ADVERTISEMENT

The Nigeria Inter-Bank Settlement Systems said the most common fraud technique in the Nigerian banking sector and digital payment system is social engineering.

Managing Director of NIBSS, Premier Oiwoh, disclosed this on Wednesday at an event in Lagos, noting that digital payment declined by 51 percent in Nigeria to N25.85 billion in 2025 from a high of N52.26 billion in 2024.

Oiwoh noted that within the category of fraud, insider abuses or involvement have been the greatest threat.

According to him, by channel, fraud remains most prevalent in e-commerce and internet banking, followed by point of sale, mobile, and web platforms within the Nigerian banking and fintech sector.

He further said incidents such as SIM swap fraud, account compromise, and phishing continue to evolve in the country’s banking sector.

“Last year alone, coordinated actions saved about N20 billion that could have been lost,” he revealed.

“The most common fraud technique remains social engineering. Within this category, insider abuse is the greatest threat we face. Insider involvement is high, and recent investigations have confirmed this. Services such as SIM swap fraud, account compromise, and phishing continue to evolve.

‘Awareness remains critical, as many victims are still easily deceived,” he said.

He added, “In 2023, actual losses stood at about N17.67 billion. In 2024, losses rose to N52.26bn, largely driven by a single fraud incident of N31.1bn involving one entity. In 2025, losses dropped significantly”.

As a solution, Oiwoh urged that, “we must prioritize internal controls, monitor staff activities closely, and pursue consistent joint industry action. Trust among institutions is essential.”

He noted Lagos State remains the Nigerian state with the most prevalent fraud at 63 percent, followed by Abuja, Ogun, Rivers, and Delta States.

ADVERTISEMENT

Bandits who abducted 177 worshippers from Kurmin Wali community in Kajuru Local Government Area of Kaduna State have demanded the return of 17 motorcycles allegedly lost during recent military operations as a condition for the victims’ release.

The worshippers were kidnapped on Sunday morning during coordinated attacks on three churches in the community.

The Village Head of Kurmin Wali, Mr Ishaku Dan’azumi, disclosed this in a telephone interview on Wednesday, saying the bandits contacted a negotiator acting on behalf of the community and insisted that the missing motorcycles must be returned before the captives could regain their freedom.

According to Dan’azumi, the abducted worshippers were taken from Seraphim and Cherubim Church 1 and 2, as well as ECWA Church.

He said the armed men accused members of the Kurmin Wali community of stealing the motorcycles and tampering with others by removing carburetors and spark plugs.

“They called the negotiator on the telephone and said that 17 of their motorcycles disappeared. They insisted that all the motorcycles must be returned and damaged parts replaced before they can release our people,” the village head said.

Dan’azumi added that the bandits had not demanded any monetary ransom so far.

“Apart from the issue of the motorcycles and replacement of some parts, they have not asked for money,” he stated.

He further revealed that the mass abduction was linked to ongoing military offensives against bandit camps in parts of Kajuru Local Government Area.

The abduction of the 177 victims, most of whom are Christian worshippers, has sparked outrage and fear across communities in Southern Kaduna.

Other sources confirmed that the attack was carried out by bandits fleeing sustained military operations in parts of neighbouring Kauru Local Government Area.

According to the sources, troops recently dislodged armed groups from key hideouts, forcing them to abandon their camps and scatter into nearby areas, including Kajuru.

“The assailants were forced out of their camps during intense military offensives and allegedly carried out the mass abduction while attempting to escape mounting pressure from security forces,” one of the sources said.

The affected camps, located around Gabachua, Legede and the Agwalla mountain and forest corridors, were described as long-established enclaves used by bandits to launch kidnappings, cattle rustling, and violent attacks across Kauru, Kajuru and adjoining communities.

While recent offensives have led to the destruction of several bandit camps and the neutralisation of suspected criminals, security analysts warned that dislodged fighters often resort to attacking soft targets while attempting to evade capture.

Residents and community leaders in the affected LGAs have urged the Federal and Kaduna State governments to sustain military pressure, deploy additional troops, and strengthen intelligence gathering to protect vulnerable communities and ensure the safe rescue of the abducted worshippers. [Daily Sun]

ADVERTISEMENT

Defendants to report to DSS in Bauchi every Monday
Bauchi State Finance Commissioner Yakubu Adamu and three others, accused of financing terrorism with about £9.7 million, got bail yesterday.

A Federal High Court in Abuja granted each of them bail at N100 million.

In a ruling, Justice Mohammed Umar held that Adamu and his co-defendants – Balarabe Abdullahi Ilelah, Aminu Mohammed Bose and Kabiru Yahaya Mohammed – placed sufficient materials before the court for it to exercise its discretion in their favour.

Justice Umar ordered the defendants to produce two sureties each, one of whom must be a permanent secretary and the other a director in the civil service.

The judge ordered the defendants to deposit their international passports with the court’s registry and report to the Department of State Services (DSS) office in Bauchi State every Monday until the case is determined.

He adjourned the matter till February 26 for the commencement of trial.

Adamu, who is said to be a former Branch Manager of Polaris Bank Plc (Bauchi branch), and the other three (said to be top civil servants in the state), were re-arraigned on January 16 before Justice Umar on a 10-count charge filed by the Economic and Financial Crimes Commission (EFCC) against them.

They were earlier arraigned on December 31, last year, before Justice Emeka Nwite, who served as a vacation judge, and were denied bail in his ruling on January 5.

Justice Nwite had held that by the nature of the offences with which the defendants were charged, it was necessary to balance their right with that of the larger society.

Defence lawyer, Chris Uche (SAN), while arguing the defendants’ bail applications on January 16, stated that although the defendants were earlier denied bail by another judge of the same Abuja division of the Federal High Court, there were new and additional facts which informed his decision to file fresh bail applications before the new judge.

Uche said the other court would have granted them bail if the new facts were brought to its notice, arguing that Bello Bodejo, the President of Miyettti Allah Kautal Hore, whom the EFCC named in the nine counts of the 10-count charge filed against his clients, was never convicted for any terrorism offence by any competent court in the country.

He argued that though Bodejo was charged by the Federal Government for terrorism-related offences, the charge was later withdrawn by the government and the court dismissed it on May, 29, 2024.

Besides, Uche argued that there was no proscription order in the Federal Government’s Official Gazette designating either Bodejo or his organisation as a terrorist or terrorist organisation, backing his argument with Section 48(1) of the Terrorism Prevention Act, 2022.

According to him, since Bello Bodejo has not been shown by the prosecution as a terrorist, there is no basis for the defendants to continue to languish in detention, hence the need for the bail application.

He also argued that the court is empowered by law to grant bail, citing relevant sections of the Administration of Criminal Justice Act (ACJA), 2015, to back his submission.

In count one of the charge, Adamu, Sirajo Jaja (while being Accountant-General of Bauchi State, said to be on the run now), Samaila Irmiya Liman (now at large), Balarabe Ilelah, Aminu Bose and Kabiru Mohammed (all being civil servants and signatories to Bauchi State Government’s accounts and/or payment instruments) were alleged to have committed the offence sometime between Jan. 2024 and May 2024.

They were alleged to have conspired to provide funds in the aggregate sum of $2,300,000.000 in cash for the benefit of Bello Bodejo and persons associated with him, pursuant to approvals granted by Gov. Bala Mohammed of Bauchi State.

The funds were alleged to be used, in whole or in part, to finance a terrorist or terrorist group.

The offence is contrary to Section 26(1) and punishable under Section 21(2)(a) of the Terrorism (Prevention and Prohibition) Act, 2022.