₦airaland Forum

AnonPoet:
There was a thread on Nairaland weeks ago where an observer pointed out that GTbank was not doing well under Miriam Olusanya as the secondary numbers are worrying and this is for the second year running.

A bank whose post tax profit drop by as much as 7% is not doing well. It doesn't matter how much profit they made, that drop is is a lot and considering that the previous report for the 9 month also showed a decline in profit after tax, something is happening under Olusanya that needs to be addressed.

People who point this out have been labelled all manner of names as supporters try to tie criticism to tribalism some even said the criticism is from people who want her fired. Okay, we are watching

We need to talk about why when every other bank's profit is increasing, Gtbank's profit is reducing at a very uncomfortable rate.

Loooool…

Their supporters will soon come and fight you for saying the truth. They will tell you they are offering 1 Naira dividend per share.

The image attached is a perfect example of what is happening

Access Bank Plc has approached the Federal High Court in Lagos to recover N1.34 billion allegedly lost through an unauthorised transfer of funds from four customers’ accounts in what the bank described as a suspected cyber fraud incident.

The incident, which raises fresh concerns about the financial and cybersecurity risks facing the banking system, involved funds allegedly moved through Access Bank’s internet banking platform, the Access SME App, to accounts held across 71 banks.

The affected accounts belong to MIB TXN Bullion, Aba Branch; AIICO General Insurance Company Limited; Apogee Engineering Limited; and Sims Nigeria Limited.

According to court documents filed by the bank and made available to journalists, a total of N1,340,425,393 was transferred without the customers’ authorisation.

The breakdown showed that N590,975,889 was allegedly taken from MIB TXN Bullion, N420,449,504 from AIICO General Insurance Company Limited, N136 million from Apogee Engineering Limited and N193 million from Sims Nigeria Limited.

Access Bank said it discovered the fraud when it resumed operations on August 12, 2026, following which it commenced an internal investigation into the incident.

The investigation reportedly showed that the funds had been transferred to several accounts domiciled with Access Bank and 71 other financial institutions.

The bank subsequently approached the Federal High Court with an ex-parte motion marked FHC/LAG/MISC/1168/2026, seeking urgent orders to prevent the further movement or withdrawal of the funds.

Access Bank asked the court to place post-no-debit restrictions on the accounts that received the money and other accounts linked to the beneficiaries’ Bank Verification Numbers.

It also asked the court to compel the affected banks to disclose the amounts still available in the beneficiary accounts and to watchlist the relevant BVNs until the stolen funds are recovered.

The bank said the urgent intervention was necessary because allowing the funds to be moved further could make recovery difficult or impossible.

Access Bank said it had already notified the affected banks of the suspected fraud and requested that the funds be preserved.
According to the bank, some of the receiving banks had placed post-no-debit restrictions on the accounts, but a court order was required to sustain the restrictions.

The bank further argued that the incident went beyond the loss suffered by individual customers, warning that cybercrime of such magnitude could undermine confidence in the banking system, financial security and the wider economy.

It said: “The grant of this application is also necessary to prevent cyber-crime which has the capacity to undermine economic and national interest.”

Access Bank also maintained that it had a duty to ensure that money transferred from customers’ accounts without authorisation was not further dissipated before recovery.

Justice Akintayo Aluko, after hearing submissions from the bank’s lawyer, Ifeoma E. Enyinnaya, granted three of the reliefs sought by Access Bank, directing measures aimed at preserving the funds.

However, the court declined to grant the fourth relief because it amounted to a final order at the current stage of the proceedings.

The judge subsequently adjourned the matter to August 31, 2026, for further proceedings and directed Access Bank to file an undertaking as to damages in case the orders were later found to have been wrongly granted.

The incident highlights the growing financial security implications of cyber fraud in Nigeria’s banking sector, particularly the risk of large-scale unauthorised transactions, rapid movement of stolen funds across multiple banks and the difficulty of recovering money once it has been dissipated.

For Access Bank and the wider financial system, the case also underscores the need for stronger digital banking controls, faster fraud detection and closer coordination among banks and regulators to contain cyber-enabled financial crimes.

https://www.nationalaccordnewspaper.com/access-bank-seeks-court-order-to-recover-n1-34bn-lost-to-suspected-hackers/

By Princewill Ameh



The story starts like most dangerous ones do: with a name people try not to say too loudly in public, and a return nobody claims to have witnessed directly.

One year after Bashir Haske — the billionaire long declared wanted by the EFCC and long whispered about as an ally of the NNPC GCEO — supposedly vanished beyond reach, he has surfaced in Nigeria again. Not through the front door. Not with the kind of visibility that invites questions. He returned the way money returns when it still has work to do: surreptitiously, clandestinely, and with the confidence of someone who knows exactly which hands move fastest.

Unconfirmed rumors sweep through Abuja and the oil belt at the same speed they always do: fast, contradictory, and somehow always close to the truth. The chatter this time centers on timing — specifically, the closing stages of NNPC’s Project Delta.

Project Delta, as described in industry circles, is an initiative designed to dispose of NNPC’s interests in various oil blocks to raise funds for the Federal Government. If it is true that Haske’s return is aligned with those final stages, then the narrative is not merely about his personal comeback. It is about leverage — about being present when assets are most vulnerable to pricing pressure, urgency, and political bargaining.

Haske has never been the kind of man who waits his turn.

The asset everyone keeps circling: Antan Producing Ltd

The asset now at the center of the conversation is Antan Producing — formerly Addax Petroleum — an entity that insiders say has always been coveted by Haske. In the oil and gas world, “coveted” doesn’t just mean interested. It means watched. It means analyzed before everyone else notices it is on the market. It means prepared for.

And then there’s the detail that turns rumor into something closer to a blueprint.

Ironically — or perhaps inevitably — Bayo Ojulari was Haske’s technical consultant in appraising the value of the current Antan assets in 2022 when Haske bid unsuccessfully for those assets against Emeka Offor and ABC Orjiakor. The relationship between Ojulari and Haske doesn’t prove anything by itself. But in a business where diligence is often performative, and discretion is often strategic, a familiar face in the appraisal history is the kind of breadcrumb people follow.

Industry watchers now believe Haske and Ojulari have already aligned the necessary components required to seal the Antan deal — moving early enough to control the story, moving quietly enough to avoid the spotlight.

OML 137: where the numbers start to sound like motives

The appeal of the Antan angle, according to the same watchers, is anchored in the gas endowment tied to the OML 137 block.

The claimed figures are hard to ignore:

* Oil production capacity: 40,000 barrels per day
* Gas reserves: 3 trillion cubic feet of gas.

Then comes the math that turns boardroom talk into something sharper —something you can almost hear as people whisper “how much” into their phones.

If industry conversion logic is applied so that 3 trillion cubic feet equates to roughly 3,000,000,000 MMBtu, the fully developed monetized valuation using the European Union Gas (Dutch TTF Benchmark) of $19.50 per MMBtu would return in excess of $61 billion to the owners of the asset.

And in the “worst case” scenario — using Nigeria’s Commercial Wholesale Market Price of $2.68 per MMBtu the asset would generate over $8 billion in monetary proceeds.

