The 2023 Annual Fraud Landscape report by the  Nigeria Inter-Bank Settlement System (NIBSS) reveals key trends in financial fraud nationwide.

Lagos, Abuja, and Rivers are the top states in ₦18 billion bank fraud loss

Lagos, River State , and the Federal Capital Territory (FCT) were identified as the top regions for financial fraud incidents in the previous year.

– Lagos accounted for 48% of fraud count and 49% of actual loss.

– Despite efforts to reduce fraud, Lagos saw a slight increase in cases from 45,952 in 2022 to 46,224 in 2023.

– Lagosmanaged to decrease the value of losses from ₦9.9 billion to ₦8.7 billion, a 12% reduction.

– Abuja and Rivers State also experienced decreases in fraud counts.

– The money stolen in Abuja increased by 73.17%, reaching ₦994 million.

– Ogun and Kaduna States saw a decline in financial fraud counts.

– Lagos and Kano experienced an increase in fraud cases.

– Cross River recorded the highest jump in actual loss value with a 2,202% increase to ₦1.04 billion.

– Internet banking fraud surged by 325% in 2023.

– A ₦2.4 billion internal fraud involving corporate accounts at a major bank drove the increase in Internet banking fraud.

– Mobile channels remained the most preferred medium for fraudsters, showing a 5% increase from the previous year.

– Despite facing these challenges, the NIBSS recorded a six percent decrease in total fraud counts to 95,620. However, actual losses from fraud increased by 23%.

– The report emphasizes the crucial need for ongoing vigilance and improved security measures within financial institutions.

– The United States was identified as the primary foreign location where Nigerian banks’ customers fell victim to fraud, with the United Kingdom and Ireland following closely behind.

– Social engineering was highlighted as the primary method utilized by fraudsters.

Prince Harry, the Duke of Sussex, visited wounded Nigerian soldiers at the 44 Nigerian Army Reference Hospital in Kaduna State.

Prince Harry Visits Wounded Soldiers in Kaduna (Photos)

• According to a report on the official website of the Duke of Sussex, he toured the hospital facilities with the Chief Medical Director, Col. NS Onuchukwu.

The report partly read;

“Designed to help wounded servicemen and women recover after injury, the hospital includes a leading physiotherapy gym and a high-tech prosthetics lab which offers state-of-the-art replacements to those who have lost limbs – a donation offered by Germany that has been transformational for on-site prosthetic fittings.

“Prince Harry met up with around 50 courageous soldiers across two wards, hearing about their stories of service and sacrifice and wishing them all a speedy recovery. Two of the men he had seen at last year’s Invictus Games, and their smiles were a reminder that what they’d seen was possible post-injury.

“Prince Harry was especially pleased to be able to congratulate Princess Owowoh in person since her graduation from The Royal Military Academy Sandhurst.”

Prince Harry and Meghan Markle, the Duchess of Sussex, traveled to Kaduna State on Friday. Governor Uba Sani warmly received them and presented the Duke with traditional Hausa attire and photo frames featuring the prince with his late mother, Princess Diana, and another with his wife.

Prince Harry Visits Wounded Soldiers in Kaduna (Photos)

The royal couple’s visit to Nigeria aimed to raise awareness for the Invictus Games, a project initiated by Prince Harry to aid in the recovery of injured and ill service members and veterans. This includes support for Nigerian soldiers who have been involved in a 14-year battle against Islamic extremists.

Prince Harry Visits Wounded Soldiers in Kaduna (Photos)

Prince Harry Visits Wounded Soldiers in Kaduna (Photos)

As we welcome June with open arms, we embrace the warmth of the sun and the blooming beauty of nature.

Happy New Month: June is Here!

This month brings a sense of renewal and vitality, a time to bask in the longer days and appreciate the simple joys of life.

Let’s take a moment to set new goals, cherish our relationships, and savor the little moments that make life special. Whether it’s exploring new hobbies, spending time outdoors, or simply enjoying a good book, let June be a month of growth and happiness.

