The Nigerian Financial Intelligence Unit has issued guidelines to stimulate the reduction of crime vulnerabilities created by cash withdrawals from local government funds across the country. Spokesman of NFIU, Ahmed Dikko, announced that the effective date for operation of the guidelines was 1 June. He urged all financial institutions, relevant stakeholders, public servants and citizens to ensure full compliance with the provisions of the guidelines which had already been submitted to the institutions. Dikko said that cash withdrawal and transactions from State Joint Local Government Accounts posed (the) biggest corruption, money laundering and security threats at the grassroots and to (the) entire financial system and the country. He explained that the measures were necessitated by reasons on the NFIU to respond to threats of isolating the country’s financial system by international financial systems due to deficiencies in anti-money laundering.
The National Pension Commission (PenCom) remitted the sum of ₦7.42 billion into the Retirement Savings Accounts in Q4 2018. The remittance was made into the accounts of 966,155 employees of 2,044 organisations. The private sector controls the larger proportion of the RSA. PenCom received a total of 3,046 applications for the issuance of Pension Compliance Certificates, out of which 2,044 were approved and issued. 1,002 applications were rejected for failing to meet appropriate requirements. The cumulative number of applications received during the year, the report said, was 16,536 out, of which 16,100 were approved and issued certificates while 436 were rejected. PenCom reiterated that it continued to apply various strategies to ensure compliance with the provisions of the Pension Reform Act of 2014. During the quarter under review, the commission received 1,282 applications for transfer of Nigeria Social Insurance Trust Fund applications totalling ₦56.78 million. According to PenCom, from inception to December 2018, ₦19.64 billion had been transferred to the RSAs of 272,463 NSITF contributors. Similarly, the Commission granted approval to Trustfund for the payment of ₦14.34 million to 377 NSITF members. Thus, from November 2006 to 31 December 2018, ₦2.90 billion had been paid as a Lump Sum to 35,562 NSITF Members. In the last quarter of 2018, PenCom said, the sum of ₦365.56 million was recovered by Recovery Agents for the recovery of outstanding pension contributions and penalty from defaulting employers, bringing the total recoveries made from the inception of the exercise in 2012 to date to ₦15.36 billion, representing the principal contribution of ₦7.87 billion and penalty of ₦7.49 billion.
CBN governor, Godwin Emefiele, has said that Nigeria loses over ₦790 billion ($2.2 billion) to the smuggling of textile goods annually. Emefiele said this during the official flag off of the distribution of seeds and other inputs to cotton farmers in Katsina state for the 2019 planting season by the National Cotton Association of Nigeria. During the event, Emefiele stated that no fewer than 130 textile companies have died in the country in recent times due to some constraints and that the ginners, spinners, and about one million farmers who were planting cotton as their source of livelihood also lost their jobs. Emefiele also announced that the regulator is gathering data and investigating the accounts of individuals and corporate bodies’ currently involved or encouraging smuggling and dumping of textile materials into the country.
63,895 Nigerian bank customers lost ₦3.6 billion to cyber-fraud in 2017 and 2018. According to the Chairman, Nigeria Electronic Fraud Forum, and Director, Payments System Management Department, CBN, Sam Okojere, an actual loss of ₦2 billion was suffered by the banking industry in 2018 compared to ₦1.6 billion in the preceding year. As said in the NEFF’s 2018 annual report, the volume also increased to 38,852 from 25,043 reported in 2017. The breakdown of the figures shows that the mobile channel recorded the highest volume and value, with an estimate of 11,492 in volume and ₦598.8 million in actual loss value. NEFF was formed to foster collaboration among banks, payment service providers, telecom operators, the law enforcement agencies, other regulators and other stakeholders within the payment ecosystem and beyond to tame the threat of cyber fraud. According to the Nigeria Inter-Bank Settlement System, the attempted fraud in 2018 was valued at ₦9 billion. The ATM channel recorded the second actual loss fraud value. In spite of this remarkable increase in reported fraud volume this year, its actual loss increased by 25.7 percent in value when compared to last year, the NIBSS said.