₦airaland Forum

Ibime:
They're getting it cheap because their French backed CFA is more than twice the strength of the Naira Vs this time last year so Nigerians will rather sell there and get double the Naira for the same CFA they got last year

Viva Les bleus

Lolz 😂

Shey na dem send us to devalue our currency ni?

Ellexy:
Lol

How did we destroy their region ?

Shey na we be the boko haram or ISWAP terrorizing them over there ni ?

[quote author=liveLongNprospa post=130252107]The best brains.
God is going to have to come down from heaven to help us

The Kind of Inflation We Are Dealing With Will Not Be Solved By an Interest Rate Hike -Fasua

If we can block the exportation of food from the country, there will be a lot more food in the country, tackling food inflation.
Tope Fasua, Special Adviser to the President on Economic… pic.twitter.com/gFM9lghsat

— ARISE NEWS (@ARISEtv) May 31, 2024

this guy saying for God’s sake ? 🤦‍♂️

He’s saying Niger, Chad and co are getting Nigerian food for cheap , How ?

I thought few months ago they were arresting trucks with farm produce because they were going to sell in those francophone countries for a higher price 🤷‍♂️. How did it suddenly move from that to “ The francophone countries are getting Nigerian agricultural produce for cheap “ ?

Does it even make any business sense that farmers will expend millions on transport and logistics to sell at cheaper price in francophone countries ?

Na wa o

GloriousGbola:
i have told the story before, but this is also how a guy running game like this got our then CFO sacked

the CFO was very casual with token and password, and had always been the overly trusting type - i remember the CFO years ago as an officer, falling for a common 'you have won phone send money to collect it' scam.

basically gave the guy token and password to run company forex transactions

That CFO was not smart and don’t deserve the seat. A CFO is supposed to be the most cautious person in an organization . Person wey Dey control the finance of an organization no supposed Dey allow anybody near his workstation at all.

Even if IT wan run anything on his system it should be under close supervision na. If person don Dey reach those kind level there should be some high level of awareness one just needs to develop

WhoDeyHause:
Ok I thought he was still on the run. Yes their accounts have been frozen according to the report, bad luck. I just pity first bank customers especially with bank charges since the bank must recover their money one way or the other.
40 billion from a bank not even government treasury. This man bad o. and is also dumb cause he must have believed it'll have taken long before he will be caught despite the huge amount.

2 years is a long time o. In fact he’s lucky people had not been complaining of not getting transaction reversal . If people had complained much earlier , he wouldn’t have been able to make that much .

I know of a case in of the old generation banks; the same format this guy was running . When people transfer money and the transaction failed but their get debited , they go to the bank and complain after which the customer care will forward complain to the e-process units for them to process reversal . That guy was also pushing the reversal to a third party account which he solely controls .

That guy didn’t get more than a little above 100m before he was nabbed and handed over to EFCC after customers came to complain of not getting reversal despite the bank’s system showing the reversal has been pushed .

WhoDeyHause:
40 billi. There's greed and there's greed. But can he still be easily expatriated if he has already japa to all those Caribbean islands where you can sharpaly buy citizenship? This case even pass EFCC.

The news piece was silent on whether the Muiz guy has been arrested or not, but I want to believe he was still a staff when the fraud was discovered so he’s most likely to have been arrested .

He just put some other innocent people in trouble . I think the last paragraph of the news says some of the funds was used to buy USDT from some online traders ; all those ones have had their accounts frozen by the authorities now. Those ones will be running heater skelter to get the freeze on their account lifted through court order .

First Bank, a Nigerian bank with a market capitalisation of ₦829 billion has begun legal action to recover “huge sums of money” allegedly diverted by an employee at a head office team in Iganmu, Lagos. The employee, now on the run, allegedly diverted those funds to 98 bank accounts classified as first beneficiaries, including his wife’s.

The bank reported the incident to the Nigerian Police Force on March 25, 2024, and obtained three court orders between April 4–8, 2024 to block hundreds of bank accounts believed to have received the stolen funds.

Three people with direct knowledge of the incident told TechCabal that while the initial amount discovered to be diverted was around ₦12 billion, it now stands at around ₦40 billion ($29 million).