Those are not numbers you fight over with speeches. Those are numbers you fight over with timing, paperwork, intermediaries, and the kind of coordination that looks like coincidence only when you’re not the one staring at the calendar.

The partners in crime prepare their seats

So the movie begins, even before the credits roll.

In the thriller version, everyone believes Haske’s return is about reclaiming value —about converting technical appraisal into commercial execution, about placing the right people at the right doors in the final days of Project Delta. In that version, the tension is procedural: approvals, valuations, bidding windows, regulatory cover, and the careful choreography of “compliance” that somehow always favours the same destination.

In the horror version, the same procedures become something else entirely: a system of arrangements designed to launder outcomes. Not just to transfer interests, but to make the transfer look inevitable — until the nation wakes up to discover that what it sold was not only assets, but leverage, options, and future revenue streams.

Either way, the partners in crime — real or imagined — appear to have hit the same conclusion: if Antan can be bought cleanly, it will be bought loudly; if it can’t, it will be bought quietly.

Haske and Ojulari have the kind of history that suggests they understand how deals are actually won.

What comes next

If the rumours hold, the Antan deal will not be treated as a single transaction. It will be treated as a storyline — one engineered around appraisal history, technical valuation familiarity, and a window of institutional churn when attention is stretched thin and decision timelines compress.

And as Project Delta reaches its closing stages, the lingering question is not whether Haske returned.

The question is what, exactly, he returned to secure.

Whether the next phase of this saga plays like a thriller — full of sharp reversals and last-minute disclosures — or like a horror movie in corporate clothing, the opening scene is already in place: a fugitive billionaire back in motion, an asset back within reach, and a nation’s oil future being bargained over in the half-light.

What’s sad is that when caught, they will resort to the refuge of the scoundrels they are and say: “we were doing it for Baba.”



Ameh, a public affairs commentator, writes from Abuja.

https://leaders.ng/2026/08/03/haske-ojulari-and-the-oil-block-nobody-wants-to-talk-about/

How Nestoil Founder Ernest Azudialu Acquired a $3.9m Houston Mansion While His Companies Owed Nigerian Banks $700m

Nestoil Limited founder Ernest Azudialu-Obiejesi owns a $3.9 million (N6.3 billion) residential estate in Houston, Texas, acquired in October 2011, the same year his companies drew down a combined $700 million in Nigerian bank financing, according to property documents obtained and published by investigative publication Secret Reporters.

The property, located at 11703 Bistro Lane within the Royal Oaks Country Club enclave in Houston, is a 10,894-square-foot two-story residence on 0.41 acres, featuring five bedrooms, seven bathrooms, an elevator, a private pool, a game room, an outdoor kitchen and a four-car garage. A warranty deed obtained by Secret Reporters records that Azudialu Ernest Obiejesi and his wife Obiejesi Maryann, also known as Nnenna Obiejesi, took possession of the property on October 31, 2011.

The disclosure lands as Nestoil’s debt crisis reaches systemic proportions in Nigeria’s banking sector. Azudialu-Obiejesi’s corporate empire — spanning Nestoil Limited and Neconde Energy Limited — is currently the subject of a lender consortium’s recovery action involving a consolidated debt that court filings from October 2025 placed at $1,012,608,386.91 (approximately N1.39 trillion) in dollar-denominated obligations alongside an additional N430 billion in separate naira-denominated liabilities.

The lender consortium, which Secret Reporters said comprises 16 Nigerian banks alongside Afreximbank, had sought to consolidate Nestoil’s long-term obligations into global facilities governed by English law in December 2022 when the debts were already under stress.

The Central Bank of Nigeria under Governor Olayemi Cardoso has taken the extraordinary step of blocking dividend payments at three major Nigerian banks — United Bank for Africa, Access Holdings and FCMB — until each fully provides for its non-performing loan exposure to Azudialu-Obiejesi’s entities. The impairment charges across five lenders directly attributable to the Nestoil exposure reached N2.16 trillion in 2025 annual results, according to Secret Reporters. UBA absorbed loan loss provisions of N331 billion ($240.7 million) and declined to pay a final dividend, causing its share price to fall 10 percent on April 27.

Access Holdings saw impairment charges surge 209 percent to N287.3 billion ($208.9 million) and withheld its final dividend despite posting a record N743 billion profit after tax. FCMB’s net impairment losses doubled to N92.5 billion ($67.3 million), forcing the bank to contract its loan book and withhold its full-year 2025 dividend entirely.

Secret Reporters said the 2011 timing of the Houston acquisition coincided with a period of significant contract awards and capital mobilization for Azudialu-Obiejesi’s companies. Between 2010 and 2011, Nestoil secured major contracts from the Nigerian National Petroleum Corporation and Shell Petroleum Development Company, including work on the $1.1 billion Nembe Creek Trunkline Replacement Project and the NGC-Alaoji and Owaza Gas Pipeline Projects. In 2011, Neconde Energy separately secured $558 million in loan and debt facilities alongside $150 million in bridge financing to fund the acquisition of a 45 percent stake in Oil Mining Lease 42 from Shell, Total and the Nigerian Agip Oil Company.

Azudialu-Obiejesi has not responded publicly to the Secret Reporters investigation. His legal representatives have not issued a statement on the Houston property disclosure. In the ongoing lender recovery proceedings before Nigerian courts, his position has consistently been that the debts are commercial obligations being contested through proper legal channels and that no fraud has been committed. His counsel successfully challenged the lender consortium’s attempts to freeze his personal bank accounts at the Supreme Court level earlier this year, though the underlying debt dispute continues before the Federal High Court.

Separate personal guarantees directly linked to Azudialu-Obiejesi cover N366.8 billion ($266.8 million) owed to Access Bank, with additional hundreds of billions owed to First Bank and Zenith Bank, according to the court filings cited by Secret Reporters.

The Nestoil debt is the largest single non-performing loan exposure in Nigerian banking history by declared amount and has become a reference point in regulatory discussions about how Nigerian banks manage large corporate credit concentrations and the enforcement of personal guarantee obligations.

Nestoil Limited and Neconde Energy Limited both maintain active status on the Corporate Affairs Commission website as of the time of this report.

https://thependulumnews.com/revealed-how-nestoil-founder-ernest-azudialu-acquired-a-3-9m-houston-mansion-while-his-companies-owed-nigerian-banks-700m/

Dapagun:
Unlike the GTB woman who made less profit this year that last year.

Anyway, happy birthday to her

Coporate Nigeria is a mess na.

Was the CEO of transcorp, Peter Ikenga not recently named in a sexual assault issue in London?

Peter Ikenga, CEO of Transcorp Power is involved in an ongoing sexual assault and exploitation case which involves Chinedu Okpareke named in the sexual harassment and revenge porn case along with former governor Ohakim some years ago. The victim whose name is Rachael Ekundayo has said she is being pressured to drop the case and she says she is considering

Rachael also claims she might drop the case due to jurisdictional challenges as the accused individuals are out of range of the court and she has asked Chairman of Tranacorp, Tony Elumelu to run an investigation to ascertain the truth

Nigerians has asked that the victims should not drop it and allow the law take its course as she might not get justice else was except in the UK

Transcorp Nigeria has not responded to the allegations yet

An Abuja based lawyer, Barrister Victor Giwa has cried out to the President of the Nigerian Bar Association, NBA, saying those after him have succeeded in getting Justice Jude Onwuegbuzie of the High Court of the Federal Capital Territory sitting in Apo Resettlement, to grant prosecution ‘s strange motion on notice to be moved on 26th january, 2026, seeking to revoke his bail and remand him in Kuje Corectional Centre until the end of his trial.

