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.
Transcorp Hotels Expand into Marketplace, Launches Aura to Connect People, Hoteliers, Others
Transcorp Hotels Plc, on Thursday, announced it has launched a new digital platform, Aura, through which people can book accommodation, restaurants and experiences.
Aura, Transcorp’s first in the alternative accommodation segment, is part of the company’s asset-light model, leveraging technology to deliver true hospitality, exciting experiences, and drive shareholder value.
“It’s a new dawn in the hospitality industry! I am thrilled to introduce you to Aura by Transcorp, the digital platform we are using to connect people to quality accommodation, great food, and awesome experiences,” Managing Director and Chief Executive Officer of Transcorp Hotels Plc. Dupe Olusola said.
“For more than 30 years, Transcorp Hotels Plc has been at the forefront of creating a superior guest experience at our locations. Today, our commitment to innovation has offered us an opportunity to extend this beyond the hotel premises,” Olusola added.
The launch of Aura by Transcorp is one of the most significant developments in the company’s history as it seeks to transform the travel and tourism industry in Africa by focusing on three important components of travel, whether for leisure or business — where you stay, what you eat and how you spend your time. With its people-driven hospitality model, Aura is set to revolutionise travel and help remind Africans of our deep history of hospitality.
Speaking on the launch of Aura, Obong Idiong, Chief Executive Officer at Africa Prudential Plc, Aura’s technology partners, expressed his excitement. “Finding the right accommodation when you travel can be incredibly complex. Options available for the right prices are often limited, and travellers sometimes end up with accommodation that taints the travel experience. Transcorp Hotels Plc has been able to fix that with Aura and we are proud to be associated with them.”
“To ensure topnotch user experience, we built a solution to drive digital transformation through the adoption of shared living spaces for the Aura business. With an advanced search algorithm powered by artificial intelligence, Aura determines the relevance of locations taking into consideration, the customers’ preferences and requirements to meet them at the point of their needs,” Idiong added.
Priscilla Adeboye, a travel enthusiast and early adopter of Aura, said the global pandemic has pushed international travel down her list. “But I still want to be able to take some time off work or spend a weekend away from home with the family. I have found incredible homes on Aura that meet my need for space and privacy.”
Siemens Energy Nigeria Appoints Seun Suleiman as Managing Director
Seun Suleiman is the New Managing Director of Siemens Energy Nigeria
Mr. Seun Suleiman is the new managing director of Siemens Energy Nigeria, the company announced on Wednesday.
According to the statement released by the energy company, Suleiman will be responsible for the entire management of operations and decisions on business policies and corporate strategy.
Commenting on his appointment, Suleiman said, “It is an absolute honor to lead the business for Siemens Energy Nigeria and I look forward to delivering on the brand’s promise of excellence.”
Suleiman joined Siemens Energy in 2014, bringing over 15 years’ experience and deep expertise in the private sector across Europe and West Africa.
The statement said, “He is an accomplished business strategist and success-driven leader with strong business acumen. Suleiman has also been a core member of the executive management team at Siemens Energy serving in roles as Sales Director West Africa – Service Distributed Generation Oil & Gas and Vice President Service & Digital.
“Prior to this, he also held various functional and managerial positions with ABB Ltd UK, ABBNG Nigeria, Schneider Electric Nigeria and Dresser-Rand Nigeria Ltd.”
It added that Suleiman was experienced in establishing operational excellence with specific competence in the power, oil and gas sectors.
FG Reopens Osubi Airport Warri for Daylight Operations
FG Reopens Osubi Airport Warri for Daylight Operations
The Federal Government on Monday said the Osubi Airport in Warri has been reopened for daylight operations.
The Minister of Aviation, Hadi Siriki, disclosed this in a tweet.
The airport was closed in February 2020 over mismanagement and debt allegation involving aviation service providers and airport management.
However, Oberuakpefe Afe, a lawmaker representing Okpe/Sapeie/vaie federal constituency, recently moved a motion for the Federal Government through the ministry of aviation and relevant authorities to reopen the airport for flight operations.
On Monday, Hadi Siriki said “I have just approved the reopening of Osubi Airport Warri, for daylight operations in VFR conditions, subject to all procedures, practices and protocols, including COVID-19, strictly being observed. There will not be need for local approvals henceforth.”
I have just approved the reopening of Osubi Airport Warri, for daylight operations in VFR conditions, subject to all procedures, practices and protocols, including COVID-19, strictly being observed. There will not be need for local approvals henceforth. 🇳🇬🙏🏽🇳🇬
— Hadi Sirika (@hadisirika) March 1, 2021
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