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35 Worker Were Sacked By Nigerian Bank Involvement in Fraud in Q1 2024

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Commercial banks in Nigeria sacked 35 of their employees between January and March this year over their involvement in fraud.  

The Financial Institutions Training Centre (FITC) revealed this in its Q1 2024 fraud and forgeries report recently released.

This indicates a 288% increase in the number of employees whose contracts when compared with the nine cases of termination recorded in Q4 2023.  

However, staff involvement in fraud declined by 12.96%, sliding from 54 cases in Q4 2023 to 47 in Q1 2024. 

According to the report, outsider involvement in fraud cases increased by 0.45% which is a slight increase when compared to the previous quarter, with the number rising from 10,350 cases in Q4 2023 to 10,397 cases in Q1 2024. 

Meanwhile, the banks’ losses to financial fraud in the first quarter of this year declined by 77.62% compared to the previous quarter. 

The FITC report revealed that banks lost N468.42 million in the first quarter, a substantial decline from the N2.09 billion loss they recorded in Q4, 2023.  

In terms of the amount involved in fraud, the report also showed that a total of N2.99 billion was involved in fraud in the quarter, representing a 56.73% decline when compared with the N6.91 billion recorded in the preceding quarter.  

Fraud Cases Decline

According to the report, there was a decline in the number of fraud cases reported by the banks compared to the previous quarter.  

“For Q1 2024, a total of eleven thousand, four hundred and seventy-two (11,472) cases were reported, and when compared to the twelve thousand, four hundred and five (12,405) cases recorded in the Q4 2023, a 7.52 per cent decrease is noted,” the organization stated.   

While commending the decline in fraud activities and losses in Q1 2024, FITC said the banks would need to be more vigilant and also understudy their fraud control activities in this quarter and improve upon the same to ensure that going forward the numbers keep dropping. 

It added that the banks need to ensure the application of advanced fraud detection technologies and analytics to continuously monitor transactions of suspicious patterns and anomalies. 

Recently, there has been a surge in emerging technologies, these technologies include Artificial Intelligence (A), Machine Learning (ML), Robotics Process Automation (RPA), Advanced Analytics, Predictive Modelling etc. These emerging technologies can be used to identify patterns of fraud, and proactively detect emerging frauds,” FITC said. 

It, however, cautioned the financial institutions to align with regulatory standards and adopt transparent decision-making processes and ethical considerations while adopting the technologies.   

 

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Business

CBN Restores BDC Access to FX Market, Caps Weekly Purchases at $150,000

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By Huldah Shado

The Central Bank of Nigeria (CBN), has approved the participation of licensed Bureau De Change (BDC), operators in the Nigerian Foreign Exchange Market (NFEM), allowing each BDC to purchase up to $150,000 weekly.

The approval was contained in a circular dated February 10, 2026, signed by the Director of the Trade and Exchange Department, Dr. Musa Nakorji, and addressed to authorised dealer banks and the general public.

The CBN said the move is aimed at improving foreign exchange liquidity in the retail segment of the market and meeting the legitimate needs of end users, amid a widening gap between the official and parallel market exchange rates.

Under the new arrangement, licensed BDCs can access foreign exchange from the NFEM through any authorised dealer bank of their choice at the prevailing exchange rate.

The apex bank directed banks to carry out full Know-Your-Customer (KYC), and due diligence checks on BDC clients before selling foreign exchange to them.

It also imposed reporting and transparency requirements, mandating BDCs to submit returns electronically to the CBN.

In addition, the bank prohibited third-party transactions and limited cash settlement to a maximum of 25 per cent of each transaction.

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Abuja Reports

Ultraviolet MFB MD Visits Equity Circle, Eyes Strategic Partnership

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By Samson Adeyanju 

The Managing Director and Chief Executive Officer of Ultraviolet Microfinance Bank, Bayonle Omoyele, has paid a working visit to Equity Circle, one of Abuja’s fast-growing real estate companies, as part of efforts to strengthen strategic partnerships within Nigeria’s real estate sector.

During the visit, Equity Circle’s Co-Founder and Chief Marketing Officer, Fabian George, conducted Omoyele on a tour of the company’s facilities and outlined its growth trajectory.

He disclosed that the firm recorded significant milestones over the past four years, culminating in an ₦8 billion revenue in the 2025 financial year.

Discussions between both parties focused on establishing a strategic credit relationship, with proposed areas of collaboration including invoice discounting, structured credit solutions, and cash-flow management support to help Equity Circle sustain and scale its operations.

Addressing Equity Circle staff during an interactive session, Omoyele emphasised the importance of strong marketing fundamentals, highlighting the 4Ps of marketing-Product, Price, Place, and Promotion, as key drivers of long-term competitiveness and brand leadership.

He also urged the team to adopt a long-term growth mindset, remain focused, and ensure that every unit contributes meaningfully to the organisation’s strategic goals, noting that disciplined execution is critical in Nigeria’s evolving real estate market.

The visit underscores Ultraviolet Microfinance Bank’s commitment to supporting high-growth enterprises through tailored financial solutions and partnerships that promote sustainable economic development.

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Business

Moniepoint Strengthens Africa’s Tech Talent Pipeline with DreamDevs Cohort 2

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By Omoniyi David

Moniepoint Inc has reaffirmed its commitment to building Africa’s technology talent pipeline, announcing the opening of applications for the second cohort of its flagship DreamDevs initiative.

Co-Founder and CTO Felix Ike described DreamDevs as a programme that equips recent graduates with industry-ready skills and hands-on experience to bridge the continent’s tech talent gap.

“The success of our first cohort validated that Africa’s young tech talent can compete globally. This year, we aim to convert half of our participants into full-time employees,” Ike said, adding that the initiative creates sustainable career pathways that drive Africa’s digital economy.

DreamDevs complements Moniepoint’s other talent development programmes, including HatchDev, in collaboration with NITHub, University of Lagos, which trains about 500 specialised developers annually, and the Women-in-Tech programme, now in its fifth year.

The initiative also aligns with the Federal Government’s 3 Million Technical Talent (3MTT), programme, with Moniepoint serving as a key sponsor, offering graduates a specialised pathway from training to employment.

DreamDevs underscores Moniepoint’s broader mission to leverage technology to empower Africa’s youth and advance the continent’s digital economy.

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