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Bank Experts Advocate For Employing Technology To Address Financial Crimes
Bank Experts Advocate For Employing Technology To Address Financial Crimes....KINDLY READ THE FULL STORY HERE▶
Crime experts have urged the Nigerian government and financial institutions to tackle financial crimes by adopting innovative technologies. These experts made this recommendation during the Award Ceremony/Fin-Crime Summit held in Lagos, emphasizing the potential of technologies like Artificial Intelligence, machine learning, big data, and advanced cognitive analytics/algorithms to significantly reduce financial crimes within the financial sector.
Professor Ehi Eric Esoimeme, a Certified Anti-Money Laundering Consultant (CAMC), highlighted the challenges within the banking sector, including national barriers, legal obstacles, institutional issues, and operational challenges. He explained that national barriers involved the absence of reliable government data and outdated national risk assessments related to money laundering and terrorism financing. Legal hurdles encompassed the lack of clear guidance on the use of financial technology for data sharing and regulatory requirements for employing anti-money laundering solutions with embedded machine learning techniques. Institutional and operational barriers included cyberattacks, insider fraud, and ineffective information sharing between parent and subsidiary entities for anti-money laundering and combating the financing of terrorism (AML/CFT) purposes.
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To address these issues effectively, Esoimeme recommended regular updates to Nigeria’s National Risk Assessment to reflect the country’s current risk profile. He also suggested that the Corporate Affairs Commission (CAC) maintain up-to-date Beneficial Ownership information. Regarding institutional and operational reforms, Esoimeme proposed that banks and financial institutions allocate adequate resources for monitoring daily compliance with cybersecurity measures and process automation to mitigate cyberattacks.
In addressing cross-border financial crime risks, especially within the African Continental Free Trade Area, Esoimeme encouraged law enforcement agencies to focus on complicit merchants facilitating trade-based money laundering (TBML) and professionals, including those in the financial sector, accountants, real estate agents, and lawyers. He emphasized the importance of collaboration with other countries to trace illicit proceeds, identify involved parties, gather evidence, and seize assets when pursuing global money laundering syndicates.
During the event, Rezaul Karim, Assistant Vice President of Compliance at HSBC Bangladesh, discussed the consequences of ineffective anti-money laundering leadership and strategies for building and leading anti-money laundering teams. Additionally, Paul Allieu Kamara, Public Relations Officer at Rudolph Kwanue University, demonstrated problem-solving techniques for Anti-FinCrime leaders in the African Continental Free Trade Area.
Ehi Eric Esoimeme, a recognized expert in public law and financial crime compliance, was honored with Associate Professorship from Rudolph Kwanue University (Liberia) and Full Professorship from African Union University (Ethiopia) for his contributions to Public Law and Financial Crime Compliance. During the Award Ceremony/Fin-Crime Summit, he received several prestigious awards, including Doctorate in Economics, Banking, and Finance (Honoris Causa), Doctorate in International Relations (Honoris Causa), and a Certificate of Membership of the Board of Trusteeship from Institu Universitare Du Benin (IUB) University. He also received a special award of recognition from the Nigeria Police Force, Police Community Relations Committee (PCRC) Area C Command for his philanthropic endeavors and dedication to the Nigerian Police.
Imo State Governor, Hope Uzodinma, has urged voters across the South-East to support President Bola Tinubu’s re-election bid in the 2027 general election.....KINDLY READ THE FULL STORY HERE▶
Uzodinma warned that ongoing development projects in the region could be discontinued if Tinubu fails to secure a second term in office.
He made the appeal on Monday at the All Progressives Congress (APC) presidential campaign rally held in Abakaliki, the Ebonyi State capital.
The governor encouraged residents of the South-East to participate actively in the forthcoming election by obtaining their Permanent Voter Cards (PVCs) and voting for Tinubu.
He stressed that their participation would play a significant role in determining the country’s political direction.
Uzodinma also referenced an address delivered by Ebonyi State Governor, Francis Nwifuru, during the rally, in which he presented a charter of needs outlining the expectations of the South-East and Nigerians generally.
According to the Imo governor, the demands and expectations highlighted by Nwifuru should guide the people’s decisions as they prepare for the 2027 presidential election.
He said, “I saw the governor of Ebonyi State in his address. He read what is called the Charter of Needs for the people, for South-East people, and indeed for Nigeria.
