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Nigerians lost N42bn to POS, mobile phone frauds in 3 months- Report

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By Mario Deepromoter

Scam cases involving computer, mobile, and point-of-sale (POS) systems accounted for the majority of fraudulent activities recorded in Nigeria during the second quarter of 2024.

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

“Computer/web fraud, mobile fraud, and POS-related fraud were the three most prevalent types, continuing the trend observed throughout 2023 and into the first quarter of 2024,” the report indicated.

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According to the report, the total value of fraud reported in the second quarter was N56.3billion, an increase from N34.8billion reported in the first quarter of the year.

Out of the N56.3billion, N42.6billion was lost to fraudsters, while N13.7billion was successfully recovered by financial institutions.

It noted that fraud cases related to mobile channels, which included mobile apps and internet banking, dominated the list, accounting for 33.4 percent of the total cases.

Closely following were POS-related frauds, representing 24.6 per cent, and web-based fraud, contributing 16.9 percent of the cases.

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Computer-based fraud also featured prominently in the report, underscoring the growing threat of cybercrime within Nigeria’s financial ecosystem.

The report revealed that bank branches recorded the largest share of losses, with 95 per cent of the total fraud value.

According to FITC, despite advances in technology, insider and outsider threats remain prevalent, with involvement from both staff and external fraudsters.

It noted that staff involvement in fraud increased, with 49 employees dismissed for their roles in fraudulent activities during the quarter.

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“A magnitude-based ranking of fraud categories indicated that bank branches had the highest impact, with a total loss of around N54bn, comprising a substantial 95.63 per cent of the overall fraud amount.

This was followed by web-based fraud, which accounted for N1.2billion (2 percent), while POS and mobile fraud each contributed about 1 percent, with N651million and N547million, respectively,” it expounded.

FITC also highlighted the shift in fraud tactics, with card-related fraud decreasing by 31.8 per cent, while cheque and cash fraud cases surged significantly, leading to massive financial losses.

According to the institute, the rise in cash-related fraud was particularly concerning, indicating that fraudsters are still finding ways to exploit traditional financial instruments.

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FITC reiterated the importance of leveraging artificial intelligence and advanced technology to combat the increasing sophistication of fraud in the country’s financial sector.

It stressed that proactive measures, such as enhanced security systems and continuous staff training, were crucial for curbing the menace of fraud.

For FITC, the financial sector continues to face mounting challenges, with fraudsters exploiting both new and traditional channels to target banks and financial institutions across Nigeria.

“The need for stricter regulatory oversight and the adoption of cutting-edge technology remains paramount in safeguarding the financial landscape from future threats,” it stated.

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The reports also stated that commercial banks lost N42.6billion to fraud and forgeries over three months from April to June this year.

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Ooni welcomes baby girl with Olori Oluwatosin

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The Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, has welcomed the birth of a baby girl with his wife, Olori Oluwatosin Ogunwusi.

This is contained in a statement on Sunday in Ile-Ife by the Ooni’s Senior Media Officer, Mr Sodiq Lawal, on behalf of the Director of Media and Public Affairs, Mr Moses Olafare.

Olafere expressed gratitude to God for the safe delivery, describing the newborn as a divine blessing to the House of Oduduwa.

According to him, the Ooni thanked Almighty Olodumare for His grace and faithfulness, which made the successful delivery possible.

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“The Royal Father prayed that the newborn princess will grow in wisdom, grace, honour and divine favour throughout her lifetime.”

He added that both Olori Oluwatosin and the baby princess were in excellent health.

He quoted the Ooni as further praying for God’s continued protection over the royal family and for enduring peace, prosperity and abundant grace for the House of Oduduwa.

The Ooni wished the newborn princess a purposeful, honourable and fulfilled life under God’s guidance.

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10th Senate processed over 1,000 bills in three years – Plang

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Chairman of the Senate Committee on Labour, Employment and Productivity, Diket Plang, has said the 10th Senate has processed more than 1,000 bills in its first three years in office, with over 200 already signed into law by President Bola Tinubu.

