Fraud involving computers, mobile devices, and point-of-sale (POS) systems dominated fraudulent activities across Nigeria during the second quarter of 2024.


This was revealed in the latest fraud report by the Financial Institutions Training Centre (FITC), which recorded a total of 11,532 fraud cases in the period under review.


According to the report, computer/web fraud, mobile fraud, and POS-related fraud emerged as the most frequent, continuing a pattern observed throughout 2023 and into the first quarter of 2024.

The total value of fraud in the second quarter was reported at ₦56.3 billion, marking a significant rise from the ₦34.8 billion documented in the first quarter of the year.

Of this amount, ₦42.6 billion was successfully stolen by fraudsters, while financial institutions managed to recover ₦13.7 billion.

Mobile fraud, including fraud carried out via mobile apps and internet banking, accounted for 33.4% of the total cases, making it the largest category.

POS-related fraud followed closely, contributing 24.6% of cases, while web-based fraud represented 16.9% of the total fraud incidents.

The report also highlighted computer-based fraud as a growing concern, showcasing the increasing threat posed by cybercriminals within Nigeria’s financial landscape.

FITC’s findings indicated that bank branches bore the brunt of the losses, with 95% of the total fraud value occurring at the branch level.

Despite advancements in technology, fraud continued to be perpetrated both by external actors and insiders, with 49 employees being dismissed for their involvement in fraudulent activities during the quarter.

The report also ranked fraud by magnitude, revealing that bank branches lost approximately ₦54 billion, which accounted for a staggering 95.63% of the overall fraud amount.

Web-based fraud followed with losses of ₦1.2 billion (2%), while POS and mobile fraud each contributed around 1%, resulting in ₦651 million and ₦547 million losses, respectively.

Notably, the report observed a 31.8% decline in card-related fraud. However, cheque and cash fraud surged significantly, leading to substantial financial losses.

This rise in cash-related fraud underscored that criminals are still exploiting traditional financial tools to their advantage.

FITC stressed the urgency of leveraging advanced technology, including artificial intelligence, to combat the rising complexity of fraud in Nigeria’s financial sector.

The report called for proactive measures, such as bolstered security systems and continuous training of staff, as critical to reducing fraud.

As fraudsters exploit both modern and traditional channels to target financial institutions, FITC emphasised the need for tighter regulatory oversight and the adoption of cutting-edge technology to protect the financial sector from future threats.

The report also disclosed that commercial banks lost a total of ₦42.6 billion to fraud and forgeries between April and June 2024.

The immediate past Governor of Kogi State, Yahaya Bello, has revealed why he surrendered to the Economic and Financial Crimes Commission, EFCC, after a prolonged snub of the anti-graft agency’s invitation to answer for financial impropriety allegations levelled against him.

 

A statement on Wednesday by Yahaya Bello’s Media office Director, Ohiare Michael, made available to newsmen, stated that Bello “willingly surrendered to the anti-graft agency because the former Kogi governor has great respect for the rule of law and supports President Tinubu’s fight against corruption in the country.”

 
 

He said: “This decision was made after due consultations with his family, legal team and political allies.

“The former Governor, who has great respect for the rule of law and constituted authority, had, all the while, only sought the enforcement of his fundamental rights to ensure due process.

“The case has been before a competent court of jurisdiction, and Alhaji Yahaya Bello had been duly represented by his legal team at every hearing.

“It is important for the former Governor to now honour the invitation of the EFCC to clear his name as he has nothing to hide and nothing to fear.

“The former Governor believes firmly in the efforts of the administration of President Bola Ahmed Tinubu to place Nigeria on the path of sustainable economic development and supports the fight against corruption in the country.

“It is on record that he was the first Governor of Kogi State to put in place an anti-corruption mechanism to check graft and ensure that the resources of the State work for the people of the State,” the statement read.

 

FORMER President Olusegun Obasanjo, yesterday, revealed how the former military Head of State, Gen. Abdulsalami Abubakar (retd), almost denied Nigeria a $280 million telecommunications deal.

 

Obasanjo said when Nigeria was about to transit from landline telephones to mobile phones, some major telecommunication companies approached the country seeking to provide mobile lines for the citizenry, but Abubakar wanted to award the deal to his friends for $3 million.

