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Report: Bank Fraud Causes N6 Billion Loss Over Six-Month Period

Tosin Ranks
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Report: Bank Fraud Causes N6 Billion Loss Over Six-Month Period

In the first half of 2023, Nigerian banks faced a surge in fraudulent activities, encompassing mobile, computer/web, and Point of Sale (POS) fraud cases, leading to a total of 24,232 reported instances. This information comes from a report by FITC titled “Reports of Fraud and Forgeries in Nigerian Banks (Quarter 2, 2023).” The monetary impact was significant, with the total amount involved reaching N12.33 billion during this period.

The report revealed that during the second quarter of 2023, FITC received a total of 71 reports regarding fraud and forgery cases from 24 deposit money institutions. The breakdown showed 24 returns in April, 23 in May, and another 24 in June. Comparatively, the first quarter of 2023 saw 12,553 recorded fraud cases, which decreased to 11,679 by the second quarter.

Interestingly, mobile fraud, computer/web fraud, and POS-related fraud remained the most prominent types of fraud throughout both quarters. The data pointed to a staggering 276.98% rise in the total amount involved in fraud cases during Q2 2023 in contrast to the previous quarter. The sum escalated from N2.58 billion to N9.75 billion. The monetary loss also witnessed a substantial increase of 1125.03%, soaring from N472 million in Q1 2023 to N5.79 billion in Q2 2023.

While there was a 6.40% reduction in outsider involvement in fraud cases during Q2 2023 (dropping from 12,351 cases in the previous quarter to 11,561 cases), staff involvement in fraud increased by 22.22%, rising from 72 cases in Q1 to 88 cases in Q2 2023.

The report also highlighted that 26 appointments were terminated due to fraudulent activities in the first half of the year. Notably, fraudulent loans accounted for a significant loss of N6.03 billion in Q2 2023, followed by Computer/Web fraud at N1.47 billion (15.10%), Mobile Fraud at N751 million (7.7%), and fraudulent withdrawals totaling N663 million (6.79%).

Channels such as ATMs, online platforms (web and mobile banking), bank branches, and POS terminals were identified as the mediums for these fraudulent activities in Q2 2023. In light of these findings, FITC recommended that Nigerian banks should bolster their security protocols and systems to prevent unauthorized access to customer accounts and sensitive information.

 

 

“Report: FG Generates 2 Trillion Naira in Taxes from Google, Facebook, and Foreign Companies”

Tosin Ranks
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“Report: FG Generates 2 Trillion Naira in Taxes from Google, Facebook, and Foreign Companies”

Foreign companies including Google, Netflix, and Facebook, operating in Nigeria, have contributed more than N1.98tn in taxes to the Federal Government’s account over a 15-month period. This sum encompasses both Company Income Tax and Value Added Tax, and the data originates from the National Bureau of Statistics.

The tax collection comprises a 30% Company Income Tax imposed on company profits and a 7.5% Value Added Tax applied to goods and services purchased. This is in accordance with the Federal Inland Revenue Service.

Earlier, the Nigerian government had expressed intentions to tax foreign digital service providers catering to Nigerians and earning revenue in the local currency. These providers, like video streaming sites, social media platforms, and digital content download platforms, are expected to adhere to digital tax regulations set by the Federal Inland Revenue Service.

This approach was defined by the Companies Income Tax (Significant Economic Presence) Order, 2020, an amendment of the Finance Act 2019. This order aimed to levy taxes on foreign entities with a Significant Economic Presence in Nigeria.

Foreign companies like Netflix, Facebook, Twitter, Alibaba, and Amazon that offer digital services to Nigerians, generating revenue through data processing, online advertising, and e-commerce, are subject to these tax regulations.

The new regulations are applicable to companies with annual income of N25 million or its equivalent in other currencies from Nigeria. Also included are companies with a Nigerian domain name (.ng) or a website address in the country.

Under the SEP order, foreign companies engaged with Nigerians and tailoring their digital platforms for the Nigerian audience by displaying prices in local currency are obligated to pay taxes.

The Federal Government introduced a six per cent tax on the turnover of offshore companies providing digital services to Nigerian customers, as per the 2021 Finance Act. This tax applies to digital services like apps, electronic data storage, and online advertising, and is intended to create a fair and reasonable taxation framework.

