According to the 2023 Annual Fraud Landscape report by the Nigeria Inter-Bank Settlement System (NIBSS), there has been a concerning increase in international fraud that specifically targets customers of Nigerian banks. 

Top Eight Nation’s Where Nigerian Bank Customers Fell Victim To Fraud In 2023

This trend of fraudulent activities has been observed in Nigeria’s financial sector over the past five years, which coincides with the growth of digital payment transactions.

The number of fraud cases has increased by 112%, rising from 44,947 cases in 2019 to 95,620 in 2023.

Financial losses due to fraud have surged by 496%, jumping from ₦2.9 billion in 2019 to ₦17.67 billion in 2023.

The ratio of total reported fraud value to total transaction value has slightly increased from 0.0019% in 2019 to 0.0022% in 2023.

These statistics demonstrate the growing challenge of combating fraud in a fast-evolving digital economy.

– Both banking institutions and customers need to stay alert and implement robust fraud detection and prevention measures due to constantly evolving tactics used by fraudsters.

– Top 8 countries where Nigerian banks’ customers were defrauded in 2023:

1. United States:

– Despite a decrease in fraud cases from 3939 in 2022 to 486 in 2023, the United States remained the most affected country.

– Total losses amounted to ₦79.9 million in 2023, down from ₦95.83 million in 2022.

– The high total losses despite fewer cases indicate persistent vulnerabilities and the significant impact of each fraud incident.

– 2. Ireland: In 2023, Ireland saw a significant rise in fraud activity, with 109 reported cases compared to 68 in 2022. Financial losses surged almost tenfold from ₦1.66 million to ₦15.5 million, highlighting an alarming increase in both the severity and frequency of fraud incidents.

– 3. United Kingdom: The United Kingdom (UK) recorded 81 fraud cases in 2023, a decrease from 172 cases in 2022. However, the financial losses rose from ₦5.11 million in 2022 to ₦10.8 million in 2023, indicating a decline in frequency but an increase in the severity or monetary value of the fraud cases.

-4 Luxembourg:

– Recorded 10 fraud cases in 2023, causing losses of ₦1.4 million.

– Indicates a concerning trend of fraudsters targeting new, potentially less-protected European regions.

-5 Singapore: – Noted 3 fraud cases in 2023, resulting in ₦2.4 million in total losses.

– Reveals significant financial impacts per case, highlighting vulnerabilities and the complexity of fraud activities in the region.

-6 Canada:

– Fraud cases decreased from 35 in 2022 to 13 in 2023.

– Financial losses increased from ₦1.25 million in 2022 to ₦1.8 million in 2023.

– Indicates a trend towards fewer but larger targets.

-7 Netherlands:

– Recorded 9 fraud cases in 2023.

– Total loss amounted to ₦1.4 million.

– Serves as a warning sign for potential increase in fraudulent activities in the region.

8 fraud United Arab Emirates: In 2023, the United Arab Emirates (UAE) documented five fraud cases, resulting in total losses of ₦1.9 million. This highlights the Middle East as a prime region for fraudsters focusing on Nigerian bank customers.

The Nigerian Army responded to a viral video showing soldiers protesting about overcrowding and inadequate food for detained soldiers at the 8 Division Garrison detention facility in Sokoto State.

Nigerian Army Responds to Soldiers’ Protest at Detention Facility in Sokoto

A soldier named LCPL Charles Ekefure, with service No: 17NA/76/1660, was allegedly shot after complaints from detained soldiers who broke out of their guardrooms at the facility.

The incident took place on Thursday, May 9, at the 8 Division of the Nigerian Army in Sokoto during the soldiers’ demand for better food and living conditions, as reported by SaharaReporters.

In response to the incident, the Director of Army Public Relations, Major General Onyema Nwachukwu, declared that the Chief of Army Staff, Lt. Gen. Taoreed Lagbaja, has initiated a thorough investigation. The purpose is to ascertain whether the issue is isolated or widespread in similar detention facilities.

Nwachukwu conveyed this in a statement titled:

“Nigerian Army’s response to viral audio-visual footage of soldiers protesting overcrowded cells, poor feeding.

” He expressed disappointment over the incident, labeling it as unfortunate and a setback to the administration efforts of the Chief of Army Staff, contrary to his usual leadership approach.

The statement read in parts:

“The Army Headquarters has taken note of a report and audiovisual recording circulating on social media produced by some of its personnel held in custody at the 8 Division Garrison detention facility.

