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Banks lose N857m to frauds –NDIC Assets hit N3.4tr
The 79 insured banks in
the country lost
N857.46 million to fraud last year, even as their total asset grew by 12.9 percent from N2,980.49 billion (2.9 trillion) in 2002 to N3,365.21 billion (N3.4 trillion in 2003).
The Nigeria Deposit Ins-urance Corporation (NDIC) disclosed this in its 2003 ann-ual report and statement of accounts released at the wee-kend in Abuja, which said “many banks during the year under review, continued to engage in sharp and unwho-lesome practices, including weak or non-existent board oversight of the activities and operations of the banks.
“Some boards had appa-rently abdicated their super-visory roles to their manag-ements and were often una-ware of the poor financial co-ndition of their banks. Also, some had failed to institute appropriate internal controls and sound management inf-ormation systems in their banks. The weak internal con-trol systems had facili-tated frauds and forgeries in some insured banks,” the report said.
As a consequence of this, the report said, “repo-rted cases of fraud and forg-eries increased significantly from 796 in 2002 to 850 in 2003, depicting about 6.8 per-cent increase,” even as the total amount involved in such frauds decreased from N12,919 million (N12.9 billion) in 2002 to N9,383 million (N9.4 billion) in 2003, representing a decrease of about 27.4 percent.
Similarly, expected loss to fraud last year was put at N857.46 million in December 2003 compared to N1,299.69 million (N1.3 billion) in Dece-mber 2002. The report how-ever stated that the establ-ishment of the Economic and Financial Crimes Comm-ission (EFCC) last year and the commencement of the ‘War’ against perpetrators of advance-fee fraud popularly known as ‘419’ served to mo-derate the negative perce-ption of Nigeria by interna-tional investors.
Reviewing the develop-ments in the banking indu-stry last year, the NDIC said insured banks enjoyed “a better and more stable oper-ating environment than in the preceding year”, but that the overall performance of the economy was “less-than-satisfactory,” stressing that the year 2003 was difficult for all economic agents inclu-ding insured banks.
The report said the gro-wth of the real gross dome-stic product (GDP) in 2003 was estimated at 3.5 percent as against 5.0 percent targ-eted, “due mainly to the eff-ects of infrastructural defici-encies and structural rigid-ities in the economy,” adding that government efforts at moderating increases in the general price level during the year did not produce the des-ired results as the year-on-year inflation rate increased in December 2003.
In line with the overall mandate of promoting the safety and soundness of the banking industry, it conti-nued with supervision of insured banks through both on-site examination and off-site surveillance, stressing that its analyses provided early warning signals on the inherent risks in the opera-tions of insured banks during 2003.
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Governor’s wife weeps
at boy’s eyes
Mrs. Oluwatoyin
Bukola Saraki, wife
of the Kwara State governor, Dr. Bukola Saraki, broke down in tears on a visit to a 14-year-old boy, Jamiu Issa, whose two eyes were reportedly plucked out at Igbaja, in Ifelodun local gove-rnment area of the state.
Mrs. Bukola, who accom-panied her husband on the visit to the University of Ilo-rin Teaching Hospital, Ilorin, where the victim was recei-ving treatment, could not hold back tears on sighting the boy.
Narrating his ordeal to Governor Bukola, Jamiu said suspected herdsmen force-fully removed his two eye-balls while he was working in his father’s farm on Satu-rday July 17, at about 7 am.
Visibly touched by the act, Dr. Saraki described it as “barbaric,” happening in the 21st century and promised, “to use all the government machinery to bring to book the perpetrators of the hein-ous crime”, and said the government would assist in the treatment of Issa and ensure his rehabilitation.
“We will look for those behind this crime with the might of the government. We are not going back by God’s grace. We will look for them and this will never occur again in our state,” the governor declared.
Meanwhile, the governor has directed all the tradit-ional rulers in the area to summon an emergency mee-ting to assist the law enforc-ement agents to track down those behind the crime.
Car gift to Zamfara NASS members:
APGA threatens court action
Members of the
Natiaonal
Assembly representing Zamfara at both the lower and upper chambers that collected a 406 car gift from Governor Ahmad Sani of the state have been given 21 days to return them or face legal action.
Briefing newsmen in Gusau, the state capital, the Secretary –General of the All Progressive Grand Alliance (APGA), Alhaji Sani Abdullahi Shinkafi, condemned the action of Governor Ahmad Sani, for purchasing and distributing such expensive cars to the said members who are not supposed to enjoy the gesture.
According to him, when Ahmad Sani took over for a second tenure on May 2003, the people of the state expected something tangible from him, which were lacking in terms of development.
“This shows that the governor does not have the people of the state in his heart.”
The Secretary Genreal also point out that the action of the governor shows his recklessness and looting of the state treasury, which is contrary to the nation’s laws. I want also to categorically state here that the commissioner of police and the director of SSS in the state should ensure the protection of the people of the state as well as the security of their lives and properties,” he added. He said life it is outrageous that Governor Ahmad will purchase a brand new 406 Peugeot car and distributed them as gifts to the so called National Assembly members.
He praised Sen. Saidu Dansadau for rejecting the offer and therefore adviced the rest of his colleaques to emulate him by returning their.
On the issue of the new programme introduced by the state government popularly known as “ZAFISDEP” the APGA totally rejected the programme which it described as a new system of looting government funds, and therefore called for the cancellation of the bill signed by Governor Sani for its establishment within 14 days or face legal action.
He further commented, that the deduction of local government funds by the administration of Ahmad Sani in respect of the progamme should also stoped immediately so as to allow them (local government) effectively discharge their developmental projects for their people which initially the fund is meant for.
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