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Tag: #FinancialFraud

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NEWS

EFCC arrests Edo’s accountant general and two other individuals

The Economic and Financial Crimes Commission (EFCC) has detained Julius Anelu, the Accountant General of Edo State, along with two other government officials as the administration of Governor Godwin Obaseki in Edo State comes to a close. According to reports, the officials who were arrested were detained for allegedly making large withdrawals from the State’s derivation account. This comes after Obaseki’s administration was accused by Senator Monday Okpebholo “of last-minute borrowings and looting.” According to PUNCH, which cites a reliable source at the EFCC, N14 billion was left over a week after N24.6 billion was transferred into the government’s account. Approximately two to three people, including the state’s accountant general, were arrested. We have been looking into the Godwin Obaseki has been the state’s governor since 2022, but certain withdrawals from the state’s derivation account led to this most recent arrest. “Huge sums of money were taken out. For example, N24.6 billion was deposited into the account a few weeks ago. However, the account had roughly N14 billion left in less than a week. We have to act fast to save the state. The insider stated, “We are not doing that in any way to ground the state activities.” As of the time of this publication, the EFCC has not yet responded to the development in an official manner. Philip Shaibu, the deputy governor of Edo State who was restored, expressed concern about his principal, Governor Godwin Obaseki, allegedly plotting to embezzle funds from the state treasury. During a press event in Benin City, Shaibu said that he was offering a N1 million monetary prize to anyone with information about suspected government property looting as the administration comes to an end. He had also stated that he had proof of the last-minute borrowing from banking institutions and the purported looting in some areas. READ ALSO: 33 million Nigerians would experience a food catastrophe in 2025. Additionally, he had urged the Department of State Services (DSS), the Economic and Financial Crimes Commission (EFCC), and other pertinent organizations to investigate the purported misappropriation of funds intended for the ongoing Radisson Hotel project, the Ministry of Roads and Bridges, and last-minute appointments made by the departing administration. We love having you back, Kindly Subscribe to our Newsletter.

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NEWS

The House of Representatives takes action against commercial banks’ improper deductions.

The House of Representatives is taking action to protect Nigerian bank clients from the increasing threat of fraudulent, unapproved deductions by commercial banks. This comes after a “Bill for an Act to amend the Banking and Other Financial Institutions Act 2020 and for Other Related Matters” was read a second time. The bill, led by Hon. Moses Fayinka, who represents Lagos State’s Mushin II Federal Constituency, aims to stop commercial banks from deducting fraudulently from their clients’ accounts, a rising problem. Fayinka, who spearheaded the discussion, presented a sobering image of the rise in financial crime. According to him, the Nigerian banking sector documented an astounding 101,801 instances of illegal deductions in 2022, and 48,703 of the same in 2023. Even though the population is declining, the effect on people and organizations continue to be significant, as seen by the mysterious disappearance of billions of naira from consumer accounts. “Bank fraud and unauthorized withdrawal of deposit funds are on the rise in Nigeria,” Fayinka emphasized. He maintained that numerous fraudulent actions are able to evade the commercial banking system, making the issue systemic. The rise in financial crimes in the nation, many of which go through financial institutions or the commercial banking system, is the reason behind this bill. READ ALSO Gov. Otu suggests a budget of N498 billion for 2025.This endeavor is consistent with Nigeria’s overarching policy goal of purifying the financial system. Customer confidence has declined as instances of cyber fraud and illegal withdrawals have increased, with victims commonly complaining about banks’ tardy or nonexistent reactions when contesting fictitious deductions. Although the bill intends to curb immediate fraudulent activities, experts think it may also mark the start of more extensive reforms. The banking sector has long been criticized by consumer advocacy groups for its weak internal security and lack of transparency. Customers’ annoyance has only increased due to problems including unapproved fees, hidden costs, and delayed reversal of incorrect debits. At this point in the parliamentary process, the Bill has passed its second reading. It will be referred to the Senate for agreement and then to the President for assent if it passes the third reading. Given the huge stakes involved, industry stakeholders and financial experts will be keenly monitoring this legislation’s progress. If passed, it might bring forth new levels of responsibility that force banks to put the safety of their clients’ money ahead of their own financial interests. Nigerians are currently keeping a cautiously optimistic eye on this legislative action in the hopes that it will signal a sea change in the battle against dishonest financial practices. The money in your account will remain yours if the amendment is passed into law, which could help rebuild some of the public’s confidence in the financial system.

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