₦airaland Forum

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

https://www.instagram.com/reel/DY3gCGnIkkE/?igsh=eGpwcDJzamVxeTdt

The Federal government through the Department of State Security (DSS) has instituted a suit against Access Bank Plc and another bank and and an individual over alleged N1,125,600,000.00 billion forex fraud, before a Federal High Court Lagos.

Listed ass first and third respondents in the suit numbered FHC/L/MISC/589/2026, are First City Monument Bank and one Julius Oluwafunmisho Okedele.

DSS in a motion ex-parte filed before the court, by its lawyer, Barrister Michael Bajela, said the suit is pursuant to Section 66 of the Constitution of the Federal Republic of Nigeria 1999 (As Amended), Order 26 (6-10) of the Federal High Court Civil Procedure Rules 2019, SECTION 34 (1) of the Economic and Financial Crime Commission 2004, Section 16 (1)(A)(B) of Advance Fee Fraud and Other Related Offences Act 2006, Section 51 (1)(a)(IV) of the Proceeds Of Crime Recovery and Management Act 2022 and under the court’s inherent Jurisdiction.

In the motion Exparte, the DSS alleged that Okedele collected N1,125,600,000.00 billion from a firm, First Global Logistics Services, client to Marble Partners, under the pretext of providing $800, 000 at an agreed exchange rate of N1,407 to one dollar.

The DSS specifically prayed for an order directing Access Bank Plc to reverse $100,000 allegedly transferred to United Overseas Bank and another order compelling FCMB to reverse $230,000 allegedly paid into Taichung Commercial Bank in Taiwan.

The funds, according to the secret police, are to be returned to the account of First Global Logistics Services domiciled with Zenith Bank with account number 1221796334.

In an affidavit supporting the application, an investigating officer of the State Security Service (SSS), Tolani Tomide, stated that the agency received a petition from Marble Partners accusing Okedele of fraud and misrepresentation.

The deponent averred that after receiving the money in three tranches, the third respondent issued a fake telex message claiming the dollar payment had been completed. Investigators further claimed that Okedele subsequently disappeared, prompting a formal petition to the SSS.

The deponent averred that the suspect was eventually tracked and arrested on April 20, 2026, after intelligence reports indicated that portions of the money had been moved through different bank accounts, including offshore destinations.

According to the affidavit, both Access Bank and FCMB reportedly indicated willingness to cooperate with investigators but maintained that a court order was necessary before any reversal could be initiated. Adding that Okedele admitted using part of the funds to settle outstanding debts owed to foreign companies, including a Chinese business partner.

The applicant argued that granting the orders would serve the interest of justice and aid the recovery of funds believed to belong to the petitioner.

Meanwhile, at the hearing of the matter on Monday, the both the prosecutor, Barrister Bajela and the third defendant/respondent, Julius Oluwafunmisho Okedele, were in court.

Okedele informed the court that court that he is not contesting the order sought for but acceded to the return of the whole money to the nominal complainant.

Consequently, Justice Osiagor adjourned the matter to Friday for further hearing.

https://factualng.com/2026/05/12/dss-drags-access-bank-others-to-court-over-alleged-n1-125bn-forex-fraud/

Hon. Temitope Adedeji Adewale, the lawmaker representing Ifako-Ijaiye I Federal Constituency in [Lagos State] is facing mounting scrutiny over allegations linking him to a ₦286 million government contract, sparking debate over ethics, transparency, and his political future.
The controversy follows claims connecting the legislator to Titans and Tulip Resources Limited, a company awarded a Lagos State contract for lane marking projects across the state in 2022.
Reports indicate that the contract remains active, with critics questioning whether the alleged relationship between the lawmaker and the company amounts to a conflict of interest or abuse of office.

The allegations have triggered reactions from legal and governance experts, many of whom argue that public officials must avoid situations capable of undermining confidence in government institutions.
A Lagos-based lawyer, who spoke anonymously, stated that any proven financial interest by a serving lawmaker in a company handling public contracts could raise ethical concerns under existing public service regulations.
Another governance analyst noted that beyond legal implications, the issue touches on public trust and accountability, especially at a time when citizens are demanding greater transparency from elected officials.

Observers have also called for clarity regarding the award process and operational capacity of the company involved.
A civil society advocate urged authorities to release details of the procurement process, including approvals and compliance procedures, insisting that Nigerians deserve full transparency on how the contract was secured.

Within Ifako-Ijaiye, reactions to the allegations have continued to grow, with some residents questioning whether the lawmaker should seek another term in office.

A community leader in the constituency said the matter goes beyond politics and speaks directly to accountability and responsible representation.
Another resident expressed disappointment over the controversy, saying voters expected leadership free from allegations capable of damaging public confidence.
However, supporters of Adewale have appealed for caution, stressing that the claims remain allegations until officially proven.
One supporter argued that the lawmaker should not be condemned prematurely, pointing to projects and developmental efforts credited to his tenure in the constituency.
Pressure is also increasing on anti-corruption and regulatory agencies to investigate the allegations and determine whether any wrongdoing occurred.
According to a public affairs commentator, the controversy presents an opportunity for institutions to demonstrate commitment to accountability and the rule of law.

The growing controversy is seen by many political observers as a defining moment for Adewale, who has been regarded by supporters as one of the emerging political figures in Lagos politics.
For voters in Ifako-Ijaiye, the allegations may become a major factor in future political decisions as discussions around integrity, transparency, and leadership continue to shape public opinion ahead of the next elections.