The tax policy was incorporated into Section 30 of the Finance Act, which modified Sections 10, 31, and 14 relating to VAT obligations for non-resident digital companies.

To ensure compliance, foreign digital companies will collaborate with the Federal Inland Revenue Service, with these companies responsible for collecting and remitting VAT payments on behalf of the Nigerian government.

Despite concerns regarding enforcement without international consensus, it’s reported that these foreign digital companies have contributed over N1.98tn in taxes between Q1 2022 and Q1 2023. The Nigerian government collected N1.32tn through Company Income Tax and N661.93bn through Value Added Tax from these companies during this period.

Company Income Tax collections showed fluctuations across quarters, with a decline of 50.87% on a year-on-year basis and 57.94% on a quarterly basis. On the other hand, Value Added Tax collections experienced a year-on-year increase of 28.09% but a quarterly decline of 5.44%.

Jagunjagun: With Femi Adebayo and Kunle Afolayan, something remarkable is happening in Yoruba Nollywood – Yinka Ogunde.

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Jagunjagun: With Femi Adebayo and Kunle Afolayan, something remarkable is happening in Yoruba Nollywood – Yinka Ogunde.

Let me start by giving a big kudos to Femi Adebayo for raising the bar and elevating Yoruba Nollywood to a level that few have attained.

 

Coming from a family with a consistent and true legacy, it is not surprising that Femi has evolved and emerged to give us this remarkable film.

 

The amount of work put into creating a film that Netflix is proud to showcase is truly commendable.

 

While much has been said about the technical expertise, storyline, and phenomenal actors, I want to approach this review from a personal angle.

 

Last week, I promised to write a review but got caught up in planning my TOSSE program and forgot. However, this morning, I received a message from a dear friend and highly distinguished Nigerian, urging me to watch the film and giving it glowing reviews. He also linked it to the journey of early Nollywood Yoruba films.

 

This shows that with people like Femi Adebayo and Kunle Afolayan, something remarkable is happening in Yoruba Nollywood.

 

Looking at their pedigrees, it is evident that both Femi Adebayo and Kunle Afolayan come from families deeply rooted in the industry. Kunle Afolayan is the son of the beloved Ade Love, and Femi Adebayo is the son of the respected “Oga Bello.” Femi has undoubtedly paid his dues in the business, and it must bring great joy to his father to see him build on what he began and take it to a level he never envisioned.

 

This brings us to the importance of leadership and succession planning. It would be interesting to know what Ade Love and Chief Adebayo did to ensure that their children could embrace their art, make it their own, and make it relevant to today’s society in a creative and modern way while still staying true to tradition.

 

I believe education and exposure played a significant role in this process. The decision to stay relevant at all times, not give up, and fight through the odds to break the glass ceiling.

 

Congratulations, Femi… this is undoubtedly a far cry from the ANTP days.

 

I could go on and on about succession planning and the importance of passing the baton, but I don’t want to digress.

 

I hope this will serve as an encouragement to other theatre families who have built solid names to think ahead, plan ahead, and know that they can raise the bar. We have many of these families in Yorubaland that we are incredibly proud of, including Hubert Ogunde, Duro Ladipo, Kola Ogunmola, and more.

 

As for the film, “Jagun” is truly a great watch. It is evident that a lot of effort and passion went into its creation, and we can all be proud of the Adebayo clan.

 

Congratulations, Oga Bello, sir.

Nollywood heist movie ‘Charlie And The Boys’ lands official release date

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Nollywood heist movie ‘Charlie And The Boys’ lands official release date

Nollywood heist movie ‘Charlie And The Boys’ lands official release date

 

After an exciting teaser in December 2022, we now have a release date for Charlie And The Boys.

 

What we know so far about Jade Osiberu’s new title Everything Scatter.

The gripping heist adventure sees Kanayo O. Kanayo take on the lead role of a skilled thief named Charles Omokwe, also known as Charlie Fingers, who is back on the streets after serving a year in prison for a heist gone wrong.

