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NDIC to probe banks as fraud cases rise, loss hits N2.37b

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The cases of fraud are rising in the nation’s banking industry, prompting a resolve by the Nigeria Deposit Insurance Corporation (NDIC) to investigate affected banks.
In a statement, NDIC reported a 56. 3 per cent jump in reported cases from 16,751 in 2016 to 26,132 in 2017, resulting in the loss of N2.37 billion.

The corporation lamented failure by the banks to file returns reporting their officials involved in the fraudulent practices throughout last year to the regulatory authorities. The number of staff involved in the malpractice also grew from 231 in 2016 to 320 in 2017.
Consequently, the NDIC is set to investigate some banks for the inadequate rendition of returns, particularly on instances of forgeries and other cases of fraud involving members of staff who had their appointments terminated on grounds of fraudulent activities.

Sections 35 and 36 of the NDIC Act No. 16 of 2006 (as amended) requires all Deposit Money Banks (DMBs) to submit monthly information/returns on forgeries and other forms of fraud to the corporation.

The Head of Communications and Public Affairs Unit of NDIC, Mr. Mohammed Kudu Ibrahim, said the planned investigation followed the discovery from the corporation’s most recent report on its off-site supervision of the DMBs that the number of fraud cases attributed to internal abuse by staff of banks increased from 231 in 2016 to 320 in 2017, or 38.53% above the figure reported for the previous year.

He said the report relied on a total of 286 responses received from 26 banks during the period under review.

Ibrahim shed more light on the outcome of the off-site supervision: “The 286 responses received from banks in 2017 cited 26,182 cases of fraud and forgeries which is 56.30% higher compared to 16,751 cases reported in 2016.

Similarly, the amount involved in the fraudulent activities documented increased by N3.33 billion from the N8.68 billion reported in 2016 to N12.01 billion in 2017 or 38%.

However, the Expected/Actual loss slightly decreased by N24.42 million or 1.03% from N2.39 billion in 2016 to N2.37 billion in 2017.”

On fraudulent activities in the online-banking and ATM/card-related fraud-types, Ibrahim said it constituted 24,266 or 92.68% of all the reported cases, resulting in N1.51 billion or 63.66% loss in the industry in 2017.

The report also documented other miscellaneous crimes such as fraudulent transfers/withdrawals, cash suppression, unauthorised credits, fraudulent conversion of cheques, diversion of customer deposits, diversion of bank charges, presentation of forged or stolen cheques, among others.

The 22 licensed commercial banks and four merchant banks rendered 286 returns on dismissed/terminated staff as a result of fraud and forgeries during the year under review. Out of the 26,182 fraud cases reported by the 26 licensed banks, 320 cases were attributable to internal collaboration by bank staff.

However, the losses arising from the reported cases decreased from N760 million in 2016 to N682 million or about 11.43% in 2017. The corporation attributed the improvement to additional internal control measures adopted by the banks in the wake of the proactive corrective measures taken to ensure their compliance with good corporate governance principles.

But the report said despite the fidelity insurance cover taken by banks to address fraud perpetrated by staff, they still needed to enhance their internal control and security measures, as the rising trend of e-channels (online banking & card-related) fraud and forgeries in the industry remained a serious cause for concern to the corporation.

Guardian

MUSIC

Tems Debut Album Ranks #2 On Billboard’s R&B List Of 2024

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Tems debut album hits #2 on Billboard's R&B list of 2024 | fab.ng

Tems’ Global Impact: A Billboard Recognition

Tems, a global music sensation, has solidified her position as one of Africa’s most successful artists, with her album captivating millions of fans worldwide and garnering numerous prestigious awards.

In a recent testament to her talent, her debut album secured the second spot on Billboard’s list of the best R&B albums of 2025.

This remarkable achievement places Tems alongside renowned artists such as Chris Brown, PartyNextDoor, Muni Long, and Bryson Tiller.

Furthermore, Billboard has praised Tems’ music for transcending the boundaries of Afrobeats, resonating with audiences across the globe.

“The Nigerian star finds her footing in the global spotlight and stands firmly in her purpose on her dazzling debut album Born in the Wild.

“She opens up about surviving her mental wilderness and learning to thrive in it on the opening acoustic ballad that shares the album’s title.

