₦airaland Forum

Ibunkun1:
them no get branch again for Ilorin, and I never get the chance to go to Ekiti where i can withdraw it

GloriousGbola:
my guy has 1m in the bank. they have been having issues for weeks. he was in vi two weeks ago to see if he could recove rthe money. thats when i told him, the best he could do s probably 250k - but from what you are saying, its 500k

so . . . the sarakis strike again !



there is not much you can do other than go to the bank and shout. even your people in the bank are telling you there is nothing that can be done

larride:
According to their press release, CBN has been involved in their operations for a while to try to salvage the bank but since no path for recovery, them koko comot their hand.

I'm happy they didnt go the AMCON route.

Ibunkun1:
Their app no dey open again o. For like a month now. I don dey suspect them too

larride:
I know nah. Izzou money for there na 23k so him money safe.

GloriousGbola:
link pls?

larride:
Yes now, it was said in the press release that there was no path for recovery for the bank. The next sensible thing is to wind it up instead of chasing shadow.

larride:
Yes. NDIC will make sure your money is safe.

sod09:
Is that not adenuga bank?

The Acting Director, Corporate Communications, CBN, Hakama Sidi Ali, disclosed this in a statement.
She said: “The Central Bank of Nigeria, CBN, in accordance with its mandate to promote a sound financial system in Nigeria and in exercise of its powers under Section 12 of the Banks and Other Financial Act (BOFIA) 2020, hereby revokes the licence of Heritage Bank Plc with immediate effect.

‘This action has become necessary due to the bank’s breach of Section 12 (1) of BOFIA, 2020.
“The Board and Management of the bank have not been able to improve the bank’s financial performance, a situation which constitutes a threat to financial stability.
“This follows a period during which the CBN engaged with the bank and prescribed various supervisory steps intended to stem the decline.
“Regrettably, the bank has continued to suffer and has no reasonable prospects of recovery, thereby making the revocation of the license the next necessary step.

“Consequently, the CBN has taken this action to strengthen public confidence in the banking system and ensure that the soundness of our financial system is not impaired.

“The Nigeria Deposit Insurance Corporation (NDIC) is hereby appointed as the Liquidator of the bank in accordance with Section 12 (2) of BOFIA, 2020.

“We wish to assure the public that the Nigerian financial system remains on a solid footing. The action we are taking today reflects our continued commitment to take all necessary steps to ensure the safety and soundness of our financial system.

larride:
Meanwhile CBN don revoke license of Heritage Bank

sod09:
Haa
Is that supposed to happen
Na mad people full this country olorun

larride:
Then every single one of them should be arrested starting from their director.

What nonsense.

larride:
But what's already happening is the reverse of what the man is saying. Prices of things has already jumped over the roof, increasing minimum wage is just to give workers a little breathing space to be able to cope and survive.

larride:
They turn off power grid or it collapse?

larride:
Sounds very good on paper but all these are all medium/long term approach/plans.

Right now, the government must increase the minimum wage and fast.

Itsrm:
Very sound points. Infact, anyone whose salary has increased within the last 5 years will easily relate with it.

The problem is not necessarily increase of wages. The problem is the purchasing power of the money. I have said it here that my colleagues unanimously agree that they prefer the salary we were earning around 2018. Even though lower than what we earn now, it was more than enough for us.

GloriousGbola:
Welfarist approach where you spend 30% of your income? That is what brought us here. Subsidies that never worked and became a millstone once we had cash flow issues

Itsrm:
This is the best view on minimum wage I have seen.

If you have the time, watch from 13:30 to 26:16. It's just about 13 minutes.


https://www.youtube.com/watch?v=VCIy5HxIgU0

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

Ellexy:
Lol

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

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

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.

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.

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.

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

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

Amigoss:
You had Courtois to thank for the last one

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

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

sod09:

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