 

Determined to exact revenge against the man who betrayed him, Charlie forms a cunning plan to steal a priceless 14th-century artefact, all while evading the relentless pursuit of the law. The film takes viewers on a roller-coaster ride as Charlie and his crew manoeuvre through a dangerous game of cat and mouse, leaving audiences guessing at every turn.

 

Written by Nwamaka Chikezie and directed by Sele Got, Charlie And The Boys features Tina Mba in a supporting role as Officer Fashood, a by-the-book police officer determined to catch Charlie and his crew.

 

The cast for the Damn Good Studio Production includes Sani Mu’Azu, Seun Ajayi, Loud Voice, Erica Opia Bale, Lantana Ahmed, Gloria Lemmy Johnson, Folake Akinfewa, Ozioma Onodigbo, Fredrik Skog, Mårten Skog, and Peter Sivlér.

 

Distributed globally by Tribe Nation Theatrical Distribution, the film is produced by Bem Pever and Sele Got. It was shot in Abuja and Dubai.

 

Ahead of the release, the heist movie was screened at a special event in May 2022, in Stockholm, Sweden, for a mix of the Stockholm business community and a visiting Nigerian government delegation.

 

Richard Mofe-Damijo plays the lead in ‘The Black Book’ NetflixNaija

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Richard Mofe-Damijo plays the lead in ‘The Black Book’ NetflixNaija

‘The Black Book’ is coming to Netflix in September

The highly anticipated mystery and crime thriller features Nollywood veteran Richard Mofe-Damijo.

 

Richard Mofe-Damijo plays the lead in ‘The Black Book’ [NetflixNaija]

Richard Mofe-Damijo plays the lead in ‘The Black Book’ [NetflixNaija

The Black Book finally has a confirmed release date.

Editi Effiong’s first feature film is set to premiere later next month. Produced and directed by the storyteller, the mystery and crime thriller film explores old scores that surface when a gang of corrupt policemen kill a man’s only son and he begins a search for justice.

 

As the lead, Richard Mofe-Damijo had to prepare not just mentally or emotionally, but physically too. He did a lot of boxing, weapons training, and fight sequences alongside Denola Grey, who plays his son in the movie.

 

In addition to these two, viewers can expect explosive performances from Ade Laoye, Sam Dede, Alex Usifo Omiagbo, Olumide Oworu, Shaffy Bello, Ireti Doyle, Taiwo Ajayi Lycett, Ikechukwu Onunaku, Patric Doyle, Bimbo Manuel Femi Branch, Kelechi Udegbe, and Nobert Young.

 

The Black Book is one of the seven movies and shows, including Aníkulápó: The Series and Ólòtūré: The Series, that will be making their debut on the platform between this year and 2024. This announcement came after the platform’s first exclusive talent appreciation event in Nigeria, dubbed Lights, Camera…Nigeria!

 

In addition to The Black Book, you can expect to see titles like All We Had, Whitney Houston: I Wanna Dance with Somebody, 6ixtynin9, and Top Boy season 3 on the streaming platform next month.

 

 

 

LAYIWASABI is the most intelligent skit maker in Nigeria.

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LAYIWASABI is the most intelligent skit maker in Nigeria.

LAYIWASABI is the most intelligent skit maker in Nigeria. While this may be true, I have a slightly different opinion. I see Layiwasabi as someone who has successfully utilized his intelligence in skit making.

Have you ever come across individuals who possess wit and acumen but always seem to be unserious in their pursuits? That is exactly who Layiwasabi is. Even though he studied law, which is his brand identity, if he were to practice it in a courtroom, the judges would be unable to contain their laughter and entertainment. The courtroom is typically a serious place for legal matters.

 

Fortunately, skit making has given Layiwasabi global visibility. He has also hosted numerous events since his secondary school days, where he discovered his unique talent. He inherited his witty and funny attributes from his mother.

Layiwasabi’s physical attributes, such as his height, movements, expressions, and the words he delivers, are all humorous and intelligently funny. He possesses what we call verbal intelligence.

 

I personally believe that everyone is intelligent, as there are about eight types of intelligence. However, one must identify their specific area of intelligence in order to express it effectively.