As a manager on the electronic products team at First Bank, the employee, identified by court documents as Tijani Muiz Adeyinka was authorised to process reversals for customers, said one First Bank employee with knowledge of the matter. It meant he controlled an account with which he processed those reversals and could credit merchant accounts.

Muiz allegedly used that authority to instead credit customer reversal requests to a merchant he controlled. As the last line of authorisation on the team, he allegedly did not need any further approvals, it allowed him to carry on diverting customer funds for almost two years without detection.

His scheme was eventually discovered when a customer made a complaint that was eventually escalated to the bank’s internal control unit. The control unit discovered several suspicious transactions and reported to the police.

“We hereby bring to your notice the discovery of fraudulent transactions into various transactions within and outside the bank and request your good offices to set up the machinery of investigation in place with a view to unravel the circumstances surrounding the said fraud and get the culprits apprehending to face the wrath of the law,” read a letter dated May 10, 2024, from First bank to the Lagos State Commissioner of Police.

First Bank did not respond to multiple calls and emails from TechCabal requesting comments.

A spokesperson for The Nigerian Police Force did not immediately respond to a request for comments. The spokesperson Economic Financial Crimes Commission (EFCC) did not respond to a request for comments.

“I discovered that one Muiz Tijani Adeyinka, a former staff of First Bank was involved in the nefarious posting of fraudulent transactions,” read a statement from the investigating Police officer in charge of the case signed March 26, 2024.

“It was discovered that he made some fraudulent transactions to his wife’s account number (name withheld) domiciled with Zenith Bank, which in turn transferred to other beneficiaries totaling thirty-four accounts which also gave birth to second beneficiaries domiciled with other banks totaling 1,190 accounts,” the statement added.

Across multiple court documents and complaints, First Bank did not state how much money was stolen. It was also silent on how the money was obtained while asking the Police to “unravel the circumstances surrounding the fraud.”

Despite a decline in reported cases in Q1 2024, fraud remains a big issue in Nigeria’s financial services industry. While fintech startups receive disproportionate scrutiny, the country’s biggest banks are often on the receiving end of fraud attacks too. In 2023, Access Bank lost ₦6.15 billion to fraud and Fidelity Bank lost ₦2.5 billion in three incidents, per a report from BusinessDay.


First Bank obtained an order on April 8 to block the bank accounts of the first and second beneficiaries of the illegally obtained funds from a Federal High Court in Lagos. The bank also obtained additional orders dated April 8 and May 5 from a Jalingo and a Lagos high court to block additional accounts believed to be involved in the incident.

One first beneficiary account reportedly used some of the stolen funds to buy the stablecoin USDT from several crypto traders, according to an anonymous email sent to TechCabal detailing their bank accounts.

Those traders claimed their only involvement was selling USDT and denied knowing the funds they received were proceeds of fraud. They have now been drawn into a legal battle with the bank with restrictions on their accounts at the time of this report.

https://techcabal.com/2024/05/31/first-bank-employee-on-the-run-after-40bn-fraud/

If u were wondering why the Firstbank MD was sacked few weeks ago , it appears this man right here was the one that use his reggae to spoil Firstbank MD blues o

Guyman moved a whopping 40 billion Naira without the management of the bank having an inkling about the massive fraud being perpetuated under their watchful eyes .

Muiz Omo weyrey don do fraud collect food for MD mouth 🤦‍♂️

sod09:
Boss
S1
https://driveseed.org/list/12a63fd0e24b0fd727fd6b51907cea98xMAjsTszZi

S2
https://driveseed.org/file/oueDwkzaW3

Thank you 🙏

Make I quickly run am

Amigoss:
You had Courtois to thank for the last one

Yes o. The snake man , he just very stretch like runner everywhere . He really denied una that day o.

I was just grinning from ear to ear 😁

liveLongNprospa:
Ready to watch us lift our 15th?😌

I have always supported Madrid in the Champions league , in fact I always win physical bets at bars where I watch Champions league finals involving Madrid.

Amigoss:
But he owes anybody to insult the oppositions who are doing what he did when he was younger...

He should rest altogether from the smear campaign against obi/Obidients who are now the younger soyinka

This!

