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Auditors worried 419 acts may crumble banks

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Nigerian banks suffer 50% loss from CBN treasury bills sale

Committee of Chief Internal Auditors of Banks in Nigeria (CCIABN) has expressed worry over the increasing rate of frauds being perpetuated by fraudsters, saying banks have lost billions of naira in the last 10 years to fraudsters.

At its seventh annual retreat/conference and general meeting on the theme, “The Future of Banking” held in Uyo, Akwa Ibom State, last week, Mr. Samuel Ekanem, CCIABN’s sub-committee chairman on research and publicity, said the transformations taking place in banks in the country within the period has heightened the challenges being faced by the banks.

According to him, the task before the conference was to brainstorm and come out with viable ways to tackling these threatening challenges if banks in the country must guarantee their future.

One of the ways, he explained, was the training and retraining of banks staff to outsmart the fraudsters whose activities have become more sophisticated.

-BusinessWorld

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