“Our responsibility will start from now to go and look for our PVC. That is the weapon, because if President Tinubu is not re-elected, all these ongoing projects will stop. So we have to sharpen our weapon, and our weapon is our voter card.”
The Super Eagles of Nigeria and Tanzania have encountered disruptions in their preparations for Friday’s 2027 Africa Cup of Nations (AFCON) qualifier in Uyo following reported changes to their flight schedules.....KINDLY READ THE FULL STORY HERE▶
Super Eagles head coach Eric Chelle arrived in Uyo in the early hours of Monday and was later joined by one of his assistants, Daniel Ogunmodede. However, the team was yet to commence full training as the invited players had not arrived at the camp.
Sources in Uyo told Punch that no Super Eagles player had arrived at the Victor Attah International Airport as of Monday evening, despite team officials waiting at the airport throughout the day.
One of the sources said: “We were at the airport from morning until evening on Monday, and none of the players arrived. When the last flight of the day landed, we checked the manifest, but no player was on board.”
Tanzania also experienced a delay in its travel arrangements. The Taifa Stars, who were initially expected to arrive in Uyo on Monday, were rescheduled to land on Tuesday following changes to their flight schedule.
The East African side have endured a difficult start to their Group L campaign, suffering a 2-0 defeat to Guinea-Bissau before settling for a 1-1 draw against Madagascar.
However, Tanzania have already secured automatic qualification for the 2027 AFCON as co-hosts alongside Kenya and Uganda. This leaves only one available qualification spot in Group L.
Guinea-Bissau currently top the group, while Nigeria sit in second position with three points from two matches.
The Super Eagles began their campaign with a 2-1 victory over Madagascar in Uyo but suffered a disappointing 3-0 loss to Guinea-Bissau in Bissau.
Chelle will be hoping to assemble his squad as quickly as possible ahead of the double-header, with Nigeria needing maximum points to improve their chances of securing the group’s remaining qualification ticket.
The coach announced a 24-man squad on Saturday but will be without striker Victor Osimhen, who has been ruled out of the encounter due to injury. The Galatasaray forward also missed Nigeria’s previous two qualifiers against Madagascar and Guinea-Bissau in September.
Other players invited include goalkeepers Stanley Nwabali and Arthur Okonkwo; defenders Olaoluwa Aina and Benjamin Frederick; midfielders Tochukwu Nnadi and Samson Tijani; and forwards Moses Usor and Taiwo Awoniyi.
Turkey-based defender Chibuike Nwaiwu and Czechia-based wing-back Abdullahi Bewene are also part of the squad.
The campaign spokesperson for the African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, Kenneth Okonkwo, has expressed confidence that his principal will appear on the ballot in the 2027 presidential election.....KINDLY READ THE FULL STORY HERE▶
Okonkwo accused the ruling All Progressives Congress (APC) of making efforts to prevent Atiku from contesting the election, insisting that the party’s alleged attempts would ultimately fail.
He drew a comparison with the 2007 presidential election, when former President Olusegun Obasanjo reportedly made efforts to stop Atiku, who was then his vice president, from contesting the presidency.
Naija News reports that the actor-turned-politician maintained that the APC would suffer the same outcome as Obasanjo, who failed to prevent Atiku from participating in the 2007 election.
Okonkwo also predicted that Atiku would emerge as Nigeria’s next president.
In a post shared on X, he said the APC’s alleged attempts to frustrate Atiku’s ambition had strengthened his belief in the ADC candidate’s chances.
He wrote:
“The more the incompetent and corrupt APC tackles ADC, and the more they try to block Atiku Abubakar from contesting for the post of President in 2027, the more I am convinced that Atiku Abubakar is the next President of Nigeria because you do not cast a stone at a tree that is not bearing any fruit.
“APC should learn from history, and understand that Atiku is unstoppable. President Olusegun Obasanjo did everything possible, with all the powers of the security apparatus, to stop Atiku, his Vice President, from contesting the 2007 presidential election, but failed.
“Atiku succeeded through the rule of law by ventilating his agitation through the courts. This time around in 2027, Atiku will win again because God and the people of Nigeria are on his side.
“Let me reiterate, Atiku and ADC will be on the ballot in 2027 and will win the 2027 presidential election for the security and welfare of Nigerians.
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