LONDON, Jan 10 (Reuters) - Britain's financial watchdog has fined the UK subsidiary of Nigeria's Guaranty Trust Bank 7.6 million pounds ($9.3 million) for what it said were further failures in its anti-money laundering systems and controls.
The Financial Conduct Authority (FCA) said it found "serious weaknesses" in systems aimed at preventing money laundering between October 2014 and July 2019.
The Week in Breakingviews newsletter offers insights and ideas from Reuters' global financial commentary team. Sign up here.
"During the relevant period, GT Bank failed to undertake adequate customer risk assessments, often not assessing or documenting the money laundering risks posed by its customers," the FCA said in a statement.

These weaknesses were repeatedly highlighted to GT Bank by internal and external sources, including the FCA, but GT Bank failed to take appropriate action to fix them, the watchdog said.
Gbenga Alade, managing director of GT Bank UK, said the bank takes it anti-money laundering obligations extremely seriously and noted the FCA's findings with sincere regret, adding that the FCA found no instances of suspected money laundering.

“We would like to assure all our stakeholders and the general public that necessary steps have been taken to address and resolve the identified gaps," Alade said in a statement.
The FCA had already fined GT Bank 525,000 pounds in August 2013 for serious and systemic failings related to anti-money laundering controls.
The FCA said that GT Bank has not disputed its findings and agreed to settle, thereby qualifying for a 30% discount on the fine, which would otherwise have amounted to 11 million pounds.

https://www.reuters.com/business/finance/uk-watchdog-fines-guaranty-trust-bank-over-money-laundering-controls-failure-2023-01-10/

In a jaw-dropping revelation, Wema Bank Nigeria Plc has lost N847.599 billion to fraud, with investigations suggesting that part of the crime was committed by internal sources or staff. The staggering loss highlights deep vulnerabilities within the bank’s operations and has sent shockwaves through Nigeria’s financial sector, raising urgent questions about oversight and internal controls.

According to a painstaking analysis of the bank’s 2025 financial statement, fraudsters targeted N7.187 trillion from the bank but eventually succeeded in stealing N847.599 billion. However, the financial institution stated that 14 percent of the theft was perpetrated by insiders, while 86 percent was linked to external forces.

This did not end here. The thieves also targeted $6,850.00 but ended up stealing $2,550. Analysis shows that Wema Bank lost N10.892 billion to internet fraud, though fraudsters had targeted N84.189 billion. The financial records show that N750.328 million was stolen through mobile banking, while N929.2 million vanished via the point of sale (POS) or point of purchase (POP).

Moreover, Wema Bank lost N17.894 billion via web or website channels, while the biggest theft occurred through what the bank described as ‘operations and others.’ The thieves had targeted N6.928 trillion through the so-called ‘operations and others,’ but succeeded in making away with N817.133 billion. Financial analysts say ‘operations and others’ includes account management, transaction processing, back-office functions, customer service support, among others.

This exposes Nigerian banks’ vulnerabilities to online theft and why they must strengthen their internal control systems to protect depositors’ funds.

Texts and WhatsApp messages sent to Wema Bank’s Head of Brand and Marketing Communications, Ms Mabel Adeteye, seeking clarification on the surge in fraud cases in 2025 and the measures being implemented to prevent future occurrences had not received any response as of the time this report was filed.

Rising tech spend fails to help Wema Bank

The colossal fraud was perpetrated on the bank’s channels despite its very high technology spend in 2025. Last year, Wema Bank’s technology spend jumped 3.4 times compared to its 2024 expenditure. The bank spent N19.042 billion on technology and alternative channels from N5.55 billion in 2024. Wema Bank also spent N491.856 million as ‘digital bank professional fees’ as against N321.393 million in the previous year. Yet, neither of these helped to protect Wema Bank from one of its biggest fraud losses in recent times.

Specific case in hand

On November 6, 2025, Justice Rahman Oshodi of the Special Offences Court sitting in Ikeja, Lagos, convicted and sentenced one Samuel Asiegbu, a Wema Bank staff member, to three years’ imprisonment without an option of fine for his role in a humongous N8.56 billion fraud carried out at the bank.


Asiegbu was arraigned along with Hamza Zakaria, Nurudeen Ibrahim, and Alhaji Sulaiman (at large) on four counts bordering on conspiracy, stealing, and unauthorised access to a computer system, preferred against him by the Economic and Financial Crimes Commission (EFCC).

The defendants were first arraigned on June 23, 2025, and had initially pleaded not guilty, according to The Punch.

Banks’ fraud losses in 2025

Nigerian banks lost N3.3 billion to fraud in the first quarter of 2025, a 137 percent increase from N1.39 billion in the previous quarter, according to the Financial Institutions Training Centre.

The FITC Fraud and Forgeries in Nigerian Banks Report for Q1 2025 showed that while the total number of reported cases fell, the financial impact of each incident rose sharply.

“Q1 2025 recorded 12,347 reported fraud cases, a 33.8 percent decline from the 18,672 cases reported in Q4 2024. However, the total amount involved in fraud rose sharply to N22.27 billion, up from N6.5 billion in the previous quarter,” the report said.

The report revealed that banks successfully prevented most attempted losses, noting that lenders blocked N19 billion, representing 85.2 percent of the total value of attempted fraud. Actual losses accounted for just 14.8 percent, FITC said.

Digital channels continued to be the main source of risk. “Computer and web-based platforms accounted for N10.6 billion of fraud attempts in Q1 2025, while mobile application fraud contributed N2.3 billion. Fraud through bank branches also rose sharply, reaching nearly N8 billion,” the report stated. Losses from ATMs and point of sale terminals declined, with ATM-related fraud falling to N576,215.

According to the Nigeria Inter-Bank Settlement System (NIBSS), digital payment fraud in Nigeria fell to N25.85 billion in the whole of 2025, representing a 51 percent decline from N52.26 billion the previous year.

“Looking at industry fraud over the past five years, the number of cases has declined significantly. While case counts are important, what matters more is the value. In 2023, actual losses stood at about N17.67 billion,” said Managing Director and Chief Executive Officer of NIBSS, Premier Oiwoh.

