It was recently World Population Day.

The annual United Nations designation is not only a chance to recognize "the dreams of all 8 billion of us on our planet," as UN Secretary-General António Guterres put it in a blog post on Tuesday, it's also a chance to take stock at just how rapidly the world around us is shifting.

In just the past 12 months, the world's population topped 8 billion people for the first time, and India overtook China as the most populous country in the world. But even as the global population hits new milestones, one of the buzziest discussions is around the "Great People Shortage," as writers here at Insider have termed it. According to projections, China, Japan, Germany, and even the US are facing the possibility of population decline by 2100 — which could come with some serious economic challenges.

In contrast to the countries facing the possibility of an aging, shrinking populace, other parts of the world are set to take the baton of population growth in the coming decades. Perhaps the most notable of these rapid-risers is Nigeria.

As recently as 1982, Nigeria had fewer than 80 million people and was outside the world's 10 most populous countries. In the 41 years since, Nigeria's population has nearly tripled to 225 million, moving up to sixth on the list. And that is not expected to slow down.

According to the most recent UN projections, Nigeria will nearly double its population again by 2050 to an estimated 377 million. In the process, the country will leap-frog Pakistan and Indonesia and end up in a virtual tie with the US as the third most populous country in the world. That's incredible for a country that is just a bit bigger than the area of Texas.

Nigeria's stunning growth is also indicative of the African continent. According to the UN estimates, five of the eight countries expected to make up half of the world's population growth over the next 27 years are in Africa. In an interview with Africa News, Tighisti Amare, the Deputy Director of the Africa Programme Chatham House in London, pointed out that Africa is the fastest-growing continent and the youngest, noting that 70% of the population is under 30.

"The population growth is, of course, partly explained by improvement in level and access to public health," Amare said. "That has led to decrease in child mortality. And that by itself is good news. And the other good news is that also by having a young population, most African nations do not have the burden of a large elderly population that relies on taxes and pensions, which can be a strain on the economy as well."

She also noted that because of such a young population, countries like Nigeria are producing more workers in the tech industry, increasing the possibility that the solutions for issues that impact Africa, such as climate change, are developed domestically. 

While there are plenty of positives, there are also plenty of development issues that come with such a rapidly expanding population. Michael Herrmann, an economic adviser with the United Nations Population Fund, told Africa News that without proper planning, it could be difficult to care for, educate, and employ a population growing that fast.

"They have decided to meet the needs of people in terms of education, of health care, housing, food, water, energy, security," Hermann said. "They want to create full employment for the people, and a growing population can raise the stakes in these efforts. It makes it harder to achieve these objectives, to achieve social progress, and also it might come with growing pressures on the environment."

Regardless of how Nigeria and other fast-growing African nations handle their explosive growth, World Population Day gives us a chance to reflect on the dramatic human shifts that will reshape our globe in the decades to come.

Business Insider

These individuals are often called disruptors or innovators. As businesses struggle to create success in their sectors that technological advances have disrupted, these people are now highly sought-after and rare.

The key difference between those who disrupt and those who are disrupted is their dependence on comfort.

It is often not the physical difficulty of doing something differently that holds us back from change but the emotional discomfort that goes along with it. This emotional discomfort stems from neurobiological, psychological and sociological factors.

Dealing with mental discomfort

The brain is designed to conserve energy as a survival mechanism. It does this by creating neural pathways that drive unconscious behaviour (habits) for tasks we perform on a regular basis. Any new task or activity requires a lot of effort, and the brain will, therefore, always try to revert to habits that are already formed.

“Only once we retrain ourselves and our workforces to become more comfortable with being uncomfortable will we be able to turn disruptive threats into opportunities for success.”

Doing something in a new way is uncomfortable because we feel tired a lot quicker. Humans are used to preparing for and dealing with cyclical change. This is much like being in sync with the seasons that come and go. People are not often exhausted by this kind of change because there are periods of stability within the change.

The nature of disruptive change differs from cyclical change; it is unpredictable and does not contain periods of stability.

Our personality types shape our dependence on stability: 75% of the world’s population prefers to operate in familiar environments and from skills they’ve already perfected.