In a letter to the associations president, Mazi Mazi Afam Osigwe, dated January 23, 2026, the human rights lawyer is seeking the intervention of the association.

He said the situation in his trial has degenerated below injustice and has become dirty and somewhat indescribable.

He accused the judge of no longer conducting his trial but on a vengeoance mission.

He said in the letter, ""Mr, President, Recall I write you a letter dated 25th November, 2025 to officially inform you and bring to your attention the situation regarding the judicial proceedings in the FCT High Court, particularly, FCT High Court No. 30, Apo before His Lordship, Hon Justice Jude Onwuegbuzie and the patent compromised by external influences of judicial proceedings and the injustice perpetrated by Asabe Waziri a Management Staff of Nigerian National Petroleum Company Limited (NNPCL) facilitated by some named persons.

"The situation has degenerated below Injustice and has become dirty and somewhat indescribable.

"The event in court shows that Hon Justice Jude is no longer conducting my trial, His Lordship is on a vengeance, to embarrass, humiliate and punish me as planned by Asabe Waziri of NNPCL and her named facilitators. The concluded plan is to send me to Kuje Correctional Centre, from where I should be attending my trial.

"Hon Justice Jude hurriedly struck out my six applications challenging the Court’s jurisdiction filed between May and December, 2025, on 21st January, 2026 in a terse Ruling and on oral application of the Prosecution. This is to clear the way for the grant of prosecutor’s Motion seeking “TO REVOKE MY BAIL AND REMAND ME IN KUJE CORRECTIONAL CENTRE ÜNTIL THE END OF THE TRIAL”
My President, since the beginning of this trial, Hon Justice Jude has granted all the prosecutor’s applications, and has refused all my applications including the application seeking the release of my internation passport to travel and get medication and see my family.

"His Lordship has refused my application for CTC of the rulings that His Lordship delivered on the 26th November, 2026 for a Motion I have not move. His Lordship has refused my request for record of proceedings of the Court till date.

"Each sitting in His Court during my trial has the presence of over eight Policemen inside the court paid my Asabe Waziri, the nominal complainant and sponsor of the trial.
I had publicly and severally notified the Honourable court that I have lost total confidence in the Honourable Court the Court still insisted to continue the case.
Each of the court’s sitting during my trail is characterized by threats and intimidation of “” wielding the big stick””.
Report has it that His Lordship has written in advance, a ruling on the prosecution’s weird application, to me moved on 26th January, 2026 to “revoke my bail and remand me in Kuje Correctional Center till the end of my trial”. Copy of Motion is annexure A.

"Asabe Waziri the nominal complainant and the sponsor of the charge and trial was seen dancing in the court at the striking out of my motions during the hearing on the 21st January, 2026.

"Asabe Waziri has vowed to ruin and damage my carrier and professional reputation with every resources she has using her contacts and connection as an NNPC staff.

"All these are irrespective of my four applications to the Chief Judge of FCT to direct recusal and reassignment of my case. And my Petition against the Honourable Justice Jude to the National Judicial Council (NJC) in December, 2025.

"Conclusion, a Judge that comes in court with an already prepared ruling on a Motion that has not being moved is not holding an even scale, He is holding a dagger.

I therefore, call on the president to urgently intervene to halt the event from taking place on 26th monday, 2026, or in any other day in hon justice jude’s court."

An Abuja based lawyer, Barrister Victor Giwa has cried out to the President of the Nigerian Bar Association, NBA, saying those after him have succeeded in getting Justice Jude Onwuegbuzie of the High Court of the Federal Capital Territory sitting in Apo Resettlement, to grant prosecution ‘s strange motion on notice to be moved on 26th january, 2026, seeking to revoke his bail and remand him in Kuje Corectional Centre until the end of his trial.

In a letter to the associations president, Mazi Mazi Afam Osigwe, dated January 23, 2026, the human rights lawyer is seeking the intervention of the association.

He said the situation in his trial has degenerated below injustice and has become dirty and somewhat indescribable.

He accused the judge of no longer conducting his trial but on a vengeoance mission.

He said in the letter, ""Mr, President, Recall I write you a letter dated 25th November, 2025 to officially inform you and bring to your attention the situation regarding the judicial proceedings in the FCT High Court, particularly, FCT High Court No. 30, Apo before His Lordship, Hon Justice Jude Onwuegbuzie and the patent compromised by external influences of judicial proceedings and the injustice perpetrated by Asabe Waziri a Management Staff of Nigerian National Petroleum Company Limited (NNPCL) facilitated by some named persons.

"The situation has degenerated below Injustice and has become dirty and somewhat indescribable.

"The event in court shows that Hon Justice Jude is no longer conducting my trial, His Lordship is on a vengeance, to embarrass, humiliate and punish me as planned by Asabe Waziri of NNPCL and her named facilitators. The concluded plan is to send me to Kuje Correctional Centre, from where I should be attending my trial.

"Hon Justice Jude hurriedly struck out my six applications challenging the Court’s jurisdiction filed between May and December, 2025, on 21st January, 2026 in a terse Ruling and on oral application of the Prosecution. This is to clear the way for the grant of prosecutor’s Motion seeking “TO REVOKE MY BAIL AND REMAND ME IN KUJE CORRECTIONAL CENTRE ÜNTIL THE END OF THE TRIAL”
My President, since the beginning of this trial, Hon Justice Jude has granted all the prosecutor’s applications, and has refused all my applications including the application seeking the release of my internation passport to travel and get medication and see my family.

"His Lordship has refused my application for CTC of the rulings that His Lordship delivered on the 26th November, 2026 for a Motion I have not move. His Lordship has refused my request for record of proceedings of the Court till date.

"Each sitting in His Court during my trial has the presence of over eight Policemen inside the court paid my Asabe Waziri, the nominal complainant and sponsor of the trial.
I had publicly and severally notified the Honourable court that I have lost total confidence in the Honourable Court the Court still insisted to continue the case.
Each of the court’s sitting during my trail is characterized by threats and intimidation of “” wielding the big stick””.
Report has it that His Lordship has written in advance, a ruling on the prosecution’s weird application, to me moved on 26th January, 2026 to “revoke my bail and remand me in Kuje Correctional Center till the end of my trial”. Copy of Motion is annexure A.

"Asabe Waziri the nominal complainant and the sponsor of the charge and trial was seen dancing in the court at the striking out of my motions during the hearing on the 21st January, 2026.

"Asabe Waziri has vowed to ruin and damage my carrier and professional reputation with every resources she has using her contacts and connection as an NNPC staff.