The former President, however, said he suggested that the contract be auctioned and the highest bidder awarded the contract, leading to the $280 million sale.

He spoke at the launch of a book titled ‘The Catalyst: Nigerian ICT Evolution through a Journalist’s lens,’ authored by an immediate past Editor of The PUNCH Newspapers, Mr Dayo Oketola, in Lagos.

Speaking at the event, Obasanjo said: “The story of telecommunications, particularly mobile telecommunication, is a very interesting one. Before mobile telecommunication, we had spent a lot of money, we had all sorts of companies invited from America, France and even from Britain, but we did not get more than 500,000 lines. People had to queue at the telephone kiosk to call their loved ones abroad. And then, of course, the mobile telephone age came in.

“When it came in, my predecessor in office was trying to give it away, I think, to their friend for $3 million. Then we said, what we would do was to auction it. The three that came in first, I think, paid $280 million for the line. $280 million for something about to be given away for $3 million. That was the first thing we did. Not only that, we achieved competition. 

“The three of them were competing. And, of course, the one that had the upper hand in terms of spread, I think, was MTN, followed by Glo. And then, there was Econet. They are now Airtel. And then, of course, later on, we had the fourth one, Etisalat. When Etisalat came, I told them the last one we did was $280 million. We told Etisalat to pay $450 million. They did.

“When they paid $450 million, the ball went in the post and then we were playing. That was how we got money to do what we did at the time we did it. That opportunity can still be made available. The money to develop Nigeria is out there, but that money will not come in unless we create a conducive atmosphere for that money to come in.

 

“What we did or what Nigeria has done in the good days when things were going well, are still there and can still be done today only if we put ourselves and we are honest to ourselves. We have to show character and attitude.”

In his remarks, President of the Nigerian Guild of Editors, NGE, Mr Eze Anaba, said: “It is great to see that an editor, despite the huge task of meeting deadlines, writing stories that would sell his paper, can sit down and write a book. I am here to say I appreciate Oketola’s effort and also honour him. It is an honour and privilege to be here for the launch of a book written by a respected and seasoned editor who has contributed hugely to shaping opinions through his paper. As an editor, he ensured that his readers were well-informed and educated. He has always been at the forefront of truth-telling, balancing the line between facts and analysis to ensure that readers are well-informed, engaged and sometimes even challenged.

“This book is a testimonial to his years of dedication to journalism. It captures insights, stories and perhaps some untold experiences that have shaped his career. It is an exploration of complexities through the lens of someone who has been on the frontline of news delivery. As we gather to celebrate this significant achievement, let us take a moment to acknowledge the efforts that went into writing this book. For an editor whose schedule is very tight and works round-the-clock, I think this book is very commendable.”

Notable dignitaries present at the launch included Minister of Information and National Orientation, Alhaji Mohammed Idris, represented by Commissioner for Information and Strategy in Lagos State, Mr Gbenga Omotoso; former Governor of Rivers State, Mr Rotimi Amaechi; Provost of the Nigerian Institute of Journalism, NIJ, Mr Gbenga Adefaye; Chairperson of the Editorial Board of The Nation Newspapers, Mr Sam Omatseye.

Former President Olusegun Obasanjo, has said that Africans do not appreciate past leaders who have contributed to the development of their country.

Obasanjo spoke at an event organised by the Angolan community in Lagos State to mark Angola’s 2024 National Founder and Hero’s Day.

The annual celebration takes place every September 17 to honour the birth of Angola’s first President, Dr. Agostinho Neto, a writer and politician born on September 17, 1922, who played a key role in securing Angola’s independence from Portugal.

Obasanjo, who spoke on the topic: “Pan-Africanism in the Political Course of Agostinho Neto,” emphasized that having achieved political independence, Africa must now focus on attaining economic freedom. He also bemoaned the tendency of Africans to forget their past leaders.

Speaking further, he noted that although pan-Africanism started as an ideology, it unfortunately became a political movement while neglecting the continent’s economic issues.

He said, “One of the things that we tend to do in Africa is to forget the past and our leaders who have made numerous contributions we are enjoying. We should thank you most sincerely.