Adapting to disruption

Disruptive advances require us to work in environments that have changed overnight. Understandably, most employees will have an adverse emotional reaction to the stability businesses have had to let go of to keep their doors open in a disrupted world.

Emotional reactions to change often include anger, fear and sadness. These emotions are not only driven by employees’ personality types but also by the culture of the business.

When the culture of a business – the way we do things around here – is highly resistant to change, even highly adaptable individuals become uncomfortable with doing things differently.

Groups – whether it be colleagues in the work environment, friends or family – set and manage their own boundaries by showing acceptance or rejection of the behaviour of individuals. If an individual’s behaviour threatens the group’s traditional way of doing things, the individual might soon experience that the group has rejected them.

The price of rejection

There is significant discomfort in being on the receiving end of rejection by a group. This discomfort often drives an individual to follow popular opinion rather than their own choice.

This interplay between acceptance and rejection manipulates how easily people in businesses adapt and stick to new ways of doing things. The discomfort of disruption drives businesses and individuals to continue seeking alternatives to change – such as denial, delay and undermining tactics – even though they know that the world as we knew it will never return.

Only once we retrain ourselves and our workforces to become more comfortable with being uncomfortable will we be able to turn disruptive threats into opportunities for success. My advice to businesses is to train their employees in the skills needed to accept change more quickly by understanding what the core purpose – not a job description – of their roles is. 

This understanding must be combined with knowledge of the major trend predictions for the future of their particular profession or sector and a replacement of industrial management habits with a design thinking mindset.

Juanita Vorster is a speaker and successful entrepreneur with a skill for making the complex simple. A Certified Director and Ethics Officer, Vorster runs an outsourced marketing business that has reported profitable growth every year since its inception.

Inc

Central Bank of Nigeria interventions in the power, manufacturing and aviation sectors have risen to N5.6tn in three years.

The soft loans were advanced amid the continued and varied challenges facing the key sectors of the economy.

The apex bank loans to the three sectors were obtained from the CBN result and accounts between 2020 and 2022.

The reports which showed credit concentration in the various sectors of the economy indicated that power, aviation and manufacturing sectors recorded an aggregate ofN5.6tn in loans from the central bank.

CBN under its suspended governor, Godwin Emefiele, competed with commercial banks in aggressive lending to some sectors of the economy. The apex bank loans however came in single-digit interest rate and long repayment tenor.

The breakdown revealed that CBN’s receivables and other assets in the power and aviation sector of Nigeria were N50.6bn in 2022, a decline of 96.4 per cent from N1.39tn in 2021.

Also, in the power and aviation sector, it reported N935bn in 2020.

In the manufacturing sector, it reported N1.23tn in 2022, an increase of 33.46 per cent from N919.03bn in 2021. In addition, its concentration in the manufacturing sector was at N1.07tn in 2020.

From the 2022 result and accounts, the apex bank revealed that its total receivables and others was N47.39tn from N43.18tn reported in 2021. Receivables from the Federal Government contributed a significant portion.

Director-General of the Manufacturers Association of Nigeria, Segun Ajayi-Kadir, said the association had made several attempts to secure credit facilities from the apex bank, but did not receive any feedback on any of the occasions it wrote to the CBN.

He said, “We have 2,500 manufacturers. We have asked the CBN which manufacturers they are supporting, so we can collaborate with them, they have not obliged us. We are a coordinated group. We work together. So, to lump us together with other sectors that have non-performing loans, I don’t understand what they are talking about.”

Punch

National Drug Law Enforcement Agency (NDLEA) has intercepted $20 million cash suspected to be counterfeit.

The agency said its operatives found the stash on Friday during a stop and search operation along Abaji-Lokoja road in the federal capital territory (FCT).

In a statement on Sunday, Femi Babafemi, NDLEA spokesperson, said the suspected fake dollars was recovered from a bus coming from Lagos to Abuja, while the driver of the vehicle has been arrested.

The agency also seized illicit drugs recovered at a warehouse in Alaba market in Lagos state.

The warehouse is said to be owned by a wanted billionaire drug baron who parades as an automobile spare parts dealer.

The NDLEA spokesperson said the illicit drugs recovered from the warehouse are worth N4,820,500,000.

