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Experts Call for Stringent Regulation for SIM Swap



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  • Experts Call for Stringent Regulation for SIM Swap

The Head, Industry and Security Service, Nigerian Interbank Settlement System (NIBSS), Femi Fadairo has described the sim swap policy in the Nigerian telecom industry as a growing menace as it exposes subscribers and bank customers to fraudsters.

Speaking at the annual electronic fraud forum organised by Access Bank Plc in Lagos on Thursday, Fadairo stressed the need for stringent regulations around the sim swap policy.

His view was supported by other experts that spoke at the forum.

To address this challenge, Fadairo said there was need for telcos to request for Bank Verification Number (BVN) of phone users before effecting any sim swap.

“All customers must provide a valid BVN for sim registration. System to be put in place to identify swapped or re-used sim cards. All sim swaps must undergo BVN verification before it can be effected,” Fadairo said.

In addition, he said there was need for information sharing between the telcos and the financial institutions.

“Banking fraud desk coordinators should be able to blacklist fraudulent phone numbers with telcos ensuring that blacklisted phone numbers are unable to further process transactions.

“Banks and telcos to establish harmonised fraud desks for collaborative operations.

“There is no one way of tackling cybercrime, but an effective stakeholder collaboration across board will definitely yield tangible results.

“We must all work together to ensure that we have the best possible defenses. The fight against fraud is a fight for all,” he said.

He pointed out that while digital banking had forever transformed the way people bank, it had also increasingly created new opportunities for fraudsters.

Due to the speed and ease of digital banking, more frauds are perpetrated effortlessly, he noted.

“It is no coincidence then that adoption of digital channels and devices have grown in tandem with fraud.

“The economy has been battling the rising menace of electronic fraud, especially among mobile money operators.

“The rate at which customers are being defrauded is alarming. There is need for synergy amongst the various stakeholders and telcos to work relentlessly in tackling fraud,” he added.

Earlier in his remark, the CEO of Access Bank, Mr. Herbert Wigwe, said the forum was to ensure active collaboration among operators in the industry in the fight against fraudsters.

Wigwe, who was represented by an Executive Director of the bank, Mr. Victor Etuokwu, pointed out that cybercrime was the second most reported economic crime in 2016.

“The advancement and adoption of digital technology has enabled banks to achieve greater scale, enter new markets and they now understand their customers much better.

“Online and mobile banking has transformed the way people live and bank. But digital revolution has a dark side.

“It is increasingly creating new opportunities for fraudsters to hack into accounts and commit fraud,” he added.

To this end, Wigwe stressed the need for banks to take security very serious.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade experience in the global financial markets.


BUA, Kainos Exploration to Drag Each Other to Court Over $20 Million Scandal



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BUA Group on Monday threatened to drag Mr James Onyejekwe, the Managing Director of Kainos Exploration to court over a publication that claimed the Group was involved in a $20 million scandal.

BUA stated in a statement issued on Monday.

It stated that the publication engineered by Mr Onyejekwe was a “clear intent to impugn the integrity and reputation of BUA Group and its Chairman, Mr Abdul Samad Rabiu.”

BUA takes its reputation seriously and we will continue to do everything to protect it from anyone and any entity who obstructs our mandate to conduct business in a proper, legal and socially-responsible manner.

“BUA will, therefore, utilise its legal and human resources to resist every campaign of defamation and distraction,” the statement further said.

The leading cement manufacturing company said its independent investigation showed Mr. Onyejekwe was behind the false story that went viral online.

We have, therefore, instructed our legal team to immediately commence criminal defamation proceedings against the person of Mr James Onyejekwe who is the said originator of the malicious letter fraudulently attributed to Cavendish Petroleum against our person, with damages,” the statement seen by Investors King noted.

BUA explained that “We deem these actions necessary, in order to protect the name and reputation of BUA Group.”

“We see no reason why Mr James Onyejekwe of Kainos Exploration and Processing would single out BUA in a supposed business dispute which had no link to the BUA Group in its entirety.

“Therefore, BUA finds it absurd that Mr Onyejekwe or anyone else will decide to drag BUA into their issues and/or put out such a malicious and defamatory statement, fraudulently using the name of Cavendish/Mr Mai Deribe without recourse to the truth, facts, decorum or decency,” it added.

BUA Group described the story bordering on allegations of corruption as “false, malicious and spurious.”

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Dangote Cement Emerges Best Performing Firm In Africa



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The Kogi State Chamber of Commerce, Industry, Mines and Agriculture (KOCCIMA) has named the Dangote Cement Plc, Obajana Plant, as the best performing company in Africa.

The award was presented to the company in Lokoja at the weekend by the Deputy Governor of Kogi State, Chief Edward Onoja, who represented the State Governor, Alhaji Yahyah Adoza Bello, at the Annual General Meeting(AGM) of KOCCIMA.

Speaking at the occasion, the President of KOCCIMA, Mr. Victor Ibrahim, said the Dangote Cement emerged through a thorough screening process that involved 20 companies.

He said: “Our screening committee considered many criteria before Dangote Cement Plc was selected”.

According to him, the Chamber put into consideration Dangote Cement’s contributions to the state’s economy through Internally Generated Revenue(IGR), as well as its good relationship with KOCCIMA.

Mr. Ibrahim said another criterion that placed the Dangote Cement in good stead is that the company has been environmentally friendly.

“We’ve visited DCP Obajana Plant and we found it complying with global best practices when it comes to the environment. Your parking lot does not constitute any environmental danger. We also considered returns to investors, the welfare of staff, the 43km Obajana-Kabba concrete road, your good relationship with the host community and your positive image”.

He announced that the Chamber of Commerce was planning to host its Trade Fair by year-end and looking forward to collaborating with the Dangote Cement Plc.

The Deputy Governor Mr. Edward Onoja expressed the appreciation of the Kogi State Government, saying the contributions of KOCCIMA and the private sector were crucial to the development of the state.

Speaking to newsmen on the sideline of the event, representative of the Dangote Cement Plc Mr. Ademola Adeyemi said the company was elated and that the award will further spur it to continue its support to the state’s economy, KOCCIMA and Corporate Social Responsibility schemes.

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MTN Appoints Chika Ekeji as Executive Lead for Strategy and Transformation



MTN Appoints Chika Ekeji, A Nigerian-American as Executive Lead for Strategy and Transformation

MTN Group has announced the appointment of Chika Ekeji, a Nigerian-American national as an executive to lead the strategy and transformation unit of the mobile network operator.

Chika has a Master of Engineering in Computer Science from Cornell University and an MBA from MIT.

He will be leaving from McKinsey & Company, where he led the West Africa Digital Practice and served telco, financial services, and public sector clients across Africa.

His appointment with Africa’s leading mobile operator will be effective on, 15th of March. In his new role, he will be based in SA.

“We are very pleased that Chika is joining us as we work to accelerate our strategic repositioning,” says MTN Group chief operating officer Jens Schulte-Bockum.

To support the execution of the repositioned strategy, Ekeji joins a group of other recent appointees, including the new group chief financial officer, Tsholofelo Molefe.

In recent weeks, MTN also made changes to the group’s regional structure and the executive committee.

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