The Nation Newspaper

Tag: customers

  • CBN to blacklist fraudulent bank customers

    CBN to blacklist fraudulent bank customers

    The Central Bank of Nigeria (CBN) is working on a framework that will, before year-end, enable it to blacklist or watch-list fraudulent bank customers across the country’s banking space.

    CBN Director, Banking and Payment ’Dipo Fatokun broke the news at the Nigeria Electronic Fraud Forum (NeFF) October meeting in Lagos at the weekend.

    He said the framework, when unveiled, would give the regulator the legal backing to use the Bank Verification (BVN) platform to identify, watch-list and blacklist fraudulent account holders in all the 22 banks and Other Financial Institutions (OFIS).

    According to him, the framework, which is at the final stage of its approval, would soon be sent to the Committee of Governors of the Central Bank for examination and exposure to the banking industry.

    “It is a policy issue and therefore, has to go to the Committee of Governors of the Central Bank, which will look at it and do an industry exposure. These will be completed, hopefully, before the end of the year,” he assured.

    Data from the CBN showed that although e-fraud rate in terms of value dropped by 63 per cent last year, after the BVN introduction and improved collaboration among banks via the fraud desks, the total fraud volume rose significantly by 683 per cent within the year compared to 2014 figures.

    Also, the country experienced a total of 3,500 cyber-attacks with 70 per cent success rate and loss of $450 million within the last one year mainly through cross channel fraud, data theft, e-mail spooling, phishing, shoulder surfing and underground websites.

    Fatokun explained that one common thing about electronic fraud was that when money is moved fraudulently from one account to another, it could easily be traced.

    “And so, identifying the owner of that fraudulent bank account using the BVN, will not only be able to identify him or her in the bank he has moved the money to, we also identify him in all the banks where he has accounts.

    “And when legal impediments are overcome, such people could be blacklisted, or watch-listed in the banking system. That will also assist us to a great deal, in curbing the menace of fraudsters,” he said.

    The CBN director, who spoke on the theme: “Exploring new protective measures against social engineering vulnerabilities”, said social engineering has common phenomenon in cybercrime attacks in Nigeria.

    “Almost on a daily basis, a plethora of messages are sent by these criminals with the express intent to con the unsuspecting recipient using techniques that appeal to vanity, greed or authority. It is, therefore, important that we look critically at measures that will protect the industry as a whole from the menace of social engineering attacks.

    “It is often said that people, processes and technology are the tripod on which cybersecurity lies, with discussion ever hovering on which is the weakest link. I must however submit that like what is required in building any chain, we must prepare to forge each link with the same degree of heat – in other words, no link must be too important or less significant in the pursuit of payments security.”

    On the implications of such blacklisting on customers, he explained that for commercial banks, opening an account or having a bank account itself is a contract.

    “It is a contract between a willing customer and a willing bank. So, if a bank notices that a particular customer is fraudulent, or is a criminal, the bank has the right to get out of the contract. And another implication is that if an account is watch-listed, when the framework is finally approved, if there is a credit into that account and every other person is having his credit within two to three minutes, because the account has been watch-listed based on past activities, credit into such account may be withheld for a longer period while investigations are carried on to actually confirm that it is a genuine transfer,” he stated.

    These steps, Fatokun said, would assist the bank, because being able to identify, apprehend and prosecute would go a long way in reducing the problem of electronic fraud.

    On prosecution and apprehension, he said the NeFF is working with the police to create a dedicated electronic payment and card crime unit, which when operational, would help reduce further, electronic fraud.

    He said the operationalisation of a dedicated e-Payment and Card Crime Unit in the Nigeria Police will enable a greater effort in NeFF’s quest to successfully investigate and bring to book through effective and efficient prosecution of cyber-criminals.

  • Ikeja Electric appeals to customers

    Ikeja Electric appeals to customers

    Ikeja Electric has appealed to customers in Ejigbo, Oke Afa, Ikotun Egbe, Egan, Igando, Arepo, Warewa and Channels Television axis on  power outage.

    Head, Corporate Communications Officer of the company, Felix Ofulue, said the management regretted the prolonged outage witnessed by its customers in and around the affected areas, adding that the outages were due to a faulty 100MVA transformer at Ejigbo Transmission Station, coupled with  other multiple faults along the network of that area.

