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Banking Industry Recorded Decline In Frauds, Forgeries – NDIC

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By Joseph INOKOTONG
 
The banking industry recorded a decline in the rate of successful fraud incidences and extent of amount of losses in 2016, compared to 2015. The NDIC Managing Director/Chief Executive, Alh. Umaru Ibrahim, FCIB, mni, made this disclosure while delivering a lecture: “The Role of NDIC in Mitigating Corruption in the Nigerian Banks” at the general meeting of the Abuja Chapter of the Alumni Association of the National Institute (AANI).
 
According to Alh. Ibrahim who was represented by a Deputy Director in Research, Policy and International Relations Department, Mr. Hashim I. Ahmad, the reported cases of frauds, forgeries and outright theft involving bank staff recorded a huge decline of 48.12 percent from N18.02 billion in 2015 to N8.68 billion in 2016, while the actual losses to the nation’s banking industry dropped by 24.29 percent from N3.17 billion in 2015 to N2.40 billion in 2016. Also, the level of attempted cases of frauds and forgeries declined by N0.329 billion or 11.94 percent from N2.756 billion in March 2017 to N2.427 billion in June 2017.
 
The NDIC boss also stated that although reported cases of fraud and forgeries rose by 36.42 per cent from 12,279 cases in 2015 to 16,751 cases in 2016, the reduction in the rate of successful fraud incidences and actual losses was an indication of improved regulatory/supervisory oversight, increased vigilance by banks and the deployment of improved security architecture in the banking industry.
 
A statement by Hadi. S. Birchi, Head, Communication & Public Affairs said he attributed the factors breeding corruption in Nigerian banks to poor corporate governance, infractions in foreign exchange operations, cumbersome legal process and lack of effective sanctions of offenders, amongst others.
 
Alh. Ibrahim reiterated that the NDIC in conjunction with the Central Bank of Nigeria (CBN) continuously supervise the banks to ensure their strict adherence to sound corporate governance practices.  He added that issues bordering on unethical financial practices and the resolution of conflicts between customers and their banks were being addressed by the Bankers Committee.
 
The NDIC boss also noted the rising trend in the level of banks’ non-performing loans (NPLs) and stated that the NDIC had recommended the prohibition of Directors of licensed banks, including microfinance banks (MFBs) and primary mortgage banks (PMBs) from obtaining credit facilities from their respective banks.
 
Alh. Ibrahim pointed out that the NDIC collaborated with other stakeholders such as the Economic and Financial Crimes Commission (EFCC), Police Special Fraud Unit (PSFU) and the Financial Malpractices Investigation Unit (FMIU) to conduct investigations into banking malpractices. He also stated that the NDIC provided capacity building programmes for the agencies in addition to seconding some NDIC Staff to the institutions to assist them in investigating financial crimes.
 
He called for continued cooperation and collaboration between regulatory/supervisory authorities, the banks, the general public and the government in the fight against corruption in the banking industry.
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Business

Umahi Inspects Lekki Corridor’s 7th Axial Road Project, Expresses Confidence in CHEC

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Minister of Works Senator Dave Umahi over the weekend inspected the progress of the 7th Axial Road project in the Lekki Corridor of Lagos.

The project, located behind the Dangote Refinery, is a crucial cargo handling route for the Lekki Deepwater Port and connects the Lekki Corridor with the Sagamu route.

The Minister expressed confidence in China Harbour Engineering Company Limited (CHEC), the project’s contractor, citing its successful delivery of the Lekki Deepwater Port and high-quality progress on the Makurdi-Enugu road reconstruction and expansion project. Umahi instructed that the roadbed filling work for Project LOT1 be completed by the end of April and directed the project team to accelerate resource input and tangible works to meet the deadline.

The 7th Axial Highway is expected to synergize with key infrastructure projects like the Coastal Road, Dangote Road, and Lekki Port, creating a comprehensive transportation hub model and boosting Nigeria’s port economy and industrial corridor. Umahi emphasized the need for environmental protection agencies to ensure efficient construction and steady progress while maintaining ecological safety.

A representative of CHEC who spoke during the inspection stated that the company would maintain a high level of resource input, implement the Minister’s directives, and coordinate safety, quality, and environmental protection to ensure the project’s timely and high-quality completion in other to unluck its port relief and regional economic benefits.

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Nestoil: Lagos CP dragged to court for contempt, risks imprisonment

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This is certainly not a good time for the Lagos State Police Commissioner, Mr. Moshood Jimoh as he has been dragged to court for commiting contempt by defying a clear court order that he and his men must not go near the business premises of Nestoil Group which belongs to Drawcok Estates LTD.

The fresh suit by Drawcok Estates LTD followed Monday’s deployment of over fifty armed police officers by Mr. Moshood Jimoh to seal off the business premises of Nestoil Group which belongs to Drawcok Estates LTD despite an order by Justice Ofili Ajumogobia.

