Friday, August 8, 2025
  • About
  • Advertise
  • Careers
  • Contact
The Reflector Newspaper
  • Home
  • News
  • Politics
  • Featured
  • Foreign News
  • Business
  • Opinions
  • Sport
  • Crime
  • Others
    • Education
    • Economy
    • Entertainment
    • Fashion & Style
    • Health
    • Interview
    • Love & Relationships
    • Technology
  • Login
No Result
View All Result
The Reflector Newspaper
Home Business

Fraud, Forgeries Declines In Banking Industry – NDIC

Adams Bamidele by Adams Bamidele
August 30, 2017
in Business
0
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedInShare on WhatsAppShare on TelegramSend to Email

The banking industry recorded a decline in the rate of successful fraud incidences and extent of amount of losses in 2016, compared to 2015. The NDIC Managing Director/Chief Executive, Alh. Umaru Ibrahim, FCIB, mni, made this disclosure while delivering a lecture: “The Role of NDIC in Mitigating Corruption in the Nigerian Banks” at the general meeting of the Abuja Chapter of the Alumni Association of the National Institute (AANI).

According to Alh. Ibrahim who was represented by a Deputy Director in Research, Policy and International Relations Department, Mr. Hashim I. Ahmad, the reported cases of frauds, forgeries and outright theft involving bank staff recorded a huge decline of 48.12 percent from N18.02 billion in 2015 to N8.68 billion in 2016, while the actual losses to the nation’s banking industry dropped by 24.29 percent from N3.17 billion in 2015 to N2.40 billion in 2016. Also, the level of attempted cases of frauds and forgeries declined by N0.329 billion or 11.94 percent from N2.756 billion in March 2017 to N2.427 billion in June 2017.

Related posts

FCCPC Slam Traders With 1-Month Ultimatum To Crash Prices

FCCPC Caution Traders Against Price Inflation, Substandard Goods

July 30, 2025
Subscription Hike: FCCPC Sues Multichoice For Regulatory Violations

French Media Giant Acquires MultiChoice In $3bn Deal

July 24, 2025

The NDIC boss also stated that although reported cases of fraud and forgeries rose by 36.42 per cent from 12,279 cases in 2015 to 16,751 cases in 2016, the reduction in the rate of successful fraud incidences and actual losses was an indication of improved regulatory/supervisory oversight, increased vigilance by banks and the deployment of improved security architecture in the banking industry.

He attributed the factors breeding corruption in Nigerian banks to poor corporate governance, infractions in foreign exchange operations, cumbersome legal process and lack of effective sanctions of offenders, amongst others.

Alh. Ibrahim reiterated that the NDIC in conjunction with the Central Bank of Nigeria (CBN) continuously supervise the banks to ensure their strict adherence to sound corporate governance practices.  He added that issues bordering on unethical financial practices and the resolution of conflicts between customers and their banks were being addressed by the Bankers Committee.

The NDIC boss also noted the rising trend in the level of banks’ non-performing loans (NPLs) and stated that the NDIC had recommended the prohibition of Directors of licensed banks, including microfinance banks (MFBs) and primary mortgage banks (PMBs) from obtaining credit facilities from their respective banks.

Alh. Ibrahim pointed out that the NDIC collaborated with other stakeholders such as the Economic and Financial Crimes Commission (EFCC), Police Special Fraud Unit (PSFU) and the Financial Malpractices Investigation Unit (FMIU) to conduct investigations into banking malpractices. He also stated that the NDIC provided capacity building programmes for the agencies in addition to seconding some NDIC Staff to the institutions to assist them in investigating financial crimes.

He called for continued cooperation and collaboration between regulatory/supervisory authorities, the banks, the general public and the government in the fight against corruption in the banking industry.

The Reflector Newspaper's newsletters cover a variety of topics, from daily news to lifestyle content, markets info to medical news. Subscribe to get the latest information.