Plang, who represents Plateau Central Senatorial District, said the upper chamber had also adopted several resolutions through motions and carried out extensive oversight of Ministries, Departments and Agencies (MDAs), describing the period as one of the most productive in Nigeria’s legislative history.

Speaking in an interview to mark the third anniversary of the 10th Senate, the lawmaker said the chamber’s committee system had also enabled lawmakers to closely monitor government performance and budget implementation.

“At the moment, the Senate has had over 1,000 bills. About 900 have passed either second or third reading, and we have over 200 bills that have been signed into law,” he said.

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“So, for me, there is a lot of achievement in terms of making laws. We have had very important motions with beautiful resolutions and sufficient oversight functions as far as the first three years of the Senate are concerned.”

“Each of the ministries, departments and agencies brings its proposals during budget defence, and you go back to find out what has been achieved and what has not been achieved. It helps us know what government has been able to do,” he said.

On the recently passed State Police Bill, Plang commended President Bola Tinubu for supporting what he described as one of Nigeria’s most difficult but necessary constitutional reforms.

He argued that creating state police would strengthen intelligence gathering because officers recruited from local communities understand the language, culture and terrain better than officers deployed from other parts of the country.

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“The locals know the language, they know the terrain, they know the culture of where they are policing. Information gathering and rapid response to criminality will improve significantly,” he said.

The senator also dismissed fears that governors would abuse state police, insisting that constitutional safeguards and oversight by the National Police Council, National Assembly and State Houses of Assembly would prevent excesses.

“No governor will employ people from his community and ask them to oppress their own people. There are oversight mechanisms that will check abuse,” he said.

He explained that although the bill had passed both chambers of the National Assembly, it still requires approval by at least 24 State Houses of Assembly before it can be transmitted to the President for assent as part of the constitutional amendment process.

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Plang added that the reform would improve Nigeria’s police-to-population ratio through fresh recruitment across the states while creating employment opportunities for thousands of young Nigerians.

Commenting on the recent xenophobic attacks against Nigerians in South Africa, Plang urged both governments to pursue diplomacy rather than retaliation.

He said, “It is unfortunate that brothers are turning against one another. There should be immediate engagement between the Nigerian and South African governments. Rather than retaliation, both countries should sit down and resolve these issues as brothers.”

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Tinubu’s Remarks On Flyovers Not Directed At Oborevwori – Waive

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Member representing Ughelli North, Ughelli South and Udu Federal Constituency in the House of Representatives, Rt. Hon. (Revd.) Francis Ejiroghene Waive, has said President Bola Tinubu’s recent remarks cautioning state governments against constructing unnecessary flyovers were not directed at Delta State Governor, Rt. Hon. Sheriff Oborevwori.

Waive, in a statement, argued that the flyovers completed and those under construction in Delta State were necessitated by persistent traffic congestion in their respective locations, adding that the projects were undertaken after due consideration of the state’s infrastructure needs.

According to him, the Federal Government had, on several occasions, acknowledged Delta State’s strides in road infrastructure and flyover construction, alongside other developmental achievements, before similar projects gained momentum in other states.

He maintained that Governor Oborevwori had pursued infrastructure development without neglecting key sectors of the state’s economy, insisting that the administration had continued to invest in roads, bridges, healthcare, education and social welfare programmes.

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“The flyovers constructed and those currently under construction by Governor Sheriff Oborevwori are absolutely necessary. Deltans can testify that they are all located in areas where severe traffic gridlock is a regular occurrence,” Waive said.

The lawmaker dismissed criticisms of the projects by opposition figures, describing them as politically motivated and disconnected from the realities on the ground.

He expressed confidence that the governor’s performance would earn him another term in office, saying residents of the state remained committed to the continuation of the administration’s M.O.R.E. Agenda in synergy with President Tinubu’s Renewed Hope Agenda.

Waive urged Governor Oborevwori to sustain the pace of infrastructure development through the construction of more roads, bridges and flyovers, while expanding social investment programmes aimed at improving the welfare of the people.

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He also congratulated the governor in advance on what he described as his expected victory in the 2027 governorship election, expressing optimism that the administration would continue to deliver democratic dividends across the state.

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