In 2024, losses rose to N52.26 billion, largely driven by a single fraud incident of N31.1 billion involving one entity. In 2025, losses dropped significantly, he said. Data shows that fraud incidents fell from 123,918 in 2021 to 67,518 in 2025, with a small 4 percent decline in the last year.

“The bank must begin real-time staff activity monitoring, and no employee must have full access without layered approval,” said a Lagos-based tech expert, Mr Chinny Ngoka.

“Right now, the bank must deply AI-based fraud detection systems and must strengthen internal control systems. It must encrypt everything that is critical, especially customer data and internal systems. Also, there must be multi-factor authentication for all sensitive actions.”

Source:- https://www.naijaonpoint.com/shocking-scandal-n848-billion-missing-at-wema-bank-staff-named-among-suspects/

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."9

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.

Share this:

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

I was going through the list of wanted persons on the EFCC list and I noticed that the CEO of Sujimoto, Olasijibomi Suji Ogundele was still on the list. He is actually the first name one notices

On the list too is Son-In-Law to former vice President Atiku Abubakar, Abdullahi Bashir Haske.

Is there a time frame for them, is it that they have not reached them or they have simply not updated their list?

Site: https://efcc.gov.ng/efcc_site/Wanted

Unveiling the Zenith of Corruption: A Series Exposing Nigeria’s Banking Behemoth and Its Political Enablers



Zenith Bank, Nigeria’s self-proclaimed colossus of finance, boasts assets exceeding $16.5 billion and a polished mobile app that lures millions of Nigerians into its fold. Yet, beneath the sheen of corporate success lies a festering core of alleged corruption, where executives and alumni exploit their financial acumen to plunder public resources and secure political power. This investigative series aims to peel back the layers of Zenith’s governance rot, exposing how its leadership has allegedly weaponized banking prowess to enable systemic graft, leaving Nigerians to bear the cost in looted billions, eroded trust, and stifled development. Each article will dissect the allegations against key Zenith figures — past and present directors — whose actions have intertwined the bank with Nigeria’s political cesspool. We begin with Dr. Doris Nkiruka Uzoka-Anite, a former Zenith executive whose alleged role in Imo State’s financial scandals did not end her ascent but instead propelled her to federal ministerial positions under both the immediate past and present administrations. This series will also scrutinize Jim Ovia (founder and chairman), Godwin Emefiele (former executive and CBN governor), Ebenezer Onyeagwu (former CEO), Adaora Umeoji (current CEO), Udom Emmanuel (former executive and Akwa Ibom governor), and Chike Okafor (former executive and politician)., among others. Their stories reveal a pattern: Zenith’s leadership doesn’t just tolerate corruption — it cultivates it, exporting unaccountable elites into Nigeria’s political sphere to the detriment of its citizens.

Part 1: Doris Nkiruka Uzoka-Anite — From Zenith’s Treasury to Nigeria’s Treasury, a Tale of Alleged Graft Rewarded

Dr. Doris Nkiruka Uzoka-Anite, a medical doctor turned financial whiz, presents a glittering résumé: University of Benin graduate, Chartered Financial Analyst, and a Zenith Bank veteran who rose from Corporate Social Responsibility to Group Treasurer by 2019. Her tenure at Zenith, spanning 2002 to 2021, is touted as a masterclass in financial engineering, managing assets over $20 billion and boosting profits by 36% (Sun Nigeria, 2023). Yet, lurking beneath this corporate fairy tale are allegations of complicity in one of Nigeria’s most brazen financial scandals — the ₦111.5 billion Imo State fraud — followed by a meteoric political rise that reeks of reward for loyalty to corrupt networks rather than merit.

The Imo Scandal: Zenith’s Role in Alleged Plunder
In 2019, Imo State’s Financial Advisory Committee, set up by then-Governor Emeka Ihedioha, uncovered what it described as “severe financial infractions” involving Zenith Bank, alleging the bank facilitated the diversion of ₦111.5 billion in state funds under former Governor Rochas Okorocha’s regime (Nigeria Watchdog, 2021). A petition to the Imo State House of Assembly, signed by Dr. Abraham Nwankwo and others, accused Zenith of being the “major bank involved” in defrauding the state, with transactions funneled through dubious accounts linked to Okorocha’s allies. Enter Uzoka-Anite, a senior Zenith executive at the time, whose role as a member of the bank’s Asset and Liability Committee and Credit Committee placed her at the heart of its financial operations.
A deleted The Will Nigeria post (2022, partially archived) alleged Uzoka-Anite personally greenlit transfers to Okorocha’s cronies, with kickbacks channeled to “cousins” in Dubai. While unverified, the claim aligns with a broader pattern: Zenith’s lax oversight allowed politically connected transactions to flourish unchecked. The petition further argued that Uzoka-Anite’s 2021 appointment as Imo’s Commissioner for Finance by Governor Hope Uzodinma was a “reward” to Zenith for its role in the fraud, effectively placing a bank insider to guard the state’s treasury (Nigeria Watchdog, 2021). Financial experts cited in the report called her appointment “antithetical to progress,” warning it signaled Zenith’s undue influence over Imo’s finances. Rather than face scrutiny, Uzoka-Anite’s ascent continued, unhindered by the stench of scandal.

From Imo to Abuja: A Ministerial Meteoric Rise

Uzoka-Anite’s tenure as Imo’s Finance Commissioner (2021 — 2023) was marked by praise for revenue optimization and transparency (BusinessDay, 2023), yet critics argue these were superficial reforms to mask deeper complicity. In July 2023, President Bola Tinubu nominated her as Minister of Industry, Trade, and Investment, a role she held until October 2024, before transitioning to Minister of State for Finance in November 2024 (Wikipedia, 2023; Tribune Online, 2024). Her rapid rise under Tinubu’s administration, following her Imo stint under Uzodinma, raises eyebrows. Why would a figure linked to a ₦111.5 billion scandal be entrusted with Nigeria’s economic policy?