    The Transmission company, Ayeni said, has commenced repairs on the faulty transformer. However, in the interim, customers will be temporarily back fed through alternative sources to mitigate the current blackout pending the completion of the repair.

    In a related development, the recent damage of the 33KV Electric Towers along Abeokuta Expressway, by a truck has resulted in power outage at Millennium Estate, LSDPC Estate Ojokoro, Agbado, Aboru, Jankara and other parts of Abeokuta environs.

    Technical teams have started effecting repairs, though restoration of power to affected areas, the company said, may take about a week.

    “Ikeja Electric deeply regrets all inconveniences caused our esteemed customers,” he added.

  • NIPOST decries huge debt by customers, tenants

    NIPOST decries huge debt by customers, tenants

    The Area Post Manager (APM), of the Nigeria Postal Services (NIPOST), in charge of Rivers Territory, Mrs. Danso Olayinka Olushola, has identified the inability to recover debts owed the agency as a major challenge.

    Olushola spoke in Port Harcourt, the Rivers State capital to mark the 2016 World Post Day celebration with the theme; Serving a new society: “Delivering beyond your doorstep.”

    She said: “The issue of non-payment of our facilities by our customers and tenants is a great challenge to us. Some customers, organisations, parastatals, agencies, are owing us and our marketing unit have been going round to meet them but most of these revenue are not coming. This is a great challenge for us.”

    But promised to lead the debt recovery drive the moment she settles down in the state.

    “By the grace of God we are moving out. Once I get the list of the debtors, we are moving out. I have come here to work and I know that there will be compliance.” She stated.

    Mrs Olushola said NIPOST has embarked on new innovation in line with the current global digital technology in mail service delivery to ensure customer satisfaction.

    According to her, apart from the conventional mail services such as post office boxes, private mail bags, postal agencies, among others, NIPOST has included new innovative services such as postal financial service, post cash and logistics service.

  • ‘Why meters are manipulated by customers’

    Customers and meter  installers are conniving to manipulate the equipment, The Nation  has learnt.

    The installers were hired by electricity distribution  companies( DisCos) because of shortage of skilled workers.

    It was gathered that some of those hired by the DisCos to install meters connive with corrupt customers to manipulate the meters for selfish reasons.

    The Nation’s findings reveal that the firms oftentimes use adhoc staff to instal meters, an issue, which is having undesirable effect on their operation.

    This issue made the firms to contend with several cases of meter bypass and the associated loss of revenue.

    A source close to one of the DisCos, who spoke on condition of anonymity, said many of the energy distributors are contending with several cases of meter bypass and loss of revenue occasioned by the use of unqualified workers to install meters.

    The source said the firms, as a result of these untoward practices, spend several months to install between 20,000 and 30,000 meters, which prevent customers from getting meters on time. This situation makes many customers to continue to pay estimated bills, and lose money.

    The source said: “There is no denying the fact that the firms were grappling with problems, such as finance, shortage of manpower, lack of skilled workers to carry out metering activities, estimated billings and others. While some of the DisCos have taken delivery of imported meters while others are yet to but distribution and installation of the meters continue to be a problem. The managements of the power firms were working hard to overcome the problem.”

    Ikeja Electric (IE) spokesman, Mr. Felix Ofulue, confirmed that there were not enough skilled workers to install smart meters, which the DisCos were deploying.

    He said the DisCos were deploying a technology known as Advanced Metering Infrastructure (AMI) to improve their operation, adding that the technology ensures that consumers use smart meters and interface with their DisCos.

    The meters, Ofolue said, are intelligent, interactive and provide a two-way communication between the DisCos and their customers, adding that the industry lack skilled workers that can install the meters

    National Power Training Institute of Nigeria (NAPTIN) Chief Executive Officer, Reuben Okeke said the sector lacked the capacity to install meters. He said many meters were by-passed because they are not well installed.

    He said the bypassing started from when the meters were installed, arguing that meters that were not properly installed were prone to manipulation.

    He said unscrupulous people tamper with meters during installation to prevent them from registering the actual amount of energy   consumed.

    Okeke said the development made NAPTIN to partner the United States Energy Association (USEA) to train people on how to install meters, among carrying out other technical responsibilities in the sector.

