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BREAKING NEWS: Apex Bank Also Known As Central Bank Sets 30-minute Response Time For Banks As E-fraud Losses Drop By 51%

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The Central Bank of Nigeria (CBN) has mandated a response time of less than 30 minutes for commercial banks to address electronic fraud complaints, as new data reveals a sharp 51 per cent drop in e-fraud losses across the financial sector.....TAP TO CONTINUE READING

This policy shift, announced amid declining cyber threats, aims to bolster consumer protection and accelerate resolutions in Nigeria’s burgeoning digital banking landscape.

The amount of funds lost to fraud declined significantly in 2025, dropping by 51 per cent when compared to losses recorded in 2024.

The apex bank said it would begin ensuring compliance with ISO 20022 as part of measures to curb fraud within the financial sector.

Data released by the managing director of the Nigeria Inter-Bank Settlement System (NIBSS), Premier Oiwoh, at the Nigeria Electronic Fraud Forum (NeFF) Technical Kick-off Session in Lagos revealed that the amount lost to fraud dropped by 51 per cent from N52.26 billion in 2024 to N25.85 billion last year.

The fraud count declined marginally by four per cent from 70,111 to 67,518, with the highest fraud count coming from Lagos.

The data showed that Lagos accounted for 63.43 per cent of the total fraud volume, with Abuja taking a distant second, accounting for just 3.12 per cent of fraud perpetrated in the country.

Speaking at the session, CBN deputy governor, Financial System Stability, Philip Ikeazor, who was represented by the director, Development and Finance Institutions Supervision, Ibrahim Umar Hassan, stressed the importance of Nigeria’s ongoing migration to ISO 20022 in strengthening fraud detection and response capabilities.

To this end, Ikeazor said the industry had reached a consensus on faster intervention, noting that “the industry has agreed to reduce fraud response time to under 30 minutes, a decisive step that materially improves recovery outcomes and limits systemic exposure.” According to him, delays in responding to fraud incidents often worsen losses and weaken public confidence in electronic payment channels.

He explained that while Nigeria has made significant progress in securing its payments infrastructure, fraud risks have evolved with increasing digitisation.

“While legacy fraud such as ATM card cloning has been effectively neutralised, newer risks — online fraud, social engineering, SIM-swap abuse, insider compromise, and authorised push payment scams — have emerged,” he said.

To address these challenges, the CBN is placing strong emphasis on the adoption of ISO 20022, describing it as a critical anti-fraud tool rather than a mere regulatory compliance exercise. Ikeazor stated that the new messaging standard offers richer and more structured transaction data that will enhance traceability, analytics and early fraud detection across the financial system.

“Beyond compliance, ISO 20022 provides richer, structured transaction data that enhances traceability, analytics and early fraud detection,” he said, adding that improved data quality would enable “faster investigation, better pattern recognition and more effective cross-border cooperation.”

On her part, the CBN director, Payment System Supervision, and chairman of NeFF, Dr Rakiya Yusuf, noted that the apex bank would soon commence inspection of banks to ensure compliance with ISO 20022, which, according to her, would help in the reduction of fraud within the system alongside improved use of electronic channels.

She also urged banks to ensure strict compliance with know your customer (KYC), know your business (KYB) and customer due diligence (CDD), saying there would be monitoring to ensure full compliance.

According to her, there is no such policy as KYC zero.

“We have KYC 1, 2 and 3, with different thresholds. There is no KYC called KYC zero, where there is no identity at all. The central bank has not come up with a policy on any category called KYC four. So if you have that in your books, it will be very expedient that you address them,” she said, adding that officials would be sent to examine the books of financial institutions to ensure compliance.

Meanwhile, the NIBSS managing director, Oiwoh, noted that digital payments fraud in Nigeria had grown in scale, speed and sophistication, driven largely by increased adoption of instant and remote banking channels.

To this end, he said NIBSS had taken strategic steps towards curbing the volume and value of fraud losses in the country.

