In 2023, 66% of fraud cases were committed using social engineering, the most common technique. Mobile channels accounted for 50% of fraud, followed by web channels (23%) and POS channels (18%).
Technique: How the fraud is committed.
Channel: Where the fraud is committed.
Techniques refer to the methods fraudsters use to deceive victims, and Channels refer to the platforms through which the fraud is carried it.
Bitcoin has experienced a remarkable surge, with an increase close to $20,000 in just ten days to reach an all-time high (ATH) of $89.6K on November 11, 2024. This rapid rise depicts the potential of cryptocurrency markets, with Bitcoin leading the charge as the world's most recognised digital asset. The recent price movement shows a growing interest in Bitcoin as an investment asset.
Guaranty Trust Holding Company (GTCO) sets a new milestone with ₦1.08t profit after tax in the first three quarters of 2024, following its record-breaking first quarter.
Ten states in Nigeria account for 67% of all commercial bank branches. Lagos has over 1,000 branches, while no other state has more than 350. Thirteen states have less than 50 branches each, and Yobe, Ebonyi, and Taraba each have less than 25.
Data from 11 Nigerian banks in H1 2024 reveals that 10 of them experienced profit growth, showcasing resilience in the sector. Leading the way is GTCO with a remarkable ₦905.6 billion profit, representing a 223% YoY increase.
Zenith Bank follows closely with ₦578 billion, reflecting 98% growth. Jaiz Bank, while having the smallest profit at ₦11.28 billion, posted a strong 199% rise. UBA saw a decline, with its profit being 16% lower than in H1 2023.
Nigeria's VAT collections have shown consistent growth over the past few years, hitting a record high in Q2 2024, declining only once (Q3 2021) in 13 quarters.
The finance minister recently confirmed that the VAT rate remains at 7.5%, dispelling rumours of an increase.
In Q2 2024, Nigeria’s Company Income Tax (CIT) collections reached ₦2.47 trillion, a record-high figure that could cover about 9% of the nation’s ₦28.78 trillion budget.
The surge may be due to improved corporate profitability, better tax compliance, and stricter enforcement. The higher exchange rate probably played a role too.
Since its inception, Binance has demonstrated remarkable growth, ending its first year with 1.5 million users and increasing its user base nearly eightfold the following year. Over six years, it has established itself as the largest cryptocurrency exchange in the world, reaching 150 million users by 2023. This growth highlights Binance's significant impact on the global crypto market and its commitment to expanding access to digital assets.
Unity Bank's gross earnings nearly doubled between 2011 and 2017 before sharply declining in 2018. The bank never hit its 2017 gross earnings record of ₦57.1b after 2018.
Since 2011, Unity Bank Plc has seen more losses than profits over a 12-year period. Despite a consistent growth in gross earnings from 2011 to 2017, profits were overshadowed by losses, exceeding profits by over ₦9 billion.
