News: CBN Warns Commercial Banks About Contract Staff

Central Bank Of Nigeria - With the increased cases of financial crimes in the bank, the leadership of the apex bank has warned the commercial banks about assigning sensitive responsibilities to contract staff.

A recent statement by the Central Bank of Nigeria through the CBN Director, Banking and Payments System Department, ‘Dipo Fatokun has warned commercial banks against the allocation of highly sensitive roles to contract staff who have no stake in the bank, according to The Nation.
 
This information was disseminated over the weekend by Fatokun while unveiling the Nigeria Electronic Fraud Forum (NeFF) report in Lagos, said the apex bank has severally, encouraged banks to ensure that their staff are those with something at stake.
 
In his words:
"A temporary staff may not have a stake in the bank so to say. So, it is encouraged that if they have staff that are not permanent, they should not give them responsibilities or roles that will expose them to critical functions of a bank,” he said.

Continuing, Fatokun said: “If you are giving somebody an authority to approve transactions of high magnitude, and he does not have a stake in your bank, then you are already exposing yourself. So, this been going on and I believe many banks understand the need to rely on their key staff for major duties. That is one of the reasons, the fraud attempts have been rising, but the value lost declining”.

Source: Tori.ng