“Recovered from the warehouse owned by a wanted billionaire drug baron, include: 1.4 million (1,400,000) pills of tramadol 225mg weighing 826kgs; 3.2 million (3,200,000) pills of codeine with gross weight of 3,360kgs; and 2,841 cartons of codeine syrup containing 284,100 bottles with 28,410 litres of the psychoactive substance, with a combined street value of four billion eight hundred and twenty million five hundred thousand naira (N4,820,500,000) only,” the statement reads.

Babafemi said the NDLEA operatives arrested a suspect, Paulinus Ojukwu, who acts as the chief security officer to the wanted suspect.

The Cable

WESTERN PERSPECTIVE

Ukrainians torn by evacuation calls as Russian shells fall in northeast

Ukrainians living in the northeastern Kupiansk district close to Russia's border on Sunday found themselves torn between the will to stay and protect what they have built and the desire to flee from Russian artillery fire.

"If you said the evacuation is going well," Dmytro Lozhenko, who runs a volunteer group that helps civilians flee the fighting, said on television, "It would sound like a bit of sarcasm."

Regional authorities announced a mandatory evacuation of civilians from near the Kupiansk front earlier this month due to daily Russian shelling.

The artillery toll on Sunday, Ukraine's prosecutor general said, began in the morning with an attack on the city of Kupiansk that sent a 45-year-old man to hospital in serious condition.

At 1:20 p.m., the second shelling of the city center injured three civilian men, including an emergency medical assistant, and a 20-year-old woman.

About three hours later, a third round injured a policeman. Homes, cars, garages, a business, a post office, a gas pipeline, and an educational institution were damaged, the prosecutor's office said.

It said casualty figures were still being clarified, but Oleh Synehubov, the Kharkiv regional governor, said in a post on Telegram that the morning shelling injured 11 civilians, seven of them seriously.

In an interview on Ukrainian television, Lozhenko said about 600 people had been evacuated from the area in the past 10 days, more than 120 of them children.

But what is now a mandatory evacuation, he said, may yet become a forced one, "at least for families with children and for people with reduced mobility, who cannot look after themselves."

In one village in Kupiansk district, he said, it was only after Russia bombed out almost two entire streets that people started to leave. "The worst thing about evacuation is that people have been living in this war for a long time, and many of them are very used to shelling."

It was tough to tell people in Kupiansk who had adapted to the situation that they would be safer "in shelters, dormitories in other cities."

Russia denies deliberately targeting civilians in its invasion of Ukraine, which has killed thousands, uprooted millions, and destroyed cities.

** Russia says Ukrainian drones attack four regions

Russia said Ukrainian drones had attacked four separate regions in a flurry of attempted strikes on Sunday, injuring five people and forcing two of Moscow's airports to briefly divert flights.

Russia's Kursk, Rostov and Belgorod regions, all of which border Ukraine, reported attempted drone strikes, while Russia's defence ministry said it had jammed a Ukrainian drone in the Moscow region, forcing it to crash in an unpopulated area.

Russia's aviation watchdog said it had briefly halted flights to the city's Vnukovo and Domodedovo airports in response.

The Kursk region's governor said five people had been injured and a fire had broken out when a drone hit Kursk city's railway station.

Rostov's governor said no injuries or damage had occurred.

Later on Sunday, Russia's Defence Ministry said it had prevented two separate drone strikes on the Belgorod region, the border province most regularly attacked by Ukraine. The local governor said on Telegram that 12 airborne targets had been downed on the approaches to Belgorod city, before later saying only three drones had been shot down.

Ukrainian drone strikes both on border regions and on the Russian capital have become increasingly common in recent months, with repeated strikes on Moscow's financial district.

Russia said in May that two Ukrainian drones had tried to attack the Kremlin.

Ukraine typically does not comment on who is behind attacks on Russian territory, although officials have publicly expressed satisfaction over them.

RUSSIAN PERSPECTIVE

Ukraine ‘running out of options’ – WaPo

Ukraine is running out of options in its counteroffensive against Russian forces, as Kiev’s time-window to gain advances is closing, the Washington Post has reported.

In an article on Sunday, the US outlet is claiming that Ukraine’s counteroffensive, which was launched in early June and was initially expected to see Kiev taking back significant territory, currently “shows signs of stalling.”

