Nigerian banks lose ₦2.09 billion to fraud

May 2, 2024
4 min read
Several dollar notes and a handcuff, indication fraud

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Victoria from Techpoint here,

Here's what I've got for you today:

  • Nigerian banks lost ₦2.09 billion to fraud in 2023
  • How Harrison Obiefule 20xed his salary
  • Twiga Foods gets a new CEO

Nigerian banks lost ₦2.09 billion to fraud in 2023

Several dollar notes and a handcuff, indication fraud
Image by wirestock on Freepik

Nigerian banks took a hit in Q4 2023, losing a whopping  ₦2.09 billion ($1.48 million) to fraud, with mobile transactions being the main culprit, according to the latest report from the Financial Institutions Training Centre (FITC). This is a big jump from the  ₦1.18 billion lost in Q3 2024.

The report also revealed a total of 12,405 fraud cases in Q4, an increase of 2.81% from Q3. Computer/web fraud, mobile fraud, and POS-related fraud continued to top the list in 2023.

Mobile fraud was the biggest headache, accounting for 17.039% of the losses, totaling ₦356.57 million. Meanwhile, suppression of cash entries wasn't far behind, causing a loss of  ₦78.45 million.

Across other channels, losses increased almost everywhere except for bank branches, which saw a decline. 

ATM fraud shot up by 711.15%, reaching  ₦40.47 million from just  ₦4.99 million in Q3. POS fraud also saw a 95.01% surge, while web fraud increased by 50.49%. However, bank branch-related fraud dropped by 59.73%.

To combat rising fraud, FITC recommends that banks strengthen their digital infrastructure, focusing on cybersecurity, identity verification, and real-time transaction monitoring. 

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Regular security audits and educating customers and staff are also crucial. Plus, collaborating with law enforcement agencies and staying compliant with regulations is key.

How Harrison Obiefule 20xed his salary

Ethereum coin, cash (dollars)
Image by WorldSpectrum from Pixabay

Looking to level up your earnings in today's hustle and bustle? Take a page from Harrison Obiefule's playbook, a Marketer who skyrocketed his salary by 20 times in just 6 years!

Meet Obiefule. If he wasn't in marketing, he'd probably be rocking it as an investment banker or corporate lawyer. Why? Because he's all about that money-making hustle.

Being the firstborn in his family, Obiefule knew he had big shoes to fill financially. And boy, did he deliver! Now, he's one of the hottest marketers in the Web3 scene.

Surprisingly, marketing wasn't his original plan. He studied political science in college, but fate had other ideas. When the opportunity to dive into marketing came knocking, he seized it with both hands.

During his journey as a marketer, Obiefule saw his earnings soar, proving his skills in the field. And guess what? He's got some simple tips for marketers who want to climb to the top.

Obiefule's journey started in broadcasting, where he hosted red carpet events alongside his cousin's small broadcast company during his college days.

Then, fate intervened again when he stumbled upon a friend's employment letter from advertising school, promising a salary 16 times higher than his broadcasting gig!

Encouraged by his friend, Obiefule dived into digital marketing, honing his skills through courses and joining digital marketing communities. And just like that, he landed his first gig as a digital marketer, kicking off his journey to marketing success.

To get juice from this story, dive into Bolu's story here.

Twiga Foods gets a new CEO

Charles Ballard, Twiga Foods CEO
Image Souce: Jumia Group

Kenyan startup Twiga Foods has a new boss! Charles Ballard, who used to run things at Jumia Kenya, stepped into the CEO role yesterday, May 1, 2024. 

He's stepping in after founder Peter Njonjo left the board, following his resignation as chief of the agritech startup.

Ballard brings a wealth of experience, having led Jumia Kenya as CEO since 2019 and rising to head the Kenyan division by 2023. With a background in international development and a stint in M&A, he's well-equipped to navigate Twiga's challenges in the trade and financial landscape.

As CEO, Ballard will lead Twiga alongside other senior leaders like COO Anjan Dasgupta, CTO Paul Bombo, CPO Susan Kiama, and CFO Zuber Momoniat. His appointment signals Twiga's commitment to revolutionizing food supply chains across Africa.

Twiga has faced its share of hurdles, including staff layoffs and payment delays, but with Ballard at the helm, the company aims to tackle these challenges head-on. His experience will be crucial in streamlining operations and steering Twiga towards success.

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Have a tremendous Thursday!

Victoria Fakiya for Techpoint Africa.

She's autistic and interested in mental health and how technology can help Africans with mental disorders. Find her on Twitter @latoria_ria.
She's autistic and interested in mental health and how technology can help Africans with mental disorders. Find her on Twitter @latoria_ria.
She's autistic and interested in mental health and how technology can help Africans with mental disorders. Find her on Twitter @latoria_ria.

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