"All these are irrespective of my four applications to the Chief Judge of FCT to direct recusal and reassignment of my case. And my Petition against the Honourable Justice Jude to the National Judicial Council (NJC) in December, 2025.

"Conclusion, a Judge that comes in court with an already prepared ruling on a Motion that has not being moved is not holding an even scale, He is holding a dagger.

I therefore, call on the president to urgently intervene to halt the event from taking place on 26th monday, 2026, or in any other day in hon justice jude’s court."

Unity Bank’s financial collapse was laid bare in its audited accounts for the year ended December 31, 2023, which showed a crushing loss of ₦62.6 billion, a dramatic reversal from the modest ₦941 million profit recorded in 2022.

Unity Bank Plc’s deepening financial distress is now threatening to taint its much-publicised acquisition, stoking anxiety among shareholders and market watchers despite regulatory approval from the Central Bank of Nigeria (CBN). Far from settling nerves, the CBN’s green light has instead refocused attention on the scale of the lender’s unresolved weaknesses and the risks they pose to the deal’s execution.



Behind the approval lies a bank still weighed down by severe balance-sheet impairments, legacy liabilities, and long-standing governance concerns; issues investors fear could dilute shareholder value and complicate integration as the transaction unfolds.



Unity Bank’s financial collapse was laid bare in its audited accounts for the year ended December 31, 2023, which showed a crushing loss of ₦62.6 billion, a dramatic reversal from the modest ₦941 million profit recorded in 2022. The result underscored a year in which operating costs spiraled and impairment charges tied to non-performing loans wiped out any marginal gains in revenue.

More troubling for investors is the bank’s continued opacity. As of today, Unity Bank has yet to release its 2024 financial statements, long after its peers have published their results. The silence has intensified concerns about transparency and raised fresh questions about the true state of the bank’s finances following its merger with Providus Bank in August 2024; a deal widely viewed as a rescue rather than a strategic union of equals.



Unity Bank only released its 2023 financial statements in 2025, blaming regulatory approval delays, merger-related complexities, and extensive documentation requirements linked to financial support received from the CBN. For shareholders, however, the prolonged delays have reinforced perceptions of a bank struggling to keep pace with basic disclosure standards.



The numbers themselves are stark. Although gross earnings edged up to ₦59.36 billion in 2023 from ₦57.15 billion a year earlier, the increase was meaningless in the face of soaring expenses and loan losses. The bank posted a loss per share of 535.85 kobo, erasing any residual confidence in its earnings capacity.



Unity Bank’s balance sheet tells an even grimmer story. Total liabilities ballooned to ₦845.6 billion against assets of just ₦518.7 billion, leaving a yawning deficit of ₦326.9 billion. This imbalance dragged the bank’s capital adequacy ratio into deeply negative territory at –76.14%, far below the CBN’s 10% minimum for national banks and a clear signal of insolvency.



Auditors at KPMG did not mince words. In their report, they raised serious doubts about Unity Bank’s ability to continue as a going concern, citing its failure to meet regulatory capital thresholds and its severely eroded equity position; concerns that had already surfaced in earlier reviews of the bank’s 2022 accounts.

To stay afloat, Unity Bank leaned heavily on regulatory lifelines. The bank disclosed that it received a ₦50 billion short-term facility from the CBN to support working capital, due to mature by December 31, 2024. In July 2024, the apex bank went further, approving an additional ₦700 billion financial accommodation to prop up the merger with Providus Bank.



Rather than reassuring the market, these interventions have amplified fears that Unity Bank’s problems are being deferred rather than resolved. Investors and analysts worry that the lender’s accumulated losses, delayed disclosures, and heavy dependence on regulatory support could weigh heavily on Providus Bank after the merger.



For Providus Bank, a relatively young institution that has built its brand on governance discipline, profitability, and balance-sheet prudence, the absorption of a partner burdened with deep financial scars risks becoming a costly distraction. Without decisive cleanup of Unity Bank’s liabilities and a return to credible transparency, the acquisition risks being remembered not as a strategic expansion, but as a bailout by proxy, one that could erode confidence in the combined entity and undermine Providus Bank’s hard-won standing in Nigeria’s banking sector.

https://thefintechinsights.com/unity-bank-losses-delayed-accounts-and-heavy-liabilities-threaten-providus-bank-deal/

Unity Bank’s financial collapse was laid bare in its audited accounts for the year ended December 31, 2023, which showed a crushing loss of ₦62.6 billion, a dramatic reversal from the modest ₦941 million profit recorded in 2022.

Unity Bank Plc’s deepening financial distress is now threatening to taint its much-publicised acquisition, stoking anxiety among shareholders and market watchers despite regulatory approval from the Central Bank of Nigeria (CBN). Far from settling nerves, the CBN’s green light has instead refocused attention on the scale of the lender’s unresolved weaknesses and the risks they pose to the deal’s execution.



Behind the approval lies a bank still weighed down by severe balance-sheet impairments, legacy liabilities, and long-standing governance concerns; issues investors fear could dilute shareholder value and complicate integration as the transaction unfolds.



Unity Bank’s financial collapse was laid bare in its audited accounts for the year ended December 31, 2023, which showed a crushing loss of ₦62.6 billion, a dramatic reversal from the modest ₦941 million profit recorded in 2022. The result underscored a year in which operating costs spiraled and impairment charges tied to non-performing loans wiped out any marginal gains in revenue.

More troubling for investors is the bank’s continued opacity. As of today, Unity Bank has yet to release its 2024 financial statements, long after its peers have published their results. The silence has intensified concerns about transparency and raised fresh questions about the true state of the bank’s finances following its merger with Providus Bank in August 2024; a deal widely viewed as a rescue rather than a strategic union of equals.



Unity Bank only released its 2023 financial statements in 2025, blaming regulatory approval delays, merger-related complexities, and extensive documentation requirements linked to financial support received from the CBN. For shareholders, however, the prolonged delays have reinforced perceptions of a bank struggling to keep pace with basic disclosure standards.



The numbers themselves are stark. Although gross earnings edged up to ₦59.36 billion in 2023 from ₦57.15 billion a year earlier, the increase was meaningless in the face of soaring expenses and loan losses. The bank posted a loss per share of 535.85 kobo, erasing any residual confidence in its earnings capacity.



Unity Bank’s balance sheet tells an even grimmer story. Total liabilities ballooned to ₦845.6 billion against assets of just ₦518.7 billion, leaving a yawning deficit of ₦326.9 billion. This imbalance dragged the bank’s capital adequacy ratio into deeply negative territory at –76.14%, far below the CBN’s 10% minimum for national banks and a clear signal of insolvency.



Auditors at KPMG did not mince words. In their report, they raised serious doubts about Unity Bank’s ability to continue as a going concern, citing its failure to meet regulatory capital thresholds and its severely eroded equity position; concerns that had already surfaced in earlier reviews of the bank’s 2022 accounts.

To stay afloat, Unity Bank leaned heavily on regulatory lifelines. The bank disclosed that it received a ₦50 billion short-term facility from the CBN to support working capital, due to mature by December 31, 2024. In July 2024, the apex bank went further, approving an additional ₦700 billion financial accommodation to prop up the merger with Providus Bank.