The answer lies in Nigeria’s patronage politics, where loyalty to powerful cliques trumps accountability. A Vanguard report (2023) noted Tinubu’s insistence on Uzoka-Anite over other Imo candidates, citing her “long-term affinity with the Lagos ruling class” — a euphemism for her ties to Nigeria’s elite networks, including Zenith’s founder, Jim Ovia. Her Zenith pedigree, far from a liability, was a golden ticket. As Minister, she spearheaded initiatives like the Nigerian Trade Policy (2023 — 2027) and attracted $30 billion in foreign investments (TheCityCeleb, 2025), but these wins are overshadowed by whispers of favoritism. A The Will fragment (2022) suggested her policies could tilt toward Zenith-linked firms, a risk amplified in her current Finance role, where she influences national fiscal strategy alongside Minister Wale Edun (Blueprint, 2024).
Zenith’s Governance Rot: Enabling Uzoka-Anite’s Ascent

Zenith’s governance — or lack thereof — is the crucible where Uzoka-Anite’s alleged impunity was forged. The bank’s silence on the Imo scandal, with no public audits or statements addressing the ₦111.5 billion allegations, points to a culture that prioritizes profits over accountability. Uzoka-Anite’s roles in Zenith’s Credit and Risk Management Committees positioned her to oversee high-stakes transactions, yet no internal probes flagged her involvement in Imo’s questionable transfers. This mirrors a broader pattern: Zenith’s leadership, under Ovia’s iron grip, has historically shielded its executives from scrutiny, as seen in cases involving Godwin Emefiele and Udom Emmanuel (to be explored in later articles).

Her appointment as Imo’s Finance Commissioner while still tied to Zenith reeks of conflict of interest. The Nigeria Watchdog petition (2021) called it a “malevolent marriage” between Zenith and Imo’s treasury, suggesting Uzoka-Anite was installed to bury the scandal, not resolve it. Her subsequent federal roles under Tinubu’s administration — first as a key economic minister, now in the Finance Ministry — extend this pattern nationally. Nigerians, already reeling from 21.47% inflation and a poverty crisis (World Bank, 2024), face the prospect of a Zenith alumnus shaping fiscal policy with a track record tainted by unaddressed allegations.

The Cost to Nigerians: A Betrayal of Trust
Uzoka-Anite’s story is not just a personal saga; it’s a symptom of Zenith’s toxic influence on Nigeria’s governance. The ₦111.5 billion allegedly siphoned through Zenith could have funded hospitals, schools, or roads in Imo, a state where poverty rates hover at 48% (National Bureau of Statistics, 2022). Instead, it enriched elites while Uzoka-Anite, a supposed technocrat, climbed the political ladder. Her ministerial roles, celebrated as “gender affirmative action” (Tribune Online, 2023), feel like a cynical ploy to dress corruption in progressive garb. Nigerians deserve leaders untainted by scandal, not Zenith’s cast-offs repurposed as saviors.
The public’s trust in banks and government is already frayed — X posts from 2023 lament “oil states with no oil wealth” and “banks running Nigeria Inc.” Uzoka-Anite’s unchecked rise fuels this cynicism, suggesting that corruption, not competence, is the currency of power. If she can parlay alleged graft into a Finance Ministry seat, what hope is there for accountability? Zenith’s PR machine, which scrubs damning reports from Sahara Reporters and Pointblank News, ensures these questions linger unanswered, leaving Nigerians to foot the bill for a broken system.

Conclusion: A Call to Unmask Zenith’s Legacy

Doris Nkiruka Uzoka-Anite’s journey from Zenith’s treasury to Nigeria’s treasury encapsulates the bank’s alleged role as a factory for corrupt elites. Her implication in Imo’s ₦111.5 billion scandal, followed by plum ministerial posts, is not an anomaly but a feature of Zenith’s governance model — one that rewards loyalty to power over service to the public. This series will continue to expose how figures like Ovia, Emefiele, Onyeagwu, Umeoji, Emmanuel, and Okafor have leveraged Zenith’s clout to entrench graft in Nigeria’s political fabric. We call on Nigerians to demand transparency — audit Zenith’s books, probe its alumni’s political roles, and amplify unscrubbed truths on platforms like X. The zenith of corruption must fall, and it starts with naming those who profit from Nigeria’s pain.

A Federal Capital Territory (FCT) High Court in Abuja has sealed the regional head office of Keystone Bank following serious allegations of the bank withholding customers’ funds and refusing to process legitimate withdrawal requests, News360 Nigeria reports.

The court order, executed on Thursday, came after a series of complaints by aggrieved customers who accused the financial institution of deliberately blocking access to their deposits without any valid explanation.

Investigations revealed that customers had persistently reported cases of failed transactions and withheld funds, with the bank allegedly ignoring demands for resolution.

One of the affected customers, who spoke under anonymity, disclosed that several attempts to withdraw her money were frustrated by the bank for over six months.

“Each time I visited the bank, they kept making excuses about technical issues or system upgrades, but nothing changed."

"I had to approach my lawyer when it became clear they had no intention of releasing my money,” she said.

Court documents obtained by our correspondent showed that the judge condemned the bank’s conduct, describing it as unlawful and a clear violation of customers’ rights.

The ruling emphasized that no financial institution had the authority to withhold customers’ funds without legal justification or regulatory backing.

Further findings indicated that Keystone Bank has been entangled in legal disputes in recent months.

In May 2025, the Court of Appeal in Abuja dismissed the bank’s appeal against a High Court ruling that ordered the payment of ₦202.8 million to a depositor in a fixed deposit controversy.

