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Heritage Bank, PWC, Deloitte Canvass Use Of Tech To Rescind Effects Of Covid-19, Tackle Fraud

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4 years ago

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Heritage Bank Plc, Nigeria’s Most Innovative Banking Service provider has called on internal auditors of banks to adopt the various digital technologies to prevent fraud and annul the adverse impact of Covid-19 on the financial ecosystem.

Speaking at the just concluded 47th Quarterly Meeting of the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN), the MD/CEO of Heritage Bank, Ifie Sekibo disclosed that for improved banking operations and a safer financial system for stakeholders, internal auditors must be dynamic and quick to adopt various digital measures.

Raising the alarming impact of fraudulent activities in the banking sector, Sekibo quoted PricewaterhouseCoopers’ (PWC’s) Global Economic Crime and Fraud Survey 2020, revealing that the total cost of cybercrimes is worth an eye-watering $42 billion, which was cash taken straight off companies’ bottom line, whilst 13% of those who had experienced fraud said they had lost $50 million-plus.

Sekibo, who spoke on the theme, “Elevating Internal Audit’s Role in the Face of Emerging Risks and Opportunities” organized virtually and hosted by the Heritage Bank, urged, “While it was sufficient for yesterday’s auditor to understand regular and routine banking practices such as credit, treasury, etc in his traditional assurance role, for him to be relevant in harnessing the opportunities in today’s business world, he must become versed in cybersecurity, artificial intelligence, data analytics, fraud management, regulatory pronouncements, forensics, etc and having equipped himself, present balanced, objective audit reports to Executive Management while striking the right balance between the assurance and consulting responsibilities.”

In her keynote address, titled, “Elevating Internal Audit Role In The Face Of Emerging Risks and Opportunities,” Ibukun Beecroft, Partner Risk Advisory at Deloitte, noted that the banking industry in Nigeria today has adopted various digital measures to keep the business running and delivering services to the customers but there was a need for Internal Audit (IA) positioned to provide the required assurance and consulting services in the face of the changes and attendant risk, particularly increased cyber-risks.

Quoting the 2018 Financial Stability Report by the Central Bank of Nigeria, she stated that Banks recorded 25,029 confirmed cases of fraud and this resulted in a loss of N2.21 billion. More than 90% of fraud cases in 2018 were perpetrated via technologically driven channels.

“As Internal Auditors, the knowledge of the technology would enable us to identify gaps in our core banking applications and other applications and provide relevant recommendations to eliminating loopholes that may serve as an avenue for potential fraud.

She, however, advised auditors on the need to focus on advanced technologies and risk management operations as reflected around the Three Lines of Defense (3LOD) churned out by the Institute of Internal Auditors, which create opportunities for IA and its future role.

Beecroft warned that the ever-changing landscape and evolving risks in the banking industry could render the current internal audit plan obsolete.

According to her, internal auditors should reprioritize the audit plan as soon as possible to provide assurance over the most consequential risks while being cognisant of the impact on operations.

“To take advantage of these changes and disruptions, auditors need to rethink their role by adapting to and embracing change, enabling the IA function to become more agile, nimble, and forward-looking, thus driving change through the 3LOD,” Beecroft stated.

Yetunde Oladeji, Director Internal Audit Services at PricewaterhouseCoopers Limited (PWC), who spoke on the theme, “Elevating IA’s role to meet today’s emerging risks,” advised that the banking sector should be dynamic, prioritize digitization and flexible workforce strategies as these would determine its ability to adapt to rapidly changing circumstances to survive and thrive.

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BIG STORY

Court Sentence FCMB Branch Manager To 121 Years In Prison For Embezzling N112million From Customer’s Account In Anambra

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23 hours ago

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May 4, 2024

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One of FCMB’s employees was sentenced to prison for fraud and embezzlement, which was the worst shock of the year for the prestigious financial organisation in Nigeria.

Mr. Nwachukwu Placidus, the bank manager at First City Monument Bank FCMB, Onitsha, Anambra State, was sentenced to 121 years in prison by Justice S. Odili at the Anambra State High Court in Onitsha, Anambra State, for embezzling N112 million from a customer’s fixed deposit account.

