The Nigeria Inter-Bank Settlement System Plc has said that more than N5bn was lost as a result of fraud in the banking sector between January and September 2020.
It disclosed this in its NIBSS Insight report on ‘Fraud in the Nigerian Financial Services’.
Part of the report read, “On a global scale, fraudulent activities have resulted in losses amounting to about $42bn. Approximately 39 per cent are perpetrated by external parties while 37 per cent are perpetrated by internal parties.
“Driving deeper in Nigerian industry data, the actual figures reported by the industry are quite striking.
“This year, about 91 per cent of all fraud attempts as at September have resulted in a total loss, and more than N5bn was lost as a result of fraud within the period.
“This represents financial institutions with an opportunity to protect their investments as well as attract customers by offering increased artificial protection and the ability to recover lost funds more easily.”
The report also stated that data from the industry antifraud portal data showed that 56 per cent of all reported fraud attempts were carried out using social engineering.
COVID-19: CBN Extends Loan Repayment by Another One Year
Central Bank Extends One-Year Moratorium by 12 Months
The Central Bank of Nigeria (CBN) has extended the repayment of its discounted interest rate on intervention facility by another one-year following the expiration of the first 12 months moratorium approved on March 1, 2020.
The apex bank stated in a circular titled ‘Re: Regulatory forbearance for the restructuring of credit facilities of other financial institutions impacted by COVID-19’ and released on Wednesday to all financial institutions.
In the circular signed by Kelvin Amugo, the Director, Financial Policy and Regulation Department, CBN, the apex bank said the role-over of the moratorium on the facilities would be considered on a case by case basis.
The circular read, “The Central Bank of Nigeria reduced the interest rates on the CBN intervention facilities from nine per cent to five per cent per annum for one year effective March 1, 2020, as part of measures to mitigate the negative impact of COVID-19 pandemic on the Nigerian economy.
“Credit facilities, availed through participating banks and OFIs, were also granted a one-year moratorium on all principal payments with effect from March 1, 2020.
“Following the expiration of the above timelines, the CBN hereby approves as follows:
“The extension by another 12 months to February 28, 2022 of the discounted interest rate for the CBN intervention facilities.
“The role-over of the moratorium on the above facilities shall be considered on a case by case basis.”
It would be recalled that the apex bank reduced the interest rate on its intervention facility from nine percent to five percent and approved a 12-month moratorium in March 2020 to ease the negative impact of COVID-19 on businesses.
To further deepen economic recovery and stimulate growth, the apex bank has extended the one year-moratorium until February 28, 2022.
Dennis Olisa Invests N53.6 Million in Zenith Bank
Executive Director of Zenith Bank Plc Buys 2 Million Shares of Zenith Bank at N53.6 Million
Executive Director of Zenith Bank Plc, Dennis Olisa, has invested a combined N53.58 million in shares of Zenith Bank.
The leading financial institution stated in a disclosure statement filed with the Nigerian Stock Exchange (NSE) on Monday.
Olisa carried out the purchase in two different transactions on February 24, 2021 at the Nigerian Stock Exchange in Lagos, Nigeria.
He purchased 1 million units of Zenith Bank at N26.60 each and another 1 million shares at N26.50 per share.
On aggregate, Olisa purchased 2 million shares of Zenith Bank at N26.79 per share or N53.58 million. See the details below.
Dennis Olisa was appointed as Zenith Bank’s executive director three years ago.
Prior to his appointment, Mr. Olisa was the Chief Inspector at Zenith Bank Plc and served as its Director from March 3, 2017 until March 16, 2017.
He also served as General Manager and Heads of the Energy Oil & Gas Group at Zenith Bank Plc and served as its Deputy General Manager. He served as Head of Internal Control & Audit Group at Zenith Bank Plc
CIT Microfinance Bank Disburses Over N16bn Loans
CIT Microfinance Bank Disburses Over N16bn Loans
CIT Microfinance Bank Limited says it has disbursed about N16bn loans since it commenced operations as part of its contributions to the financial sector and empowerment of businesses.
The Managing Director of the microfinance bank, Mr Kingsley Eremionkhale, disclosed this during the company’s 10th anniversary in Lagos recently.
He reiterated that the bank was committed to supporting the growth of small and medium-scale enterprises in the country.
“Since inception, we have disbursed loans worth about N16bn. Our operation is not just about profit-making, but we have impacted many lives, empowered many businesses, and done a lot in terms of our core mandate as a microfinance bank.”
While appreciating its customers who had been loyal to it for years, he said it was concerned about their business success.
The managing director said, “We are part of our customers’ businesses. We provide services beyond lending and savings products and we also give financial advisory services.”
He appreciated the customers who had stayed with the financial institution for many years.
The managing director noted that the MfB is a state-licensed bank operating in Lagos, and a subsidiary of Capitalfield Investment Group.
He also attributed the success of the MfB to the board of directors which it said had been supportive, the management team and its workforce in the past 10 years.
While saying that the bank could lay claims to exponential growth, he said the public should expect more from it.
He also said that it was driving its operations through its digital offerings and our e-channels, to improve its services to our customers.
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