In February, a Lagos court had also directed the forfeiture of Keystone Bank’s shares to the Federal Government, making it a fully state-owned entity.

Despite assurances from the Central Bank of Nigeria about the bank’s operational stability, incidents of customer fund withholding have continued to surface.

Efforts to obtain an official reaction from Keystone Bank proved abortive as calls and messages sent to the bank’s spokesperson remained unanswered at the time of filing this report.

Meanwhile, the Central Bank of Nigeria and the Nigeria Deposit Insurance Corporation are reportedly monitoring the situation closely, with sources hinting at possible regulatory sanctions if the bank is found guilty of breaching financial service regulations.

Financial experts warn that incidents like this could erode public trust in the banking sector if left unchecked.

A financial analyst, Mr. Adewale Ogundipe, while reacting to the development, urged regulators to intervene decisively to protect depositors and uphold confidence in the industry.

“If one bank gets away with such practices, it sets a dangerous precedent. The regulators must act fast,” he said.

As of the time this report was filed, it remained unclear how long the Abuja regional office would remain sealed or whether other Keystone Bank branches across the country would face similar actions.

Customers affected by the current development are anxiously awaiting official communication on how their funds will be retrieved.

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 letter dated May 20, 2025, signed by Adeyinka Olumide-Fusika, SAN, of M.A. Banire & Associates/Citipoint (Legal Practitioners), the legal team asserted that Fidelity Bank significantly understated its liabilities by reporting only N2.274 billion as provisions for litigation and claims—despite an enforceable judgment of over $129 million against it as of December 31, 2024.


A legal firestorm has erupted over Fidelity Bank Plc’s 2024 Annual Report, as lawyers representing Sagecom Concept Limited have written a petition to the Central Bank of Nigeria (CBN), accusing the bank of concealing a multi-million-dollar judgment debt under its litigation disclosures.


In a letter dated May 20, 2025, signed by Adeyinka Olumide-Fusika, SAN, of M.A. Banire & Associates/Citipoint (Legal Practitioners), the legal team asserted that Fidelity Bank significantly understated its liabilities by reporting only N2.274 billion as provisions for litigation and claims—despite an enforceable judgment of over $129 million against it as of December 31, 2024.


The petition, addressed to the Director of Banking Supervision at the CBN, calls for immediate regulatory scrutiny of Fidelity Bank’s financial reporting practices, which the lawyers allege were “blatant and deliberate misstatements and misrepresentations.”


Final Supreme Court Judgment Ignored

The contentious litigation, originally filed by Sagecom Concept Limited in 2011 (Suit No. LD/1734/2011), spanned over a decade and culminated in a Supreme Court ruling on April 11, 2025, in Sagecom's favour. The courts consistently ruled in favour of Sagecom at the High Court, Court of Appeal (Appeal No. CA/L/494/2018), and ultimately the Supreme Court (SC/CV/602/2021).
Despite these outcomes, Sagecom’s legal team said Fidelity Bank failed to reflect the liability accurately in its audited accounts. As of December 31, 2024, the judgment debt stood at $129,321,631.73, and due to compounded interest of 19.5% per annum, the amount had risen to $139,362,314.19 by May 20, 2025.


“By so doing, the impression was conveyed to its shareholders and the public at large that its liability on litigations and claims was reasonably within that range,” the lawyers said.


According to the petition, the “misrepresentation” conveyed the impression to shareholders and the public that Fidelity Bank's exposure was modest—just over two billion naira—when in fact it was over 90 times greater.


Alleged Media Manipulation

The letter also accused Fidelity Bank of attempting to control public perception through media spin and the top management of Fidelity Bank Plc of attempting to preemptively shape the narrative before enforcement actions commenced.


True to form, the bank released a follow-up statement titled “Fidelity Bank Clarifies Position on Court Judgment inherited from Defunct FSB International Bank”, portraying the judgment as an inherited liability dating back before Fidelity’s acquisition of FSB International Bank.


However, Sagecom’s lawyers insist the legal process was transparent and rigorous, and the claim that the matter is “inherited” does not absolve Fidelity Bank of legal and financial responsibility.

The CBN had earlier released a statement downplaying the issue, assuring stakeholders and depositors that there was “no cause for alarm” regarding Fidelity Bank’s operations. The CBN described the circulating reports as “misleading,” though it did not directly address the specifics of the Sagecom case.

In response, the lawyers urged the CBN not to “fall to the manipulation” of its supervisee and not to be complicit in what they described as a systemic attempt to mislead regulators and the public.


The legal team wrote: “It is our honest and sincere belief that if the judgment of the High Court which was delivered on 30/01/2018 and had therefore been in existence for seven years prior to the 31/12/2024 issuance of the Annual Report) and that of the Court of Appeal (which was delivered on 7/5/2021 and had therefore been in existence for about three and a half years prior to the 31/12/2024 date of the Annual Report) had been fully, truly, factually disclosed to your Banking Supervision Officers having the remit over your supervisee, it would have been most impossible for the said Annual Report to have been approved or authorised by the Central Bank of Nigeria for issuance and dissemination to the shareholders of your supervisee and the public at large.


“Since the final judgment, which was that of the Supreme Court, was delivered in the matter on the 11th of April 2025, no serious step has been commenced by us to even execute the judgment.”


They also offered to engage directly with the CBN prior to initiating enforcement actions, indicating a willingness to cooperate in a “reasonable manner” that acknowledges the CBN’s supervisory role.


In addition to the letter sent to the Central Bank of Nigeria, Sagecom Concept Limited’s legal representatives also informed the Managing Director/CEO of the Nigeria Deposit Insurance Corporation (NDIC) about the ongoing litigation and the substantial judgment debt against Fidelity Bank Plc.