Unsubscribe
Previous Post

FG, ASUU To Meet On Thursday

Next Post

FG Awards $5.79b Mambilla Hydro-Power Plant To Chinese Consortium

Next Post

FG Awards $5.79b Mambilla Hydro-Power Plant To Chinese Consortium

RECOMMENDED NEWS

Address Industrial Actions And Poor Work Ethics – Tinubu To Nigeria Universities

Breaking: Tinubu Drags 36 States Governors To Court Over LGA Autonomy

1 year ago

We’ve Forgiven You, Presidency Tells Critics

8 years ago
JUST IN: Ganduje Appointed Chairman Of FAAN Board

JUST IN: Ganduje Appointed Chairman Of FAAN Board

4 weeks ago
Dino Melaye Makes First Court Appearance As Lawyer

Dino Melaye Makes First Court Appearance As Lawyer

3 weeks ago

FOLLOW US

BROWSE BY CATEGORIES

  • Business
  • Crime
  • Economy
  • Education
  • Entertainment
  • Fashion & Style
  • Featured
  • Foreign News
  • Health
  • Interview
  • Love & Relationships
  • News
  • Opinions
  • Politics
  • Sport
  • Technology
  • Uncategorized

BROWSE BY TOPICS

#EndBadGovernance protest 2027 Elections ADC Ademola Adeleke Akpabio Alaafin Of Oyo APC Atiku Bola Tinubu Buhari CBEX Coalition Dangote Refinery Defection Economic and Financial Crimes Commission (EFCC) Economic Hardship EFCC Emergency Rule Federal Government of Nigeria Fubara Fuel Price Fuel Price Hike Gunmen INEC JAMB Natasha National Power Grid Nigerian National Petroleum Company Limited (NNPCL) Nnamdi Kanu NNPC NNPCL Olubadan PDP Peter Obi Petrol Price President Ahmed Bola Tinubu Rivers Administrator Rivers Assembly Rivers Crisis Senate Tinubu UTME VeryDarkMan WAEC Wike

POPULAR NEWS

  • Congo’s President Daughter’s Bedroom Surfaces Online

    Congo’s President Daughter’s Bedroom Surfaces Online

    0 shares
    Share 0 Tweet 0
  • Economy Bleeds As Naira Hits Record Low With N72.58 Depreiciation Against Dollar

    0 shares
    Share 0 Tweet 0
  • Old Naira Notes Remain Valid – CBN

    0 shares
    Share 0 Tweet 0
  • Gospel Actress, Flora Of Abattoir Movie Series Is Dead

    0 shares
    Share 0 Tweet 0
  • JUST IN: FCT Minister Wike Leads Eid-El-Fitr Homage To President Tinubu Amid Death Rumors

    0 shares
    Share 0 Tweet 0
The Reflector Newspaper

Our mission at The Reflector Newspaper is to cultivate a dynamic digital space where truth, integrity, and diversity thrive.

Follow us on social media:

Recent News

  • Presidency Faults Newspaper Editorial On Hunger, Economy
  • Osun Chief Arrested For Forcing Suspect To Drink Poison
  • Ibadan Markets To Remain Closed Until Noon Friday For Olubadan’s Burial
  • WAEC Result Portal Glitch Resolved – FG

Category

  • Business
  • Crime
  • Economy
  • Education
  • Entertainment
  • Fashion & Style
  • Featured
  • Foreign News
  • Health
  • Interview
  • Love & Relationships
  • News
  • Opinions
  • Politics
  • Sport
  • Technology
  • Uncategorized

Recent News

Nigeria Slips To Fourth Place In Africa’s Largest Economies Rank

Presidency Faults Newspaper Editorial On Hunger, Economy

August 7, 2025
Tragedy Strikes As Inferno Claims Custom Officer, Wife, Four Children Lives

Osun Chief Arrested For Forcing Suspect To Drink Poison

August 7, 2025
  • About
  • Advertise
  • Careers
  • Contact

Copyright © 2024 The Reflector Newspaper. Website designed by Mavens Designs.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • Login
  • Home
  • News
  • Politics
  • Featured
  • Foreign News
  • Business
  • Opinions
  • Sport
  • Crime
  • Others
    • Education
    • Economy
    • Entertainment
    • Fashion & Style
    • Health
    • Interview
    • Love & Relationships
    • Technology

Copyright © 2024 The Reflector Newspaper. Website designed by Mavens Designs.

Verified by MonsterInsights