“Pan-Africanism is a movement and ideology. Unfortunately, it emphasises solidarity in our coming together, and later on, it becomes political. It pays more attention to political movements than economic reasons. This is where I see a cavity in the form of Pan-Africanism ideology.”

Troops have rescued 20 kidnap victims in Birnin Gwari local government area of Kaduna State just as it neutralised four bandits in two operations in Birnin Gwari and Giwa local government areas of the State.

The Kaduna State Government, which disclosed this citing a security report, said troops of Operation Forest Sanity had embarked on special clearance operations in the general area of Alawa in Birnin Gwari LGA.

Overseeing Commissioner, Ministry of Internal Security and Home Affairs, Samuel Aruwan, in a statement on Tuesday, said the troops set up as a blocking force, sighted bandits movement around Kwaga, and after a brief pursuit, neutralized two of them.

The statement said: “The following items were recovered: Two AK-47 rifles, Three magazines, Three motorcycles, One Baofeng Radio. In the second report, troops of Sector 6 Operation Whirl Punch conducted fighting patrols around Nakwakina village, Giwa LGA. Following credible intelligence, the troops laid ambush along a likely terrorists’ withdrawal route.”

“The terrorists were eventually sighted and engaged, resulting in two neutralized as others escaped with bullet wounds. The troops combed the area and recovered two motorcycles, one cutlass and one mobile phone,” it added.

The statement explained that in another mission, troops of Sector 3, Operation Whirl Punch deployed along Kwaga-Polewire Road, Birnin Gwari LGA, responded to a distress call and intercepted bandits who had kidnapped locals near Polewire village. “The bandits fled from the scene on sighting the troops, who promptly rescued the 20 kidnapped victims and reunited them with their families.”

Reacting to the development, Kaduna State governor, Uba Sani, commended the troops for the successful operations.

The Federal Government earned approximately $1.2bn in telecom license fees from major operators, including MTN, Globacom, Econet (now Airtel), and Etisalat (now 9mobile), during the inception of mobile technology in Nigeria.

These license fees played a vital role in establishing the telecom industry in 2000, a sector crucial to Nigeria’s economy.

Former President Olusegun Obasanjo revealed this at the book launch and exaugural lecture of former Editor of The PUNCH, Dayo Oketola, in Lagos on Tuesday.

He revealed that his administration rejected attempts to sell telecom licenses for a mere $3m, instead ensuring they were sold at their true value of $280m each to MTN, Glo, and Etisalat.

 

Notably, Etisalat, the last entrant into the telecom sector, paid a substantial $450m for its license. This strategic move generated a total of $1.2bn to the Federal Government through the Nigerian Communications Commission.

“When the first three mobile telecom companies came in, they were offered licenses. The cost of one of these licenses was $280m, but soon, the same license was going to be offered for just $3m by some individuals in the previous government who wanted to give out these licenses to their friends for just $3m,” Obasanjo said.

He said while these investments have driven significant progress, creating the right conditions remains essential for attracting future investments and sustaining sector growth. 

“There are still opportunities today for Nigeria to attract investments, but the right conditions need to be created for that money to come in again,” he stated.

MTN, a South African firm, began operations in Nigeria in August 2001 and quickly became a market leader. Globacom entered the market in 2003, introducing a pioneering per-second billing model that compelled MTN and Econet to follow suit.

Econet Wireless Nigeria, launched in 2000, initiated commercial GSM services on August 5, 2001. In 2007, Emerging Markets Telecommunications Service, trading as Etisalat, joined the Nigerian telecom market.

Speaking further, he acknowledged that the competition among operators (MTN, Econet, Glo) significantly shaped the sector.

“We achieved competition. The three of them were competing. And of course, the one who had the upper hand in terms of spread, I think, was MTN, followed by Glo and then there was Econet. Econet made the heart quarrel among themselves a bit, but eventually, they sorted themselves out. Well, when they came, they came last,” the ex-president stated.

Before the advent of mobile telephony in Nigeria around 2000, landlines were the primary means of communication. During this period, landlines were limited and often considered a luxury, accessible mainly to the wealthy.

The former head of state recounted how Nigerians faced considerable challenges with limited infrastructure, securing fewer than 500,000 phone lines despite extensive investments.