The lawyers sent a separate letter dated May 20, 2025, copying the NDIC in the communication with the CBN. The letter, titled ‘RE: SAGECOM CONCEPT LIMITED VS FIDELITY BANK PLC & ANOR (JUDGMENTS IN SUIT NO LD/1734/2011; APPEAL NO CA/L/494/2018; SUPREME COURT NO SC/CV/602/2021),’ formally notified the deposit insurer of the significant financial liability that Fidelity Bank faces as its insured institution.


The letter stated: “As counsel for the judgment-creditor, Sagecom Concepts Limited, in the matter in the above caption, in which a quite significant judgment-sum is now outstanding against your insured institution, Fidelity Bank Plc, we have deemed it fit to put you in copy of the attached letter to the Central bank of Nigeria respecting the matter.”


Background

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.


Fidelity Bank Plc is facing one of the biggest legal and financial crises in its history following a Supreme Court order mandating it to pay ₦225.3 billion in damages to Ibadan-based firm Sagecom Concept Limited.


The court ruling stems from a longstanding dispute over two loans originally granted by FSB International Bank to engineering company G. Cappa Plc in the early 2000s. Fidelity Bank assumed FSB’s liabilities during the 2005 banking consolidation. After a loan default, Fidelity seized collateral properties in Ikoyi and Ibadan—despite a federal court injunction—and later sold some of them to Sagecom for ₦350 million.


Sagecom later found a 2006 court disclaimer prohibiting the sale and sued to recover its funds, citing illegal asset transfers. After years of litigation, the Supreme Court ruled on April 11, 2025, in Sagecom’s favor, with Justice Adamu Jauro stating that Fidelity should not “benefit from its own wrong.” Justice Jummai Sankey labeled the bank’s actions a “deliberate disregard” for the courts.

The Lagos High Court initially awarded damages in 2011. That award was recently updated by Justice Olabisi Akinlade to reflect current economic realities: $139 million, or ₦225.3 billion using the May 15 exchange rate of ₦1,620 to $1. Fidelity is expected to contest the naira calculation at a May 19 hearing, though legal insiders say it’s unlikely to succeed.


The Lagos court awarded significant special damages in favour of Sagecom Nigeria Limited, the claimant in a protracted legal battle over a multi-unit residential property comprising several flats and two penthouses at No. 25, Probyn Road, Ikoyi, Lagos.

In its ruling, the court directed the second defendant, G. Cappa Plc, and the first defendant, Fidelity Bank Plc, to jointly and severally pay compensation to Sagecom for lost rental income.


The awarded amounts were determined based on the annual rental value of each unit, denominated in U.S. dollars or its equivalent in Naira at the prevailing Central Bank of Nigeria (CBN) exchange rate at the time of payment.


The court’s assessment of damages took into account the specific rental values and the dates on which the losses were deemed to have commenced—ranging from November 2005 to December 2006 for different units. Up until June 20, 2011, liability was assigned solely to G. Cappa Plc.

However, from June 21, 2011 onward, both G. Cappa and Fidelity Bank Plc were held jointly and severally responsible. That liability remains in place until Sagecom either regains possession of the property or the original 25-year lease—granted to G. Cappa by NEPA in January 2001—expires, whichever comes first.


The annual rental values for the units ranged from $30,000 to $67,500 each. Specifically, Flat 5 was valued at $30,000 per year; Flats 2 and 8 at $33,750; Flat 9 at $56,250; Flats 1, 3, 4, and 6 at $60,000; Flats 7 and 10 at $52,500; and both penthouses at $67,500 each. These amounts are payable in U.S. dollars or their Naira equivalent, calculated at the Central Bank of Nigeria’s official exchange rate on the payment date.


The court’s ruling compensates Sagecom for the extended period during which it was denied rental income following the 2005 purchase of the property—a transaction later deemed to have breached an existing court injunction.


Damages are calculated from each unit’s respective start date until Sagecom either regains possession or the 25-year lease, which began on January 1, 2001, expires—whichever occurs first.
Additionally, the court ordered that interest on the awarded annual rental values accrues at a daily compounded rate of 19.5% per annum, starting from each annual due date until full payment is made.


Bank executives are now negotiating a structured repayment plan with Sagecom’s legal team. However, sources close to the matter say the Supreme Court’s call for urgency may limit how much the bank can spread the payments.


“This is the biggest crisis the bank has ever faced,” a senior official said, “If Fidelity survives this, it will be because Sagecom shows leniency.”


Despite reporting ₦385 billion in pre-tax profits for 2024 and seeing a 140% surge in share price this year (closing at ₦20.80 per share on Friday), most of Fidelity’s earnings are tied to rolled-over loans, raising doubts about its liquidity.

No financial institutions have stepped forward to underwrite the judgment as of Monday. Experts warn the Central Bank of Nigeria (CBN) may need to intervene to prevent systemic risks.

Fidelity Bank and its legal team—including Senior Advocates Kanu Agabi and Onyechi Ikpeazu—have declined public comment. Meanwhile, the CBN has remained silent.

Fidelity Bank, Nigeria’s sixth-largest by assets, is currently led by CEO Nneka Onyeali-Ikpe. The bank has faced prior criticism for aggressive loan recovery tactics, including a recent case where it was blamed for a debtor’s death.

While the outcome of the payment negotiations remains uncertain, one thing is clear: the repercussions of this judgment will reverberate through Nigeria’s financial sector for months to come.

https://saharareporters.com/2025/05/23/breaking-sagecom-petitions-cbn-accuses-fidelity-bank-lying-about-financial-status

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/

A Lagos based oil firm, Aquitane Oil & Gas Limited has accused
Zenith Bank of fraud to the tune of ₦1.4billion.

Aquitane Oil and Gas said the bank and its directors carried out unauthorized share sales, document falsification, and diversion of dividends.

