Wema Bank has temporarily blocked communication on its account X, citing the need to protect customers from fraudulent activities and account impersonation.

The lender disclosed the suspension of its engagements on X in a post on Sunday, urging customers to halt interactions with its ‘Wema’ and ‘Alat’ accounts on the platform until further notice. Alat is the lender’s digital banking platform.

Wema Bank noted that its routine checks and security sweeps showed a surge in the rate at which customers are becoming vulnerable to ‘scam accounts’ and fraudsters with fake accounts on X.

“As part of our ongoing efforts to proactively protect your interests and take action against these accounts, we have decided to pause communications on the X platform until further notice,” the financial institution stated.

“Please do not attempt to contact us on X,” it further said.

The bank explained that its efforts to halt communications on X are to prevent its customers from falling prey to fraudulent accounts operating under the guise of Wema Bank on the platform.

The bank directed its customers to contact its official Instagram and Facebook pages, call its contact centre, or email it for verified support and enquiries.

“Please do not engage with or respond to any account claiming to represent us on the platform during this period,” Wema Bank disclosed in the post.

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Meanwhile, more than 70 unverified accounts bearing the names “Wema Bank” or ‘ALAT’, the bank’s digital banking platform, have been identified on X, even though they have no affiliation with the financial institution.

The development highlights the increasing incidence of cybersecurity threats in the Nigerian banking industry, which compelled the Central Bank of Nigeria (CBN) to issue lenders a three-week ultimatum in March to complete a mandatory cybersecurity self-assessment as part of a broader push to enhance resilience in the financial system.

According to the CBN, the exercise would boost risk-based monitoring and enhance regulatory oversight of cybersecurity threats in the country’s financial ecosystem.

The Nigerian Exchange Group (NGX Group) says the anticipated Initial Public Offering (IPO) of Dangote Refinery and Petrochemicals is being positioned as an African investment opportunity.

Chairman of NGX Group, Umaru Kwairanga, disclosed this at the London Africa Summit on Friday, which focused on strengthening business and investment ties.

Mr Kwairanga, in a statement on Saturday, said NGX had engaged stock exchanges across Africa to broaden participation in the planned offer and deepen regional capital market integration.

“We want to consider the Dangote Refinery offer as an African offer and not a Nigerian offer.

“That is why we invited stock exchanges from across the continent to Lagos and took them to the refinery to see what has been built,” he said.

He said representatives from Kenya, Ghana, South Africa and other African countries visited the refinery to assess its operations and investment potential.

According to him, investors increasingly seek tangible evidence and growth prospects before committing capital.

“Investors are not looking for stories. Investors are looking for evidence, prospects and projections, and that is what we are bringing from Africa,” he said.

Mr Kwairanga described Africa as one of the world’s most attractive investment destinations, citing its youthful population and expanding economic opportunities.

He noted that the Nigerian equities market delivered returns of more than 50 per cent in the first five months of the year.

“There are a lot of opportunities. With technology, investors can participate from anywhere in the world, including from the comfort of their homes,” he said.

Mr Kwairanga also highlighted the longstanding partnership between the Nigerian and London capital markets.

He described the relationship with the London Stock Exchange as instrumental in attracting global capital to Nigeria.

He said NGX had invested heavily in technology and market infrastructure to support efficient capital raising and improve market operations.

According to him, more than N4 trillion raised through recent bank recapitalisation exercises was facilitated by the exchange’s technology platforms.

Mr Kwairanga said NGX had undertaken international roadshows across the United States, Brazil, China and the United Kingdom.

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He said the engagements were aimed at showcasing investment opportunities and strengthening investor confidence in Nigeria.

He added that recent reforms, including migration to a T+1 settlement cycle and extended trading hours, aligned the market with global best practices.

“We are bringing opportunities, growth and scale from Africa, while London is bringing global capital, international experience and investment depth.

“When these are combined, they create the confidence investors need to commit capital to the continent,” he said.

Mr Kwairanga expressed optimism that stronger collaboration between African exchanges and international financial centres would increase capital inflows.

He said the partnerships would also support economic growth and deepen capital market development across the continent.

(NAN)