involves the direct misappropriation of customers’ deposits, unauthorized approval of loan facilities, forgery, and various illicit practices. External fraud includes hacking, ATM fraud, conspiracy, and collusion, among other illicit activities.

He also mentioned the concerning collaboration between insiders and outsiders, where bankers collaborate with external parties to perpetrate fraud.

It is becoming increasingly difficult for landowners to build houses due to the increment in cement prices.

Naija News reports that a bag of cement now sells between N10,000 to N14000.

Reports have indicated that Nigerians are now seeking alternatives due to the high price of building commodities.

The high cost of cement has affected rent, and even homeowners who built their homes decades ago have also increased rents.

Naija News understands that containers are now used to build houses in Nigeria, thanks to the advanced technology and production system.

According to Punch, Nigerians who can no longer afford cement now use containers as an alternative.

An auto dealer in Benin, identified as Folawe Adeniran, told the aforementioned publication that he wanted to build a brick office on leased land but changed his mind due to the cost of cement, block and sand.

He said, “It took me nothing less than N2 million to build a two room and toilet a few years back when I started my business.

“Now I received a quotation of N4 million to do such on a lease land as I intend to build another branch for my business.

“The engineer told me that he had to cut costs to arrive at that figure which excludes workmanship.

“He cited the cost of cement and sand which is also affecting the price of blocks.

“I had to resort to building with containers

“This building is made with containers and is heat free as people used to think building with containers attracts lots of heat.

“I spent less than N3 million to achieve this.

“If it were a permanent land, I would still opt for container building.

“Many business owners whose businesses require building on leased lands and personal lands are now using containers to build.

“That is what the economy has turned everyone to.

“Business is not smiling because the economy is not.

“It is only a well to do man involved in fraud that will be comfortable with the way the economy is.

“Even when you build with bricks in those days it takes you a few years to recover what you spent on such a building if it is for commercial purposes.

“I pity the average Nigerian who has plans on building. What will they build.?

“God help us.”

Another trader, Friday Badmus, also told the publication that he made a container apartment on his quarter plot land when his rent was due last year.

He said, “It was a funny day when my landlord told me in November that he wants to increase my rent of a two bedroom flat to N800,000 from N600,000.

“I was so worried because the place I have land was not well occupied by people yet and was thinking about how to raise N800,000 and still foot my family bills with low sales in business.

“I had made up my mind not to borrow but manage what I have to have peace of mind.

“My wife was the person who brought the idea of building a container apartment of a room and parlor.

“She brought her savings and I added mine and with support from family and friends we had our container building.

“You won’t even know it is built with a container if I don’t spill.”

A construction worker identified as Blessing George explained, “The construction costs range from N100,000 – N150,000 per square meter, depending on final specification and finishing.

“These containers are used for transportation and can be converted to comfortable apartments with standard interior finishes and designs.”

“The area where cement is required is the concrete foundation to place the containers.

“These container houses are mostly used for commercial purposes and personal apartments.

“The high price of cement which is making people seek for other building alternatives is pushing many to opt for the container houses.”

BUA Cement has explained that the plan to sell a bag of cement for N3,500 has been crippled by market forces.

The company gave the explanation in response to the seven-day ultimatum given to its management by two civil society groups to sell its cement at N3,500 per bag or picket the company.

In response to the planned picketing of BUA cement office over the inability of the company to actualise its promise to crash the price of cement to sell at N3, 500, the company said it actually fulfilled that pledge.

Reacting to the LEADERSHIP enquiry, the head of Creatives & Visual Identity management at BUA Group, Mr Timothy Sogbeinde, explained that the company actually sold cement at N3, 500 ex-factory for months before it stopped.

To further clarify his response, Sogbeinde sent a recorded message done by the executive director, Mr Kabir Rabiu.

In that message, Kabir reiterated that, “we actually sold our cement for three to four months at N3,500. We thought other players in the cement industry would join us in making the price of cement affordable.”

According to Kabir, BUA could not continue with the N3, 500 sales as both the middlemen and wholesale agents did not allow the end-users who were the main targets for the reduction to benefit from the price.

Similarly, Kabir emphasised that though 90 per cent of raw materials for cement production are locally sourced, yet the production cost which includes rising exchange rate coupled with electricity generation did not encourage BUA to sustain the N3,500 for long.

It would be recalled that a Civil Society Group, early this week, gave the management of BUA a seven-day ultimatum within which to meet its demand or face the consequences.

The group made up of members of Advocacy for Good Governance and Rumen Royal Foundation, cited the wrong price list of its cement given to the country as reason for the ultimatum.

The leadership of Advocacy for Good Governance, Comrade Dr Bartholomew Okoudo and executive director, Rumen Royal Foundation, Patience Okhuahensuyi, also called on the management of BUA for public apology for ‘misleading Nigerians’ when it announced that price of its cement will be sold for N3, 500 whereas its cement is being sold at N10,000 per bag.

The group gave BUA 7-day ultimatum to slash price of its cement or face the consequences

Reiterating their call to BUA management to live by its word, they said: “that the false declaration by the BUA Group led to very serious consequences for Nigerians, particularly operators within the building and construction industry, as most of them who went for loans in banks to build structures, were disappointed when they realised that BUA cement is now N10,000 instead of N3, 500.”

The duo said they wondered why the BUA Group reneged on its promise to the new government in less than six months despite the current hardship in the country.

Residents of Abuja attacked and looted a truck carrying food items in Dei-Dei area on Monday morning, March 4. 

A video making the rounds on social media shows the residents stealings bags of food items from the truck. 

This comes barely 24 hours after a warehouse was also looted by hungry Nigerians in the FCT.

X influencer, Imran Muhammad, who shared the video online, wrote

‘’This morning, there was another incident of a truck carrying food items being looted in Daidai, Abuja.''

Watch the video below…