Person carry berretta pistol seize control of a whole radio station to broadcast his displeasure over the outcome of an election. Now that person is getting angry the youths are using the phone and data they bought with their money to express their displeasure over the outcome of an election.

Thank God these things were documented in books and we were able to read them.

sod09:

Is obi the president?
This is witch hunting in 4k display

Baba gimme correct series link make I use hold body before Champions league final for night. This Saturday just dull

A001:
I don't read nonsense first thing in the morning, noisemaker and keyboard warrior. Keep ranting and rant from now till the next year, WS still remains one of the greatest African minds alive. That's a statement of fact, which is true whether he supports your candidate or not.

Smart and intelligent adults will tell u there was nowhere Wole Soyinka’s academic greatness was doubted in my post . But I don’t expect u to find anything that is beyond ur reasoning capability intelligible .

If u don’t want to read from me then u should stop mentioning me . That’s what wise people do, but then again I ask too much from teejay the pseudo-intellectual-cum-trado physicist .

A001:
Just intensify your effort calling for a 90-year-old man to continue leading campaigns for social justice and activism against the corrupt political class at old age, while you (a youth full of energy) hide behind your keyboard making funny posts.

Many people are hypocrites, and people that are "real" like WS are scarce, which is why he's highly respected by many home and abroad.

Many people that make posts and noises online about good causes don't mean or practice what they say offline, and they do the direct opposite in the real world offline.

Talk is cheap. Only few humans really practice what they preach online in the real world.

U asked what has Wole Soyinka become and I have tried to reply u as civil as I can ever be while overlooking ur attempts to make me attack the prof’s personae ( A bait I chose not to fall for )

I know u have Celebrity Obsession Disorder which makes u get hard-ons when u hear the name Wole Soyinka mentioned in whatever context . Nonetheless , I won’t let u control the narrative and misconstrue my posts that I’m asking an 89 year old man to lead a protest against any political class.

My post is very easy to understand for those who are open minded and not some pseudo-intellectual growing Afro forming a prof wannabe .

A001:
You're not making any kind of sense. It's easy to make tweets online and make Nairaland posts.

Offline is the real deal, and most people are just noisemakers, including people that type silly posts on Nairaland about Wole Soyinka.

I'd take your more seriously if you've ever done any form of activism or organized a program that fought for social justice, not mere online noises.

If you've ever done so, then you'd see the enormity of what WS has achieved in Nigeria's history.

You're just making online noises expecting a 90-year-old to continue organizing activism and social justice programs at old age. I don't even understand how many of you reason.

Like I said before, it's easy to make online noises and rants. Offline is where the real work is, and we know the real men and women with the courage to record key achievements in the country's history, one of which is WS.

Everyone can't support your candidate. That's a reality you need to come to terms with.

Okay . I have tried to reply to ur post as civil as I can ever be and as usual u have typed as irrational and out of point as u have always done.

That’s the best u can get from me .

sleekdot:
Many Nigerians do not participate in these online polls

If na by online polls Obi will be celebrating 1yr of governance not Tweeting and farming for Elon Musk dollars

I was obviously referring to the 1% of those who had access to the internet and actually participated in the polls .

Nowhere did I infer many or most Nigerians participated in the polls

A001:
What has Wole Soyinka become in his old age? Lols, regardless of online rants and noises like this, WS has written his name boldly on the sands of time as one of the greatest Africans of the 20th/21st century.

I just read some funny posts like this online and laugh. Wole Soyinka is currently one of the few greatest and most accomplished African writers alive. That's a fact, which is true regardless of whether he supports your candidate or not.

I will overlook the fact that ur paragraph was out of point and the second paragraph was almost same and I will just answer the question “ what has he become in his old age ? “

Wole Soyinka “ The activist” has become a man who now condones most of the ills he once stood against .

My post was about his activism and not about his academic/professional accomplishments . Every reasonable educated fellow knows he’s an accomplished writer who is reputed for his works all over the world .