In a petition sent to the Inspector General Of Police, the oil firm through its counsel,
Lukman O. Fagbemi & Co., accused Zenith Bank and its directors of fraudulent misinterpretation.

In the petition dated 11 October 2024, Zenith Bank was also accused of forging statement of account.

The petition was received and signed by the Inspector General Of Police on October 14, 2024.Compose Message

Lagos is buzzing with scandal as the glamorous socialite and Sujimoto Home boss, Sijibomi Ogundele, finds himself embroiled in a shocking fraud case! The high-profile businessman was recently detained at the Force Criminal Investigations Department (FCID) in Abuja but has since been released on bail.

The drama unfolded after a bombshell petition from human rights lawyer Pelumi Olajengbesi accused Ogundele of swindling a staggering $325,000 from one Kabiru Ibrahim. The allegations date back to November 5, 2020, when Ogundele allegedly convinced Ibrahim to make a hefty down payment for what was promised to be a luxurious three-bedroom flat in the upscale Leonardo estate—a property that was supposedly worth $750,000!

In the explosive petition, obtained exclusively by our sources, Olajengbesi detailed how Ogundele lured his client with flashy brochures and enticing offers. “Mr. Sijibomi Ogundele approached our client and fraudulently represented himself and the company,” the document states. “He offered to sell one unit of a three-bedroom flat at the estate, claiming that if our client paid 50% upfront, the total price would be reduced to $650,000!”

Ibrahim took the bait and handed over a jaw-dropping $325,000, which was acknowledged by Sujimoto Construction Limited. However, as time passed, Ibrahim was left in the dark—no construction updates, no property in sight, and certainly no sign of his investment!

When we reached out for comments, police spokesperson DSP Funmi Eguaoje confirmed that Ogundele had been released after an “interview.” “He came on invitation yesterday but they couldn’t resolve the matter then,” Eguaoje explained. “They called them in for an interview today, and now he’s going home!”

Attempts to reach Ogundele’s lawyer, Kenny Umenyi, hit a dead end when our call was abruptly cut off after we introduced ourselves. As of now, we’re still waiting for a response to our text message.

A Chief Magistrate Court, Asaba, has sentenced a former manager of Zenith Bank Fidelis Egueke, to six months in prison for fraudulently obtaining the sum of $46,900.

Chief Magistrate Callistus Isioma Moeteke, accordingly found Egueke guilty of a charge brought against him by the police.

The prosecutor, Raphael Ogechi Eze from the State Criminal Investigation Department (SCID) at Asaba Police Headquarters, presented the case under charge number CMA/295c/2024.

At the pendency of the trial, the prosecutor informed the court that Egueke had fraudulently received the $46,900 by using two Certificates of Occupancy (CofOs) as collateral, knowing that one of the land titles did not belong to him.

Furthermore, despite using the money for personal and family needs, he failed to repay the victim as promised.

The prosecutor also stated that one of the CofOs used as collateral was fake.

Egueke denied the allegations and pleaded not guilty. He was initially granted bail and was released to AGBORO OGHENERO, the then General Manager of Keystone Bank’s Asaba branch while awaiting trial.

In his defence, Egueke claimed to have repaid the money to the victim but failed to provide any evidence of payment to the court.

After evaluating the case, Chief Magistrate Moeteke ruled that the prosecution had proven its case against Egueke beyond a reasonable doubt.

Consequently, the court convicted him and sentenced him to six months in prison.

Additionally, the court ordered Egueke to pay a fine of N350,000 as an alternative to his jail term and N30 million as restitution.

The charge against Egueke stated: “That you, Fidelis Egueke, on several occasions in 2016 in Asaba, did obtain a credit facility of $46,900 (equivalent to N60,000,000) for Mrs Blessing Equeke and Master Chukwubuikem Fidelis Egueke from Chief (Dr.) Jude Ndudi by presenting Certificates of Occupancy No. DTSR 13,338 and DTSR 13425 as collateral. You later disposed of the land covered by DTSR 13,338 after using it as collateral and misrepresented the ownership of the other land covered by DTSR 13425, which also did not belong to you. This constitutes an offence punishable under Section 419 of the Criminal Code Law, Cap C21, Vol.1, Laws of Delta State of Nigeria, 2006.”

It is also noteworthy that Egueke is currently being tried in a Federal High Court, Lagos for alleged conspiracy, forgery, obtaining money by false pretences, and fraud amounting to N179.498 million, with proceedings overseen by Justice Alexander Oluseye Owoeye.

https://rulersworld.com/zenith-bank-manager-convicted-over-46900-fraud/

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In a shocking twist that has sent ripples through the financial sector, Lotus Bank has reported a staggering loss of N1,134,491,604.31 due to a major system glitch that allowed customers to execute transfers without proper debit instructions on their accounts.

This major blunder has prompted the bank to take legal action, as they have filed an application before the Federal High Court in Lagos against 45 financial institutions across the country. Lotus Bank is determined to recover the lost funds, leaving other banks on high alert.

According to an affidavit sworn by Gbenga Ojerinde, a Fraud Investigation Officer at Lotus Bank, and filed by Lagos lawyer Adebayo Oyagbola, the bank is taking this matter very seriously. Mr. Ojerinde disclosed that, due to his position, he has the authority to represent the bank’s interests in court.

In his statement, he reassured stakeholders that Lotus Bank is a duly registered company with the Corporate Affairs Commission and holds a license from the Central Bank of Nigeria to provide financial services.

The Respondents are banks and other financial institutions licensed by the Central Bank of Nigeria to provide payment services, banking and financial services and/or mobile money services.

