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Govt Investigates Ademola Adebise Led Wema Bank Over Illegal Banking Activities—T Federal Government through the Federal Competition and Consumer Protection Commission has opened enquiry into Illegal activities of Wema Bank.

It would be recalled that days back, ENigeria Newspaper published a report revealing how Ademola Adebise led Wema Bank engaged in illegal banking activities by opening unauthorized accounts for customers with information sources from their Bank Verification Number (BVN) details

This online Newspaper reports that in order to commemorate its 5th anniversary, Wema Bank under the watch of Ademola Adebise allegedly set a goal to have a million subscribers or more on its ALAT platform.

For this reason, Wema Bank has gone ahead to create unauthorized accounts for people after pulling out their sensitive information through their BVN details.

And more worrisome is the fact that most of these accounts are harnessed by criminals to defraud unsuspecting customers of the bank.

on its digital banking platform, ALAT, without their knowledge or agreement.

In what has been commended by many as a swift response, FCCP has also ordered that the bank be investigated and punished.

Although Wema Bank has tried to issue a press statement in an attempt to distract the attention of the public, the FCCP in a tweet seen by TCN Newspaper “Can Wema Bank comment publicly on the message that consumers without Wema Bank accounts are receiving across the country, allegedly from the bank? This situation is widespread and cannot be a DM issue anymore. Wema Bank has to come clean,” the tweet from the commission read.

Meanwhile, narrating his experience and how he was a victim of Wema Bank’s high handedness, a Nigerian journalist (names withheld) said, “I have contacted the bank to report the development but to no avail. They have continued to send same mail.

“This means someone is using my details for banking transactions. It’s fraud and I shall seek legal redress,” he said.

TGN Newspaper now has it on good authority that FCCPC has now opened investigation into Wema Bank’s activities especially as it concerns data breach and other illegal banking activities, after which appropriate sanctions will follow.

With events and happening s since he took over mantle of leadership, it has now become public knowledge that Wema Bank under the watch of Ademola Adebise seem to be submerged in endless controversies and this is not an exception.

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#Emefiele-Led CBN Policies Killing Nigeria’s Economy, Sack Him Now – Youth Council To #Buhari



#Emefiele-Led CBN Policies Killing Nigeria’s Economy

#Emefiele-Led CBN Policies Killing Nigeria’s Economy, Sack Him Now – Youth Council To #Buhari – —The National Youth Council of Nigeria (NYCN) has blamed the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele’s poor economic management policies for the recent free-fall of the Naira.

The Naira within the week depreciated to an all-time low of N730 to a U.S dollar at the parallel market.

President of the NYCN, Comrade Solomon Adodo, stressed that statements credited to the CBN Governor alleging that the current free-fall of the Naira against other major currencies was as a result of the non-remittances of dollars to the foreign reserve by the NNPC Ltd, without highlighting the reality of the causative oil and non-oil related factors including a drop in Nigeria’s crude oil production, growing petrol subsidy, an unsustainable dual exchange rate system, reduction in foreign direct investments and growing dependence on importation across many sectors of the economy as disingenuous and unpatriotic.

The group flayed Emefiele for completely failing to concentrate on his core mandate of price stability as the apex bank’s governor, pointing out that with inflation at about 19 percent and the exchange rate nearing N800 to a dollar, the CBN Governor should be held responsible for deepening poverty in the country as he continues to work at cross-purposes at President Muhammadu Buhari’s objective of reducing poverty and growing the economy.

The statement reads: “We are all witness to the fact that from August 2020 to July 2022, the official exchange rate has moved from N381 to N415/$, representing only a nine percent increase. However, the parallel market has moved from N470 to N710 within the same period representing a 51 percent increase and a record 71 percent arbitrage with the official exchange rate creating a huge incentive for round-tripping, price gouging, sharp market practices, and inflation.

“The NYCN is therefore shocked by the comment of the Governor associating the free-fall of the parallel market rates to NNPC, even though it is purely a monetary policy issue and outside the purview of the NNPC.

“As a youth group, we have noted that the inability of the CBN to promptly release Joint Venture (JV) cash call funding from the Treasury Single Account (TSA) even when the Nigeria National Petroleum Company (NNPC) Ltd had adequate cash cover, leading to the loss of JV Partners’ confidence to restore production and reap the benefits of today’s improved oil prices.

“We are in the know that for over three months now, dollar-denominated cash call payments amounting to over $400 million, properly processed, are yet to be paid by the CBN under Mr. Emefiele.

“The combined impact of CBN’s inability to promptly release JV cash call to restore production, the increasing losses due to crude oil theft, and production deferments has culminated in significant crude oil output losses of over 600, 000 barrels per day.

“We find it curious that the apex governor seems to be unaware of the insecurity and huge oil theft in the Niger Delta which have continued to challenge the country’s oil production and the oil industry and gas industry in general. At present, there are massive losses and declaration of force majeure across the country’s major onshore production export facilities of Bonny, Brass, and Forcados.

“At the current year-to-date average crude oil price of $107 per barrel, Nigeria is counting opportunity losses translating to over $64 million per day, and a monumental impact of about $2 billion per month.

“We are taken aback that Mr. Governor is feigning ignorance that the country’s rising petrol subsidy cost, as well as the rising cost of external debt servicing, are all obligations affecting the economy. These affect the NNPC’s remittances to the Federation Account.

“From January to June 2022, the cost of PMS subsidy has reached N2.2 trillion and it is estimated that the full-year subsidy bill may hit N5 trillion and N6 trillion in 2023.

“Apart from government decision to defer the implementation of PMS deregulation, the subsidy profile is significantly influenced by CBN foreign exchange management.