May this month bring you joy, peace, and abundance. Embrace the opportunities that come your way, spread positivity, and make the most of each day. Here’s to a wonderful June filled with laughter, love, and endless possibilities!

From Us: Happy New Month! 🌼🌞

The Nigeria Exchange Market (NGX) started the week on a positive note, with the equities market gaining ₦323 billion in profit.

Positive Start to Trading Week Sees Traders Gain ₦323 Billion on NGX

Equity capitalization increased to ₦56.452 trillion on Monday from ₦56.128 trillion last Friday.

The All-Share Index (ASI) rose to 99,793.71 from 99,222.33 in the previous trading day.

Market breadth was favorable with 29 stocks advancing, 10 stocks declining, and 79 stocks remaining unchanged in 8,657 deals.

Top Gainers:

FLOUR MILL: 10% increase, closing at ₦41.80.

TOTAL: 9.98% increase, closing at ₦353.60.

ACCESSCORP: 9.86% increase, closing at ₦18.95.

Top Losers:

ETRANZACT: 9.90% decrease, closing at ₦4.55.

DAARCOMM: 9.52% decrease, closing at N0.57.

CHAMPION: 6.67% decrease, closing at N2.80.

Volume Index:

FIDELITY BANK traded 605.256 million shares valued at ₦6.025 billion.

ACCESSCORP traded 93.067 million shares worth ₦1.744 billion.

Top Performers by Value:

Fidelity Bank traded stocks worth ₦6.025 billion.

ACCESSCORP traded equities worth ₦1.744 billion.

Nigerian Breweries traded stocks worth ₦1.267 billion.

The Nigerian Agricultural Insurance Corporation (NAIC) has provided insurance cover worth ₦1.014 trillion to the agricultural sector over the past five years.

NAIC Offers N1.01 Trillion Insurance Coverage to Farmers

The Managing Director (MD) of NAIC, Mrs. Folashade Joseph, revealed this information in Abuja during a meeting with a delegation from the United Arab Emirates (UAE).

Approximately 1.25 million farmers received insurance coverage, and the organization collected around ₦8.56 billion in insurance premiums during the period.

NAIC settled claims totaling N3.08 billion and conducted sensitization programs for over 516,000 farming communities.

Joseph said, “The Corporation therefore remains committed to its mission of enhancing agricultural productivity, thereby achieving food security and contributing to the overall growth and development of Nigeria.

“It is imperative to emphasize that the Corporation is dedicated to continuously reducing the risks associated with agricultural investments in the country.”

The Managing Director (MD) elaborated that the Corporation’s activities and programs were aligned with President Bola Ahmed Tinubu’s Renewed Hope Agenda.

This agenda aims to achieve food security, economic growth, job creation, poverty eradication, inclusivity, security, and access to capital across all sectors.

The MD expressed NAIC’s readiness to collaborate with United Arab Emirates (UAE) authorities, particularly in adopting advanced technologies and innovative farming methods such as hydroponics, vertical farming, and controlled environment agriculture.

Her words, “The Corporation is therefore fully committed to supporting initiatives that promote agricultural development, enhance food security, and strengthen the resilience of farmers, especially the smallholders in Nigeria.

“The Corporation is ready to engage in fruitful discussions to identify concrete opportunities for partnership with the UAE, believing that by joining forces and pooling our collective strengths, we can achieve greater impact and make significant strides towards advancing agricultural development and food security objectives in both our countries,” she said.

“The challenge of food security is indeed a significant one, but I am filled with hope and optimism that together, through our collective commitment, innovative thinking, and strategic collaboration, we can overcome and ensure that safe and nutritious food is readily available to our citizens.

The head of the UAE delegation, Khalid Al Mannaei, who is also the Chief Executive Officer of the Vice President’s Office for Political Affairs in the UAE, expressed that their visit to Nigeria was to engage in discussions and seek opportunities for collaboration with significant stakeholders in strategic sectors of the Nigerian economy, particularly in agriculture.

He mentioned that the discussions and consultations would result in a set of bilateral agreements focused on enhancing a mutually beneficial partnership between the UAE and Nigeria.