But then there’s Wole Soyinka the activist , the man who formed Pyrates to fight for human rights and social justice . There was a Wole Soyinka who took a gun , headed to a government radio station , took over a live program and played a pre-recorded tape calling the incumbent premier of western region a thief . Why ? Because the premier of western region was generally believed to have rigged himself into power with the backing of federal might against the wishes of the people .


That was the Wole Soyinka I was talking about. That Wole Soyinka who would not agree with the official election result but took laws into his hands by committing a felony just to force his perceived winner down everybody’s throat irrespective of what the “official” figures says . That is the man who now gets offended by a group of youths disagreeing with INEC’s official figures put out.

So u see, I’m coming from a place of someone who read what Kongi the social justice fighter had done in his youthful days in the name of what he believes to be justice

Ellexy:
So far from what I've gleaned online tonight, Northern handles on Twitter are against the rumoured restructuring. They're saying the North will be at a disadvantage for example the Boko haram and Banditary issues will become regional issues instead of national and the states in the over there do not have the resources to tackle such. Then there are other issues like IGR, natural resources etc.

It's not surprising that Shettima or the average Northerner will be against restructuring. This rumour is a good distraction away from the massive failure of this administration so far. Give the people something to yap about.

U are right, some of these things are calculated attempt at distracting the people from
The real issues .

The Wole Soyinka outburst against Obi, the introduction of the national anthem and now this phantom restructuring story . All of these 3 came on the heels of Tinubu marking one year anniversary in office with nothing tangible to show for his one year residency at the seat of power .

Investors are leaving in droves , some existing investors are shunning the country to invest elsewhere and we have food inflation going above the roof. They don’t want u discussing all these , they just want u discussing whether the national anthem was composed by a foreigner in a contest that overlooked hundred of Nigerians or that Wole Soyinka who took over a radio station with a gun in his youthful days is in a position to call out youths who insulted him for what he’s become in old age.

These things don’t matter , but that’s want they want us discussing and they are actually succeeding at it

Unlimited22:
See nau

https://twitter.com/StatiSense/status/1796630747526131834?s=19


But ndị abroad say he's done a fantastic job

Lol

U see that 1% of South west that voted Tinubu excellent ? They are the ndi abroad, those in naija wey their children abroad Dey wire money to and few political sycophants . The problem wey Dey town no concern them.

I know some of them personally

[quote author=Ellexy post=130242813]Kashim Shettima on restructuring...

Restructuring my foot! To hell with restructuring! Kashim Shettima tells Nigerians. pic.twitter.com/eltLcQro1v

— Segun Ajayi (@DSegaj) May 31, 2024

]😂😂😂

Shettima na Nama .

He obviously didn’t know that if the country is restructured , governors won’t have anywhere to hide . All the respective governors who get allocation but have nothing to show for it will be held by the jugular by their citizens .

A state like bayelsa will no longer claim that FG is sharing money made from bayelsa oil to Borno. The bayelsa governor will have to show workings how he’s spent the money he received as allocation.

Even the northern governors that get billions upon billions as allocations that fail to transform the life of their citizens only to get angry when a southerner says “ the north is poor “…./ such governors will have nowhere to hide .

Alas all of this is lost on shetimma . He say restructure my foot .

If he was from Brazil dem supposed name am NAMAdinho

GloriousGbola:
Actually I think it is. We all have BVN. People who thought they took anchor loan or wetin call were shocked when money was withdrawn from their account. Once you have a BVN, I don't think you can get away like that. And the fg will probably add some sort of school fees clearance like NYSC certificate.

Imho, student loans will drastically reduce the number of people who have no business being in university. Free / subsidised education unfortunately has meant a school to cult pipeline where people with no actual academic ambition enter uni with sole aim of being in cult.

Of what use is the BVN of someone who was rusticated from school and maybe ended in prison? The debt will go bad na

larride:
Jim Ovia is the chairman of NELFUND

Then that's good.

sod09:
Na village people or madness be that
For last lap

I've actually seen someone who joined cult in his 400l. Even though he wasn't rusticated sha, but imagine if someone like that gets caught up in a cult clash where lives are lost and he somehow he gets arrested and expelled. Where FG wan take collect the money they paid on his head till date?

Itsrm:
I'm not sure they have a choice o. A lot of those loans will go bad. Except they are ready to write it off.