“Kiev’s advances remain isolated to a handful of villages, Russian troops are pushing forward in the north and a plan to train Ukrainian pilots on US-made F-16s is delayed,” the newspaper wrote.

Ukrainian and Western officials might be calling for patience but “the window of time for Ukraine to conduct offensive operations is limited”because of the “inhospitable weather” in the region in autumn and winter, the article reads.

“Without more advanced weapons slated to bolster the front line or fully committing forces still being held in reserve, it is unlikely that Ukraine will be able to secure a breakthrough in the counteroffensive, according to analysts,” WaPo pointed out.

The article also warned that “the inability to demonstrate decisive success on the battlefield [by Kiev forces] is stoking fears that the conflict is becoming a stalemate and international support could erode.”

Calls for Washington to cut back on its military and financial aid to Ukraine “are expected to be amplified” in the wake of the US presidential election in 2024, it added.

Earlier this week, the Post also cited a classified US intelligence report, which suggested that “Ukraine’s counteroffensive will fail to reach the key southeastern city of Melitopol,” and that the aim of severing Russia’s land bridge linking Donbass with Crimea in the southern province of Zaporozhye won’t be achieved this year.

According to Russian estimates, Ukraine has failed to make any significant gains, but lost more than 43,000 troops and nearly 5,000 pieces of heavy equipment since the launch of its counteroffensive. Kiev has so far claimed the capture of several villages, but these appear to be located some distance away from main Russian defense lines.

** US doesn’t have enough ballistic missiles for Ukraine – FT

The US is not in a position to supply Ukraine with tactical ballistic missiles in quantities that could help turn the tide in its counteroffensive, the Financial Times has reported. The British newspaper also cited several experts who question whether this type of weaponry could help Kiev achieve a major breakthrough at all.

In its article on Sunday, the FT, citing unnamed American officials, claimed that the US simply does not produce enough tactical ballistic missiles, those which Ukraine has been asking for, to “make a significant difference on the battlefield.”

In addition, according to the FT report, another consideration preventing the shipment of such projectiles is that such action could lead to a further escalation of the conflict with Russia.
Samuel Charap, a senior political scientist at Rand Corporation, told the media outlet that Ukraine’s insistence on laying its hands on long-range missiles is misplaced. The expert stressed that rockets like these are “no magic wands” and are unlikely to solve the hurdles of minefields and entrenched Russian defenses that Kiev’s forces are currently facing.

The FT quoted some US officials as warning that the extent of US military aid could shrink as the 2024 presidential election looms. A possible reelection of Republican Donald Trump adds another layer of uncertainty, given his repeated pledges to end the conflict as soon as he assumes office, the article noted.

Meanwhile, in Germany – another country which Kiev has asked for long-range missiles – a survey released by ARD-DeutschlandTrend on Friday showed that 52% of respondents are firmly opposed to such deliveries, with 36% in favor.

So far, top German officials, including Chancellor Olaf Scholz, have appeared reluctant to hand over Taurus missiles to Ukraine. The rocket boasts a range of approximately 500 kilometers (310 miles).

Back in May, the UK became the first nation to provide Kiev with this type of weaponry, sending its Storm Shadow cruise missiles, with a range of over 250 kilometers.

Last month, France followed suit, supplying Ukraine with its own localized version of the Storm Shadow, named SCALP. 

Moscow has repeatedly warned Western countries against sending weapons to Ukraine, arguing that by doing so, they are only prolonging the conflict and are also becoming engaged in a “proxy war” against Russia.

Reuters/RT

Many political disputes in recent years have been framed as battles between economic rationality and eruptions of irrationality that we label populism. But cognitive psychologists and economists would point out that political irrationality is hardly confined to populist insurgents. As a general matter, most political leaders are focused on practical matters and do not necessarily think deeply about the ideas they expound.

Among the early modern cartographers of political irrationality was Vilfredo Pareto, who died one hundred years ago, on August 19, 1923. Born in 1848, that year of liberal hope (and revolution) across Europe, Pareto died after witnessing the liberal order’s demise and the tragedy of World War I. Nowadays, his name pops up most often in references to “Pareto optimality” (when no further action can be taken to benefit someone without harming someone else) or the “Pareto principle” (the idea that around 80% of outcomes stem from only 20% of causes).

