No Result
View All Result
Monday, July 7, 2025
23 °c
Tripoli
24 ° Sat
24 ° Sun
  • Advertising
  • Contact
LibyaHerald
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
SUBSCRIBE
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
No Result
View All Result
LibyaHerald
No Result
View All Result
Home Libya

AB publishes names of top 74 individuals in NCB Visa debit card corruption

bySami Zaptia
March 18, 2016
Reading Time: 2 mins read
A A

By Sami Zaptia.

Libya's NCB is setting spending and cash withdrawal limits on its Visa debit card(Photo: NCB).
The Audit Bureau names top 74 in NCB Visa debit card corruption (Photo: NCB).

London, 18 March 2016:

The Audit Bureau has published a ‘’sample’’ list of the top 77 Libyan individuals who it . . .[restrict]claims had corruptly obtained debit card facilities of over LD 70,000 each on their National Commercial Bank (NCB) Visa debit cards.

The top offender, named as Raif R.S. Rihab was able to top up his debit card 95 times between 2014-2015 at the time when the NCB had stopped topping up debit cards as a result of instructions by the Central Bank of Libya (CBL). Rihab was able to top up his prepaid debit card to a staggering total of LD 1,135,000.

The maximum annual top up limit on prepaid debit cards was LD 15,000 in 2014-15. It has since been reduced to LD 4,500.

RELATED POSTS

Tripoli Criminal Court convicts National Commercial Bank employees of LD 1 million fraud

Criminal Court convicts former National Commercial Bank officials for attempted LD 2.4 million fraud

All 77 named were from three Tripoli branches of the NCB: Dahra, Souk il Thlat and the Tripoli main branch. The 77 people were able to gain LD 16,097,486 worth of top ups on their cards, giving them an average of LD 209,000 each. That translates to the share of 3,577 other Libyans at the 2016 maximum of LD 4,500.

The Visa debit card enables Libyans to pay into their debit cards in Libya, in Libyan dinars, and either pay for goods or services abroad, or withdraw cash in hard currency abroad. Some corrupt Libyans, and their corrupt and conspiring bank employees, are then able to repatriate the hard currency in cash into Libya and sell it on the black market at around 266 percent profit.

This inequitable distribution of hard currency deprives other Libyan citizens of their rights as full Libyan citizens of their fair share of Libya’s oil wealth in the form of hard currency and therefore their right as Libyan citizens to pay for their private medical treatment abroad, or private education abroad, to travel abroad or to the right to import goods from abroad – within their annual allowance.

It must be kept in mind, and as the Audit Bureau has stated, the list published by the Audit Bureau was only a sample list cutting off at the LD 70,000 point. This suggests that the grand total is much greater. The revealed list also only applies to the NCB and does not include the rest of the banks operating in Libya. [/restrict]

Tags: AB Audit Bureaucorruption fraudfeaturedhard currencyNCB National Commercial BankVisa debit card

Related Posts

Libya Herald exclusive: Responding to the prime minister’s call yesterday to the private sector and banks to do more, leading businessman Husni Bey responds
Business

Op-Ed: Reputational Damage Is Worse Than Losing Money

July 2, 2025
Libyan Russian Economic Forum starts in St. Petersburg
Libya

Libyan Russian Economic Forum starts in St. Petersburg

June 27, 2025
MoI establishes Elections Security and Protection Department
Libya

Aldabaiba and Menfi stress use of polling feedback to establish consensus basis for constitutional process: report and analysis

June 26, 2025
GNU to take oath at Benghazi HoR session and budget to be approved at Tripoli session: GNU
Libya

“There is no state built by gangs and criminality, it’s built by engineers, youth, consultants, security, police and army”: Aldabaiba

June 23, 2025
GNU to take oath at Benghazi HoR session and budget to be approved at Tripoli session: GNU
Libya

187 new security posts taken over from militias – PM declares victory for the state as all vital Tripoli sites come under its exclusive control for the first time since 2011

June 19, 2025
Interior Ministry’s Diplomatic Missions Protection personnel receiving training in Ukraine
Libya

The Interior Ministry had spent LD 50 billion in 13 years with no result: Acting Interior Minister Trabelsi

June 17, 2025
Next Post
EU migrant patrols should work in Libyan waters: UK PM

EU migrant patrols should work in Libyan waters: UK PM

Anti-Serraj protestors in Benghazi call for military council to govern Libya as Thinni says his administration remains in power,

Anti-Serraj protestors in Benghazi call for military council to govern Libya as Thinni says his administration remains in power,

ADVERTISEMENT

Top Stories

  • Libya Herald exclusive: Responding to the prime minister’s call yesterday to the private sector and banks to do more, leading businessman Husni Bey responds

    Op-Ed: Reputational Damage Is Worse Than Losing Money

    0 shares
    Share 0 Tweet 0
  • CBL demands imports are conducted through official banking instruments and the elimination of the FX black market

    0 shares
    Share 0 Tweet 0
  • All imports into Libya must be paid for through official bank transactions

    0 shares
    Share 0 Tweet 0
  • Libya’s economy showed recovery in 2024, remained resilient despite reliance on hydrocarbons and ongoing political and security instability: World Bank

    0 shares
    Share 0 Tweet 0
  • A 247,000-bpd oil production increase would achieve US$ 6 billion annually to enhance ability to meet FX demand, maintain strength of LD and achieve economic balance: CBL ‎

    0 shares
    Share 0 Tweet 0
ADVERTISEMENT
LibyaHerald

The Libya Herald first appeared on 17 February 2012 – the first anniversary of the Libyan Revolution. Since then, it has become a favourite go-to source on news about Libya, for many in Libya and around the world, regularly attracting millions of hits.

Recent News

A 247,000-bpd oil production increase would achieve US$ 6 billion annually to enhance ability to meet FX demand, maintain strength of LD and achieve economic balance: CBL ‎

Op-Ed: Reputational Damage Is Worse Than Losing Money

Sitemap

  • Why subscribe?
  • Terms & Conditions
  • FAQs
  • Copyright & Intellectual Property Rights
  • Subscribe now

Newsletters

    Be the first to know latest important news & events directly to your inbox.

    Sending ...

    By signing up, I agree to our TOS and Privacy Policy.

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    Welcome Back!

    Login to your account below

    Forgotten Password? Sign Up

    Create New Account!

    Fill the forms below to register

    *By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
    All fields are required. Log In

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    No Result
    View All Result
    • Login
    • Sign Up
    • Libya
    • Business
    • Advertising
    • About us
    • BusinessEye Magazine
    • Letters
    • Features
    • Why subscribe?
    • FAQs
    • Contact

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.