The bank my wife works had to stop their staff car loan because people were taking the loan and using it to fund japa. And once they japa, they don't service the loan.

These are the issues that actually need to be ironed out before they start disbursing. If these issues are not ironed out, the program will die a slow natural death despite how good it looks.

I hope the government actually consulted people in the financial services and didn't just leave everything to career civil servants, politicians, and political appointees. They need to run scenario analysis, do a lot of permutations and combinations.

sod09:
The best way is the loan application should start from 200 level by this the government will know serious and unserious one
As for cultists, malpractice, death etc na bad debt oo
Cc blueraydick, itsrm, larride

People dey join cult for first semester 400l and get rusticated second semester o

Itsrm:
Isn't there a way of insuring loans? I think I've heard something similar before

Loans are insurable actually. There's Credit insurance which will guarantee the lender that in the event a debtor is unable to pay the balance of a loan, the insurance company will pay the creditor back.

The problem with that is FG will be expending more cost if they do Credit insurance on behalf of students because we all know the students don't have money to pay for the insurance before accessing the loan. For normal bank loans, the bank will debit ur loan account for the insurance premium which means u the borrower would've even paid for the insurance before disbursement

sod09:
Nah I don't think state students should be given
No offence but they know what they are getting at picking state owned schools
The state government should bring out loans to their students
Don't kill tinubu for us
I don't really rate state own schools sha

A school is as good as the crop of lecturers teaching there and the funding available to the management. There's nothing special about federal schools, it is just the funding they have access to and the larger number of lecturers they have access to that makes the difference.

Nowadays sef, some private universities have better lecturers than Federal varsities. Some federal varsity lecturers have moved to private universities for better pay.

If state governments are intentional about spending on education, a lot of state schools will overtake federal varsities.

larride:
It seems NELFUND has began processing student loan applications for undergraduates in federal universities. If you know anyone in Fed Uni in need of student loan, you can ask them to apply.

https://www.nelf.gov.ng/

The student loan looks good on paper and may as well be one of the good legacies Tinubu can leave behind( If it is properly administered )

Sometimes last week I read in the papers that the pilot phase of the loan will be accessible to only students in Federal owned higher institutions (.i.e. FG owned Varsity, Polytechnic and College of Education). Maybe state owned schools will be added later or their respective governors will have to float something similar to complement FG's program in their respective states , only time will tell.

That being said, I have just one major concern which I didn't see addressed in the news article. According to plan the student's fees will be paid directly to the school's account and not handed over to the student .

My concern is let's say a student has been on the student loan from year one and after year three due to poor academic performance, exam malpractice or cultism he gets expelled/rusticated from school; how will the FG recoup the principal they have expended on such students from year 1 to 3? Remember a student is expected to start repayment 2 years post graduation. How will the FG recoup from students who don't graduate eventually ?

Also, for those who get 1 to 2 extra year, will FG keep paying their school fees for those extra years ?

TrebleChamp:
You get time.....

I don leave am o

mostob:
The whole issue was not based on the story Auba narrated here. I remember Arteta saying he has a Dozier of all Auba's shortcomings. Even from this story, there are still loopholes.

1. Why didn't Auba communicate his decision to arrive late with Arteta?

2. You said you want to go and pick your mother but we saw the pictures of you getting a new tattoo on the internet.

3. You couldn't do Covid test before joining up with the squad thereby exposing others to the virus.

Auba clearly doctored his version of the story to favor himself; as u rightly said his story doesn't add up.

TemporaryHansel:
Sisi Yemi, a renowned Yoruba chef/cook was stopped from voting in Lagos because the thugs thought she's igbo. Many other yorubas that don't have countless tribal marks experienced the same thing.

He knows these things, he's just looking for who to tire out with never ending merry-go-round argument

raumdeuter:
So if in 2040 a young person comes on the internet and said Ibos were prevented from voting in 2023 using your posts as reference, will that be a true state of affair?

Thats why we need to not promote falsehood for sake of posterity

The evidences abound everywhere. Different newspaper wrote about it, I didn't author those news articles.

U can go and take it up with those print media that wrote stories about it if u feel it is falsehood. I'm done with this.