“Undoubtedly, the Sokoto barracks detention facility incident is quite unfortunate and an embarrassment to the sound administration efforts of the Chief of Army Staff (COAS), to say the least, and in line with his leadership style, the COAS has instituted an appropriate investigation into the incident to determine whether it is an isolated or widespread situation in similar detention facilities.

“While the service regrets and has gleaned some lessons from the incident, it will however not condone the manner the inmates expressed their purported grievance. Mutiny and conduct prejudicial to service order are grievous misconducts and this very incident epitomises such.

“As such, as Army, on the one side, goes ahead to implement the COAS directive to look into the state of all NA detention facilities, as detainees’ lives also matter, the Service shall not shy away from appropriately sanctioning the soldiers involved in the unruly behaviour in its Sokoto detention facility for failing to exhaust all available options to channel their complaints to the appropriate authorities and if it was discovered they did and nothing was done, necessary administrative actions will be taken against anyone found to have failed to discharge his/her duties effectively.

“While the Service is mindful of its subjective oversight engagements by statutory bodies, it remains primarily a responsible, self-regulating professional body. As such, the Service remains committed to ensuring that everyone, even those found guilty of aiding terrorists, kidnappers, and bandits, and are awaiting confirmation of their sentencing, as it has been discovered in the Sokoto case is accorded a relatively decent life until their judgment is confirmed and executed.

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“This commitment underscores the NA’s dedication to upholding professional standards and maintaining a just and fair system.

“The NA appreciates all Nigerians for their concern and support as well as pledge to remain focused on its drive to defeating security challenges facing the nation in conjunction with sister services and other security agencies.”

The National Drug Law Enforcement Agency (NDLEA), in collaboration with other security agencies, intercepted a significant quantity of drugs concealed in eight colorful suitcases at Lagos airport on May 31, 2024.

NDLEA Seizes Colorful Suitcases with Illicit Drugs Worth N960 Million

This interception was announced in an official statement by Femi Babafemi, the Director of Media & Advocacy at NDLEA, on June 2, 2024.

The suitcases held 320 parcels weighing a total of 164.50kg of a potent psychoactive substance originating from Canada on a KLM flight via Amsterdam, Netherlands.

The total value of the intercepted drugs is estimated to be N960,000,000.00.
The drugs were being transported by a 40-year-old passenger named Ughenu Nnaife Francis, who was apprehended at the E-arrival hall of the airport as he attempted to smuggle the suitcases out.

Investigations revealed that the suspect, a resident of Germany, traveled to Toronto, Canada, to bring the drugs to Nigeria. He claimed to have been recruited as a drug courier for a fee of Six Million Naira.

Guinness, a well-known brewery company, has recently announced its decision to exit the Nigerian market.

Guinness has recently announced its decision to exit the Nigerian market.

The company will sell off its controlling shares to the Singaporean conglomerate Tolaram Group on Tuesday, June 11.

Reasons for Exit

Guinness is among a growing list of multinationals that have chosen to leave Nigeria, citing the challenging economic conditions in the country. Companies like GlaxoSmithKline and Microsoft have also made similar decisions due to the harsh economic climate.

Financial Performance

The brewery company faced significant financial challenges, recording a staggering loss of N61.9 billion after tax between July 2023 and March 2024. This substantial loss followed Mr.

Tinubu’s decision to float the naira, aiming to unify the currency’s value across official and parallel foreign exchange markets.

Guinness Nigeria’s N61.7 billion loss after tax in Q3 marked a drastic 1,000 percent decrease from the N5.9 billion profit generated in the same period the previous year.

Acquisition Details

Diageo, Guinness’s parent company, has agreed to sell its 58.02% majority stake to Tolaram Group. The agreement includes royalty agreements for the continued production of the Guinness brand and locally manufactured Diageo ready-to-drink and mainstream spirits brands. The transaction is anticipated to be finalized during fiscal 2025, pending the necessary regulatory approvals in Nigeria.

Ownership of Guinness Brand

Despite the sale of majority shares, Diageo will retain ownership of the Guinness brand. The brand will be licensed to Guinness Nigeria for the long term, ensuring the continuation of its presence in the Nigerian market.

This strategic move by Guinness reflects the evolving landscape of multinational companies in Nigeria and underscores the challenges faced by businesses in navigating the country’s economic environment.

Impact of False Prophets on Igbo Communities

False prophecies are causing turmoil within families in our communities – Ndigbo.

Numerous families in Igbo communities face crises due to false prophecies by fake prophets and pastors.

