Headline
Bank Customers Lose N2.72bn To Fraudsters – Report
Published
3 years agoon
By
Editor
A report by FITC has revealed that bank customers in Nigeria lost a total of N2.72bn to fraud in the first and second quarters of 2022.
It was also disclosed that there was a total of 67,878 cases of fraud recorded within this period.
This was according to the second quarter report obtained by our correspondent from the website of FITC.
FITC’s institutional members are members of the Nigerian Banker’s Committee, which comprises the Central Bank of Nigeria, the Nigeria Deposit Insurance Corporation and all liscensed banks in Nigeria.
READ ALSO: Hackers Steal $11m From Nigeria, Others
The data, however, showed a decline in the number of fraud cases across the banks compared to the first quarter of 2022.
According to the report, a total of 27,356 incidents of fraud and forgeries were reported in Q2, compared to 40,522 reported cases in the first quarter of 2022, representing a 32.49 per cent decrease between within the periods.
The total sum reported to be involved in fraud cases during the period also decreased by 40.05 per cent from N14.65bn in Q1 2022 to N8.78bn in Q2 2022.
Likewise, for the total amount lost due to fraud incidences, there was a slight decrease of 23.66 per cent from N1.54bn in the first quarter of 2022 to N1.17bn in the second quarter of 2022.
The report showed that mobile fraud which includes fraud activities through USSD transactions had the highest occurrence followed by computer/web fraud and POS fraud.
The report read in part, “Evaluating the total amount lost to frauds in Q2 2022 reveals that Mobile Fraud accounts for 38.18 per cent at N449m loss, followed by Miscellaneous & other types of fraud accounting for 32.19 per cent (N379m) and Suppression of Entries at 11.02 per cent (N129.64m).
“A closer look at the unusual amount recorded under the miscellaneous fraud revealed that the fraud was carried out via E-naira for which the banks were liable.
“With regards to the returns by payment channel, the analysis reveals that there was a decrease in the amount lost to fraud via the web, ATM and PoS channels.”
“The amount lost via the web channel decreased considerably from N1.07bn to N98.4m while the amount lost via the ATM channel decreased from N43m to N5.9m. On the other hand, an increase was noted in the amount lost via the bank branch, mobile fraud channels, from N103.45m to N618.24m (497.56 per cent) and N270.92m to N449.03 million (65.74 per cent).”
The FITC further said it was necessary for banks to further strengthen their internal control measures for improved efficiency in pre-empting fraud activities and ultimate prevention of fraud.
Recently it was reported that at least 6,047 Bank Verification Numbers of bank customers have been placed under the CBN watch-list for fraudulent transactions.
READ ALSO: How Three Ex-bank Workers Planned With Hackers To Steal N20bn – Witness
According to the Nigeria Interbank Settlement System, Nigeria has one of the most advanced electronic payment capabilities in the world. It said the increase in transaction processing speed and available channels had also created an avenue for fraudulent transactions to thrive.
In its ‘NIBSS Insight: Fraud in the Nigeria Financial Services’ report, it said, “Statistically, even a one per cent successful fraud rate would result in 100,000 successful fraudulent transactions daily.
“This would directly impact customer’s faith in the entire system and could significantly impact our financial inclusion drive as well as the CBN cashless policy.”
PUNCH
You may like
Three Ghanaian Nationals Extradited To US In $100m Online Fraud Case
28 Suspected Internet Fraudsters Arrested In Benin
Dasuki, Others Re-arraigned Over Alleged N33.2bn Fraud
Nigerian Arraigned For Defrauding Over 400 Elderly, Vulnerable Americans Of $6m
JUST IN: Court Orders Final Forfeiture Of $2.04m, Properties Linked To Emefiele
Nigerian-born US Army Veteran, Musician Bicker Over Alleged N23m Real Estate Fraud
Headline
Four Places In The World Without Traffic Lights
Published
19 hours agoon
August 29, 2025By
Editor
In a world where traffic lights are an essential part of road management, a few countries and regions stand out for functioning without them. These places rely on alternative systems ranging from police officers and roundabouts to cultural driving habits to manage traffic. Here’s a closer look at the nations and areas where traffic lights are absent.
Bhutan
Bhutan is famously known as the only country in the world that operates entirely without traffic lights. Even in its capital city, Thimphu, which has witnessed growing traffic due to urbanisation, automated signals have never been adopted. Instead, traffic management is handled by police officers who stand at major intersections, directing vehicles with hand signals.