  • Chi rewards customers via Facebook, Twitter, others

    CHI  Limited is deploying Facebook, Twitter and Instagram, and other digital social networking space to serve and reward its customers. The firm constantly activates all important consumer touch points in exciting and fun ways that also reward the consumer.

    Active across all the leading social media platforms, Chi Limited, a fruit juices and beverages firm,  has concluded a series of social media contest such as ‘My 100 per cent Achievement Contest’ and ‘Tea Side of Life Promo’ for Chivita 100 per cent fruit juice and Chi Ice Tea respectively.

    Other promos included Hollandia Yoghurt’s ‘Colours of Goodness Contest’, Chi Happy Hour ‘Burst of Refreshment Dance Contest’, Chi Exotic ‘My Exotic Weekend Promo’ and Chivita Active ‘Vegetable fruit Mix Promo’.

    “The promotions generated huge interest and tremendous participation even as the number and quality of entries from consumers for the promos also ensured that it remained very interactive and competitive,” Chi Limited’s Head of Marketing, Probal Bhattacharya, said.

    He explained that to stand a chance of winning in the various social media contest, consumers had to like the brand’s page on Facebook and follow it on Instagram and Twitter. He said entries were to be made through the social media platforms. From the submissions, entries were selected and final winners emerged from the overall number of likes and points each of the selected entries received.

  • FirstBank eyes 10m new customers via agency banking

    FirstBank eyes 10m new customers via agency banking

    First Bank of Nigeria Limited is targeting to grow its customer base by over 10 million new customers in the next three years by deploying agency banking platforms.

    The expansion is in sync with the bank’s financial inclusion initiative.

    In a statement yesterday, the bank’s Managing Director and CEO, Dr. Adesola Adeduntan, who made this known in Lagos, said the lender has over 10 million customers, adding that its new management is working towards growing this to over 20 million by 2019 through a phased deployment of agency banking.

    Describing the FirstBank as a ‘strategically important Bank’ to the economy, Adeduntan said the objectives of the new management which assumed office in January, includes to retain the spot as the number one bank in the country and sub-region; and to continue to be fully embedded in the economy while delivering value to its stakeholders.

    Adeduntan added that despite the challenging environment, FirstBank’s fundamentals remain very strong and upside, affirming that an institution can hardly have an outlook beyond that of its operating environment a truism which rating agencies postures attest to.

    “We are optimistic of improved stakeholders’ return as the resilience of our heritage has prepared the Bank for a time like this,” Adeduntan added.

  • Know your customers

    Know your customer, popularly known as KYC, applies both to the exporter and the bank. It safeguards both of them from being implicated in aiding and abetting trade-based money laundering. The exporter needs to know the buyer abroad well enough-what is their business focus, for how long have they been in business, do they have other business interest etc, before it will approach the bank for funding.

    The bank, on the other hand, is expected to know the customer-exporter, well enough before going ahead to process their trade transactions. The more a bank knows its customers and understands the basis of its commercial relationship with them, the less likely it is to be associated with a firm that will attempt to present trade-based money laundering transactions.

    Those seeking to conduct criminal activity will usually not wish to have their operations, management, credit history or transactional record known thoroughly by that institution. KYC and Customers Due Diligence (CDD) requirements are broadly based on core principles including natural personalities, corporate details such as place of incorporation and registered trading address, account information, changes in customer information, monitoring of the account and material changes in ownership.

  • Lebanese flees with Nigerian customers’ $487,700

    The police have launched a manhunt for a Lebanese Bureau De Change (BDC) operator, Aly Sahad, who allegedly absconded with a customer’s $487,700 (about N178million).

    Sahad was said to have fled with the cash after the owners gave it to him in his office, SAMAX Manufacturers and Distributors at 5, Idowu Taylor Street on Victoria Island, last Tuesday.

    It was learnt that three men –Salisu Shuaib, Abdulsalam Isiaka and Mohammed Grima – reported to the police after waiting in vain for the suspect, who told them he was going to the bank to perfect the transaction.

    The complainants were said to have given the cash to the suspect for the naira equivalent to be remitted into their accounts.

    Sahad was said to have dug a hole on the wall through which he threw the cash out without raising suspicions, while the victims waited at the reception.

    The victims became worried when his workers told them at about 6pm that they were closing for the day.