“And on the mid-tempo standout “Burning,” Tems confronts the trappings of her newfound stardom but finds comfort in the collective struggle. As someone who’s studied Céline Dion, Destiny’s Child, and Mariah Carey and dreamt of making soul-stirring songs that send people into their feelings, Tems succeeded with aplomb.

“Born in the Wild became her highest-charting project on Top R&B Albums (reaching No. 5) and marked her career-first entry on the Billboard 200, peaking at No. 56.

“And while Born in the Wild and “Love Me JeJe” earned Tems 2025 Grammy nominations for Best Global Music Album and Best African Music Performance, respectively, her best R&B song nod for “Burning” further reinforced the rich diversity of her music–  and the notion that African artists like Tems cannot be bound to the catchall “Afrobeats” term, as their music has traveled well past the borders of the continent. – H.M.”

Tems’ debut album, “Born In The Wild,” received critical acclaim in the United States.

Indeed, the album earned a Grammy nomination for Best Global Album.

Additionally, her single “Burning” broke records by securing a nomination for Best R&B Song. Meanwhile, “Love Me Jeje” received a nomination for Best African Music Performance.

Check out more music updates here.

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MUSIC

Adekunle Gold Reveals The Role Pheelz Played In Getting Him Signed To YBNL

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Adekunle Gold credits Pheelz for his YBNL signing | fab.ng

Adekunle Gold marks a significant milestone this December 2024 as he celebrates 10 years since releasing his breakthrough single ‘Sade.’

This debut track, which creatively reimagined One Direction’s ‘Story Of My Life,’ catapulted him into Nigeria’s mainstream music consciousness in December 2014.

The artist recently shared compelling details about his journey to stardom in an industry interview, particularly highlighting his unique path to signing with YBNL.

Before his musical breakthrough, Adekunle Gold cultivated a professional relationship with Olamide through his work as YBNL’s graphic designer, creating cover art for the label’s artists, including Lil Kesh and Viktor.

The pivotal moment in his career arrived when producer Pheelz discovered ‘Sade’ and advocated for Gold’s signing to Olamide, leading to a transformative partnership with YBNL.

Under the label’s guidance, Gold released his debut album, ‘Gold,’ which produced standout hits like ‘Orente’ and ‘Pick Up,’ earning both critical acclaim and commercial success.

AG Baby, as fans affectionately call him, has demonstrated remarkable artistic versatility throughout his decade-long career.

He began his journey by crafting a distinctive urban interpretation of folk and traditional Yoruba music, later evolving into a dynamic pop star with the release of ‘Afro-pop Vol 1.’ His musical portfolio now spans five albums, each showcasing his growth and artistic range.

The singer-songwriter has established himself as one of Nigeria’s most accomplished artists, earning recognition for his exceptional songwriting abilities and commanding stage presence.

His performances continue to captivate audiences across Africa, solidifying his position as a leading figure in the continent’s music scene.

Gold’s journey from a graphic designer to a celebrated musician exemplifies his artistic versatility and dedication to his craft, marking him as one of Africa’s most sought-after performers.

Check out more updates here.

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FOREIGN

Beyoncé Achieves Historic Milestone As Most Certified Female Artist

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Beyoncé is most RIAA certified female artist of all time | fab.ng

Renowned singer Beyoncé has solidified her position as the most certified female artist of all time, a distinction bestowed upon her by the Recording Industry Association of America (RIAA).

Her recent surge in song certifications has propelled her to an impressive total of 103 RIAA-certified titles, surpassing all other female artists in this category.

The RIAA celebrated this monumental achievement in a post on X on Tuesday.

“Crowning achievement! Congratulations to @Beyonce, who now holds the record for the most certified titles for a female artist in RIAA history, including her first two Diamond singles! @parkwood @columbiarecords,” RIAA announced in a post on X on Tuesday.

Among her numerous accolades are Diamond certifications for two iconic singles: “Halo” and “Single Ladies (Put a Ring on It).” These certifications signify extraordinary sales and streaming figures.

Additionally, Beyoncé boasts a string of impressive certifications for her albums. “Renaissance” has achieved 2x Platinum status, “Lemonade” has attained 4x Platinum, and both “Sasha Fierce” and “Dangerously In Love” have earned 7x Platinum certifications.

This latest milestone further solidifies Beyoncé’s legacy as one of the most influential and successful artists of all time.

Her ability to consistently deliver groundbreaking music that resonates with audiences worldwide has undoubtedly contributed to her unparalleled success.

Check out more music updates here.

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