Business
Banks Terminate 49 Employees for Fraud in Q2 2024
Nigerian deposit money banks dismissed 49 staff members over fraudulent activities between April and June 2024, as revealed by the Financial Institutions Training Centre’s (FITC) Q2 2024 fraud report.
The report showed a significant rise in internal misconduct, with employee terminations increasing by 40% compared to 35 dismissals in Q1 2024. A total of 58 employees were implicated in 11,532 fraud cases, marking a 23% rise in insider involvement from the first quarter.
External fraud cases also surged by 5.20%, reaching 10,938 incidents in Q2. The financial impact of these frauds skyrocketed by over 900%, with banks losing N42.6 billion in Q2, compared to N468.4 million in Q1. This loss is 637% higher than the N5.7 billion recorded in Q2 2023, and exceeds the total losses of N9.4 billion for all of 2023.
The report attributed 96.46% of the total losses, or N41.14 billion, to “miscellaneous and other fraud types.” Fraudulent withdrawals and computer-based fraud caused losses of N781.2 million and N400.7 million, respectively.
In response, the FITC recommended that banks enhance fraud prevention by adopting technologies like multi-factor authentication (MFA) and role-based access control (RBAC), along with limiting access to sensitive files to properly vetted staff. Continuous fraud prevention training for employees was also emphasized.
Business
Shehu Sani Criticizes World Bank Over Nigeria’s Economic Outlook
Former Kaduna Central Senator Shehu Sani has criticized the World Bank for worsening Nigeria’s economic difficulties. In a post shared on X, Sani accused the institution of projecting that Nigeria’s hardship would extend for another 15 years before the country could reach a better economic future. He questioned how many Nigerians would be left to enjoy that future, and how many African nations the World Bank has successfully helped to prosperity.
Sani’s remarks follow the World Bank’s latest *Africa’s Pulse* report, which forecasts that the Nigerian Naira will be among the worst-performing currencies in Sub-Saharan Africa by August 2024. The report placed the Naira’s decline alongside that of the Ethiopian Birr and South Sudanese Pound.
Business
HIG: Building Trust and Driving Innovation in Nigeria’s Insurance Market
Heirs Insurance Group (HIG) recently announced impressive financial results for the 2023 fiscal year, marking significant growth across all key metrics. The Group’s Gross Written Premium (GWP) surged by 59.3%, from N19.9 billion in 2022 to N31.7 billion in 2023. This remarkable performance underscores HIG’s resilience and operational efficiency, further solidifying its position as one of Nigeria’s fastest-growing insurance firms.
Heirs General Insurance (HGI) saw a 77% increase in GWP, reaching N12 billion in 2023. HGI’s profit before tax (PBT) also rose by 203%, reflecting the company’s effective cost management. Similarly, Heirs Life Assurance (HLA) reported a 71% GWP increase and a staggering 395% rise in PBT. Both companies have demonstrated a strong commitment to customer satisfaction, disbursing billions in claims.
Beyond financial success, HIG actively engages in corporate social responsibility (CSR) projects, contributing over N100 million to education, community development, and financial literacy. With plans for future expansion and innovation, HIG is poised to remain a key player in Nigeria’s evolving insurance market.
Business
Wike Urges Nigerians to Pay Taxes for Improved Social Services
Federal Capital Territory (FCT) Minister, Nyesom Wike, has called on Nigerians to fulfill their tax obligations, emphasizing that government revenue is essential for delivering social services. Wike made this appeal during the inaugural Abuja Business and Investment Summit, held in Abuja on Wednesday.
Speaking on the summit’s theme, “Optimising Investment Through Partnerships,” Wike stressed the importance of collaboration to generate investment opportunities. He dismissed the misconception that the government does not need revenue, explaining that taxes are crucial for funding public services.
Wike reiterated that both investors and the government must benefit from such partnerships, ensuring that both parties “go home smiling” through a fair exchange of services and taxes.
-
Business14 hours ago
Okpella Monarch: Obaseki Ratified Kingmakers Decision, End 5years leadership Vacuum
-
Banking10 hours ago
Free Food Saga: Akpabio quoted out of context-CSO
-
Foreign15 hours ago
Sci-tech innovation fuels China’s high-quality development
-
Entertainment7 hours ago
Davido Declares ‘Timeless’ His Best Album
-
Entertainment7 hours ago
‘Adire’ Secures Four Nominations at the Best of Nollywood Awards
-
Business7 hours ago
Wike Urges Nigerians to Pay Taxes for Improved Social Services
-
Foreign9 hours ago
Qinling Mountains better safeguarded with comprehensive digital platform
-
Foreign9 hours ago
Expressway service station in Shandong achieves carbon neutrality