Rather than reassuring the market, these interventions have amplified fears that Unity Bank’s problems are being deferred rather than resolved. Investors and analysts worry that the lender’s accumulated losses, delayed disclosures, and heavy dependence on regulatory support could weigh heavily on Providus Bank after the merger.



For Providus Bank, a relatively young institution that has built its brand on governance discipline, profitability, and balance-sheet prudence, the absorption of a partner burdened with deep financial scars risks becoming a costly distraction. Without decisive cleanup of Unity Bank’s liabilities and a return to credible transparency, the acquisition risks being remembered not as a strategic expansion, but as a bailout by proxy, one that could erode confidence in the combined entity and undermine Providus Bank’s hard-won standing in Nigeria’s banking sector.

https://thefintechinsights.com/unity-bank-losses-delayed-accounts-and-heavy-liabilities-threaten-providus-bank-deal/

The Federal High Court in Abuja has issued stern warnings to three major financial institutions, First Bank of Nigeria Limited, Access Bank Plc, and Zenith Bank Plc, placing their Managing Directors on notice that they could face imprisonment for allegedly disobeying a subsisting court order, Very Nigerian reports.

The warnings were contained in a series of Form 48 Notices of Consequences of Disobedience to Court Order, issued in relation to an interim directive made on November 6, 2025, in Suit No. FHC/ABJ/CS/2369/2025.
The suit concerns a high-stakes dispute involving onshore oil asset and the FSO Ugo Ocha, linked to interests in the OML 42 Joint Venture, in which the Federal Government owns a 55% share.

Form 48 notices dated November 13, 2025, were served on the Managing Director of First Bank at both the bank’s Marina Head Office in Lagos and its Abuja main branch on Muhammadu Buhari Way.
In the notices, the court reminded the banks that it had issued a clear directive requiring all parties to maintain the status quo, warning that any deviation could amount to contempt of court.

The warning stated “Unless you stop further disobedience and comply with the direction contained in the order… you will be guilty of contempt of court and will be liable to be committed to prison.”

A copy of the original order was attached to reinforce the seriousness of the directive.
The order reads “The ex-parte application for Interim Injunction is hereby refused.

“The Court hereby directs all parties to maintain the status quo as at today, the 6th day of November 2025.
“Parties are ordered not to deal with the subject matter of the litigation pending the hearing and determination of the Motion on Notice for Interlocutory Injunction.

“The Motion on Notice shall be served on the Defendants/Respondents before the next adjourned date.”
The suit was instituted by Neconde Energy Limited, White Dove Shipping Company Limited, and others against First Bank, Access Bank, and five other defendants.

The issuance of Form 48 marks the first stage of contempt proceedings.
The notices, served between November 7 and 13, 2025, warned that any actions taken contrary to the court’s instruction to preserve the status quo would constitute contempt.

The court has fixed the hearing of the motion for interlocutory injunction for December 4, 2025, and has cautioned that any breach of its directive before that date will attract serious legal consequences.
https://verynigerian.com/court-warns-access-bank-first-bank-zenith-mds-of-possible-jail-over-alleged-disobedience/

Access Bank has been thrust into a storm of panic and speculation as a Federal High Court sitting in Lagos ordered the attachment of ₦29 billion from the bank’s funds domiciled with the Central Bank of Nigeria. The development stemming from a judgment of the Court of Appeal in CA/LAG/CV/1215/2023: Igala Construction Co. Ltd & 2 Ors v. Access Bank Plc has ignited fear among shareholders and sent shockwaves rippling across the financial sector.

The order, issued in satisfaction of a massive judgment debt totaling ₦28,824,851,515.57 with 32% compounded interest, has left investors rattled, triggering a wave of anxiety over the bank’s exposure and the potential implications for its financial stability. Industry insiders say the mood around Access Bank headquarters is tense, with stakeholders scrambling for clarity as the details of the long-running legal battle resurface.

The dispute dates back to a 2005 case at the Lagos High Court involving Access Bank, Igala Construction Company Ltd, Mr. C.A. Khouzam, and Reverend (Mrs.) Mary Akinlaja. While Access Bank initially secured judgment in its favour in June 2023, the defendants’ counter-claim was partially upheld. Unhappy with the outcome, the defendants lodged an appeal—but Access Bank did not challenge the portion of the judgment relating to the counterclaims.

In a dramatic twist, the Court of Appeal overturned the high court’s decision and granted the entire counterclaim, including:

A declaration that Igala Construction was entitled to ₦27,595,152.40, the amount Access Bank had admitted owing as far back as 2004, with compounded interest at 24% per annum.
A 100% penalty on the admitted sum under the CBN Monetary Policy Circular of 2/1/04, also attracting compounded interest.
Further compounded interest at 32% per annum from April 1, 2003 until full liquidation.
₦300 million in damages over alleged malicious and defamatory publications.
₦100 million in legal costs.
With the compounded interest and penalties ballooning over two decades, the judgment sum soared into the tens of billions. A chartered accountant, Motunrayo Popoola Aishat, was engaged to compute the final figure, confirming the staggering amount due as at June 2025.

Invoking Section 287(2) of the Constitution and Section 83 of the Sheriff and Civil Process Act, the judgment creditors subsequently sought and obtained an order attaching Access Bank’s funds with the CBN. The court agreed, stressing that the creditors were entitled to “reap the fruits of their judgment.”

Meanwhile, panic has gripped Access Bank’s top management as the institution scrambles to halt the enforcement of the attachment order. In a desperate bid to contain the fallout and reassure jittery shareholders, the bank has reportedly launched a counter–suit, hoping to overturn the judgment and salvage its public image. But beneath the official denials and carefully worded statements, insiders say the tension is unmistakable; Access Bank is racing against time to stop the Central Bank of Nigeria from executing the order that freezes nearly ₦29 billion of its funds.

The ruling has sent Access Bank into one of its tensest moments in years, with shareholders reportedly alarmed, analysts increasingly cautious, and market watchers bracing for potential tremors in the banking sector. As the bank navigates the fallout, uncertainty looms even as legal experts warn that interest will continue accruing at 32% per annum until the monumental debt is completely settled.

With the stakes rising and uncertainty deepening, the matter has now been adjourned until next month, leaving the bank, its investors, and the wider financial market anxiously waiting for what comes next.

For now, all eyes remain on Access Bank’s next move, as panic lingers and investors await reassurance.

