Ngige Sets Up Panel On Alleged N3.4bn NSITF Fraud     The Minister of Labour and Employment, Senator Chris Ngige, on Thursday inaugurated a Presidential Joint Board Audit Investigation Panel to probe alleged N3.4bn financial infractions levelled against the suspended Managing Director of the Nigeria Social Insurance...

Banks Caution Customers Against E-payment Fraud     Bank scams are increasing as more customers are adopting electronic means of payment since lockdown was introduced in the country to contain COVID-19 spread. The lending institutions have also been alerting their customers to ensure more caution in transactions and...

Depositors Petition Banks Over Fraud, Charges   About 3,051 depositors petitioned their banks and other financial institutions over various complaints such as excess/unauthorised charges, fraudulent activities, guarantees, dispense errors and funds transfers in 2018. While 1,439 complaints were lodged to the Central Bank of Nigeria in the...

We’ve Improved Internal Control To Curb Fraud - NDIC Boss   The Nigeria Deposit Insurance Corporation said it had improved the level of internal control to check fraudulent practices in its operations. NDIC’s Managing Director/Chief Executive, Umaru Ibrahim, said this during the inauguration of four new members...

NSE Returns N70m Capital Market Fraud To Investors     The Nigerian Stock Exchange says a total of N70m was repatriated from capital market fraud to investors in 2018. The Chairman, NSE, Mr Abimbola Ogunbanjo, said this during the NSE’s Annual General Meeting. He said that the repatriation was...

SEC, NFIU Sign MoU To Tackle Fraud, Ponzi Schemes   The Securities and Exchange Commission (SEC) and the Nigerian Financial Intelligence Unit (NFIU) have signed a Memorandum of Understanding to collaborate in combating crime in the Nigerian capital market and to ensure that suspicious transactions are...