Category: Money and Stocks

N1.8 bn fraud rocks Sterling Bank + how Bank staff stole customer’s money

ADEOLA YUSUF

EFCC has testified in Court about a Sterling Bank customer’s account was profiled via internet banking and the sum of N1,790,558,0 00   The Nigerian financial institution, Sterling Bank Plc, led by Abubakar Suleiman, is currently enmeshed in a N1.8 billion (approximately) financial fraud. Platforms Africa reports that the fraud has rattled the lender’s financial position and it has landed one of the bank’s staff and a businessman in court. The case which is currently before an Ikeja High Court, Lagos, details how an official of the bank, Ifeanyichukwu Shallom…

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Man hacks into server of Nigeria’s bank, steals N1.87bn depositors’ money

ADEOLA YUSUF

Salau Abdulmalik Femi, a Nigerian cyberspace kingpin, has been arrested for allegedly infiltrating the Flex-Cube Universal Banking System of a first generation bank and scooping as much as N1.87 billion. Platforms Africa reports that the Police Special Fraud Unit, Ikoyi, which snnounced thid, added that the suspect specialized in hacking into the server of banks and corporate agencies. READ ALSO: Nigerian Banks rattled by N10trn Debits, Interest Rates Hike Imminent Femi, who displayed exemplary mastery of the cyber environment, was arrested after he hacked the Flex-Cube Universal Banking System of…

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Cryptocurrency for a layman, understanding threats, trend of financial revolution

ADEOLA YUSUF

Here, according to Mrs. ‘Dedoyin Hassan-Hamzat, a Nigerian registered Fund /Portfolio Manager, are reasons for the current revolution in financial services system, and why cryptocurrency is the beginning of a subtle end of Central Banking System around the world. She spoke during the Platforms Africa e-Discourse. Excerpts:   What is cryptocurrency and why is it gradually turning the elementary definitions we were given about money into lies? Cryptocurrency can be said to be a digital currency so we can call it a form of money. We can argue that crypto…

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Naira crashes to N505/$ as CBN scraps Forex sale to Bureau de Changes

ADEOLA YUSUF

The naira fell slightly to the dollar at the parallel market few hours after the Central Bank of Nigeria on Tuesday announced the discontinuity of forex supplies to the Bureau de Change Operators in the country. The CBN Governor, Godwin Emefiele, announced the end of forex sales and new licence approval after the Monetary Policy Committee two-day meeting in Abuja on Tuesday. He expressed the MPC’s disappointment over their continuous abuse of the privilege. At the end of the meeting, the MPC retained the lending rates and other parameters. READ…

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BREAKING: Nigeria raked in $34.28b Oil, Gas revenues in 2019, NEITI reveals

ADEOLA YUSUF

Here is an executive summary of the latest audit report by NEITI + how NNPC, IOCs, NDDC, NCDMB, and Federal ministry of Finance (FMF) were mentioned in the report     The Nigerian government raked in $34.28 billion from oil and gas sector in 2019. Platforms  Africa reportsi that the Nigeria Extractive Industry Transparency (NEITI), which showed this in its 2019 audit report presented to the media and civil Society organisations (CSO) in Lagos on Tuesday, declared that a whopping $8.487 billion of the total receipt came from the sales…

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Nigerian Senate approves President Buhari’s N2.343tn foreign loan request

ADEOLA YUSUF

  The Nigerian Senate has approved N2.343 trillion External Borrowing Plan (EBP) for President Muhammadu Buhari. The EBP is for financing of part of the deficit authorised in the 2021 Appropriation Act. This was sequel to the presentation of the report of the Senate Committee on Local and Foreign Debts by the Chairman of the Committee, Sen. Clifford Ordia during plenary.   READ ALSO: NNPC unveils Template for Wealth Multiplicity, Liquidity for Stakeholders Nigeria overlooks $14m Bail Bond, Frees Detained Vessel to Swiss Govt FoC JUST IN: U.S. to pick…

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How Gunmen Killed ATM Customer in Ibadan + Security Tips For ATM Users

ADEOLA YUSUF

  “After withdrawing huge amount of money at an ATM in UI (University of Ibadan), he was trailed to the junction, shot in his private part and later rushed to an unnamed hospital in Ojoo area of Ibadan where he was confirmed dead.”     A yet-to-be identified man was allegedly shot dead at Water bus stop, along University of Ibadan-Ojoo Road on Monday after withdrawing some cash at the Automated Machine (ATM). The News Agency of Nigeria (NAN) gathered that the man was shot in his private part and rushed to an unnamed hospital in…

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Bank PHB ex-MD, Francis Atuche, Jailed for Stealing Depositors’ N25.7bn

ADEOLA YUSUF

He shed tears, blinked and rolled eye balls to evoke pity but still got six-year jail term slammed on his head. Here is the full account of how Court found the Bank Chief guilty of stealing customers’ money   An Nigerian High Court sitting in Ikeja, Lagos, on Wednesday convicted and jailed a former Managing Director (MD) of Bank PHB, Francis Atuche, for defrauding the bank of over N25.7 billion depositors money. Platforms  Africa reports that since 2011, Atuche and a former Chief Financial Officer (CFO) of the bank, Ugo…

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Naira suffers N421.9 Intraday low, slides to N411.50/USD at Official Market

ADEOLA YUSUF

  Nigeria’s unit of exchange, Naira, has depreciated further against the U.S. dollar at the official market, also known as the Investors and Exporters (I&E) window. Platforms Africa reports that data posted on the FMDQ Security Exchange where forex is officially traded showed this. The domestic currency, however, remained stable at the black market.   READ ALSO: Nigeria Downgrades Naira to N410.25/dollar, inflation rate hits 4 year-high Nigeria’s Apex Bank, CBN, Devalues Naira To 392/Dollar, Sells $1bn to BDCs Nigerian Banks rattled by N10trn Debits, Interest Rates Hike Imminent 11…

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Polaris Bank Underscores VULTe Benefits, Uniqueness For Customers

ADEOLA YUSUF

  Polaris Bank has restated that its newly-launched digital banking platform, VULTe, is a quick self-service innovation aimed at delivering greater value and benefits to existing and new customers of the Bank.   READ ALSO: Polaris Bank’s Assets hit N1.2tr, Profit Growth Sustained with N28.9bn Polaris Bank Webinar: Experts reveal Winning Ways for Women Wealth Building Nigerian Banks rattled by N10trn Debits, Interest Rates Hike Imminent   The Chief Digital Officer (CDO) of Polaris Bank, Dele Adeyinka, while highlighting the unique features and benefits of VULTe in a statement sent…

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