    But they refused to leave without their money or the naira equivalent.

    The workers were said to have forced the door open and found a hole on the wall.

    It dawned on the victims that they had been duped and they went to the police station to report.

    It was learnt that the suspect, who tastefully furnished his office, is yet to pay the interior decorator and furniture company.

    He was said to have promised to pay them today; he also hired two taxi drivers, promising to also pay them today.

    The suspect allegedly slept with two prostitutes on credit, promising to pay them today.

    His 10 workers, who were employed two weeks ago on a monthly salary of N70,000, each, told the police that they were yet to be paid.

    The Nation gathered that the police went to the hotel where the Lebanese lodged and found that he had fled, leaving behind his clothes and other personal effects.

    Footages from the hotel’s Close Circuit Television (CCTV) showed that he might have fled with just a small bag he was holding.

    Police spokesperson, Dolapo Badmos, a Superintendent (SP), said the International Police (Interpol) had been contacted, adding that detectives were working on a lead.

    She said efforts were being intensified to track the suspect, adding that the case will be transferred to the State Criminal Investigation and Intelligence Department (SCIID) at Panti, Yaba, Lagos Mainland.

  • FCMB targets 3.8m customers

    FCMB targets 3.8m customers

    First City Monument Bank (FCMB) has announced the opening of its branch in Gbagada, in Lagos State with effect from June 13 this year. The lender also plans to raise its customers’ base to 3.8 million, with 600,000 expected join its base within this year.

    The new branch, on Diya Street, Ifako-Gbagada, is in line with its plan to make its operation accessible to its customers and members of the public.

    “The location of the branch takes  into consideration convenience for our customers and other people living in Gbagada, Shomolu, Anthony, Ogudu, Oworoshoki, Bariga, Akoka and the environs,” the bank said in a statement.

    The Vice President, Branch Management and Trade Services, Oluwakayode Adigun said: “We are pleased to establish a presence in the neighbourhood, as part of our continued retail drive. This is not just another branch as each of FCMB’s new branches brings with it, something special in terms of structure, aesthetics and above all, the excellent customer experience, to be provided by an excellent team of service professionals, who will not only serve you in the traditional manner, but also assist with mobile and internet banking registration and basic tutorials.”

    The bank’s Group Chief Executive/CEO, Ladi Balogun said: “With a robust product suite for businesses and individuals and our award winning service culture, we are intent on leveraging these capabilities by investing extensively in channels to reach more customers. Today, our customers are embracing alternative channels such as mobile at an impressive rate, whilst many still need the reassurance of an experienced banker and the infrastructure a branch offers.”

     

  • Erratic power supply: Kano DISCO apologises to customers

    Kano State Electricity Distribution Company (KEDCO) monday declared its intention to diversify into other sources of power generation, describing the current situation as frustrating and pathetic as a result of the activities of vandals who have been destroying gas pipelines and other facilities of power generation.

    Speaking to reporters at KEDCO headquarters in Kano, the Managing Director, Dr. Jamil Isyaku Gwamna said that already, the company has entered into Memorandum of Understanding (MoU) with investors to work out alternative sources of power generation.

    Gwawna who spoke through the Chief Technical Officer of KEDCO, Engr. David Omoloye, said that the company is ready to generate power through solar energy and wind power, adding that these two sources of energy when put in use in a couple of years will ease the current challenges faced in the course of power generation.

    The KEDCO boss, however, expressed bitterness over the issue of vandalization which is said has virtually crippled power generation and distribution across the country, thereby, affecting socio-economic activities negatively.

    According to him, “it is a serious situation which is presently beyond us; and I want I want our customers to have confident in us and show understanding in this trying period. It not our making those customers does not get adequate power supply.

    “Presently, we have been receiving only 50 megawatts in the past weeks which have made the situation pathetic. This is against 5000 megawatts that we receive before the current challenges caused by vandals.

    “It is the vandals that plunge us into this mess and that are why we are trying our best to see that we can get into other sources of power supply to augment the current situation. We deeply apologize to our customers and that is why the company is looking for other alternatives for renewable energy which our investors have already indicated interest.

    “You are also aware that Kano state government on its own is making efforts to generate 1000 megawatts from solar energy. You know that already, the government is in partnership with foreign investors to actualize this. So, in less than no time, things will improve.”