Here are some lessons to learn from Layiwasabi:

 

1. Find your area of intelligence and use it to your advantage. Identify the area where your creativity flows naturally without any mental blockages.

 

2. Embrace and leverage your physical attributes. Whether you are lanky, skinny, short, tall, dark, fair, or fat, use it to your advantage.

 

3. Surround yourself with people who bring out the best in you. Avoid individuals who make you feel bad about your appearance, as it can negatively impact your self-esteem.

 

4. Create a recognizable personal style. Choose a specific color, style, or trademark outfit that enhances your visibility and strengthens your brand identity. Think of Michael Jackson and his iconic outfits.

 

5. Continuously improve and master your skills. Don’t settle for what you already know; strive to enhance your abilities and become a master of your craft. This will allow you to naturally express your creativity and ingenuity.

 

6. Prioritize your brand visibility. No matter how skilled or talented you are, if you’re not visible, no one will know about you. Invest in building your brand visibility and don’t underestimate its importance.

 

Ololade Mi Asake – The Rise Of A Star

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Ololade Mi Asake – The Rise Of A Star

The Rise of Ololade Ahmed, fondly known as Asake, started his journey as a floater, unsure of what the future held for him. However, fate had something remarkable in store for him. He eventually gained admission to study Dramatic Arts, but it wasn’t the course that changed his life, it was the friendships he formed at O.A.U.

During his time at O.A.U., Asake crossed paths with a group of talented individuals who would become his closest friends and allies in the music industry. Yhemolee, Fireboy, Super Boy Cheque, Chinko Ekun, and Blaqbones were all embarking on their own musical journeys, and their passion and determination rubbed off on Asake.

 

After graduating in 2016, Asake, Yhemolee, and Super Boy Cheque returned to Lagos without a clear plan. Yhemolee arranged for Asake to stay with a friend in Ajah, while Super Boy Cheque remained with him. Asake’s family resided in Lagos Island, so he embarked on the journey back home with his loved ones.

Yhemolee, with his natural talent for comedy, started posting skits on Instagram. His hilarious videos caught the attention of industry heavyweights like Don Jazzy and Tunde Ednut, leading to his rise as an influencer. Yhemolee ventured into crypto and offered financial stability and housing to Asake, who was still struggling to find his footing in the music industry.

 

While Super Boy Cheque, Chinko, and Fireboy found success under the wings of Phyno’s Penthauze and Olamide’s YBNL, Asake faced numerous rejections. He repeatedly reached out to Olamide, hoping for a record deal, but received no response.

However, fate smiled upon Asake in 2022 when Olamide inquired about a talented artist. Yhemolee saw this as an opportunity and introduced Asake to Olamide, sharing his impressive track “Omo Ope.” The song resonated with Olamide, who decided to do a verse on it. Asake couldn’t believe his luck when Yhemolee played the verse for him, and tears of joy streamed down his face.

 

The release of “Omo Ope” featuring Olamide became a turning point in Asake’s career. The track catapulted him to fame, and Olamide was so impressed that he extended an invitation for Asake to join YBNL. Without hesitation, Asake accepted, knowing that this was his golden ticket to success.

 

Within a year, Asake went from being an emerging artist to a global sensation. His talent and the unwavering support and connections of his friend, Yhemolee, propelled him to new heights. Asake filled the prestigious O2 arena, leaving audiences in awe of his talent and stage presence.

 

The rise of Ololade Ahmed, now known as Asake, serves as a testament to the power of friendship and perseverance. With his name shining brightly in the music industry, Asake will forever be grateful for the friendships and opportunities that transformed his life.

Kiki Omeli Transition From Medicine To Acting

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Kiki Omeli Transition From Medicine To Acting

Did you know that Nollywood actress Nkiruka ‘Kiki’ Omeili, popularly known as Kiki Omeli, is not only a talented actress but also a qualified Medical Doctor?

In 2006, Kiki Omeli successfully completed her Medical degree at the College of Medicine, University of Lagos. However, she made the bold decision to pursue her true passion for acting, believing that it was her true calling.

 

Transitioning from medicine to the world of acting was not without its challenges. Some filmmakers were hesitant to cast her, doubting her abilities due to her medical background. However, Kiki Omeli remained determined and resilient in the face of adversity.