False prophecies have led to conflicts within families and communities, resulting in loss of lives and destruction of property.

Fake prophets have sparked anger and revenge in communities, causing everlasting acrimony and hatred among people.

Some “men of God” have destroyed historical artifacts under the guise of removing ill luck from communities.

In Anambra State, divisions, enmity, and hatred among siblings and family members have been fueled by these false prophecies.

Families often invite prophets to identify the cause of problems, leading to accusations and further trouble.

A businessman from Awka, Leonard Nnadi, highlighted the lasting animosity caused by a false prophet in his family five years ago, leading to a lack of trust among family members.

Narrating the story, Nnadi said;

“One of my siblings fell sick and despite being attended to by many hospitals, she did not get better. Later, a suggestion was made for the family to take her to a local herbalist and after several months with the herbalist, her sickness still did get better.

“So, somebody suggested to us to try a prophet who has a prayer house and that was how we entered one chance vehicle. After taking our sister to his prayer house, he said he would visit our compound for family prayer and cleansing, and listed several items we should get ready for the spiritual work.

“When he eventually came, he was prancing from one part of the compound to the other and making incantations. Suddenly, he stopped at a spot and said that a charm was buried there. One of his aides dug in the place and, behold, he brought out something wrapped with a red cloth.

“The next question he asked was the name of the person living in the opposite house. When we informed him that he was our uncle, the prophet said he was responsible for all the bad things happening in our family; that he tied the destiny of every member of the house in the alleged charm dug up. He also accused him of being responsible for the sickness of the girl.

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“We were all perplexed and from that day, bitter hatred entered our family. We no longer visit each other and the person who was accused became withdrawn from the public. When he died three years later, no member of the family participated in his burial ceremony.

“Now the true story has emerged that his hands were clean and that his spirit is angry with every member of the family who accused him of being diabolical. We have agreed to conduct another burial for him to appease his spirit. That is what a false prophet caused in our family”.

Chief Ezemba Nwosu, hailing from Omor in Ayamelum council area, shared that his community underwent significant changes following a cleansing ceremony conducted by a pastor. The community sought the pastor’s help in response to concerns, particularly from the youth, about a lack of progress in the area.

According to Nwosu;

“Despite strong opposition by some of us, the youths decided to invite a pastor who organized a week-long fasting and prayers programme, and all our people living outside the town were asked to come home.

“When the pastor came, he ordered every family to bring out their ancestral symbols of authority which, he alleged, were responsible for our poverty. He also ordered the cutting down of all the monumental trees in the community, claiming that our ancestors buried charms that were holding our progress.

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“Since that prayer which cost our community so much money, we have not seen any difference.”

They’ve caused serious harm to the society, they should be checkmated —Obosi monarch

In his response, the traditional leader of the Obosi community in Idemili North council area of Anambra State, Igwe Chidubem Iweka, Eze Iweka III, raised significant alarm about the detrimental impact of false prophets on society. He emphasized the need for immediate legislative measures and interventions to curb their activities.

Eze Iweka highlighted the presence of not only false prophets but also counterfeit pastors and traditional healers contributing to societal issues. The monarch acknowledged the challenge of identifying these fraudulent individuals among genuine practitioners.

“the truth remains that fakes and genuine ones are co-existing, and there is a dire need to make a law prescribing a certain punishment for the fake ones”.

Recently in Ebonyi State, angry youths from Agharoza village, Iboko community, Izzi council area, destroyed and set fire to houses and belongings of a fellow villager following a disputed prophecy that labeled him as an evil individual obstructing the community’s progress.

The youths’ actions were incited by a local crusade where a reputed prophet identified by the villagers pinpointed individuals believed to be malevolent in the village. During the event, the accused villager denied the allegations, asserting his innocence. However, the youths insisted he be treated like other alleged wrongdoers, leading to the destruction of his properties including houses, motorcycle, and farm.

Subsequently, the community’s traditional ruler prohibited prophets and prophetesses from operating in the area due to the turmoil caused. He cited an instance where a man killed his father based on a prophet’s claim that the father caused his impotency.

Beware of people claiming to be prophets, pastors, some are evil, Pastor Jacobs warns

Pastor Ukandu Jacobs, the Chairman of the Ministerial Council of the Church of God (Seventh Day) in Abia State, acknowledges the prevalence of fake prophets whose prophecies sow discord and confusion within families. He advises individuals to thoroughly vet individuals claiming to be prophets to prevent potential disasters. Ukandu emphasized that the proliferation of false prophecies stems from those exploiting them for profit, leading to deception and societal unrest. He clarified that prophecy is a unique gift not bestowed upon everyone.