According to him, aside from promoting fraud intelligence sharing by financial institutions, a portal for persons of interest — containing data on every individual involved in fraud in the country since 2019 to date — had been made effective, ensuring that fraud perpetrators would have no hiding place in the Nigerian financial system.

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Oyo police intercepts truck conveuing explosives in Saki

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The Oyo State Police Command has announced an operational success recorded following an intelligence-led operation.....TAP TO CONTINUE READING

Acting on credible intelligence, operatives of the Command intercepted a truck conveying materials suspected to be explosive devices during a stop-and-search operation in Saki, Oyo State. The truck and the suspected materials were promptly secured and are currently in police custody.

Upon receiving a briefing on the development, the Commissioner of Police, Oyo State Command, CP Femi Haruna, immediately ordered a comprehensive investigation into the matter.

Consequently, specialised personnel of the Explosive Ordnance Disposal (EOD) Unit and the Chemical, Biological, Radiological and Nuclear (CBRN) Unit were deployed to safely secure the items for safekeeping and forensic examination. Detailed forensic analysis has since commenced, alongside a thorough and robust investigation to determine the exact nature of the items and their intended use.

The truck driver has been taken into custody and is cooperating fully with investigators as efforts continue to unravel all the circumstances surrounding the incident.

The Commissioner of Police commended the Inspector-General of Police, IGP Kayode Adeolu Egbetokun, for his unwavering support, strategic leadership, and continued provision of operational guidance that enhance proactive, intelligence-driven policing across the country.

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Art & Commercial students don’t fail JAMB because they’re dull. They fail because they’re taught like Science students. Science students calculate — JAMB rewards that. Art students explain — JAMB doesn’t. So you read hard, attend lessons, yet your score disappoints you. This online class fixes that. No theory overload. No confusion. Just real JAMB questions, clear breakdowns, and winning strategies. 📌 JAMB is not hard — you were just taught the wrong way.Click The Link To Reach Us Now 👉 https://wa.me/2349063958940

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Benue: Armed bandits kill motorcyclist, injure woman in Apa LGA

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One person has died and another sustained injuries following an assault by suspected armed bandits in Apa Local Government Area of Benue State.....TAP TO CONTINUE READING

According to sources, the attack took place on January 24 around 4:00 p.m. along the Amoke–Odugbo road in Ukpogo Village, Edikwu Ward.

The victims, identified as Mr Joseph Okoh and Miss Aneh Sunday, both from Ogodumo, Adoka in Otukpo LGA, were reportedly riding a motorcycle when the assailants struck.

“They were rushed to the Comprehensive Health Centre, Ugbokpo, where Mr Okoh was confirmed dead while receiving treatment. Miss Sunday is currently admitted and responding to treatment,” the source stated.

Nigerian troops were quickly deployed to the area, and a search operation in the surrounding bushes is ongoing to apprehend the attackers.

“The Criminal Investigation Department has commenced an investigation into the incident,” the source added.

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Art & Commercial students don’t fail JAMB because they’re dull. They fail because they’re taught like Science students. Science students calculate — JAMB rewards that. Art students explain — JAMB doesn’t. So you read hard, attend lessons, yet your score disappoints you. This online class fixes that. No theory overload. No confusion. Just real JAMB questions, clear breakdowns, and winning strategies. 📌 JAMB is not hard — you were just taught the wrong way.Click The Link To Reach Us Now 👉 https://wa.me/2349063958940

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2026 UTME: JAMB scraps special privileges for albino candidates over malpractices

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The Joint Admissions and Matriculation Board has scrapped special concessions and registration procedures previously granted to candidates with albinism for the 2026 Unified Tertiary Matriculation Examination, citing abuse of the privilege to perpetrate examination malpractice.....TAP TO CONTINUE READING

The Board also warned faith-based tertiary institutions to clearly declare their religious status at the point of admission, saying it is deceptive to present as secular and later impose religious rules on students.