Also, despite a directive by the federal government that police escorts be withdrawn from VIPs, Mr. Moshood Jimoh illegally allocated several police officers to be guarding Mr. Sulu Gambari, the self-acclaimed Receiver Manager which was appointed by a former judge that was handling the case, Justice Isaac Dipeolu.

Recall that Justice Daniel Osiagor of the Federal High Court in Ikoyi vacated all the orders made by Justice Isaac Deinde Dipeolu who wrongly appointed the Receiver Manager.

Meanwhile, dissatisfied with the action of the Lagos Police Commissioner, Drawcok Estates LTD yesterday filed a case of contempt against the Lagos State Commissioner of Police, Mr. Olohundare Jimoh Moshood (Contemnor) before a Federal High Court in Abuja.

In Suit No: FHC/ABJ/CS/2385/2025, the applicant wants Police Commissioner Moshood Jimoh to be found guilty of contempt of court and also be committed to prison unless he obeys the directives contained in Justice Ofili Ajumogobia’s Order of November 24, 2025.

Recall that Justice Ofili Ajumogobia had on November 24, 2025 ordered that the building in question belongs to Drawcok Estates LTD, adding that no police officer must be seen carrying out orders of the Lagos State Police Commissioner around the premises.

The Orders made by Justice Ofili Ajumogobia on November 24, 2025 in suit number FHC/ABJ/CS/2385/2025 were that:

The applicant has a right to own and possess her properties as mentioned in the addresses above as guaranteed by the 34 Constitution of the Federal Republic of Nigeria, 1999 as amended and the African Charter on Human and People’s Rights..

That the sealing-off and occupation of the applicant’s properties on the addresses mentioned above by the Respondents constitute an infringement on the right of the applicant to own property, as guaranteed by Sections 43 and 44 of the he Constitution of the Federal Republic of Nigeria, 1999 as amended.

That the Respondents, whether by themselves , their agents, agencies and servants, acting for it through them or any other person(s) howsoever described or claiming through them, to vacate the applicant’s properties on the addresses mentioned above, and deliver possession over to the applicant forthwith.

That the Respondents, whether by themselves, their agents, agencies, and servants, acting for or through them or any other person(s) howsoever described or claiming through them, to provide security for the applicant to take back possession of her properties on the addresses mentioned above.

That the Respondents is restrain, whether by themselves, their agents, agencies and servants, acting for or through them or any other person(s) howsoever described or claiming through them, from harassing the applicant and refusing her access to her properties on the addresses mentioned above.

Nigerian Concord Newspapers reporters that visited the business premises yesterday reported that pollice officers have been denying workers of several companies access to their offices located within the Nestoil building in Lagos on the order of Moshood Jimoh, despite a subsisting court order directing that they be allowed into the premises.

The affected workers had resumed duties following a court order delivered by Hon. Justice Ofili Ajumogobia of the Federal High Court, Abuja on November 24, which directed that they be granted access to their offices.

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Dangote Refinery Boosts Fuel Exports as Gulf Refineries Shut Down

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By: Fabian Apechihin

The Dangote Petroleum Refinery has ramped up fuel exports to international markets amid widespread refinery shutdowns in the Middle East, industry sources confirmed.

A senior official at the $20bn Lagos-based plant told The PUNCH that the facility exported significant volumes of petrol (PMS), diesel (AGO), and aviation fuel (Jet A1) to foreign buyers in August, following earlier shipments in June and July.

The surge comes as Saudi Aramco and other regional producers face heavy maintenance schedules, tightening fuel supply. Aramco has already shut down two plants and plans further closures, including its 460,000 b/d Satorp refinery in Jubail for a 60-day turnaround in November–December. Kuwait and India are also scaling back capacity for maintenance and seasonal demand.

According to Argus Media, these shutdowns are pushing Gulf nations to import record volumes of gasoline, with Saudi Arabia and the UAE sharply increasing purchases from Europe and other markets in recent months.

While some reports pointed to operational constraints at Dangote’s 650,000 b/d facility, the company dismissed such claims, insisting production is on track to reach 700,000 b/d by December. Earlier this year, Aliko Dangote announced the refinery had sold two cargoes of jet fuel to Saudi Aramco and recently achieved exports of about 1 million tonnes of petrol between June and July.

“With Gulf refiners offline, Nigeria has now emerged as a net exporter of refined products,” Dangote said.

Analysts suggest the extended refinery outages in the Middle East will further strengthen demand for Dangote’s output, positioning the Nigerian plant as a key supplier in regional fuel markets.


Would you like me to tighten this further into a 5–6 paragraph wire-style news brief, or keep it as a detailed feature-style report with more context on Gulf refinery shutdowns?

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