Deposit Money Banks (DMBs) in Nigeria reported 10,612 fraud cases in 2014, compared with 3,786 cases reported in 2013, representing an increase of 182 percent, the Nigeria Deposit Insurance Corporation (NDIC) said in its annual report, with the amount involved increasing by N3.81 billion or 17.5 percent, from N21.80 billion in 2013 to N25.61 billion in 2014. The banking industry regulator also said its operating income increased by 28 percent to N66.94 billion.
Some state governments are considering bond sales to replace dwindling income from crude oil. The Director General of the Securities and Exchange Commission (SEC) said he is aware of one or two states have begun talks with investment banks in view of coming to the capital market. Raising funding from the capital market is becoming a more viable option for states, as quite a number of them have significantly sized loans from commercial banks.
The Federal Government agreed to pay outstanding subsidy related debt to oil product importers. Nigeria subsidises petroleum products like PMS and DPK, and must import the bulk of the 40 million litres a day that it consumes as a result of a neglected refining system. Fuel importers closed their depots in May in protest of the debts being owed them by the government.
The National Insurance Commission (NAICOM), the insurance industry regulator, said it is giving insurance firms a September 31 deadline to pay all outstanding claims in their books or face the full force of the law. The regulator said that it will evoke the full application of punitive sections of the Insurance Act, starting from October 1.