 

“The story of communication telecommunication, particularly mobile communication telecommunication, was a very interesting one, because before mobile telecommunication, we’d done a lot of things.

“We spent a lot of money. We have had companies we have invited from America, from France, even from Britain, and we did not get more than 500,000 lines with all that we have done, and people have to queue at the telephone,” Obasanjo stated.

The Nigeria Police Force (NPF) says its operatives have arrested Taimako Mato, a suspected weapon handling instructor for the Boko Haram terrorist group, and four others for alleged gunrunning.

The four other suspects are John Danladi, Mohammed Munkail, Manasseh William, and Muhammadu Haddi.

In a statement on Tuesday, Muyiwa Adejobi, the force spokesperson, said the suspects are members of a gunrunning syndicate operating in Bauchi and Plateau states.

“The suspects, identified as Taimako Mato ‘m’, John Danladi ‘m’, Mohammed Munkail ‘m’, Manasseh William ‘m’ and Muhammadu Haddi ‘m’, were arrested with 1 PKT machine gun, 40 rounds of 37.2mm and 95 rounds of 62mm cartridge ammunition,” the statement reads.

“The leader of the syndicate, Taimako Mato, was a weapon handling instructor at a Boko Haram camp who procures these prohibited weapons and passes them on to the other members of the syndicate to sell to various buyers.”

Adejobi said police have arrested 295 suspected armed robbers, 186 kidnappers, 271 murder suspects, and 71 suspects for unlawful possession of firearms in the last one month.

“Also arrested 199 suspects for sexual-related offences, 143 suspects for cultism, and 1,575 suspects arrested for other various crimes,” the force spokesperson said.

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“The force also recovered 185 firearms and a total number of 4,087 rounds of ammunition of various calibres, 111 vehicles were recovered, and 129 kidnapped victims were rescued.”

The force spokesperson said the police would not relent in ensuring that crimes are reduced to the barest minimum in the country.

 

 

 

A chieftain of the All Progressives Congress, APC, Abayomi Nurain Mumuni has advised the federal government to make policies to ensure price control on essential goods and services across the country.

Mumuni noted that this is necessary to curb the incessant increment of prices of goods and services by providers.

The APC chieftain made the call in a statement signed by his Media Aide, Rasheed Abubakar and made available to DAILY POST on Tuesday.

 

Mumuni said the federal government must put certain measures in place to prevent further inflation in the country, urging the federal government to encourage the production of goods that are typically imported.

He added that this would help mitigate inflation and tasked the federal government to provide support for sectors like agriculture, manufacturing, and technology.

Mumuni said, “Mitigating inflation following the devaluation of the naira is a complex challenge that requires a multi-faceted approach. Here are some strategies the Nigerian government can adopt to address inflation and stabilize the economy:

“Investing in infrastructure, such as transportation and power supply, can lower production and distribution costs for businesses, helping to bring prices down. Encouraging the production of goods that are typically imported can help mitigate inflation. This could include providing support for sectors like agriculture, manufacturing, and technology.

“Enhancing agricultural productivity through research, subsidies for farmers, and improved access to markets can help stabilize food prices, which are a major component of inflation.

“In some cases, the government may consider temporary price controls on essential goods to prevent excessive price hikes. However, this should be done cautiously to avoid market distortions and shortages.

“Implementing a regulatory framework to monitor and regulate the prices of essential goods and services to protect consumers from sudden price spikes. Intervening in the foreign exchange market to stabilize the naira by leveraging foreign reserves can help manage inflation expectations and reduce volatility.

“Establishing trade agreements that facilitate easier access to goods can help mitigate the impact of currency fluctuations on prices. The government should focus on controlling public expenditure and ensuring that spending is targeted at productivity-enhancing projects rather than populist spending that could ignite inflation”.

Embattled hip-hop mogul, Diddy has pleaded not guilty to sex trafficking and racketeering charges.

The rapper, 54, was arrested by officers at the Park Hyatt Hotel in Manhattan, New York, on Monday.

He was charged with s3x trafficking by force, transportation to engage in prost!tut!on, and racketeering conspiracy, alleging he ran an "enterprise that he engaged in s3x trafficking, forced labor or, kidn@pping, arson and other crimes," according to the indictment unsealed on Tuesday, September 17.