He said: “True prophecy can’t bring crisis to families, churches or communities but it is meant to foretell or reveal the events of the future. The menace of fake prophecies from supposed men of God is a result of people claiming what they are not. You know there’s a high level of poverty and unemployment in our society which has made people claim to be what they are not to survive.

“Today, the so-called prophets demand money for even praying for people over their problems. Anybody who demands money to pray for you or conduct their so-called deliverance service is a fake prophet. They are the same people who will prophesy to you that your sibling or uncle is behind your problems. I am not saying that your sibling or uncle can’t be a bad person, but test and confirm who the prophet is, before he brings confusion to your family.

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“The so-called men of God use the advantage of the facts that most people, even Church members, hardly research the Bible to know the truth. The Bible enjoined us to test and confirm the prophets if they are genuine. The Bible also said you shall know the truth and the truth shall set you free. Prophecy is a gift of the Holy Spirit to genuine Christians. It is not the personal property of anyone. So, nobody should allow himself to be deceived by patronizing fake prophets and their controversial prophecies”.

My relatives haven’t come home for 17 years out of suspicion and fear; fake prophecy has destroyed our family —Imo community leader

Chief Jasper Nwachukwu, a community leader in Okpofe, Ezinihitte Mbaise Council area of Imo State, shared the story of how his aunt and her children have avoided visiting their family for over 17 years due to safety concerns. Nwachukwu revealed that the conflict began in 2005 after the passing of his uncle. Allegedly, his aunt and cousins blamed his father for their father’s death, leading to a rift within the family.

“a dubious and false prophecy from their pastor”.

Nwachukwu narrated thus: “My aunt and cousins have not returned home for more than 17 years. They accused my father of killing their father because of one dubious false prophet. Their father died in 2005 and since then, it has been troublesome.

“Our community looked into the matter and blamed them for accusing my father wrongly. That was the last time they came home. We were told the first son has built a house in his maternal home, which means he has no plans of coming home”.

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Fake prophecy is poison not to taste —Evangelist Ugwu

Evangelist Christian Ugwu expressed concern over the harm caused by false messages from counterfeit prophets and prophetesses, likening false prophecy to poison. He emphasized the urgency of addressing this serious issue before it leads every family to ruin. Evangelist Ugwu urged the faithful to trust in God, pray, believe that their prayers are answered, and refrain from seeking out prophecies.

“Fake prophecies are everywhere now. People are using prophecy to make money and create problems in families. As we speak now my brother’s wife has stopped eating from her 80-year-old husband’s mother, accusing her of bewitching the husband and others.

“I know it is the same fake prophecy from someone who calls himself or herself a prophet or prophetess that caused it. The situation is trying to cause trouble but I told every member of the family not to talk to the woman. All I can say is that people should learn to pray and believe in their prayers, they should forget about prophets and their prophecies. They are destroying families and relationships”, he said and admonished fake prophets and prophetesses to stop misleading people.

People shouldn’t depend on 3rd party to hear from God —IWA

The National President of Igbo Women Assembly, IWA, Lolo Nneka Chimezie, emphasized the importance of individuals, particularly Christians, cultivating personal connections with God rather than relying on intermediaries to communicate with Him. She expressed concern over the disruption of peace in numerous Igbo families caused by money-driven pastors and false prophets.

“I have been researching and I have read the Bible twice back to back just to see if this practice is in the bible but I didn’t find it anywhere. Satan, not our father, mother, brother, sister, or uncle is the one behind our ordeals.

“People should have an understanding of the Bible. The power to kill or keep alive is in the hands of God. People should stop looking at the direction of their relations or village people as being responsible for their misfortunes. Regrettably, these false prophets have corrupted religious doctrines for their stomach”, she said.

Fake prophecy is a survival strategy—Prof Opata

In his analysis, Professor Damian Opata, an expert in African Fiction, described fake prophecy as a survival tactic driven by difficult circumstances. He noted that some fraudulent pastors resort to seeking powers from deities and traditional practitioners to attract followers, often using hypnosis to exploit their victims.

“In difficult times, people can manipulate and cheat others. Fake businesses thrive most in hard times and it is worse when such businesses are linked with faith. All these pastors, diviners soothsayers, and even charismatic prophets want to use that strategy to survive”, saying that some families are in chaos due to prophecies from the so-called men of God.