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NFIU alerts banks to new fraudulent ways of claiming money from abroad
NFIU alerts banks to new fraudulent ways of claiming money from abroad
The Nigerian Financial Intelligence Unit (NFIU) has issued an urgent advisory to banks and the public about increasing fraudulent activities involving counterfeit documents used to claim funds transferred from foreign banks to Nigerian accounts.
In a June 2024 report, the NFIU highlighted its dedication to providing stakeholders with timely and evidence-based guidance derived from relevant case studies. The agency’s findings detail emerging trends and suspicious activities exploiting financial system vulnerabilities for illegal purposes.
“This advisory is crucial due to numerous petitions from financial institutions, government agencies, and third parties seeking help in tracing and recovering funds transferred from foreign entities to Nigerian business partners,” the NFIU stated. “It aims to alert stakeholders and the public to red flags and new trends, especially the use of forged documents by scammers to defraud unsuspecting victims.”
The NFIU noted that these deceptive petitions, which involve the tracing and recovery of funds allegedly transferred from foreign banks to Nigerian banks, are a growing threat to victims, financial institutions, law enforcement agencies, and other government bodies.
Citing examples, the agency mentioned a case where a law firm filed a petition on behalf of an NGO, requesting the recovery of €30 billion purportedly transferred from a foreign bank to Nigeria for real estate investment. Another petition sought to recover €6 billion allegedly transferred to a Nigerian bank account.
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The NFIU advised financial institutions and the public to remain vigilant and implement measures to safeguard important documents from unauthorized access.
“Exercise caution with telegraphic transfer documents from major European banks, as most fraudulent claims originate from the same jurisdictions,” the NFIU warned.
For banks, the NFIU recommended immediate Enhanced Due Diligence upon receiving letters from customers anticipating large inflows, backed by usual Telex copies, to verify document authenticity. If forgery is suspected, banks should promptly respond in writing to the customer, stating the non-existence of such transactions to prevent fraudulent use of acknowledgment letters. Additionally, banks should file Suspicious Activity Reports (SAR) for any entity or individual presenting dubious claims.
The NFIU urged the public to be aware of fraudulent individuals and fictitious telegraphic inflows, scrutinize potential business opportunities carefully, and recognize the risks of investing based on unverifiable Telex transfers.
The key red flags listed by the NFIU include: Large single transaction amounts; Documentation contradictions, such as Arabic inscriptions instead of investor signatures; Lack of history of similar transactions; Records of acknowledged letters to banks and the CBN and newly incorporated companies expecting significant foreign inflows.
Others are use of acknowledged documents as legitimate transaction approvals; presentation of Telex copies; absence of complaints from foreign investors or banks; requests for financial commitments in exchange for a percentage of the expected funds and law firms offering legal services for a fixed percentage of alleged inflows.
NFIU alerts banks to new fraudulent ways of claiming money from abroad
Uncategorized
Nigeria saves $20bn from subsidy removal – Finance Minister Edun
Nigeria saves $20bn from subsidy removal – Finance Minister Edun
Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, has declared that the country has saved $20 billion by eliminating the petrol subsidy and adopting market-based foreign exchange pricing.
He made this disclosure at an event in Abuja marking the first 100 days in office of Esther Walso-Jack, Head of the Civil Service of the Federation.
Edun stated, “When there was a subsidy on the PMS and on foreign exchange, they collectively cost five percent of the GDP.
“Assuming GDP was $400 billion on average, five percent of that is $20 billion—funds that could now go into infrastructure, health, social services, and education.”
He explained that the savings were being redirected into developmental projects. He said, “The real change is that no one can wake up and target cheap funding or forex from the central bank to enrich themselves without adding value. “Similarly, profiteering from the inefficient petrol subsidy regime is no longer possible.”
President Bola Tinubu officially ended the petrol subsidy regime on May 29, 2023.
metro
Crude-for-naira deal: NNPC fails to deliver agreed crude oil – Dangote refinery
Crude-for-naira deal: NNPC fails to deliver agreed crude oil – Dangote refinery
The Lagos-based mega Dangote refinery has accused the Nigerian National Petroleum Corporation (NNPC) of failing to meet its crude oil supply obligations under the naira-for-crude agreement.
Edwin Devakumar, the Vice President of the Dangote Group, disclosed this in a statement reported by Reuters.
Devakumar explained that the national oil company had committed to supplying the refinery with a minimum of 385,000 barrels per day (bpd) under the crude-for-naira deal.
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However, he alleged that the NNPC is falling short of this commitment.
According to Reuters, Devakumar characterized the volume of crude currently supplied by NNPC Limited as “peanut,” though he did not specify the exact amount.
“We need 650,000 barrels per day, and NNPC Ltd agreed to supply a minimum of 385,000 bpd, but they are not even delivering that,” Devakumar stated.
Crude-for-naira deal: NNPC fails to deliver agreed crude oil – Dangote refinery
News
Tinubu restructures media team, says no individual presidential spokesman
Tinubu restructures media team, says no individual presidential spokesman
President Bola Tinubu has reorganised his media team, re-designating the positions of his two recently appointed special advisers for media and communications.
This is contained in a statement released on Monday night by his Special Adviser on Media and Strategies, Bayo Onanuga.
He said Sunday Dare, the special adviser on public communication and national orientation, is now the special adviser on media and public communications.
Onanuga added that Daniel Bwala, announced last week as a special adviser on media and public communication, will now function as the special adviser on policy communication.
“These appointments, along with the existing role of special adviser, information and strategy, underscore that there is no single individual spokesperson for the presidency,” the statement read.
There had been some confusion as Onanuga, designated as special adviser on communication and strategy, had been the presidential spokesman since the exit of Ngelale Ajuri, who was special adviser on media and publicity.
However, on Monday, Bwala announced himself as the presidential spokesperson.
“Today, I resumed officially as the Special Adviser, Media and Public Communications/Spokesperson (State House). I am happy to have joined a meeting of the robust and fantastic communication team of Mr. President. I love the existing unity among the team and hope we can leverage on that even for more synergy,” he wrote on his X handle.
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