As reported by Vanguard, these decisions were taken on Saturday at a meeting between JAMB management, led by its Registrar, Prof. Isaq Oloyede, and Commissioners for Education from the 36 states of the federation and the Federal Capital Territory, held in Ikeja, Lagos.

Oloyede said the meeting was convened to review and assess previous admission exercises.

He noted that despite safeguards introduced by the Board, some individuals remained determined to circumvent the system.

“We have stopped some concessions we gave albino candidates. This is because some are using artificial intelligence to manipulate the registration process to look like they are albinos because of the consideration we gave them.

“Last year alone, over 7,000 claimed to be albinos. We have stopped special registration procedures for albinos,” he said.

Addressing complaints from candidates admitted into some private institutions over compulsory religious instruction, Oloyede urged faith-based schools to be transparent.

“Faith-based institutions should declare from the onset what they are, so that whoever applies there will know what he is going to meet there. But some don’t do that. They will pretend to be secular, but once students are admitted, trouble will begin over religious instruction and injunctions.

“If you are a faith-based institution, say so. The law allows you to set up faith-based schools,” he said.

On last year’s UTME, where the highest-scoring candidate was later found to be a 300-level university student, the JAMB registrar said investigations showed that some undergraduates sit for the examination to change courses or assist others to secure admission.

“Students who are already in school but want to change courses and are applying again must declare and disclose their status.

“We have found that some candidates already in school are writing the examination for other candidates. Last year, the candidate who scored the highest was found to be a 300-level student in the university.

“Henceforth, any candidate found engaging in such an act, and who fails to disclose that he is already in school but wants to change course, will be disqualified and will also lose his current admission,” he said.

On admission criteria, Oloyede explained that federal government-owned institutions allocate 45 per cent on merit, 20 per cent on catchment area, 20 per cent to educationally disadvantaged states, while the remaining slots are allocated to other considerations.

“Each owner or state has the right to decide what its admission criteria will be. But for states, we encourage them to allocate at least 10 per cent to merit, regardless of where the candidates come from.

“This is to diversify the student population and admit eggheads from different communities,” he said.

He criticised some states for establishing new universities despite not fully utilising their admission quotas in existing federal institutions.

On underage candidates, Oloyede said 16 years remained the minimum admission age, noting that an attestation process was in place for exceptional cases.

“Last year, about 42,000 claimed to be underage. After evaluation, only 78 met the criteria and were admitted. We are not saying there are no talented candidates, but the figure looks outlandish,” he said.

The issue of how to engage underage candidates during a gap year divided opinions at the meeting, but a majority voted for JAMB to continue its special assessment process.

The meeting also observed that parental pressure on children to complete their education too quickly was a major contributor to the problem.

On efforts to curb examination malpractice, Oloyede said JAMB had stopped the movement of computers between Computer-Based Test centres.

“A computer registered in a particular centre will remain there and is not transferable to another centre. Some people borrow computers to get accredited and later move them around,” he said.

He dismissed claims that candidates were posted to towns they did not choose, saying personal data used for registration were drawn directly from the National Identification Number submitted by candidates.

Providing an update on the 2025 UTME, Oloyede said 974,855 candidates had so far been admitted out of about 1.95 million who sat for the examination.

He added that over N2.4 billion had been disbursed to institutions that consistently complied with JAMB’s rules over the past 10 years, and that the meeting agreed that schools producing the best candidates should be compensated.

On accreditation of CBT centres, Oloyede said the process involved teams comprising university vice-chancellors, rectors and provosts in each state.

He warned state governments against agreements with private promoters who might use centres to facilitate malpractice.

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Art & Commercial students don’t fail JAMB because they’re dull. They fail because they’re taught like Science students. Science students calculate — JAMB rewards that. Art students explain — JAMB doesn’t. So you read hard, attend lessons, yet your score disappoints you. This online class fixes that. No theory overload. No confusion. Just real JAMB questions, clear breakdowns, and winning strategies. 📌 JAMB is not hard — you were just taught the wrong way.Click The Link To Reach Us Now 👉 https://wa.me/2349063958940

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