In 1995, when a set of traffic lights was briefly installed in Thimphu, public complaints led to their swift removal, as locals felt the system clashed with the country’s traditions and culture of cooperation. Bhutan’s reliance on human-directed traffic reflects both its small population and strong sense of civic responsibility.
READ ALSO:Top 10 African Countries With Cheapest Petrol Prices In July 2025
Vatican City
Vatican City, the world’s smallest sovereign nation, also operates without any traffic lights. With an area of just 44 hectares and a population of around 800 people, the city-state does not require traffic signals to regulate movement. Roads inside the Vatican are short and few, and traffic is mostly managed by signage and the Vatican’s own police force. However, just outside the Vatican’s walls, in Rome, traffic lights are abundant, highlighting the contrast between the bustling Italian capital and the tranquil governance of the Holy See.
Niue
In the South Pacific, Niue, one of the world’s smallest island nations, also has no traffic lights. With a population of less than 2,000 people and very limited vehicle traffic, there is little need for automated signals. Roads are quiet, and driving is relaxed, with motorists often waving to one another as they pass.
The absence of traffic lights in Niue is less a necessity than a reflection of the island’s lifestyle, where community trust and minimal congestion make formal traffic control unnecessary.
READ ALSO:Full List Of Schengen Countries Offering 5-yr Visa Programme
Tekesi County, China
A unique example of urban planning without traffic lights can be found in Tekesi County, Xinjiang, China. The county town was designed based on the ancient Bagua (Eight Trigrams) symbol from Taoist philosophy. Its distinctive circular and radiating street layout relies on roundabouts to direct vehicles.
In 1996, authorities cancelled the installation of traffic lights in order to preserve the Bagua system, making Tekesi a rare modern settlement that manages traffic without signals. The design has since become both a cultural attraction and a point of pride for residents, who see it as a symbol of harmony and balance.
Headline
Nigerian Student Wins ‘Top In World’ Cambridge IGCSE English Award
Published
19 hours agoon
August 29, 2025By
Editor
A Nigerian student, Kenechukwu Oluwanifemi Uba, has emerged the “Top in World” candidate in the November 2024 Cambridge IGCSE English as a Second Language (Speaking Endorsement).
Uba, a pupil of Caleb International College, Magodo, Lagos, received the Outstanding Cambridge Learners Award for her performance, which was recognised by Cambridge University Press & Assessment.
This was contained in a statement signed by the Spokesperson to the Proprietor and Founder, Caleb Group of Schools and University, Prof. Elvis Otobo, and made available to The PUNCH on Friday.
READ ALSO:UK To Bar Criminals From Football Matches, Pubs, Travel Under New Policy
The certificate, signed by the Group Managing Director of International Education at Cambridge, Rod Smith, was presented during a ceremony organised by the British Council and Cambridge University Press & Assessment at the Civic Centre, Lagos.
Speaking on the achievement, the Proprietor/CEO of Caleb Group of Schools and University, Dr. Oladega Adebogun, said the recognition reflected the school’s values of integrity, perseverance and innovation.
“We are overjoyed by Kenechukwu’s outstanding performance.
READ ALSO:Suspected Amasiri Warriors Invade Ebonyi Community, Behead Farmer Amid Land Dispute
“Her success embodies our core values of integrity, perseverance, and innovation. We invest heavily in cutting-edge teaching methods—from flipped classrooms to AI-driven language labs—so that every student can discover their potential and lead with confidence,” Adebogun said.
Uba expressed gratitude to her teachers, classmates and family, noting that preparing in the school’s language lab helped build her confidence.
“From the moment I joined Caleb, I felt inspired by teachers who challenged me to think deeply and by peers who encouraged me to persevere. Preparing for the speaking endorsement in our state-of-the-art lab sharpened my confidence. This recognition belongs to everyone—my mentors, my classmates, and my family,” she said.
Caleb International College described the award as proof of its commitment to raising globally competitive students through advanced learning facilities and strong character development programmes.
Headline
Iran Has Executed At Least 841 People This Year — UN
Published
20 hours agoon
August 29, 2025By
Editor
At least 841 people have been executed in Iran since the start of the year, the UN said Friday, decrying “a systematic pattern of using the death penalty as a tool of state intimidation”.
