Capital Markets Authority
Nairobi Securities Exchange
National Bank

National Bank shops for anti-fraud experts

National Bank (NBK) is hiring forensic investigators and anti-fraud experts after a spate of high profile theft and cyber security incidents at the mid-tier lender.

NBK said in a notice in local dailies that it is seeking two individuals for the positions of head of information systems security and senior forensic investigator, electronic fraud.

“In our quest to enhance the bank’s controls and security, we seek to recruit highly talented professionals, who are digitally/IT savvy,” said the lender.

It said the head of information systems security will be charged with protecting the lender from security and cyber threats.

“He or she will be expected to provide continuous independent assurance on the bank’s information systems security, specifically on integrity, confidentiality and availability of information by ensuring appropriate security controls are in place to protect the bank’s assets,” said the lender.

“The senior forensic investigator will be charged with examining and investigating digital and electronic frauds in the bank whilst delivering evidence as and when required,” it added.

Eight former senior executives of troubled NBK were recently fined millions of shillings and banned from holding office in listed companies for up to 10 years over cooking of books and theft of more than Sh1 billion from the lender.

The capital markets regulator said its investigations had found the officials liable for misrepresenting the bank’s financial statements for the periods ended June 30, 2015 and September 30, 2015.

The Capital Markets Authority (CMA) said it had found that the Nairobi Securities Exchange (NSE)-listed bank’s profits were grossly overstated and Sh1 billion lost through an embezzlement scheme.

“The board of the Capital Markets Authority (CMA) has taken administrative action against the NBK board members and former senior managers, who served at the bank as at December 31, 2015 for misrepresentation of financial statements and embezzlement of funds,” the regulator said in a statement.

NBK’s former managing director, Munir Sheikh, was in the list of senior managers alleged to have participated in the illicit scheme. He was banned by CMA from holding any position in a public listed company and hit with a Sh5 million fine.

Early this year NBK said it had stopped an attempted multimillion shilling cyber transfer of deposits to mobile money accounts, a technique at the heart of massive bank theft locally and internationally.

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