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Published On: Thu, Mar 20th, 2014

Bankers stole N3.8bn customers’ money January – June 2013

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Bankers stoleStories by Etuka Sunday


Bankers stole N3.8 billion from their customers and their banks in the first half of 2013, the Economic Confidential has alleged.


Economic Confidential also reported that there were 2,478 reported cases of fraud and forgery valued at N22.4 billion during the period according to official figures obtained from the Central Bank of Nigeria (CBN).


“This was higher than the 2,300 recorded cases valued at N7.1 billion in the corresponding period of 2012. Of this amount, actual loss incurred by the banks was N3.8 billion representing 17.1 percent of


the total fraud amount, compared with N2.5 billion in the corresponding period of 2012.


“The frauds were carried out through diverse means including fraudulent withdrawals from customers’ accounts, suppression and conversion of customers’ deposits, theft, illegal funds transfer, cheque defalcations, and fraudulent ATM withdrawals among others.” CBN said that a total of 759 complaints were made by the banking public against deposit money banks (DMBs) in respect of excess charges, conversion of deposit, unauthorised deductions, among others in the first half of 2013, Central Bank of Nigeria (CBN) has revealed.


Out of this, 88 petitions were resolved, while the remaining were at various stages of resolution. Total claims from customers against the DMBs at end-June 2013 in relation to the complaints amounted to N5.73 billion and $1.05 million, while total refunds by the DMBs stood at N1.45 billion and $829.22 respectively.


It said, during the same period the Federation Account shared N2,886.98 billion(two trillion, eight hundred and eighty six billion, ninety eight million to the three tiers of government. representing a shortfall of 21.8 percent from the proportionate budget estimate, but was 10.0 percent above the amount distributed in the corresponding period of 2012.


The Federal Government received N1, 358.79 billion, while states and local governments got N689.20 billion and N531.34 billion respectively. The balance of N307.65 billion was transferred to the 13 percent Derivation Fund for distribution among oil producing states.


In addition, the sums of N213.30 billion, N45.70 billion and N457.12 billion were distributed in respect of the Subsidy Re-investment and Empowerment Programme (SURE-P), NNPC Refunds to the sub-national governments and revenue augmentation respectively, bringing the total distribution of federation revenue among the three tiers of government , including the 13 percent Derivation Fund to N3,603.10 billion.


“Thus, the Federal Government received N1, 666.05 billion (including Special Funds); state governments, N867.50 billion: local government, N668.80 billion: while the sum of N400.75 billion was allocated to the 13 percent Derivation Fund”, the document revealed.


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