How MTN, MultiChoice bank accounts were hacked, by FCMB worker – Newstrends
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How MTN, MultiChoice bank accounts were hacked, by FCMB worker

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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“We immediately went into our system and discovered that, the sum of N900 million had been withdrawn from various customers’ accounts.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.

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CBN gives new directive on dormant accounts, unclaimed bank balances

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CBN gives new directive on dormant accounts, unclaimed bank balances

The Central Bank of Nigeria (CBN) has released updated guidelines for managing dormant accounts, unclaimed balances, and other financial assets in banks and other financial institutions across Nigeria.

Under the new directives released on Friday, financial institutions must transfer accounts that have been inactive for over a decade to the CBN’s custody.

The CBN’s guidelines aim to standardize the handling of dormant accounts, unclaimed balances, and financial assets. They detail the procedures banks and financial institutions must follow to manage these funds and assets.

The bank will later provide details on how to transfer the relevant balances, funds, and assets to the CBN. It will also supply updated templates for submitting quarterly returns to the Banking Supervision Department or the Other Financial Institutions Supervision Department, as appropriate.

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Effective immediately, these guidelines replace a previous circular from October 2015.

The CBN noted that financial institutions often hold deposit accounts and other liabilities that see no customer activity for extended periods, rendering them dormant. Maintaining such accounts can lead to significant unclaimed balances, which may not benefit the depositors.

Furthermore, the CBN warned that dormant and unclaimed balances are increasingly vulnerable to fraud and misuse.

The revised regulation aims to prevent the misuse of dormant and inactive accounts, establish operational standards, and enhance the CBN’s oversight of these accounts. It also seeks to identify dormant accounts and unclaimed balances, reunite them with their rightful owners, hold the funds in trust, and provide a standardized procedure for reclaiming these funds.

Eligible accounts include those that have been dormant for 10 years or more.

CBN gives new directive on dormant accounts, unclaimed bank balances

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Nigerians lament high cost of yam, 100 tubers sell for N1m in Karuna

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Nigerians lament high cost of yam, 100 tubers sell for N1m in Karuna

Both the sellers and buyers alike are confused at the Bakin Dogo food market in Kaduna North Local Government Area, Kaduna State, as 100 tubers of old yam go for N1 million at wholesale.

Meanwhile, the same number of new yams cost between 350,000 and 400,000 in the same market.

One of the retailers in the market identified as Alhaji Abubakar, lamented his inability to recoup his capital let alone make any profit from the last 100 tubers he bought.

According to him, “Honestly we are in big trouble. I have never experienced this type of market for decades. We are suffering too much this time around.

“One Koriya (100 pieces) of big old yam is N1 million. More than half of the last ones I bought are still here because people are not ready to buy one yam for more than N9,000.

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“Imagine selling one yam for N10,000. Those who buy one or two are our regular customers who have built trust in us over a period of time. Others are pricing it anyhow”, he said.

To Muhammed, “the new yam is already here, and that poses a big threat to those of us who still have old yams for sale. “For example, I sell one new yam for between N4,000 and N4,500. That is equivalent to the old ones while we sell10 pieces of new yam (medium) for 14,500.”

They both attributed the scarcity of yams to the inability of a lot of yam dealers to go to remote villages due to escalating insecurity in the country. The available are also being mopped up for inward transportation to neighbouring countries like Niger and Ghana.

One of the prospective buyers who spoke in confidence said: “I have to change my mind. The last time I came here, I bought the same size N3, 000. “Today they are asking me to pay N9,000 for just one old yam and N4,000 for a new yam. But, I don’t want to buy the new yam yet because it can easily spoil.

“Meanwhile one tier of garri is N1, 400. So, why do I have to spend my scarce money just to buy just one yam that we will just boil and eat once?”

Nigerians lament high cost of yam, 100 tubers sell for N1m in Karuna

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Nigeria’s external reserves climb to $36.89bn, says CBN gov

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CBN Governor, Olayemi Cardoso

Nigeria’s external reserves climb to $36.89bn, says CBN gov

Nigerians can look forward to economic improvements as the Central Bank of Nigeria (CBN) announces an increase in the country’s external reserves.

According to CBN Governor Olayemi Cardoso, the reserves have reached $36.89 billion as of July 16, 2024.

Cardoso made this announcement in Abuja during a briefing with the Senate Committee on Banking, Insurance, and other Financial Institutions.

He highlighted several positive economic indicators, including a significant reduction in the disparity between official and Bureau De Change (BDC) rates, which has decreased from N162.62 in January to N47.22 in June 2024. This reduction points to enhanced market efficiency and fewer opportunities for arbitrage.

Addressing the committee, Cardoso stated that various measures and strategies are in place to address emerging economic challenges. He noted that the increase in external reserves, up from $33.22 billion at the end of December 2023, is primarily due to revenues from crude oil-related taxes and third-party receipts.

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“In the first quarter of 2024, we maintained a current account surplus and saw improvements in our trade balance,” said Cardoso. “Our reserves as of the end of June 2024 are sufficient to cover over 11 months of imports of goods and services, or 14 months of goods alone. This is well above the international benchmark of three months, providing a strong buffer against external shocks.”

Cardoso also emphasized the robustness and diversity of Nigeria’s banking sector, which includes twenty-six commercial banks, six merchant banks, and four non-interest banks. He reported significant improvements in key indicators such as capital adequacy, liquidity, and non-performing loan ratios, highlighting the sector’s growing stability and resilience.

The governor noted the impressive performance of the equity market, with the All-Share Index rising by 33.81 percent and market capitalization increasing by 38.33 percent from December 2023 to June 2024. These gains reflect a growing confidence among investors.

While acknowledging these positive developments, Cardoso assured that the CBN remains committed to policies that support sustainable growth in the financial markets and overall economic stability.

Senator Adetokunbo Abiru, Chairman of the Senate Committee, opened the session by stating that the primary goal of the interaction was to receive updates on the CBN’s efforts, activities, and plans regarding monetary policy.

Nigeria’s external reserves climb to $36.89bn, says CBN gov

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