Online fraud : CBN approves implementation of Virtual Card Solution in banks

PrepayGo Technologies has partnered SIBS International to introduce the SIBS virtual card solution that will help combat ‘Card Not Present Fraud’ in Nigeria.
Owing to the importance of the solution in addressing online financial fraud faced by financial institutions globally, the Central Bank of Nigeria has given both companies a letter of no objection to implement the solution in banks across the country.
The ‘Card Not Present Fraud’ is a global phenomenon in the cyberspace, where online hackers use details obtained from credit and debit cards, otherwise known as ATM cards, to defraud card owners, without having physical contact with the card.
The practice has been ongoing and many financial institutions, especially banks, have suffered huge financial losses through the unauthorised process.
The situation has raised security concerns with online payments, accounting for 56 per cent of the total value of card fraud. Consequently, banks are consistently searching for secure payments services for card holders who would like to use their credit or debit cards to purchase on the internet.

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Source:   |  Date Posted: 25 November 2014
Court Frees Alleged Nyanya Bus Station Bomber | ChannelsTV

The two count charge brought against Aminu Sadiq Ogwuche, the alleged mastermind of the the Nyanya bombing, has been struck out by a Federal High Court in Abuja.

The suspect, who was in court, however was not discharged as he is been detained by the Department of State Security Service .

However, the hearing of his case for the enforcement of his fundamental human right has been adjourned to December 5.

Ogwuche is asking the court to compel the Attorney-General of the Federation and the SSS to either charge him to court or set him free.

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Source:   |  Date Posted: 25 November 2014
FG to reward 100 top indigenous companies

Aganga, who made the announcement on behalf of President Goodluck Jonathan, stated that it is a presidential initiative and it is fashioned after America’s Fortune 500 in terms of the criteria used for the choice of the companies.

As part of efforts to encourage more indigenous companies in growing the economy, the federal government has announced plans to reward about 100 top companies in the country.

Minister of Industry, Trade and Investment, Olusegun Aganga, who disclosed this to journalists on Wednesday in Abuja, noted that these companies are being recognised because of their contribution to the nation’s economic growth and job creation.

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Source:   |  Date Posted: 25 November 2014
Jonathan proposes N4.661tn for 2015 budget

President Goodluck Jonathan on Wednesday sent a revised version of the 2015 Medium Term Expenditure Framework and Fiscal Strategy Paper to the Senate for necessary adjustments.

The development was sequel to the sudden crash in fuel prices in the international oil market.

The government also reduced the earlier N250bn proposed as kerosene subsidy to N156bn and drastically reduced the subsidy for petrol from N971.1bn to N458.6 bn.

The Minister of Finance, Dr. Ngozi Okonjo – Iweala, had announced a new oil benchmark of $73 per barrel last week.

Jonathan had last month submitted to the National Assembly the 2015 MTEF with the proposed oil benchmark of $78 per barrel of crude oil for its consideration and approval.

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Source:   |  Date Posted: 25 November 2014