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https://newsextra.com.ng/access-bank-in-turmoil-as-court-freezes-%e2%82%a629bn-at-cbn-exposing-deep-legal-trouble/

ACCESS BANK ROCKED over Court Orders of N29B Attachment at CBN as Judgment Debt, Triggering Anxiety Among Shareholders

Access Bank has been thrust into a storm of panic and speculation as a Federal High Court sitting in Lagos ordered the attachment of ₦29 billion from the bank’s funds domiciled with the Central Bank of Nigeria. The development stemming from a judgment of the Court of Appeal in CA/LAG/CV/1215/2023: Igala Construction Co. Ltd & 2 Ors v. Access Bank Plc has ignited fear among shareholders and sent shockwaves rippling across the financial sector.
The order, issued in satisfaction of a massive judgment debt totaling ₦28,824,851,515.57 with 32% compounded interest, has left investors rattled, triggering a wave of anxiety over the bank’s exposure and the potential implications for its financial stability. Industry insiders say the mood around Access Bank headquarters is tense, with stakeholders scrambling for clarity as the details of the long-running legal battle resurface.
The dispute dates back to a 2005 case at the Lagos High Court involving Access Bank, Igala Construction Company Ltd, Mr. C.A. Khouzam, and Reverend (Mrs.) Mary Akinlaja. While Access Bank initially secured judgment in its favour in June 2023, the defendants’ counter-claim was partially upheld. Unhappy with the outcome, the defendants lodged an appeal—but Access Bank did not challenge the portion of the judgment relating to the counterclaims.
In a dramatic twist, the Court of Appeal overturned the high court’s decision and granted the entire counterclaim, including:
• A declaration that Igala Construction was entitled to ₦27,595,152.40, the amount Access Bank had admitted owing as far back as 2004, with compounded interest at 24% per annum.
• A 100% penalty on the admitted sum under the CBN Monetary Policy Circular of 2/1/04, also attracting compounded interest.
• Further compounded interest at 32% per annum from April 1, 2003 until full liquidation.
• ₦300 million in damages over alleged malicious and defamatory publications.
• ₦100 million in legal costs.
With the compounded interest and penalties ballooning over two decades, the judgment sum soared into the tens of billions. A chartered accountant, Motunrayo Popoola Aishat, was engaged to compute the final figure, confirming the staggering amount due as at June 2025.
Invoking Section 287(2) of the Constitution and Section 83 of the Sheriff and Civil Process Act, the judgment creditors subsequently sought and obtained an order attaching Access Bank’s funds with the CBN. The court agreed, stressing that the creditors were entitled to “reap the fruits of their judgment.”
Meanwhile, panic has gripped Access Bank’s top management as the institution scrambles to halt the enforcement of the attachment order. In a desperate bid to contain the fallout and reassure jittery shareholders, the bank has reportedly launched a counter–suit, hoping to overturn the judgment and salvage its public image. But beneath the official denials and carefully worded statements, insiders say the tension is unmistakable; Access Bank is racing against time to stop the Central Bank of Nigeria from executing the order that freezes nearly ₦29 billion of its funds.

The ruling has sent Access Bank into one of its tensest moments in years, with shareholders reportedly alarmed, analysts increasingly cautious, and market watchers bracing for potential tremors in the banking sector. As the bank navigates the fallout, uncertainty looms even as legal experts warn that interest will continue accruing at 32% per annum until the monumental debt is completely settled.
With the stakes rising and uncertainty deepening, the matter has now been adjourned until next month, leaving the bank, its investors, and the wider financial market anxiously waiting for what comes next.
For now, all eyes remain on Access Bank’s next move, as panic lingers and investors await reassurance.


https://www.airwavesreport.com/business/access-bank-rocked-over-court-orders-of-n29b-attachment-at-cbn-as-judgment-debt-triggering-anxiety-among-shareholders

ADE BURAIMO’s Alpha Morgan Bank Thrust Into Crisis as Alleged System Glitch Triggers N230m Financial Breach

Leadership at Alpha Morgan Capital (often referred to informally as “Alpha Morgan Bank”), led by Managing Director Ade Buraimo, has come under public scrutiny following a wave of online complaints alleging that a system glitch resulted in the loss or unauthorized movement of approximately N230 million from customer accounts.

The bank and the affected customers have taken the matter to court, jointly suing 19 financial institutions in an attempt to recover the allegedly stolen funds.

A total of N230,978,536 was allegedly stolen from the accounts of NEM Insurance Plc and Extension Publications Limited at Alpha Morgan Bank through unauthorized transfers to multiple accounts across 19 financial institutions during what the bank described as a system glitch.

According to multiple customers who shared their experiences on social platforms and consumer-complaint channels, the alleged incident involved unexpected debits and a prolonged lack of official communication from the institution. Some account holders reported that their attempts to seek clarification or restitution were met with silence or delayed responses, increasing frustration and fueling speculation about internal lapses.

The suit, filed at the Federal High Court in Lagos, seeks urgent orders to block multiple bank accounts across the financial sector and recover the allegedly diverted funds.

According to an affidavit sworn to by Dayo Abe, a litigation officer at the law firm of Babafemi Akinsete & Co., the technical malfunction in Alpha Morgan Bank’s system was exploited by certain service-merchant agents operating as digital financial-services providers.

These agents, the affidavit states, “took advantage of the glitch and unlawfully initiated multiple transfers” from the customers’ accounts into accounts domiciled in the 19 financial institutions now listed as defendants.

Further investigation by Alpha Morgan Bank reportedly revealed that the total amount illegally moved from the accounts of NEM Insurance Plc and Extension Publications Limited was N230,978,536, spread across multiple bank accounts linked to several BVNs.

Following the bank’s complaint, the 19 financial institutions were said to have placed temporary post-no-debit restrictions on the suspicious accounts.

However, the plaintiffs warn that unless all accounts connected to the perpetrators’ BVNs—including accounts not yet identified—are frozen, the funds may be irretrievably lost.

The affidavit explains that the suspects had already begun transferring the money from the first-level beneficiary accounts into other banks to “continue to unlawfully dissipate the said funds.”

The plaintiffs argue that the bank and its affected customers have suffered “humongous fraud” resulting from the system glitch, and that failure to immediately block the linked accounts will cause “untoward hardship and dire financial loss” to both the bank and its shareholders.

They are therefore asking the Federal High Court to issue an order compelling the 19 banks to reverse and refund all “wrongfully, illegally, and illicitly debited” sums back into Alpha Morgan Bank’s settlement and collection account.

The court has not yet fixed a date for the hearing.

Several individuals affected by the incident claim they have been left without clear explanations regarding when the alleged “massive glitch” occurred, how the reported N230 million outflow happened, and what remediation steps the institution is taking.

A few customers described the experience as “distressing,” stating that they had received no direct updates other than automated acknowledgements.

While the complaints do not provide evidence of intentional wrongdoing, the situation has raised questions about internal controls, technical safeguards, and executive oversight under Ade Buraimo’s leadership. Industry analysts note that even unintentional system failures can severely impact customer confidence if not communicated promptly and transparently.

Financial-sector observers emphasize that regulatory guidelines require firms to promptly notify clients of significant service disruptions and to maintain strong protections against erroneous or unauthorized transactions.

https://www.airwavesreport.com/business/ade-buraimo-s-alpha-morgan-bank-thrust-into-crisis-as-alleged-system-glitch-triggers-n230m-financial-breach

A civil society organisation, Vanguard for Probity and Accountability, has alleged massive irregularities in the recently audited account of the Nigerian National Petroleum Company Limited (NNPCL), challenging the company to come clean and shun frivolous lifestyle at the expense of the taxpaying masses.

The group further alleged that the NNPCL Board has concluded plans to fly to Kigali, Rwanda, on five private jets arranged by the son-in-law of a highly influential politically exposed person, insisting on accountability.