It is hard to imagine Pareto betting that he would be remembered for these ideas. His father, an engineer, had bequeathed him a scientific and mathematical education, and he had applied that to a managerial career that kept him busy into his 40s.

While still in business, he involved himself in liberal politics in Florence, where he became a pugnacious polemicist and learned economist. Eager for his voice to be heard, he corresponded with French economists and published in their language, always taking pains to develop contacts wherever he could. He wrote to Britain’s Liberal prime minister, William Gladstone, and Gladstone wrote back.

Among his many correspondents, the most frequent was Maffeo Pantaleoni, a career academic ten years his junior but far more accomplished when the two of them started to exchange letters. Pareto expressed appreciation for an essay by Pantaleoni, but he had spotted a few flaws in it. Instead of reacting grudgingly, Pantaleoni quickly discerned that his pen pal was a genius. He duly kept all his letters and was instrumental in Pareto’s move to academia. In 1893, Pareto succeeded Léon Walras, a founder of neoclassical economics, in his chair at the University of Lausanne.

There, Pareto embraced teaching vigorously, but his enthusiasm for economics faded. He wanted to move to sociology, because he had come to see human life as dominated by illogical actions. Having already played a considerable role in formalizing modern economics, he would soon also end up at the fountainhead of twentieth-century political science and sociology.

As a young man, Pareto saw free trade as obviously beneficial to all, and military spending as detrimental to many. Yet his own country, Italy, moved away from free trade and embarked on extravagant, brutal colonial expansions. While Pareto was quick to diagnose this behavior as the result of influence by special interests, he wondered why so many other people went along with it.

The function of political ideologies, as Pareto saw it, was to put lipstick on a pig. The fundamental nature of politics is that somebody rules and many more obey – and not even democracy can change that.

But the fact that somebody must rule does not mean that the same people rule forever. On the contrary, history is a cemetery of defunct ruling classes. When a ruling class becomes too self-referential and incapable of integrating new elements, its time is up.

Pareto did not think history and politics could be understood from the self-serving narratives of the protagonists. Rather, developments should be subjected to a scientific inquiry that goes beyond the surface of “derivations,” not stopping at the reasons people provide to explain their own behavior. Pareto understood that people’s actions stem from deep-rooted motives – what he called “residues” – which they then must rationalize. We are all constantly inventing justifications to make the non-rational appear rational.

Pareto saw “rationalism” as just another “intellectual religion,” and intellectuals as no less susceptible to pseudo-scientific creeds than anybody else. The next time you scroll through your social-media feed, consider whether all those advocating “right” causes have actually thought deeply about them. How many have actually read all the literature they cite, or engaged with opposing views? Often, what we think is contingent on our need to belong.

In politics, two “residues” (triggers of action) are of paramount importance. On the one hand, there are “rentiers” who value stability, oppose change and newcomers, and tend to live on land rent or fixed income. Pareto characterizes their “residue” as the “persistence of aggregates” – such as customs, traditions, social classes, and so forth.

On the other hand, there are “speculators” who thrive on change and the pursuit of innovation, but who also tend to manipulate government for their own ends. Pareto describes their “residue” as the “instinct for combination,” which suggests an ability to invent ever-new things.

Both rentiers and speculators are necessary for a country to thrive, but Pareto saw the second category as more likely to gain control of society, particularly when government is expanding. They are at home in large-scale, ambitious “schemes” – regardless of whether the aim is to win a war, reduce inequality, or make bureaucracy more efficient.

Pareto’s sketches of the world before WWI resemble the world we live in now. He saw financial engineering at the service of government as basically fraudulent; he ridiculed those who believed that taxes were a fee we pay for services; and he regarded inflation and public debt as instruments for “plundering” specific segments of the population.

In the long run, governments do not pay their debts, and they will tax people as much as they can. Speculators are better at surfing the wave and profiting from these tendencies, whereas rentiers (or pensioners and others on fixed incomes) are more likely to end up paying the bill.

Today more than ever, politics is about believing and belonging. Polarization has made the right and the left into ardent champions of their respective causes. Both believe that if they don’t win, the world will go to the dogs. Public intellectuals today are fully invested in this rhetoric.

