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Telcos, Banks Trade Blame Over Rising Financial Frauds

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Cyber Security - Investors King

Telecommunications operators and financial services providers on Tuesday traded blame over rising financial frauds perpetrated in the country through telecommunications networks.

At a stakeholder meeting on financial fraud using telecoms platform convened by the Nigerian Communications Commission, operators in both the financial and telecommunications services had a heated debate over who should bear what blame as a result of frauds committed on customers’ bank accounts using technology networks.

It was difficult for the stakeholders to come to an agreement whether the victims of financial fraud should be classified as bank customers or as telecommunications operators’ customers.

Another difficulty that the stakeholders had was in establishing who ought to bear the responsibility for the building of technology infrastructure that would help to dictate when a wrong subscriber that had swapped a SIM initiated a financial transaction through the networks.

Telecommunications operators alleged that banks wanted the technology solution to be given to them free while the banks contended that their services provided a flow of income to telecommunications operators.

It took the intervention of both the Central Bank of Nigeria and the Consumer Protection Council to establish that the subscribers were bank customers even when they used technology platforms to carry out transactions.

In an address at the forum, the Executive Vice Chairman, Nigerian Communications Commission, Prof. Umar Danbatta, said the commission was collaborating with the CBN, the Nigeria police and other relevant agencies in the fight against e-banking fraudsters.

He said, “This important forum is taking place at a time when the level of financial fraud has reached N12.5bn. So, something needs to be done urgently to secure the confidence of Nigerians in the financial system as well as a communications system in the country.

“Despite advances in software technology, human intervention is still required to prevent SIM swap fraud, which is quite difficult to detect. Also, controls and processes by network operators have to a degree failed and led to instances of human error in retail branches in distributing SIM cards.”

Speaking at the event, the Minister of Communications, Mr Adebayo Shittu, said the incidence of financial fraud using telecoms platforms had been pervasive.

Shittu said, “We believe innovation needs to be meaningful to ensure that nations and societies everywhere benefit from technological advancement. Technology disruption has been infused in every facet of the Nigerian economy.

“The impact of online fraud cannot be underestimated or denied. Indeed, it leads to the loss of reputation and income and it is tied to direct financial loss of billions of naira in the financial sector, e-commerce and telecommunications.

“The frequency of identity theft is alarming and this is why the government is putting its full might behind efforts to confront this menace and to put an end to it.”

In a lead presentation, the Managing Director, Digital Knowledge Associates, Mr Benedict Anyalenkeya, said technologies for SIM cloning had become pervasive and cheap that banks must not only take care of their back-end but also the front-end security.

According to him, banks have traditionally sacrificed security for ease-of-use. This, he added, puts customers in jeopardy while banks secure their own end of the networks.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Lafarge Africa Board Proposes N30.60bn Dividend, Lower Than Previous Year

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Lafarge Africa - Investors King

Lafarge Africa’s Board of Directors has recommended a dividend payout of N30.60 billion for the year ended December 2023, a reduction from the previous year’s dividend.

The proposed dividend translates to N1.90 per unit of shares and awaits approval from shareholders at the upcoming Annual General Meeting (AGM) of the company.

In a corporate announcement filed with the Nigerian Exchange Limited, Lafarge Africa disclosed that the proposed dividend is payable from the Pioneer Reserve to shareholders registered as of March 28, 2024.

Despite the lower dividend proposal, Lafarge Africa recorded an increase in revenue to N405 billion, marking an 8.6% rise from the previous year’s N373 billion.

However, the company’s post-tax profit experienced a 4.7% decline, amounting to N51.14 billion, attributed mainly to the devaluation of the naira.

Lolu Alade-Akinyemi, the Chief Executive Officer of Lafarge Africa, expressed confidence in the company’s performance despite economic challenges.

He highlighted the growth in revenue and an improved operating margin, despite pressures from inflation and currency devaluation.

Looking forward, Lafarge Africa remains optimistic about the construction sector’s growth in Nigeria, despite prevailing economic challenges.

The company aims to leverage its market opportunities while maintaining a focus on sustainability and stakeholder value.

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South African Billionaire Christo Wiese Predicts Return of Major Players to Nigeria Despite Recent Exodus

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Christo Wiese

South African billionaire Christo Wiese remains optimistic about Nigeria’s economic prospects, predicting the eventual return of major players despite a recent exodus from the West African nation.

In an interview with Bloomberg TV, Wiese explained that it is impossible to ignore Nigeria’s large and growing population, “how do you ignore an economy like this?”

Wiese, the former chairman of Shoprite Holdings Ltd., acknowledges the challenges faced by businesses in Nigeria, where recent currency woes and policy missteps have contributed to an exodus of international companies.

Procter & Gamble Co. and Shoprite are among the global conglomerates that have announced their departure from Africa’s most populous nation.

However, Wiese sees the recent exits as temporary setbacks rather than a long-term trend. He believes that the allure of Nigeria’s vast consumer market and its economic potential will eventually draw major players back.

Despite the current uncertainty, Wiese remains confident in Nigeria’s future, emphasizing the need for governments to adopt correct policies and for investors to exercise patience.

While acknowledging Nigeria’s single-commodity economy vulnerabilities, Wiese highlights the resilience of the nation’s economy and its potential for growth and development.

He suggests that foreign investors, including South African ones, are adopting a wait-and-see approach, anticipating a time when the economy stabilizes and favorable policies are in place.

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Appointments

Seplat Energy Names Udoma Udo Udoma as Independent Non-Executive Chairman, Bello Rabiu as Senior Independent Non-Executive Director

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Seplat Energy Plc - Investors King

Seplat Energy, a prominent Nigerian energy company listed on the Nigerian Exchange Limited and the London Stock Exchange, has made significant changes to its board leadership.

In a recent announcement, the company revealed that Udoma Udo Udoma has been appointed as the new Independent Non-Executive Chairman, succeeding Basil Omiyi, who is set to retire on March 31, 2024.

Udoma Udo Udoma, a distinguished lawyer and seasoned board administrator, brings a wealth of experience to Seplat Energy.

He holds degrees from St. Catherine’s College, Oxford, and has had a remarkable career spanning various sectors, including petroleum, energy, and natural resources.

Udoma has served on numerous large-sized company boards, including UAC Nigeria Plc and Union Bank Plc, and held key public sector appointments, such as Chairman of the Corporate Affairs Commission and Minister of Budget & National Planning.

In addition to Udoma’s appointment, Seplat Energy announced the selection of Bello Rabiu as the new Senior Independent Non-Executive Director, effective April 1, 2024.

Rabiu, a seasoned professional with extensive experience in the petroleum industry, holds multiple degrees and has served in various capacities at the Nigerian National Petroleum Corporation (NNPC).

The appointments come as part of Seplat Energy’s commitment to upholding strong corporate governance practices and ensuring a smooth transition of leadership.

Both Udoma Udo Udoma and Bello Rabiu are expected to play pivotal roles in guiding Seplat Energy as it continues to expand its operations and consolidate its position as a leading energy company in Nigeria and beyond.

In a statement, Basil Omiyi, the outgoing Chairman of Seplat Energy, expressed confidence in the newly appointed leaders, emphasizing their capabilities to steer the company towards further growth and success.

The appointments underscore Seplat Energy’s dedication to fostering excellence and innovation in the energy sector while meeting the evolving needs of its stakeholders and contributing to Nigeria’s energy transition efforts.

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