A former manager of the First City Monument Bank branch in Onitsha was found guilty and sentenced to 121 years in prison for stealing N112,100,000 in fixed deposit money from a customer for personal use.

The honourable justices delivered the verdict that resulted in this outcome. This is tantamount to a breach of trust by the former manager which has attracted a huge jail term.

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BIG STORY

Lagos Government Intensifies Effort To Arrest Dolphin Underbridge Illegal Landlord

Published

23 hours ago

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May 4, 2024

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The Lagos State Government has launched a manhunt for the individual who gave the apartments to tenants under the Ikoyi bridge after 36 illegal residents of the Dolphin underbridge bridge were apprehended.

It further revealed that during the clearance operation, the Lagos State Environmental Sanitation Corps (LAGESC), the ministry’s enforcement unit, arrested no fewer than 36 renters.

Tokunbo Wahab, the commissioner for the environment and water resources, revealed this on Friday at a briefing for reporters regarding the government’s actions through the ministry during the previous year.

He said: “Just about 24 hours ago, the operatives carried out an operation that unearthed a major illegal housing settlement constructed under the Dolphin Bridge Ikoyi.

“An unbelievable 80 rooms partitioned 10×10 and 10×12 and a container used for different illegal activities was also discovered.

“All the structures have been dismantled and a total of 36 miscreants who lived under the were arrested while efforts are being intensified to arrest the ring leaders who rented out the underbridge apartments which also add electricity supply,” it added.

The state government had earlier dislodged tenants under Dolphins Estate Bridge, who paid N250, 000 annually to yet to be identified landlords.

The tenants, who were dislodged in the process were discovered during an enforcement exercise by officials of the state government during demolition of illegal structures.

He added that the enforcement team of Lagos State’s Ministry of Environment and Water Resources had successfully removed all structures, including a container utilised for various illegal activities, from beneath the Dolphin Estate Bridge.

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BIG STORY

Olubadan: New Twist As Ladoja, Kingmakers Disagree On Settlement Terms

Published

2 days ago

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May 3, 2024

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The enthronement of Oba Owolabi Olakulehin, the 43rd Olubadan of Ibadanland, took a new turn yesterday when the Otun Olubadan, High Chief Rashidi Ladoja, the former governor of Oyo State, and other kingmakers couldn’t agree on the terms of settlement that would have made the enthronement process easier.

While entertaining Mogajis in Ibadanland led by Chief Asimiyu Ariori in his Bodija residence, Ladoja indicated his willingness to drop the lawsuit he had brought against Olubadan-in-Council members, provided that both sides agreed to sign the settlement conditions as they were written.

He said: “Myself and other members of Olubadan-in-Council have been sitting together and talking. We have accepted to withdrawal the case.

“I heard that they have started signing the agreement. After all of them have signed, I will also sign my own aspect, and the next day, we will file for withdrawal of the case from court.

However, other members of Olubadan-in-Council who are defendants in the suit have argued that there is no need for signing of any terms of settlement paper, as they have already abided by the 1957 declaration.

A meeting held yesterday at Olubadan palace, Oja’ba was attended by Osi Balogun, Oba Lateef Gbadamosi Adebimpe; Asipa Olubadan, Oba Abiodun Kola-Daisi; Asipa Balogun, Kola Adegbola; Ekerin Balogun, Oba John Isioye-Dada and Ekaarun Olubadan, Oba Adebayo Akande.

The Otun Olubadan, High Chief Rashidi Ladoja; Osi Olubadan, Oba Eddy Oyewole; Otun Balogun Oba Tajudeen Ajibola; Ekerin Olubadan, Oba Hamidu Ajibade Salaudeen and Ekaarun Balogun, Oba Abiodun Azeeez were absent.

Oba Adebimpe, speaking on behalf of other members of the council in attendance at the meeting, said event had overtaken the terms of reference as contained in the agreement paper, hence no need to sign it.

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