In a statement in Port Harcourt on Thursday, the group’s National Coordinator, Dr. Joel Abba said the recent revelation by the Senate in which financial discrepancies totalling over N210tn in NNPCL audited financial statements spanning 2017 to 2023 calls for worry, wondering if some few privileged individuals are feasting on our common patrimony amidst hardship and poverty among a larger population of Nigerians.

The Senate on Wednesday gave NNPCL one week to explain the over N210tn in financial discrepancies in its audited financial statements.

Lawmakers expressed outrage over what they described as “mind-boggling” irregularities in figures listed under accrued expenses and receivables in the company’s official reports.

The committee Chairman, Aliyu Wadada, did not mince words, branding the inconsistencies as “unacceptable” and warning that the Senate would pursue the matter to the full extent of its oversight powers.

Backing the Senate, Vanguard for Probity and Accountability said NNPCL has demonstrated crass insensitivity, arrogance and lack of accountability.

“The discovery leaves more to be desired. To add salt to injury, the Board has planned an extravagant trip to Kigali, Rwanda this Friday on five private jets, which amount to over a billion Naira.

“This is absurdity taken too far. We are obviously being taken for granted by this crop of leaders manning our oil sector. Little wonder Nigerians have been paying heavily on petrol just for a few individuals to finance an obscene lifestyle”, the group said.


It called on the Nigerian Senate to remain resolute and firm and ensure that everyone involved in the misappropriation of public funds is held accountable.
https://e-newsdesk.com/group-accuses-nnpc-board-of-frivolity-over-missing-n210tn-insists-on-accountability/

In a statement issued on Monday by Meksley Nwagboh, the bank’s Divisional Head of Brand and Communications, Fidelity Bank disclosed that its computation of the financial obligation puts the settlement figure at approximately N14billion.

Fidelity Bank Plc has confirmed its willingness to settle a Supreme Court judgment arising from a longstanding dispute involving G. Cappa Plc and Sagecom Concepts Limited, stemming from a legacy credit transaction originally executed by the now-defunct FSB International Bank.

In a statement issued on Monday by Meksley Nwagboh, the bank’s Divisional Head of Brand and Communications, Fidelity Bank disclosed that its computation of the financial obligation puts the settlement figure at approximately N14billion.

The dispute dates back to 2002 when FSB International Bank granted a $3 million loan to G. Cappa Plc, secured by a mortgage on a property in Ikoyi, Lagos.

Meanwhile, after G. Cappa defaulted on the loan, it approached the Federal High Court to restrain the bank from selling the mortgaged property.

The court, however, ruled in favour of the bank, affirming its right to sell the property, which was subsequently acquired by Sagecom Concepts in 2011.

Although the court upheld the legality of the sale, it declined to grant Sagecom vacant possession, instead directing that the issue be resolved by the Lagos State High Court.
Meanwhile, G. Cappa continued to occupy the property and collect rent.

Sagecom later filed a suit in 2011 at the Lagos State High Court, seeking damages from both G. Cappa and the bank for breach of contract and denial of possession. In 2018, the High Court ruled in favour of Sagecom, awarding damages against both parties.

The judgment was contested all the way to the Supreme Court, which recently upheld the lower court’s ruling.

Fidelity Bank maintains that G. Cappa’s prolonged possession of the property and rental income collection were responsible for the losses claimed by Sagecom. With the appeal process exhausted, the bank has signaled readiness to settle the case.

However, the bank noted challenges in determining the exact financial liability due to ambiguities in the judgment. It pointed to a recent Supreme Court ruling in Anibaba v Dana Airlines Ltd (January 2025), which clarified that foreign currency debts must be converted to Naira at the exchange rate prevailing on the date of the trial court judgment — in this case, January 30, 2018.

Fidelity Bank reiterated its commitment to resolving the matter within the legal framework and emphasised that its current settlement figure of N14 billion is based on a 2005 exchange rate, the year the cause of action originated.

The statement read, "Even if the 2018 exchange rate supported by the Supreme Court is applied, the judgment debt will just be under N30.7 billion payable by G.Cappa Plc (who delayed delivery of possession of the apartments from 2005 till June 2018 when possession was eventually delivered) with contribution from the Bank.

"Consequently, the Bank has applied to the Court for a clarification and inquiry into the proper interpretation of the judgment and the computation of the actual quantum properly and lawfully payable by G.Cappa and the Bank.

"The Court has accordingly ordered Sagecom to maintain status quo pending the determination of pending motions and restrained Sagecom and all persons from publishing any material in the media as the matter is still pending in court."

Meksley explained that the implication of this order is that the instant publication by People Gazette and any other media platform or persons, contain false information and is wrongful, unlawful and constitute a contempt of court.

"It is unfortunate that the above clear position and injunctive order made by the Court since 7th May 2025 was not adhered to. Rather, this obviously sponsored publication by People Gazette has been orchestrated and syndicated in the media with the aim of embarrassing the bank.

He said Fidelity Bank remains a very strong and profitable financial institution and amongst the most capitalised Bank in Nigeria today with international operations.

According to Meksley, the Bank is under no bankruptcy and has always been in a position to discharge its proper and lawful obligations and wishes to assure its depositors, customers, investors and the general public that the bank is in a strong financial position as shown in its Q1 2025 financial results which is available to the public.

Meanwhile, the Bank is taking all necessary steps to apprehend and prosecute any persons or platform directly or indirectly responsible for this wicked, malicious and sponsored publication aimed at embarrassing the Bank and causing panic to its stakeholders.

Meksley added that a Court Order prohibiting further publications on the matter.

Meanwhile, in Suit No. LD/1734/2011, dated 9 May 2025, the High Court of Lagos State (Lagos Judicial Division) granted an interim injunction in favour of the applicants, G. Cappa Plc and Fidelity Bank Plc, against the judgment-creditor/respondent, Sagecom Concept Limited.

The order restrains Sagecom Concept Limited—and any other person acting on its behalf—from conducting, orchestrating, sponsoring, supporting, granting, or otherwise participating in the promotion or dissemination of any adverse publicity (including, but not limited to, news reports, briefings, commentaries, broadcasts, advertorials, stories, announcements, or publications) in print, electronic, online, or social media, whether within or outside Nigeria.

Pursuant to Section 36 of the Constitution of the Federal Republic of Nigeria 1999 (as amended), Section 23 of the Sheriffs and Civil Processes Act, Orders 2 Rule 2(a), 10 and 14, Order 3 Rule 1, and Order 5 Rule 8 of the Judgment Enforcement Rules 2019, and under the inherent jurisdiction of the Honourable Court.

Upon an ex parte motion filed by the Judgment Debtor/Applicant and supported by the affidavit of Stanley Amuche, Executive Director of the 2nd Judgment Debtor/Applicant, sworn to and filed at the Lagos State High Court Registry on April 29, 2025, and after hearing Kemi Pinheiro SAN for the 2nd Judgment Debtor/Applicant, before Honourable Justice O.A. Akinlade.