“From January to June 2022, the cost of PMS subsidy has reached N2.2 trillion and it is estimated that the full-year subsidy bill may hit N5 trillion and N6 trillion in 2023.

“Apart from government decision to defer the implementation of PMS deregulation, the subsidy profile is significantly influenced by CBN foreign exchange management.

“It is however worth noting that the NNPC has recorded significant gains on production ramp-up including attaining ‘first oil’ production from the Anyala – Madu Fields and most recently Ikike fields which cumulatively boost national oil production by almost 80, 000 barrels per day.

“Furthermore, NNPC’s efforts towards attaining additional combined production of over 100, 000 barrels from fields like Obodo, Utapate etc has never abated despite the global setback recorded as a result of the effects of COVID-19 pandemic.

“History shows that Mr. Emefiele is at sea on addressing monetary policy issues. We recall that in 2021, the CBN governor blamed Aboki FX for the depreciation of the Naira. He would later blame members of the Association Bureau De Change, which led to the stoppage of dollar sales to the group. At another time, he blamed the Naira’s depreciation on activities of money laundering, terrorism financing as well as politicians.

“Furthermore, Nigerians are bearing the brunt of the inaction of the CBN Governor as the Emirates Airlines, the flag carrier of the United Arab Emirates (UAE), has reduced its flight operations to Nigeria over the inability of the CBN to repatriate about $85 million in revenue.

“Was the failure to repatriate Emirates funds also caused by the NNPC?

“The International Air Transport Association (IATA) had said Nigeria was withholding revenue worth about $450 million earned by foreign airlines operating in the country. Emirates said the planned reductions in its operations in Nigeria would take effect from August 15, 2022.

“And in a manner that fits his erratic policy, he has at present shifted all blames to the NNPC. This is clearly a case of a bad workman who blames every other person for his inability to deliver. To us at the NYCN, Emefiele is tired and should be sacked by President Buhari.

“From all indications since his failed presidential bid as well as his rejection by the All Progressives Congress, a partisan Emefiele has been doing all to rubbish the achievements of President Muhammadu Buhari and this should no longer be permitted.

“As Nigerians concerned about the future of this country and before Mr. President heeds our clarion call to send Mr. Eemefiele packing from the CBN, we advise that the CBN considers among other options the World Bank’s recommendation of adopting a single market-responsive sustainable exchange rate, improving access to forex through well-defined periodic forex auctions, and signaling a renewed commitment to price stability as a primary goal of the apex bank.

“The NYCN further expresses the optimism that the NNPC’s transitioning into a limited liability entity in line with the provisions of the Petroleum Industry Act (PIA), and its regulation now in line with the provisions of the Companies and Allied Matters Act (CAMA) would help resolve cash call payments delays as the company is now exempted from TSA, among others.

“We also hope that the NNPC Ltd would compete favourably with its peers globally and this in turn would translate to more foreign exchange for the country as well as improved national energy security

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Fingerprinting Banking Will Reduce Identity Theft – Experts



Fingerprinting Banking

Fingerprinting Banking Will Reduce Identity Theft – Experts—Some experts have commended the introduction of fingerprinting banking, saying that it will reduce identity theft, said to be on the rise in banking, e-commerce and other financial activities in Nigeria.

They expressed their views in separate interviews with the Newsmen in Ibadan on Monday.

NAN reports that there has been an increase in cyber fraud in some financial institutions in the country, according to Nigeria Inter-Bank Settlement System (NIBSS), in its industry fraud report.

Mr Gbenga Adeleye, Head, Human Resources Development, Science and Technology Cluster Committee, African Union, Economic, Social and Cultural Council (ECOSOCC) Nigeria, said the country’s economy would benefit greatly from biometric technology as a way of enhancing efficient financial transactions.

“This is due to a unified credit performance system that will allow lenders and credit bureaus to implement the Central Bank of Nigeria’s “Know Your Customer (KYC)” policy.

“Also, unethical practices will be reduced, and banking activities appropriately monitored, as customers who borrow money from one bank and default will not be able to do same money from other banks without being detected,” Adeleye said.

A Financial Consultant with L.A. Konsult, Mrs Lolade Adesola, said with the increasing cases of identity theft, biometric identification appeared to be a veritable way out.

“If it is introduced at every level, it will be very helpful, because fingerprints are unique and good for identification purposes and financial transactions, even for identical twins.

“It is a good step if financial agencies get the infrastructure to be able to use fingerprints for identification. It is a good way forward,” Adesola said.

She, however, added that there must be a slow transition period for use of fingerprints as a biometric technology for trading and transaction purposes.

Also, Mr Tunji Adepeju, a financial expert, described fingerprinting as about the most secure biometric technology and a better way of checking identity theft.

“Somebody can forge a signature to sign a cheque or document, but the use of biometric technology, such as fingerprinting, will be able to detect it.

“Also, there are times you want to make withdrawals and you are not with your ATM card or even your cheque book; fingerprinting banking will be available for such persons to do their financial transactions.

“Although such service may attract extra charges by financial institutions, it would have, at least, solved the problem and guarded against possible frauds in the system,” he said.

Adepeju also stated that use of fingerprinting could help in achieving more financial inclusion, as those who couldn’t use ATM cards, for whatever reason, would have alternative means of carrying out their financial transactions.

Dr Oludayo Tade, of Department of Sociology, University of Ibadan, said that fingerprinting was good, as it simplified the problems associated with other methods of accessing banking services.

Tade, a criminologist, however, stated that the security system associated with the new method should be improved upon to enhance its efficiency and effectiveness

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