On the 20th July 2024, the Lotus Bank experienced a system glitch due to a rollback fix carried out on its e-Bills Pay platform to address a complaint.This fix led to unexpected behaviour which allowed customers with no-debit instructions on their accounts to initiate transfers without their accounts being debited,as a result of the foregoing,some customers of the bank made multiple transfers to the Respondents financial institutions listed before the court beyond the balances in their accounts.

This glitch affected 718 customers of the bank who made successful withdrawals and transfers from their accounts without those accounts being debited.

The initial financial exposure of the bank from this incident is about N1,134,491,604.31 One Billion, One Hundred and Four Hundred and Ninety-One Thousand, Six Hundred and Four Naira. Thirty-One Kobo) as is more comprehensively detailed in the schedule of accounts Exhibited before the court.

Subsequently, Lotus bank seeks the Order of the Court to place restrictions on the said accounts pending the determination of the bank’s motion on Notice dated 22nd July 2024. Unless the bank’s application is granted an accelerated hearing, there is an imminent risk that the sums fraudulently transferred into the respective bank accounts domiciled with the Respondents financial institutions would be dissipated.

Any delay in the hearing of this application will severely and irreparably affect the business of the bank.

The bank undertakes to pay damages if this application turns out to be frivolous.

An interim order of this court directing, mandating and compelling each of the Respondents financial institutions to attach the amounts standing to the credit of the named accounts held with each of them, as listed in the schedule of the accounts contained in Exhibit attached to the Affidavit in Support of this Application, deposed to by Gbenga Ojerinde, which amounts were domiciled with the different Respondents in respect of the un-debited transaction amounts carried out due to a system glitch on 20th July 2024 and which said amounts are in the aggregate sum of N1,134,491,604.31 (One Billion, One Hundred and Thirty-Four Million, Four Hundred and Ninety-One Thousand, Six Hundred and Four Naira, Thirty-One Kobo) pending the hearing and determination of the Motion on Notice in this suit.

Consequently, the court has acceded to the request of the bank. This shocking development raises concerns about the security measures in place at financial institutions and the potential implications for customers. As this situation unfolds, all eyes will be on the court proceedings and the future of Lotus Bank in a volatile market.
https://thelegendnewsng.com/lotus-banks-n1-13-billion-loss-customers-demand-assurances-on-security-measures-the-legend-news/

zenith Bank Chairman, Jim Ovia admits fraudulent transactions begs billionaire oil tycoon, Femi otedola out of court

The chairman of FBN Holdings and majority shareholder of Geregu Plc, Femi otedola, and some of his companies have opted for an out-of-court settlement with zenith Bank Plc, PREMIUM TIMES reports.
otedola was involved in a legal dispute with the bank over alleged “fraudulent transactions” on his company’s accounts.
According to PREMIUM TIMES’ report, Court papers showed the Federal High Court of Nigeria, Lagos Division, where Mr otedola and his companies filed the suit against the lender on 12 March, dismissed the case on Thursday, 13 June, on receiving a notice of discontinuance from the plaintiffs.
Zenon Petroleum & Gas Limited, Seaforce Shipping Co. Limited, Luzon Oil & Gas Limited, Garment Care and Mr otedola were the plaintiffs, while zenith Bank, Quantum zenith Securities & Investment Limited, Veritas Registrars Limited and Central Securities Clearing System Plc were the defendants.
According to a court document, Justice A.O. Faji discontinued the lawsuit after the counsel for the first to third defendants and the counsel for the plaintiffs asked for the matter to be dismissed, with the “counsel for the fourth defendant not objecting.”
Mr otedola and his companies initiated legal action against zenith Bank and the other defendants in March, claiming that the lender disposed of his shares in the bank without authorisation, manipulated the companies’ bank accounts and fabricated some documents to conceal the alleged crimes.
He accused the lender of wrongfully calculating his debts before selling them to the Asset Management Corporation of Nigeria (AMCON), which the bank set up to buy the non-performing loans in the books of banks to recover them thereafter.
Zenon had claimed that the letters of credit that led to the bad loans AMCON acquired were opened before the corporation took over the debt in December 2011. The company stopped operating the account after AMCON’s intervention.
PREMIUM TIMES added that according to a document, the overdue on Zenon’s account at the point AMCON took over the liabilities was N39 billion. Zenon said zenith Bank offered the debt to the corporation at N49 billion. AMCON ended up paying the bank N44.1 billion for the debt.
Sources with knowledge of the matter told PREMIUM TIMES in May that Mr otedola chose to take legal action against the bank after several failed reconciliation attempts. During the month, both parties held three meetings, none yielding the desired results.
“It is clear that zenith Bank Plc is not sincere in resolving this issue out of court and as such a time-wasting exercise,” one of the sources said.
“At this juncture, we have resolved to pursue our claims via the judiciary, law enforcement, the CBN and the court of public opinion as we know that our claims are very genuine.”

According to a document detailing the deliberations of both parties at a meeting held on 20 May, zenith Bank agreed to refund the N205 million it wrongfully debited to Zenon’s account with compounded accrued interest using a bankdraft.
Seaforce Shipping Company Limited, owned by the billionaire tycoon, said zenith Bank presented some statements of account claiming that it owed the bank N5.9 billion as of February 2024. It added that zenith Bank abandoned the claim after the company showed proof that Seaforce’s account was in credit as of 2018.
The online platform reports a source saying that zenith Bank sold the 415 million shares that Zenon held in zenith Bank for N4.9 billion in December 2010, noting that the shares were repurchased in the following month for N5.4 billion, triggering a net loss of N142.9 million.
He further disclosed that related transactions were carried out on Mr otedola’s account, causing a net loss of N61.5 million and a combined loss of N205.4 million in both cases.
Isyaku Mohammed, the commissioner of police in charge of administration at the Force Criminal Investigation Department, summoned the managing director of zenith Bank on 16 May over what he described as an alleged unauthorised debit to Zenon’s account.