The orders as follows: "Leave be and it's granted for an extension of time within which the 2nd Judgment Debtor/Applicant shall file the instant Motion and seek the prayers therein.
"Leave be and it's granted to the 2nd Judgment Debtor/Applicant to bring the instant Motion and seek the prayers therein.
"An Order of interim Injunction is hereby granted against the Judgment Creditor/Respondent by itself or any other person from conducting, orchestrating, sponsoring, supporting, granting or otherwise participating in promoting or disseminating any form of adverse publicity including but not limited to news, briefings, commentaries, broadcast, advertorials, stories, announcements, or publications, in print and electronic media including blogging, online and or social media within or outside Nigeria, and/or otherwise taking any steps or actions geared towards sabotaging, undermining, obstructing, hampering or impeding the private placement or other capital raising exercise embarked upon by the Applicant, or causing a run on the Applicant's business as an international commercial bank or injuring its reputation, goodwill, and going concern status; pending the hearing and determination of the Motion on Notice filed along with the instant Motion Ex Parte.

"Parties are hereby ordered to maintain status quo pending the hearing and determination of the two Motion on Notice respectively dated 29th April, 2025."

https://saharareporters.com/2025/05/19/fidelity-bank-acknowledges-n14billion-damages-awarded-against-it-supreme-court-judgment

A staff Guaranty Trust Bank (GTBank) has been remanded at Ikoyi correctional facility for allegedly stealing close to N10 million from customers of the bank.



The suspect, Komolafe Oluwayomi of the Oyin Jolayemi Street, Victoria Island, Lagos branch, has been accused of betraying the trust reposed in him by his employer as the officer in charge of payment of drivers’ retirement benefits.



Oluwayomi alleged hacked into the bank’s system and stole the sum of N9.9m from its account for personal use.



When the fraud was discovered, a lawsuit was filed by the bank against the 45-year-old banker.



When the matter was reported, Oluwayomi’s arrest was ordered by the Divisional Police Officer (DPO) in charge of Bar Beach Division, Victoria Island, Lagos.

The investigation team was led by Inspector Patience Eguabor.



Oluwayomi, who hails from Ondo State, resides at Unity Close, Ojodu, Lagos.



He was charged before the Tinubu Magistrate’s Court, Lagos Island, with a two-count charge bordering on conspiracy and stealing.



Police counsel, Ben Ekundayo, informed the court that the defendant committed the offence during working hours at GTBank, located at Oyin Jolayemi Street, Victoria Island, Lagos.



Ekundayo told the court that the defendant betrayed the trust reposed in him by his employer as the officer in charge of payment of drivers’ retirement benefits by fraudulently including the name and account number of his friend in the retirement benefits payroll and using it to transfer the sum of N9,989,000 into his friend’s account as if his friend were a beneficiary of the retirement benefits. and later transferred the money from his friend’s account to his personal account domiciled at GTB Bank and converted the money to his own use.



He said the management of GTB uncovered the fraud when they audited the drivers’ retirement payroll accounts.



Ekundayo said the offences the defendant committed were punishable under sections 411 and 287(7) of the Criminal Law of Lagos State, 2015.



The defendant, however, pleaded not guilty to the charges, and Magistrate M.A. Owunmi granted him N2 million bail with two sureties in like sum.

Owunmi adjourned the case till June 11 and ordered that the defendant be detained at the Ikoyi correctional facility till he perfected his bail conditions.

https://www.nationalaccordnewspaper.com/gtbank-staff-hacks-into-banks-system-steals-n9-9m-from-customers/

In a ruling in Asaba, the Chief Magistrate Court has sentenced Fidelis Egueke, a former manager at Zenith Bank, to six months in prison for fraudulently obtaining $46,900. Chief Magistrate Callistus Isioma Moeteke found Egueke guilty after a thorough examination of the case brought against him by the police.

The prosecution, led by Raphael Ogechi Eze from the State Criminal Investigation Department (SCID), presented the case under charge number CMA/295c/2024. The court heard that Egueke used two Certificates of Occupancy (CofOs) as collateral for the loan, fully aware that one of the land titles did not belong to him. Despite using the funds for personal and family expenses, Egueke failed to repay the victim as agreed, and one of the CofOs was revealed to be fake.

Egueke maintained his innocence throughout the trial, pleading not guilty and asserting that he had repaid the victim, although he failed to provide any evidence to substantiate his claim. Initially granted bail, he was released to AGBORO OGHENERO, then General Manager of Keystone Bank’s Asaba branch, while awaiting trial.

After a careful review of the evidence, Chief Magistrate Moeteke ruled that the prosecution had proven its case beyond a reasonable doubt. As a result, Egueke was convicted and sentenced to six months in prison. The court also imposed a fine of N350,000 as an alternative to incarceration, along with a restitution order of N30 million.

The charge against Egueke detailed that he had obtained the credit facility in 2016 for Mrs. Blessing Equeke and Master Chukwubuikem Fidelis Egueke by misrepresenting the ownership of the collateralized properties, which constitutes an offense under Section 419 of the Criminal Code Law of Delta State.

In a separate legal matter, Egueke is also facing charges in a Federal High Court in Lagos for alleged conspiracy, forgery, and obtaining money by false pretenses, with the fraud amounting to N179.498 million. The proceedings in that case are being overseen by Justice Alexander Oluseye Owoeye.

This ruling serves as a reminder of the judiciary’s commitment to combating financial crimes and upholding the law in Nigeria.

https://catachnewsng.com/2024/10/25/banking-betrayal-zenith-manager-jailed-for-46900-fraud/

Customers of Guaranteed Trust Bank (GTBank) in Nigeria are facing continued frustration and disappointment due to persistent transaction failures following a recent system upgrade.

GTBank had announced plans to upgrade to a new Finacle Core Banking Application System between October 11th and 14th, 2024, promising enhanced customer experience and innovative technology. However, the supposed “upgrade” has instead caused significant issues for many Nigerian customers.

An investigation on Tuesday revealed that numerous customers are still complaining about problems such as:

– Trapped funds
– Unauthorized debits
– Inability to make transfers or receive payments

Frustrated GTBank patrons have taken to social media to express their grievances.

Oladejo Samson, a disgruntled customer, stated, “This Bank has been giving heart attacks almost every day since last month. I have been complaining about an issue over and over and nothing has been done about it. It’s really disheartening. Terrible Bank of the Year so far.”

Another upset customer, Chioma Chizaram Bobs, accused GTBank of deducting ₦6.9 every time a customer uses the USSD code, regardless of whether the transaction is successful. “How can you people charge ₦6.9 each time your customer uses your USSD code? More worrisome the GTCO doesn’t care whether or not the transaction for which they charge is successful,” she wrote on Facebook.

Theresa Abashi succinctly voiced her frustration, saying, “All I want is for them (GT Bank) to reverse my money back to my account since October 29 till now.”

In response to the mounting complaints, GT Bank has appealed to affected customers to direct their issues to the bank’s dedicated customer support handle, @gtbank_help, for resolution.

As the problems persist weeks after the supposed system upgrade, it remains to be seen how promptly and effectively GTBank will address the concerns and rectify the financial difficulties faced by its disgruntled clientele.

https://thenigerialawyer.com/mass-frustration-as-gtbanks-new-banking-system-creates-more-problems-than-solutions/