UBA and Partners Unite Against Financial Crimes

The United Bank for Africa Plc recently conducted a remarkable initiative known as Fraud Awareness Week, with the primary objective of empowering customers with knowledge and tools to protect themselves against fraudulent activities and financial malpractices within the banking and financial sector.

This week-long event, which took place from Monday, October 16th to Friday, October 20th, 2023, garnered significant participation from key stakeholders in the financial sector. These stakeholders voiced their concerns about the escalating instances of fraud and explored potential strategies to combat this pressing issue.

As part of its comprehensive awareness campaign, the bank organized a Stakeholders’ Round-Table panel session on Thursday. The panel featured distinguished Guest Speakers who brought their expertise and insights to the forefront of the discussions.

These experts included Abbah Sambo Usman, the Head of Cybercrime Investigation at the Advance Free Fraud Economic & Financial Crime Commission Lagos State Command; Akin Adesomoju, Managing Partner of Akin Adesomoju & Co; and the Chief Risk & Compliance Officer. Additional contributors to this insightful panel were Temidayo Adekanye, AG and Head of the Corporate Services Directorate at the Nigerian Inter-Bank Settlement System; Peter Ehizogie, Manager of the Cyber and Intelligence Mastercard Customer Solutions Center, West Africa; and Barrister E.A Jackson, Assistant Commissioner of Police and Head of the Legal Department at the Police Special Fraud Unit.

During the panel discussion, all participants unanimously underscored the necessity for collaborative efforts among all stakeholders, including banks, financial institutions, and relevant agencies. This collaborative approach is crucial for providing the information, data, and intelligence needed to identify vulnerabilities in the fight against fraud and, in turn, prevent future occurrences.

Addressing the attendees at the event, the Group Managing Director/Chief Executive Officer, Oliver Alawuba, represented by the Group Internal Auditor, Gboyega Sodiq, warmly welcomed the distinguished guests. Mr. Alawuba emphasized the pivotal importance of the Stakeholders’ Round-Table session, highlighting that it serves as a central component of UBA’s commitment to combating fraud and safeguarding the integrity of the nation’s financial systems.

The United Bank for Africa Plc’s Fraud Awareness Week stands as a testament to the bank’s dedication to creating a safer and more secure banking and financial environment for its customers and the broader community. By engaging key stakeholders, regulators, and industry experts, UBA is taking proactive steps to combat fraud and financial malpractices head-on. This collaborative approach, coupled with the insights and recommendations from the panel of experts, holds the potential to drive meaningful change in the fight against financial fraud.

Infostride News applauds UBA’s commitment to addressing the critical issue of fraud in the financial sector and encourages other financial institutions to follow suit. The collaborative efforts of all stakeholders are essential in maintaining the integrity and trustworthiness of the financial systems upon which countless individuals and businesses rely. In a world where financial crimes are becoming increasingly sophisticated, proactive initiatives like Fraud Awareness Week are vital in equipping customers with the knowledge and tools they need to protect themselves from fraudulent activities. We look forward to seeing more of such initiatives aimed at safeguarding the interests of customers and maintaining the integrity of the financial sector.