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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%
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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Sanusi will lead Sallah Durbar in Kano – Gov’t
The Kano State Government has announced that the Emir of Kano, Muhammadu Sanusi II, will lead this year’s Eid-el-Fitr Durbar, even as it unveiled strict guidelines to prevent a breakdown of law and order during the celebrations.....TAP TO CONTINUE READING
The government said the decision, approved by Governor Abba Kabir Yusuf, followed credible intelligence reports indicating attempts by some individuals to create unrest during the Sallah period.
In a statement issued on Wednesday by the Commissioner for Information and Internal Affairs, Ibrahim Abdullahi Waiya, the government said it remained committed to preserving Kano’s cultural heritage but would prioritise peace and security.
According to the statement, Hawan Idi (Eid Durbar) will be conducted by Emir Sanusi from the Kofar Mata Eid Ground through designated routes to Gidan Shettima, terminating at Kofar Fatalwa of the emir’s palace.
It added that Hawan Nasarawa would be held in a modified form without horseback displays, while Hawan Daushe, Hawan Fanisau and Hawan Dorayi have been suspended for the time being in the interest of public safety.
The government said all security agencies had been directed to intensify surveillance and ensure strict compliance with the directives before, during and after the festive period.
It urged residents to remain calm, law-abiding and cooperative with security agencies, while cautioning against the spread of unverified information.
The government further assured the public of its commitment to a peaceful and hitch-free Sallah celebration, wishing Muslims in the state a joyous Eid-el-Fitr.
The Durbar, a centuries-old cultural procession, has been thrown into uncertainty following conflicting statements from government officials on whether it will hold this year, given the unresolved legal battle between Sanusi II and Aminu Ado Bayero.
While Governor Yusuf reinstated Sanusi II in 2024, Bayero continues to contest his dethronement in court, leaving the emirship in dispute.
The government recently hinted that the stool controversy would soon be resolved.
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2027: Igboho dismisses Sowore’s comment on ‘transactional politics’
Yoruba nation agitator, Sunday Adeyemo, popularly known as Sunday Igboho, has dismissed comments by human rights activist and former presidential candidate, Omoyele Sowore, over what he described as transactional politics and activism.....TAP TO CONTINUE READING
PUNCH Online reports that Sowore’s comment followed a viral video in which the activist criticised what he described as “transactional politics” among some regional agitators and influencers, accusing them of aligning with political actors for personal or material benefit.
In the video, Sowore appeared to reference Igboho, suggesting that his recent political positions, including support for President Bola Tinubu’s potential re-election bid, reflected what he termed “amala politics” — a colloquial expression often used to imply opportunistic or interest-driven engagement rather than principled activism.
Igboho, in a statement issued by his media aide, Olayomi Koiki, in Ibadan, the Oyo State capital, on Tuesday, criticised Sowore for allegedly describing his activism as “amala politics” in a recent viral video circulating on social media.
He described the comment as an inconsequential rant that should be ignored by the public.
Igboho argued that his agitation for improved security in the South-West and his support for the second-term bid of President Bola Tinubu in 2027 were constitutional rights aimed at promoting the collective interests of the Yoruba people and the development of Nigeria.
He said, “We strongly reject the characterisation of Igboho’s activism as transactional. Such a myopic position misrepresents the intent and focus of our agitation on effective grassroots security in the South-West and Nigeria as a whole.
“How many protests did Sowore organise to push for my freedom? Sowore’s claim of fighting for the masses contradicts his alleged daily lodging expenses of N450,000 at a popular Lagos hotel.
“I cannot be compelled to endorse political figures such as Peter Obi or Atiku Abubakar, or even align with Sowore’s political platform. I have the right to make independent political decisions based on the security and collective interests of the Yoruba people.”
He added that Igboho’s advocacy prioritises addressing insecurity across Yorubaland, including killings of farmers, kidnappings along highways and attacks on traditional rulers and royal institutions.
Koiki, however, clarified that these concerns form the basis of Igboho’s movement rather than any ambition for political office or revolutionary leadership.
The statement added, “While Sowore has consistently promoted nationwide revolution as a pathway to leadership, Igboho’s approach is rooted in protecting lives, land and property within Yoruba territory. This agitation is a response to real and ongoing threats faced by communities in the region.
“Latest security incidents in northern Nigeria, including reported explosions in Maiduguri on March 16, 2026, also raise questions about the broader effectiveness of long-term revolutionary advocacy.
“We challenge Sowore to assess the situation in his home state of Ondo State, considering the growing cases of banditry, kidnapping and attacks on rural communities.”
The statement added that the impact of insecurity on vulnerable groups, including farmers, traditional rulers, women and children, had been severe, with several communities reportedly affected.
“These realities reinforce Igboho’s long-standing call since 2020 for localised security measures and stronger regional protection strategies.
“Labelling our agitation and efforts as ‘amala politics’ undermines the urgency of the security crisis and the legitimacy of grassroots agitation,” the statement concluded
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Aisha, Deji, Atiku’s aide, Ibe fume over continuous detention of El-Rufai
The continuous detention of the former governor of Kaduna State, Mallam Nasir El-Rufai, has sparked reactions from politicians and socio-political activists.....TAP TO CONTINUE READING
DAILY POST reports that the former governor has been in the custody of the Independent Corrupt Practices and Other Related Offences Commission, ICPC, over an ongoing investigation into alleged financial impropriety when he was governor.
El-Rufai had earlier spent two nights in the custody of the Economic and Financial Crimes Commission, EFCC, before he was picked up by the Department of State Services and then later handed over to the ICPC.
His continuous detention has sparked outrage among citizens who are calling on the commission to immediately charge the former governor to court.
Popular socio-political activist, Aisha Yesufu, said in a post on X that “holding a citizen indefinitely without trial” is impossible.
According to her, “that is not justice. That is not accountability. That begins to look like persecution.
“Every Nigerian, no matter how powerful or unpopular, has the right to a fair hearing. That right is not a favour from the government. It is a constitutional guarantee. If El-Rufai committed crimes, then prosecute him. Nigerians will support that. But what we must never
Support is a system where the government can detain anyone endlessly, simply because it can.
“Today, it may be El-Rufai. Tomorrow, it could be anyone else who speaks or acts in a way that those in power do not like. A democracy must be better than that.
“So the message is simple: charge him in court or release him. Let justice be done openly, lawfully, and transparently. That is the only way a nation that claims to respect the rule of law should act”.
Similarly, an activist lawyer, Deji Adeyanju, in an interview he posted on X on Wednesday, demanded that the former governor be charged to court immediately, condemning El-Rufai’s incarceration.
“No matter the allegations, I think he should be charged in a court of competent jurisdiction so that he can face the music.
“All these things currently going on don’t look tidy to me”, he said.
On his part, Paul Ibe, a media aide to the former vice president, Atiku Abubakar, lambasted ICPC for not charging the former governor to court.
In a statement on his X handle, Ibe accused the Commission of taking sides with the President Bola Tinubu-led administration.
He wrote, “The matter of the former Governor of Kaduna State, Mallam Nasir el-Rufai @elrufai has proven beyond measure that the ‘I’ in ICPC (Independent Corrupt Practices and Other Related Offences Commission) @icpcnigeria represents Illegal or Irresponsible.
“There’s nothing Independent about the Commission. They’re no different from all the other institutions of state that are standing on Tinubu’s mandate. The ICPC is nauseatingly pliable and has disgracefully made itself available in coercing members of the opposition into the ruling party”!
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