Of course, Pareto himself was a man of passions, who ardently believed in liberty and tolerance. Yet he somehow forced his political realism on himself, not in the service of some fetish for neutrality, but because he saw lucidity as his ultimate duty.

Project Syndicate

As an entrepreneur, you're probably used to keeping yourself busy all day long, crossing items off your to-do list. 

But if you're looking to give your productivity an unexpected boost, you may want to temporarily embrace an uncomfortable feeling: boredom. 

Boredom is one of the most underutilized productivity tools in today's world.

Boredom will inevitably give you something back in return, be it a solution, a new approach, or a new way of looking at things. The only trick? You must let yourself be bored. 

Here are four key reasons why boredom is good for your productivity. 

You remember fleeting, yet important tasks

Boredom has a way of dredging up all those things you've been meaning to finish. Your mind eventually unwinds and relaxes, and a wave of to-dos floods your conscious mind. And what if no specific tasks come to mind? 

At the very least, you'll be inspired to check your aging to-do list for a refresher on what needs to be done.  

And in some cases, you may be so bored with boredom that you'll tackle something, anything, if only to occupy your mind for a while. Now would be an opportune time to get started on those taxes, file those business trip expenses, or delete files from your computer desktop. 

Often, as soon as you begin a task, you're reminded of a whole slew of other things that need your attention. And just like that, you've found several smart solutions to your boredom. 

You can create marvelous new things

You don't know what your mind can produce when it's given a chance to lay fallow. Boredom has birthed all sorts of wonderful things in the world: companies, websites, projects, books, apps, partnerships, expeditions, and beyond. Face boredom head-on and see where it leads you. 

Maybe you'll be inspired to start that blog you've been meaning to write or develop a new way to catalog that fabric. 

Perhaps you'll create a new coffee-based drink that takes the world by storm or automate an existing administrative system in your business. And maybe you'll be filled with a revolutionary concept for your next business venture. 

You build stronger relationships

Boredom can help strengthen your relationship muscles and grow your network. How? You're naturally drawn toward other people. You want to see what other people are doing at the present moment. Your curiosity is at an all-time high.  

You can use this to your advantage by taking time to genuinely connect and reconnect with others from a place of wonder. Maybe this is a time to schedule a meeting with a client you haven't spoken to in a long time. You could reconnect with a colleague or a vendor to see what they're up to. 

Another byproduct of reconnecting with others is that you might just land yourself a new project or assignment that will keep you duly occupied for the next several weeks or months. 

You gain perspective in your business

Being bored in and of itself may not seem like an exciting way to spend your time. Yet boredom allows you to fully engage in the cycle of business and life. 

It's a literal hard reset that can give you much-needed information about your current situation. That is, if you're willing to fully open your eyes and be honest with yourself. 

Boredom will force you to take a hard look at your business as a whole and help you reassess and make future plans. You can use this reflection time as motivation and inspiration to break free from a business rut. 

Think about what you'd like to accomplish in your business in the next 30, 60, and 90 days. Take a step further and think about what you'd like to see in six to 12 months. The next step is to roll up your sleeves and get to work. 

Inc

Director of Payment Systems Management of the Central Bank of Nigeria (CBN), Musa Jimoh, who doubles as the Chairman of Nigeria Electronic Fraud Forum (NeFF), yesterday disclosed that accumulated Electronic Fraud (E-Fraud) within the banking sector and payment systems network has led to a loss of N9.5 billion so far in 2023.

Jimoh, speaking at the Q3 2023 general meeting of NeFF in Lagos, where stakeholders converged to discuss “New Strategies for Combating E-Fraud in a cashless Environment”, called for enhanced collaboration within the payment systems’ ecosystem to curtail the rise in E-Fraud.

Jimoh said: “We are gathered to see how we can secure our environment, how we can secure our digital environment, and how we can secure cyberspace. We all keep our money in electronic form.

“Today, we are here to continue that conversation to look at new strategies by which we can combat E-fraud. If we don’t combat the cyber criminals, they will take us down and disrupt the entire system. So, we all need to work together to see how we can make life extremely difficult for cybercriminals.