He pleaded not guilty to three felony counts during an initial court appearance before US Magistrate Judge Robyn Tarnofsky on Tuesday after being led into the courtroom by US marshals.

The indictment detailed allegations dating to 2008 and accused Combs of abusing, threatening and coercing women for years "to fulfill his sexual desires, protect his reputation, and conceal his conduct".

He is accused of inducing female victims and male sex workers into drugged-up, sometimes days-long sexual performances dubbed "Freak Offs" in the indictment.

His lawyer, Marc Agnifilo, said outside the courthouse on Tuesday morning that Combs would plead not guilty and that he would "fight like hell" to try to get his client released from custody.

In a press conference this afternoon, US attorney for the southern district of New York, Damian Williams, said: "I'm not taking anything off the table" when asked about more charges being brought against Combs and his associates, adding: "We are not done."

Mr Williams alleged that Combs used his business empire "to carry out criminal activity, including sex trafficking, forced labour, kidnapping, arson, bribery, and the obstruction of justice".

The indictment also alleges that Combs used his employees "including high-ranking supervisors in the business, personal assistants, security staff and household staff.... to facilitate the Freak Offs".

Mr Williams said: "They booked the hotel rooms and stocked them with the supplies, including drugs, baby oil, personal lubricant, extra linens and lighting.

"When the hotel rooms got damaged, they helped clean it up. They arranged for victims and commercial sex workers to travel for the Freak Offs, and they delivered large quantities of cash to Combs to pay for the commercial sex workers."

Mr Williams also said that Combs often recorded the "Freak Offs" and used the recordings "as collateral against the victims".

Combs maintained control over his victims "by giving them drugs, by giving and threatening to take away financial support or housing, by promising them career opportunities, by monitoring their whereabouts, and even by dictating their physical appearance," Mr Williams said.

The drugs allegedly used by Combs - which included ketamine, ecstasy and GHB - were intended to keep victims "obedient and compliant", the attorney said.

"When Combs didn't get his way, he was violent and he subjected victims [to] physical, emotional, and verbal abuse so that they would participate in the Freak Offs, and... Combs hit, kicked, threw objects at, and dragged victims at times by their hair," Mr Williams said.

"The indictment alleges that the victims did not believe they could refuse Combs without risking their security or facing more abuse," he added.

Combs, formerly known as Puff Daddy and P Diddy, was recognised as one of the most influential figures in hip-hop until November, when former girlfriend, the R&B singer Cassie, filed a lawsuit saying he had beaten and raped her for years.

Cassie, whose legal name is Casandra Ventura, accused Combs of coercing her, and others, into unwanted s3x in drug-fuelled settings.

The suit was settled in one day but months later CNN aired hotel security footage showing Combs punching and kicking Cassie and throwing her on a floor.

After the video aired, Combs apologised, saying, "I was disgusted when I did it."

Combs has faced several civil lawsuits by women and men who accused him of s3xual assault and other misconduct.

The National Agency for Food and Drugs Administration and Control (NAFDAC) has shut down an illegal factory producing counterfeit cosmetic products at Benue Plaza, Trade Fair Complex in Lagos State.

Disclosing this in a post shared on its X handle on Tuesday, September 17, the agency said the factory was shut down after its operatives raided the location and discovered various unregistered chemicals and packaging materials, along with expired products that were being revalidated for sale.

 

During the operation, over 1,200 cartons of fake cosmetic products were seized by NAFDAC.

 

The items including mini-mixing containers, unlabelled chemicals, batch coding materials, and thinners, were confiscated and moved to the NAFDAC office for further investigation.

The Agency estimated the street value of the confiscated items to be around N50 million. 

NAFDAC shuts down Illegal cosmetics factory in Lagos
NAFDAC shuts down Illegal cosmetics factory in Lagos
NAFDAC shuts down Illegal cosmetics factory in Lagos
NAFDAC shuts down Illegal cosmetics factory in Lagos
NAFDAC shuts down Illegal cosmetics factory in Lagos
NAFDAC shuts down Illegal cosmetics factory in Lagos
NAFDAC shuts down Illegal cosmetics factory in Lagos