With unwavering faith, hard work, dedication, and perseverance, Kiki Omeli has managed to establish herself as a prominent figure in the Nigerian film industry.

 

Her breakthrough came when she portrayed the character of Lovette in the popular TV series “Lekki Wives,” which was released in 2013. This role catapulted her to fame and showcased her exceptional acting skills.

 

Kiki Omeli is not only a brilliant actor but also possesses the ability to bring her characters to life with authenticity and depth. Her talent is undeniable, and her beauty adds to her charm.

 

It is no surprise that Kiki Omeli has garnered a significant fan base, with many admirers, including yourself, being captivated by her talent and allure.

 

This story serves as a reminder that if you have a true passion, it is essential to pursue it relentlessly. Kiki Omeli’s journey is a testament to the power of perseverance and following one’s dreams.

 

 

Filmmaker Stephanie Linus has been appointed as the chairperson of the Nigerian Official Selection Committee for the Oscars

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Filmmaker Stephanie Linus has been appointed as the chairperson of the Nigerian Official Selection Committee for the Oscars

Nollywood actress and filmmaker Stephanie Linus has been appointed as the chairperson of the Nigerian Official Selection Committee for the Best International Feature Film category at the prestigious Academy Awards (the Oscars).

Stephanie Linus is replacing Chineze Anyaene-Abonyi, another Nigerian who recently stepped down from the position.

 

The IFF Award (formerly labelled as the Best Foreign Language Award) is given out every year by the Academy to a full-length movie created outside the United States, having 50 per cent or more of its dialogue in languages other than English.

The Oscars also have a few other requirements for submitted films, like having precise English subtitles, appropriate shooting formats, and proper theatrical releases.

According to This Day, ‘the newly formed NOSC team will be tasked with collecting, screening, and voting on entries to represent Nigeria in the IFF category for the upcoming 96th Academy Awards.’

The NOSC emphasizes that its new membership list brings together individuals with diverse creative backgrounds to contribute to the process of selecting the best film from Nigeria. Its newly reconstituted members also include Chidia Maduekwe, Managing Director of the Nigerian Film Corporation; Victor Okhai, President of the Directors’ Guild of Nigeria; veteran actress Omotola Jalade-Ekeinde; Andy Amenechi, former President of the DGN; Yibo Koko, a theatre practitioner; and Izu Ojukwu, writer, and director.

Other members include Adetokunbo Odubawo, alias DJ Tee (producer, director, cinematographer), Emem Isong (producer, screenwriter, film director), Dimeji Ajibola (director and producer), Jude Idada (director, actor, and writer), John Njamah (actor and director), Meg Otanwa (actress), and Ngozi Okafor.

AWS has inaugurated its inaugural African Skills Center in South Africa.

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AWS has inaugurated its inaugural African Skills Center in South Africa.

The AWS Skills Centers are specialised, on-site cloud learning facilities designed by Amazon for anyone interested in cloud computing, potential career paths within the industry, and how to develop the skills required to advance their professional aspirations.

“Anyone in the local community — regardless of background, education, or social status — can explore how cloud computing technology is powering everything from weather predictions to smart homes,” the company said in a statement.

The company also mentioned that each centre provides several free public cloud training and career exploration activities.

According to the World Economic Forum’s The Future of Jobs Report 2023, most organisations identify skills gaps and an inability to attract talent as the primary barriers to industry transformation. By 2027, 60% of workers will need training, but only half can currently access sufficient training opportunities.

Consequently, AWS said the new facility in Cape Town will increase community transformation efforts and workforce-development initiatives. One of the main goals is to level the playing field by offering free education programmes to nontechnical workers, which will assist in meeting the increasing demand for qualified cloud talent.

“Each space is designed to engage visitors by showcasing how cloud technology is powering everything from weather predictions to robotics. Visitors learn by participating in a variety of fun and interactive experiences.” the company adds.

For instance, the Cloud Discovery Space has eight interactive exhibits that show how the cloud helps with gaming, cybersecurity, machine learning, and other activities.

Moreso, learners can use training and resources to prepare for the AWS Certified Cloud Practitioner certification, which validates their skills and increases their employability.

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