“We need to look at new ways, new techniques, and more efficient manners by which we can improve and guard against the banking and payment infrastructure and educate ourselves on how we can safeguard our bank credentials or tokens and all the information that the banks have provided to us to safeguard. The more information we have about what they’re doing, the more we are protected.

“The objective is to have zero fraud, but you know, this is a gradual process because as you’re building techniques, they’re also exploiting other areas. As more people come into the financial sector, as more transactions happen, people are vulnerable and so we need enlightenment, education. We will continue to push it, which is why it’s going to be a very long journey.

“But I know that with the kind of enlightenment and the push by the bankers’ committee, and other stakeholders, a lot of Nigerians will be well educated to know that they have to keep all the accounting details very secret and therefore we anticipate that the incidence of fraud we taper down almost to zero.”In giving insights into E-fraud data in 2023, the Managing Director of Nigeria Inter-Bank Settlement System (NIBSS), Premier Oiwoh noted that the industry in 2023 recorded its highest actual loss value of N2.7 billion in January while June 2023 had the lowest value of over N800 million.

He added that the highest fraud count in the last six months was recorded in May 2023 with 11,716 records while the lowest count was in June 2023 with 6,240.Represented by the Chief Risk Officer, NIBBS, Temidayo Adekanye, he said: “Recently, we had the cashless policies from CBN, which was incurring a dramatic increase in the volume of transactions in the industry which variably has the impact of the volume of fraud in the industry itself. Now, the increase and efficiency have also meant that fraud has dramatically increased across the industry. For Q1 2023, the total fraud reported through the industry forum portal was at N5.1 billion.

“For fraud trends over the last five years, in 2019, we’re looking at about N3 billion and currently 2023, we are looking at about N9.5 billion to date. Fraud losses have increased dramatically over the last five years.

”He further stated that in recent periods, scammers have developed a method to redirect funds via betting platforms and wallet accounts, resulting in minimal success rates for recovering those funds through these avenues due to insufficient identifications.

Adekanye said: “What we see most is the fact that the primary channels are the betting platforms. So once the money hits the betting platform or a wallet account or in some cases, POS agents, once it is cashed out, it is a black hole. There is no way you can recover that money. We’re talking about potentially 5 per cent recovery rates across the industry. So, we all have to identify those betting and wallets accounts, POS agents, cryptocurrency accounts, and in some cases purchases.”

Also, the CBN Director, accompanied by the Managing Director Fidelity Bank, Nneka Onyeali-Ikpe, and other stakeholders unveiled the NeFF official website to aid collaboration and information sharing to curtail E-fraud.Onyeali-Ikpe said the gradual escalation of E-Fraud is beginning to erode customers’ trust in the financial system. She emphasised the need for a swift and decisive approach to address E-fraud within the financial sector.

She said: “As technology continues to advance at an unprecedented pace, our reliance on digital transactions have grown exponentially. However, with the rise of these digital interactions, the threat of E-fraud has become a significant challenge affecting individuals, businesses, and the industry. The data we have from the NiBBS is that the volume of electronic payment transactions in Nigeria increased by 298 per cent Year-on-Year.

“The banking industry lost a total of N14.3 billion to electronic fraud in 2022 up from N12.7 billion in 2021. As Q1 2023 is about today it’s N5 billion and then the problem here is that the trend so far shows that if this continues unchecked, it would rise to N20 billion for the full year.“E-fraud has permeated multiple industries, spanning from banking and finance to e-commerce and beyond. These cybercriminals leverage advanced methods to exploit vulnerabilities, gaining unauthorised access to crucial data and funds. The repercussions of e-fraud are not limited to financial losses; they also extend to eroding trust and eroding brand reputation.”

Thisday

Niger’s self-declared military leader on Saturday proposed a return to democracy within three years and warned the regional bloc against using military force.

Abdourahamane Tiani, an army general and leader of last month’s coup, said he had given the government 30 days to develop a framework for a return to democracy after a transition period that “cannot exceed three years.”

He stressed that foreign military intervention to restore constitutional order would have “repercussions on the entire region.”

“It’s largely thanks to the professionalism and courage of our force that Niger has remained the lock that prevents hordes of terrorists from destabilizing our entire region,” Tiani said in an address on state TV Tele Sahel. “Let’s be clear, if we’re attacked, it wont be a walk in the park.”

