Stanbic Bank official docked over N0.437m customers deposits’ theft

  A 22-year-old bank employee, Tope Olajide, on Monday, appeared before an Ikeja Magistrates’ Court for stealing two customers’ Automatic Teller Machine (ATM) cards and used them to withdraw  N427,000. The defendant, whose residential address was not disclosed, is facing trial before Magistrate O. A. Olayinka on a charge of stealing. Olajide, however, denied committing the offence and was admitted to bail in the sum of N250,000 with two sureties in like sum. Olayinka said that the sureties must be gainfully employed and show evidence of two years’ tax payment…

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How Polaris Pearl Account’ll equip women for profitable Businesses – Ihekuna

  Polaris Bank has pledged that its Polaris Pearl account will equip women entrepreneurs with the requisite knowledge, skills, and support to run their businesses profitably. The Bank announced that following from its interaction with women across the country, it has discovered that most of them are unable to access finance to either stabilize or scale their businesses mainly because of a lack of awareness on how to leverage bank funding to drive and sustain profit. It notes that this finding is contrary to the popularly, but erroneously held view that…

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11 Banks in trouble as EFCC probes link with Dubai-bound Nigerian caught with 2,886 ATM cards

EFCC reveals massive customers accounts’ stealing, sale for N10,000 each Says Scan machine at the Lagos Airport had revealed Man caught with 2,886 ATM Cards was carrying packs of noodles Eleven commercial banks in Nigeria are in trouble as country’s anti-graft agency, Economic and Financial Crimes Commission (EFCC) begins the probe of their links with Dubai-bound Nigerian caught with 2,886 ATM cards. The Commission has also revealed massive bank customers accounts’ stealing and sale for N10,000 each going on in banks as a new strategy to launder money abroad. The…

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FCMB, Customer In N5bn Legal Battle + Link to Ngeria’s Suspended EFCC Chairman, Magu

A customer of First Monument Bank Plc (FCMB)  who is the General Overseer, Divine Hand of God Prophetic Ministry, Prophet Emmanuel Omale, has sued the Bank Plc for N5 billion. Omale, who claims to be the spiritual guide of the suspended acting Chairman of the Economic and Financial Crimes Commission, Ibrahim Magu, said FCMB falsely reported to the Nigerian Financial Intelligence Unit that N570m was paid into his church account, thereby, leading to accusations that the money was used in purchasing a house in Dubai for Magu. The suit marked…

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Union Bank staff arraigned over alleged N80m fraud + Why EFCC wanted him Jailed

The Nigeria’s anti-graft agency, Economic and Financial Crimes Commission (EFCC), has arraigned Kola Oduwole, an employee of Union Bank, for an alleged fraud involving the sum of N80 million. Oduwole was brought before Justice Musa Danladi of the Katsina State High Court by the Kano Zonal Office of the EFCC on six counts bordering on forgery and fraud. Oduwole was alleged to have forged signatures of the Relationship Manager of the bank on three fixed deposit certificates, presented same to some customers and subsequently got customers to deposit their funds…

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Court slams N5m damages on Access bank, indicts lender of customer’s relationship breach

  A High Court sotting in Lagos, Nigeria’s commercial capital, has slammed a N5 million damages on Access Bank to be paid to its customers, Blaid Construction Limited and Blaid Properties, over a breach of bank-customer relationship. The Court also declared, according to a report by Premium Times, that a post-no-debit alert action by the bank and continued denial of the customers’ rights to access and operate their accounts since 2015 were unlawful, illegal and void except within the periods between July and September, 2016. “Justice I.O Harrison of the…

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Nigeria orders Banks’ Takeover of Electricity Bill Collections from DisCos

DisCos, as power distributors are known, were said to have owed both Nigeria Bulk Electricity Trading (NBET) Plc and the Transmission Company of Nigeria (TCN) over N930 billion in outstanding payment for power supply to them Nigeria has directed commercial banks in the country to take over collections of electricity bills with immediate effect in a bid to recoup outstanding debt owed by electricity distribution companies (DisCos) to power generating firms. Analysts said the move made by the Central Bank of Nigeria (CBN) is a reminiscence of appointment of liquidation…

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Boardroom crisis looms at GTBank as CEO successor’s choice divides board members

  A seeming boardroom crisis that may rock Guaranty Trust Bank Plc (GTBank) to its foundation is currently brewing in the bank. Platforms Africa gathered that the internal unrest borders on the succession of the current managing director and chief executive of the bank, Mr. Segun Agbaje, whose tenure ends in June 2021. According to inside sources, Agbaje is said to be backing two executive directors believed to be his close associates to succeed him as managing director and deputy managing director, ahead of other most qualified directors in the…

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World Bank begins annual fiscal rating for Nigeria’s Kwara State

  A five-day technical sessions to ascertain Kwara State’s compliance with the FG/World Bank-inspired States Fiscal Transparency, Accountability, and Sustainability (SFTAS) began on Monday in Ilorin, with local officials interfacing with independent verification agents (IVAs) from the office of the Auditor General of the Federation. Kwara State Commissioner for Finance and Planning Florence Oyeyemi Olasumbo who, according to a statement made available to Platforms Africa, said this at the opening session, maintained that the objective of the SFTAS is to strengthen fiscal responsibility and openness in government’s spendings. “She said…

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It’s Official, Nigeria devalues Naira, currency now N380 to $1

Nigeria, Africa’s biggest crude oil exporter, has officially devalued its currency, Naira, against the dollars. The country’s apex bank, Central Bank of Nigeria (CBN), which announced the devaluation of the official exchange rate for the second time this year, sank Naira value by N20. Information on the website of the central bank reveals the CBN adjusted the official exchange rate to N380/$1 from N360.1/$1. The adjustment occurred on Thursday August 6th 2020. This suggest the CBN may have unified the exchange rate in line with the promise made by Godwin Emefiele, the…

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