Business
How MTN, MultiChoice bank accounts were hacked, by FCMB worker
An Ikeja Special Offences Court, Lagos heard how seven men allegedly hacked and withdrew the sum of N900 million from First City Monument Bank (FCMB), belonging to several of its customers.
The Economic and Financial Crime Commission (EFCC) witness, an employee of FCMB, Olayinka Olaleye, while being led in evidence by the EFCC Lawyer, Benedict Chima Benneth, narrated to the court how the seven accused men allegedly committed the offences sometime in March 2018, in Lagos.
His narration: “We received a call from one of our customers, Eko Hotel, reporting an unauthorised debit of N300, 000 from their account.”
“We immediately went into our system and discovered that, the sum of N900 million had been withdrawn from various customers’ accounts. It was also discovered that these suspects’ accounts, received huge sums of money.”
“When we investigated further, we discovered that these suspects viewed the accounts of top customers like MTN, Multichoice, one account of Rivers State Government and Eko Hotel.”
“They gained unauthorised access into the system of FCMB, they conspired together and deleted information, and hacked into the password of some users in the bank to increase transaction limits on the corporate accounts, increase the transaction amount, and they increased the transaction frequencies and linked their ATM cards into these corporate accounts I earlier mentioned, thereby effecting online transfers from those corporate accounts into their own accounts.”
However, during cross-examination by the 1st and 2nd defence counsel, Lekan Egbereoungbe, when asked how the suspects gained unauthorised access, the bank worker who has been working with bank for six years said, “The bank has its application called FINACLE. It is hosted centrally upon which any person that wants to access it, is given a right in relation to his duty. Rights differ from person to person. There is what we call penetration; there is a way that our ‘SO Called Software’, can be penetrated”.
The commission alleged that the seven defendants did steal by authorised transfers and withdrawals from various FCMB points nationwide, the sum of N900 million, property of the owners of and various customers of FCMB, from their account to various accounts outside the bank via POS and ATM.
Justice Oluwatoyin Taiwo adjourned the case to the 21st October, 2020 for continuation of the trial.
Business
PH refinery: 200 trucks will load petroleum products daily, says Presidency
PH refinery: 200 trucks will load petroleum products daily, says Presidency
No fewer than 200 trucks are set to load petroleum products at the government-owned Port Harcourt Refinery, the presidency has said.
A presidential spokesperson, Sunday Dare, made this known in a statement through his official X handle on Tuesday.
Newstrends had reported that the Nigerian National Petroleum Company on Tuesday announced that Port Harcourt Refinery has resumed operations and crude oil processing after years of inactivity.
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Reacting, Dare said, “200 trucks are expected to load products daily from the refinery, Renewing the Hopes of Nigeria.”
He added that “the Port Harcourt refinery has two wings.
“The Old Refinery comes on stream today with an installed production capacity of 60, 000 barrels per day of crude oil.”
PH refinery: 200 trucks will load petroleum products daily, says Presidency
Business
Breaking: CBN increases interest rate to 27.50%
Breaking: CBN increases interest rate to 27.50%
The Central Bank of Nigeria (CBN) has raised the lending interest to 27.50 per cent from 27.25 per cent.
This latest increase in the Monetary Policy Rate came after a meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Monday and concluded Tuesday.
The Monetary Policy Rate measures the benchmark interest rate.
The CBN Governor, Yemi Cardoso, announced this in Abuja on Tuesday after the MPC meeting, last for the year, held at the apex bank’s headquarters.
He said the MPC voted unanimously to raise the MPR by 25 basis points from 27.25% to 27.50%; and retain the Cash Reserve Ratio (CRR) at 50% for Deposit Money Banks and 16% for Merchant Banks.
The CBN governor also said the MPC retained the Liquidity Ratio (LR) at 30% and Asymmetric Corridor at +500/-100 basis points around the MPR.
Business
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
Nigeria’s unemployment rate stood at 4.3 per cent in the second quarter of 2024, the National Bureau of Statistics (NBS) has said in its latest report.
The report released on Monday said the unemployment rate decreased compared to the 5.3 per cent recorded in the Q1 of 2024.
The NBS defined the unemployment rate as the share of the labour force (the combination of unemployed and employed people) who are not employed but actively searching and are available for work.
“The unemployment rate for Q2 2024 was 4.3%, showing an increase of 0.1 percentage point compared to the same period last year,” the report stated.
“The unemployment rate among males was 3.4% and 5.1% among females.
“By place of residence, the unemployment rate was 5.2% in urban areas and 2.8% in rural areas. Youth unemployment rate was 6.5% in Q2 2024, showing a decrease from 8.4% in Q1 2024.”
Report also said the unemployment rate among persons with post-secondary education was 4.8 per cent; 8.5 per cent among those with upper secondary education, 5.8 per cent for those with lower secondary education, and 2.8 per cent among those with primary education in Q2 2024.
Employment rate – 76%
The report showed that the employment-to-population ratio, which measures the number of employed workers against the total working-age population, increased to 76.1 per cent in Q2 2024.
“In Q2 2024, 76.1% of Nigeria’s working-age population was employed, up from 73.1% in Q1 2024,” the report stated.
Self-employment – 85.6%
The report further showed that Nigeria’s labour market saw a notable shift as the proportion of self-employed individuals increased in Q2 2024.
It stated, “The proportion of persons in self-employment in Q2 2024 was 85.6%.”
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