The United Nations’ human rights office said there had been a “major increase in executions” by Tehran during the first half of 2025.
“Iranian authorities have executed at least 841 people since the beginning of the year,” spokeswoman Ravina Shamdasani told reporters in Geneva.
“The real situation might be different,” she added. “It might be worse, given the lack of transparency.”
In July alone, she said, Iran had executed at least 110 individuals — twice the number of people executed in July 2024.
READ ALSO:Why Nigeria Needs Female President – Presidential Aspirant
“The high number of executions indicates a systematic pattern of using the death penalty as a tool of state intimidation, with disproportionate targeting of ethnic minorities and migrants,” Shamdasani added.
She cited the executions of Afghan nationals, and of Baluch, Kurdish, and Arab citizens.
In the first six months of the year, at least 289 people were executed for drug-related offences.
Shamdasani said the pattern witnessed across multiple countries showed that when their governments perceive threats to their grip on public order, they become increasingly repressive and less tolerant of dissent.
– Hangings before children –
The spokeswoman in particular criticised the staging of public executions in Iran. The rights office documented seven such cases since the beginning of the year — some reportedly in front of children.
READ ALSO:We Would Have Killed Iran’s Supreme Leader If Given Opportunity – Israel
“Public executions add an extra layer of outrage upon human dignity… not only on the dignity of the people concerned — the people who are executed — but also on all those who have to bear witness,” she said.
“The psychological trauma of bearing witness to somebody being hanged in public, particularly for children, is unacceptable.”
The UN human rights office said there were serious concerns over due process in capital punishment cases.
“What we are particularly worried about is that a lot of these death sentences are imposed based on vague laws,” the spokeswoman said, such as charges of enmity against God.
Shamdasani said that 11 individuals were currently facing “imminent execution” in Iran, including six charged with “armed rebellion” due to alleged membership of the exiled opposition People’s Mujahedeen Organization of Iran (MEK).
READ ALSO:US Struck Iran With B-2 Bombers, Submarine-launched Missiles – Top US General
The other five had been sentenced to death over their participation in large-scale protests in 2022, she said. Iran’s supreme court last week confirmed the death sentence against workers’ rights activist Sharifeh Mohammadi, she added.
The UN rights office was urging Iran’s government “not to implement the death penalty against these and other individuals on death row”, Shamdasani said.
“The death penalty is incompatible with the right to life and irreconcilable with human dignity,” she added.
“It creates an unacceptable risk of executing innocent people. It should never be imposed for conduct that is protected under international human rights law.”
UN human rights chief Volker Turk is calling on Tehran to impose a moratorium on the application of capital punishment, as a step towards abolition.
AFP
- JUST IN: Oldest Missionary To Nigeria, Ruth Elton, Is Dead
- APC Mocks Jonathan As ADC Woos Him For 2027 Race
- 5 Records Michael Jackson Set That Remain Unbroken
- My Wife Sleeps In Leggings, Denies Me Sex —Husband
- I Spent 13 Days In Hospital After My Husband Beat Me —Wife
- My Husband Abandoned Me, No Longer Comes To My Room —Wife
- I Doubt Our Only Child’s Paternity, I Want DNA Test, Man Tells Court
- DANGER: Six Incurable Diseases You Should Know — And Their Causes
- ‘He Married Me Cos’ Of My Property, Later Deserted Me Cos’ I’m Barren’
- I Don’t Want A Refund Of My Wife’s Bride Price — Husband
Trending
- News5 days ago
NAFDAC Warns Of Fake Postinor-2 In Circulation
- News2 days ago
JUST IN: Immigration Hikes Passport Fees To N100,000, N200,000
- Politics5 days ago
PDP Zones 2027 Presidential Ticket To South
- Politics5 days ago
Why APC Candidates Contested 2023 LG Election Despite Intimidation — State Chairman
- Sports5 days ago
Brazil Names Squad Without Neymar, Vinicius For World Cup Qualifiers [FULL LIST]
- Sports5 days ago
Enabulele Confident Of Team Edo’s Success At 2025 NYG
- Politics3 days ago
Edo PDP Knocks Okpebholo Over ₦2.5b Donation To UBTH
- News5 days ago
Tinubu Signs Direct Flight, Other Agreements With Brazil
- News5 days ago
OPINION: Death Of World’s Nicest Judge
- Sports5 days ago
Sports Commission Boss Commends Team Edo Athletes For Continental Triumph