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Wema Bank suspends Telegram operations over fake accounts, impersonation

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Wema Bank Plc has suspended its operations on Telegram following a surge in scams involving fake accounts impersonating the bank and defrauding customers.

The bank disclosed this in an email to customers on Monday, urging them not to engage with any Telegram accounts impersonating Wema Bank.

This is coming amid Wema Bank’s effort to contain the increasing number of accounts impersonating the bank on social media in recent times.

On 7 June, Wema Bank temporarily blocked communication on its account X, citing the need to protect customers from fraudulent activities and account impersonation.

The lender urged customers to halt interactions with its ‘Wema’ and ‘Alat’ accounts on the platform until further notice.

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On Monday, Wema Bank said its routine security checks revealed a spike in the rate of accounts impersonating the bank and trying to defraud its customers on Telegram.

The financial institution stated that its efforts to suspend its operations aim at protecting the interests of its customers, noting that its ALAT platform is not available on Telegram.

ALAT is the lender’s digital banking platform.

“Our routine checks and security sweeps have shown a spike in the rate of customers falling victim to scam accounts and fraudsters using fake Telegram accounts.

“As part of our ongoing efforts to proactively protect your interests, we want to remind you that Wema Bank and ALAT are NOT on Telegram,” the bank stated.

The move emphasises the growing cybersecurity threats facing Nigeria’s banking sector and other institutions in Nigeria.

Responding to the threat, the Central Bank of Nigeria (CBN) in March gave banks a three-week deadline to complete a mandatory cybersecurity self-assessment as part of efforts to strengthen the resilience of the country’s financial system.

CBN said the exercise is designed to improve risk-based supervision and strengthen regulatory oversight of cybersecurity risks across Nigeria’s financial ecosystem.

“We are not on Telegram. Please do not contact us on Telegram or engage with any Telegram account claiming to represent Wema Bank or ALAT. Please do not attempt to contact us on Telegram,” Wema Bank said, urging customers to contact the bank only through its verified Instagram account, official email address, and customer service phone lines.


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Business

Nascon, Coronation, Jaiz Bank top stock pick this week

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Nigerian stocks advanced by 2.9 per cent last week, lifted by bank and oil & gas equities. All the sector indexes appreciated during the week.

The main equity index has yielded 60.5 per cent so far this year.

“Recent broad-based declines have, however, brought several frontline and mid-cap stocks to more attractive entry levels. This could encourage some bargain-hunting during the week,” analysts at Meristem Securities said in a note ahead of the week.

PREMIUM TIMES has assembled some stocks with sound fundamentals, adopting rigorous approaches to save you the risk of picking equities at random for investment.

The pick, a product of an analytical market watch, offers a guide to entering the market and taking strategic positions, with the expectation that selected stocks will record reasonable price appreciation with the passage of time.

This is not a buy, sell or hold recommendation but a stock investment guide. You may need to involve your financial advisor before taking investment decisions.

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Nascon

Nascon tops this week’s list for its strong fundamentals. The net profit ratio (NPR) of the salt maker is 9.3, while the price-to-earnings (PE) ratio is 11.5x. Its 14-day relative strength index (RSI) is 6.9.

Coronation Insurance

Coronation appears on the pick on the basis of its attractive fundamentals. The NPR of the insurer is 22.7, while the PE ratio is 5.2x. The 14-day RSI is 55.4.

Jaiz Bank

Jaiz makes the selection for its strong fundamentals. The bank’s NPR is 28.5, while the PE ratio is 1.5x. Its 14-day RSI is 43.9.

Fidson

Fidson makes the cut for its sound fundamentals. The NPR of the drug manufacturer is 7.8, while the PE ratio is 17.7x. The 14-day RSI is 43.

CAP

CAP makes the cut for its sound fundamentals. The NPR of the chemical manufacturer is 14.1, while the PE ratio is 13.5x. The 14-day RSI is 3.6.


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Business

NCC Empowers Persons With Disabilities Through Digital Citizenship Training in Lagos

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Over  100 people living with disabilities in Lagos State have completed a two-day workshop organized by the Nigerian Communications Commission (NCC), focused on building digital literacy, online safety awareness, and familiarity with assistive tools.

The session, held on September 9 and 10, 2026, carried the theme “Empowering Persons with Disabilities Through Digital Citizenship for an Inclusive Digital Economy.”

Participates covered topics including basic digital literacy, internet usage, online safety practices, privacy protection, adaptive technology, and responsible online conduct. Rather than simply teaching device operation, organizers emphasized how digital tools could enhance participants’ independence, personal safety, and access to broader opportunities — including recognizing fraudulent schemes and safeguarding personal data online.

They also explored adaptive tools such as voice-to-text software, designed to simplify device interaction for people with certain disabilities. Organizers additionally addressed the stigma and exclusion that many disabled Nigerians continue to face, noting how such attitudes restrict full participation in society.

NCC Executive Vice Chairman Dr. Aminu Maida — represented at the event by Helen Obi, Director of the Commission’s Digital Economy Department — described the program as evidence of the regulator’s dedication to removing disability-related obstacles to involvement in Nigeria’s expanding digital economy.

Maida noted that genuine digital inclusion requires more than simply expanding internet access. He explained that being digitally literate means understanding how to engage online safely, guard personal information, spot deception and false information, and grasp one’s rights and obligations in digital spaces. He added that technology could help disabled individuals overcome obstacles in schooling and employment while opening doors in business ownership, remote work, and access to public resources.

The Lagos workshop forms part of a broader NCC effort to extend digital training to disabled Nigerians nationwide. Maida pointed to other accessibility initiatives, including the Commission’s E-Accessibility Project, research into adaptive devices such as an assistive cane prototype for visually impaired persons, and the fourth annual Hackathon themed “Technology Without Barriers,” which invited developers to build accessibility-focused solutions.

According to the NCC, expanding internet access alone won’t achieve meaningful inclusion unless people also gain the confidence and skills to use technology effectively and securely. Maida called for closer cooperation among government bodies, regulators, tech firms, service providers, international partners, civil society groups, and disability advocacy organizations, arguing that accessibility should be built into digital products from the design stage onward.

The Commission credited the Lagos State Government, the National Commission for Persons with Disabilities, the Lagos State Office for Disability Affairs, and other partners for supporting the program. For participants, the training offered tools they can put to immediate use — from spotting scams and securing personal data to navigating assistive technology with greater confidence.

The post NCC Empowers Persons With Disabilities Through Digital Citizenship Training in Lagos appeared first on Business Today NG.

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