ECONOMYMONEY MARKETTOP STORY

Banks lose N18.02bn to fraud in 2015, 30% less than 2014– NDIC

The Nigeria Deposit Insurance Corporation (NDIC) said on Tuesday in its annual report that fraud cases in the banking sector increased by 15.71 per cent in 2015.

The corporation explained that a total of 12,279 fraud cases were reported, representing an increase of 15.71per cent over the 10,612 fraud cases reported in 2014.

However, the amount involved decreased significantly by N7.59 billion or 29.63per cent from N25.608 billion in 2014 to N18.021 billion in 2015.

Similarly, the actual loss suffered by the insured banks decreased by N3.02 billion or 48.79per cent  from N6.19 billion in 2014 to N3.17 billion in 2015.

The report noted that the actual loss sustained in respect of internet banking fraud was N857 million, representing 27per cent of total actual loss of the industry.

It said:  “There was an increase in the frequency of ATM/Card-Related Fraud cases from 7,181 in 2014 to 8,039 in 2015, an increase of 11.95 per cent.  However, the loss suffered by the industry due to such frauds declined significantly by 59.4per cent  from previous year figure of ₦1.242 billion to ₦0.504 billion, representing 15.9per cent  of total industry loss to frauds and forgeries.”

Out of the 12,279 fraud cases reported by the Deposit Money Banks (DMBs), 425 cases were attributed to staff. The number of fraud cases perpetrated by staff had decreased from 465 in 2014 to 425 in 2015. Similarly, losses arising there from substantially decreased by 70% from N3.165 billion in 2014 to ₦0.979 billion in 2015. The highest percentage of frauds and forgeries cases of 38.59per cent was perpetrated by temporary staff.

With regards to the financial condition of DMBs, the NDIC report said the banking industry total assets grew marginally by 1.36per cent, with total loans and advances rising by 5.56 per cent , shareholders’ funds unimpaired by losses increased by 14.02 per cent  while capital adequacy ratio stood at 17.66per cent .

However, total deposit liabilities declined by 2.83per cent, while unaudited profits decreased by 2.02% and non-performing loans increased by 82.87per cent in 2015.

The annual report added that the banking industry capital base remained strong giving that the capital adequacy ratio (CAR) of the banking industry was 17.66per cent in 2015 compared with 15.92per cent in 2014.

The cumulative amount of loans recovered over the years the NDIC said stood at N27.41 billion as at 31st December, 2015 compared with N26.75 billion as at 31st December, 2014.

Similarly, the cumulative risk assets recovered from closed Micro Finance Banks (MFBs) amounted to N125.61 million as at 31st December, 2015 compared with N124.38 million as at 31stDecember, 2014 while the debt recoveries from the debtors of Primary Mortgage Banks (PMBs) in-liquidation amounted to ₦24.73 million as at 31st December, 2015.

During the year under review, the NDIC also paid ₦2.41 billion as total liquidation dividends to 550 shareholders of six DMBs-in-liquidation as at 31st December, 2015 as against N2.03 billion paid to 453 shareholders of DMBs-in-liquidation as at 31st December, 2014.

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    The anthem of Canada sounded in Rio All-Suite Hotel and Casino
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    In addition, Daniel Negreanu, a resident of Toronto, was so good in Australian and US competitions that earned the WSOP 2013 ‘Player
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    When in late June Kristen Bicknell from Ontario won the women’s tournament,
    it a new achievement has been recorded: the bracelets have
    been awarded to ten players from Canada, which is a huge progress after three
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    As usual, the majority of players represented at the WSOP were the U.S residents: 57,040 out of a total number of 79,471.
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    Enhanced capabilities of information technology and personal gadgets fueled
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    According to Firebear Studio, a prominent IT company, global
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    This direction couldn’t have left online gambling untouched, which is evidenced by comprehensive researches of the authoritative H2 Gambling Capital
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    The concept of ‘online gambling’ causes misunderstandings.
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  • OK, so its not a real, folded steel samurai sword. Those cost thousands, and you get what you pay for, however, compare the price to an $85 Ka-bar, and you begin to see how reasonably priced this sword is. The quality and craftsmanship of this sword is easily comparable to any mid-range, mass-produced combat knife made by companies like Ka-bar or Ontario. You are paying for a sword that is handmade with modern materials and knifemaking techniques – high carbon steel with a clay-tempered “hamon” edge. No joke, the edge is sharp enough to shave with. I plan on purchasing the matching Katana, and I already purchased 2 Mushashi style (#670) tsuba to make the set truly no-frills.

  • This sword is better than what I expected. Solid construction, no loose parts, sharp, no scratches or nicks. The sword itself is beautiful. They did all the customization I wanted, and got here a week earlier then stated. Overall great experience with buyer, and I am more than happy with this product.

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  • This was or is a gift for my son who is in the Navy and stationed in Japan. He loves it and I bought a second one for one of my sons who was in the Marine Corp.. beautiful and very sharp for sure.. just love it and I am glad I chose this over others I had researched.. Best for the money too.

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