The developments come after the West African regional bloc, while still hoping to solve the crisis in Niger by diplomatic means, said it stands ready to apply force to overturn the July 26 coup if talks fail.

A delegation from the Economic Community of West African States arrived in Niger on Saturday to meet with the country’s military leaders and ousted President Mohamed Bazoum.

Kathleen FitzGibbon has arrived in Niamey to lead the US mission in Niger, the US State Department said on Saturday. FitzGibbon, a career diplomat with extensive experience in Africa, will “bolster efforts to help resolve the political crisis at this critical time.”

Soldiers led by Tiani, chief of the presidential guard, seized power in July and took Bazoum hostage. He remains in detention along with his family and government members. Ecowas has taken a hard line against the soldiers by closing borders, issuing harsh sanctions and activating a standby force.

Top military officers representing the bloc’s member-states had completed a plan to enter Niger, Abdel-Fatau Musah, the economic group’s commissioner for political affairs, peace and security, said after meetings in Accra, Ghana’s capital, on Friday.

The junta and its allies, neighboring Mali and Burkina Faso — both of which are under military rule — are preparing to counter a possible military intervention.

“In the event of an attack, our leaders have said that we’re ready. We’re prepared to support Niger,” Burkina Faso’s Defense Minister Kassoum Coulibaly told Russia’s state-owned news agency, RIA, after the military chiefs’ meeting in Accra.

Western Ally

Coup leaders had no intention of collaborating with the Kremlin-backed Wagner mercenary group or harming the deposed president, junta-installed Prime Minister Ali Lamine Zeine told the New York Times.

Niger has been a key Western ally and a relative bastion of stability in one of the world’s most volatile regions. The US has a military drone base in the country, and France has about 1,500 troops stationed there, targeting insurgents affiliated with al-Qaeda and Islamic State in cooperation with Nigerien forces.

The landlocked nation, more than twice the size of France, ranks among the least-developed countries. It has a population of over 25 million and one of the highest birth rates in the world.

Bloomberg

Supporters of Niger's junta were forced on Saturday to halt a census of people willing to volunteer for non-military roles in defence against a possible intervention by West African powers, saying they had been overwhelmed by the numbers who turned up.

Thousands of mostly young men had massed outside a stadium in the capital Niamey hours before the scheduled start-time of the event - a sign of the strong support for the junta, which has defied international pressure to stand down after the July 26 ouster of President Mohamed Bazoum.

"In all our calculations and our understandings, we never thought we could mobilize (this number of people)," said Younoussa Hima, co-organiser of the initiative dubbed "The Mobilisation of Young People for the Fatherland."

"So it is really difficult for us today to do this work. That is what made us halt this census," Hima said by the stadium after the crowds dispersed.

West Africa's main regional bloc, the Economic Community of West African States (ECOWAS), on Friday said it had agreed an undisclosed "D-Day" for a possible military intervention if diplomatic efforts fail - an escalation that could further destabilise a conflict-torn and impoverished region.

Organisers of the Niamey recruitment drive said they did not intend to sign up volunteers for the army, but rather to gather a list of people willing to lend their civilian skills in case ECOWAS attacks.

But many of those around the stadium appeared keen to fight.

POSSIBLE ATTACK

"They called on the youth to respond to a possible attack on our soil. And we are ready for any attack," said blogger Tahirou Seydou Abdoul Nassirou.

"My life, I give my life to my country," he said, wiping a tear from his eye as other young men nodded and cheered his words.

An ECOWAS delegation flew into Niamey on Saturday to hold talks with the junta, showing that efforts to resolve the standoff peacefully are still underway.

The level of support for the junta across Niger has been hard to assess, but thousands attended a previous rally at the stadium on Aug. 11 and applauded coup leaders' vow to stand up to the bloc.

At the stadium on Saturday, 35-year-old Kader Haliou said patriotism was not the only motivation for those wanting to help the junta.

"Most of the young people who have come are unemployed. Getting registered is a blessing for us given the idleness and lack of work," he said.

The coup and subsequent international sanctions have piled extra pressure on Niger's struggling economy. It is one of the world's least developed countries with more than 40% of the population living in extreme poverty, according to the World Bank.

Reuters