Category Archives: Bank

Kenya banks fined over $78m corruption scandal


Kenya’s Central Bank has fined five commercial banks linked to an alleged $78m (£59m) corruption scandal involving the National Youth Service (NYS).

The missing funds were allegedly stolen in a scheme involving senior government officials and ghost suppliers.

Standard Chartered, Equity Bank, KCB Bank, Co-operative Bank and Diamond Trust Bank were collectively fined just under $4m.

They are accused of being conduits of fraudulent payments to suppliers of the NYS.

The NYS is an initiative by the government to train young people in life and business skills. It was part of President Uhuru Kenyatta’s plan to fix Kenya’s high youth unemployment.

BBC Africa Business’s Hudheifa Aden says Kenya’s director of public prosecution is expected to determine the criminal culpability of the accused banks.

NYS boss Richard Ndubai, who was arrested in May, is among 20 officials already facing charges over the scandal.

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​Reps order probe into alleged N2b, $3.8m fraud by banks


           House of Representatives
• To investigate registration of underage voters

• Buhari pledges support for Ghana’ s anti – graft fight

The House of Representatives yesterday resolved to probe the alleged loss of over N 2 billion and $ 3 . 8 million as a result of the non – payment of interest by banks from sale proceeds of the Power Holding Company of Nigeria (PHCN ) successor firms .

The House resolved to set up a committee to investigate the matter and report back within six weeks.

The decision followed the adoption of a motion sponsored by Mr. Chukwuka Onyema (PDP, Anambra ) at the plenary presided over by the Speaker, Yakubu Dogara .

Onyema noted that the Electric Power Sector Reform Act of 2005 unbundled PHCN into 18 successor companies , comprising six generation companies, 12 distribution companies and a transmission company .

He said : “Following the divestiture of the Federal Government from PHCN through privatisation , the company was divided into separate companies known as Local Electricity Distribution Companies.

“The successor companies made payments to the Federal Government through Standard Chartered Bank, Fidelity Bank, Stanbic IBTC , Access Bank, FCMB, Skye Bank, Sterling Bank, Zenith Bank and Unity Bank. ”

Onyema noted that the banks , in collaboration with officials of the Central Bank of Nigeria, allegedly diverted the interest of N 2 billion and $ 3 . 8 million that should have been paid to the Federal Government .

The House also resolved to set up a committee to investigate the alleged registration and issuance of Permanent Voters Cards (PVCs) to underage persons by the Independent National Electoral Commission (INEC ).

The committee has five weeks to submit its report .

The decision followed a motion by Johnbull Tiemlong Shekarau (PDP, Plateau ).

Shekarau noted that Section 12 (1 ) of the Electoral Act 2010 provides that a person shall be registered as a voter , if such an individual has attained the age of 18 years.

He said : “Reports from the social , print and electronic media indicated that there were incidents of underage voters who presented themselves at polling units with PVCs in the recently conducted local government election in Kano State.

“The Director of Publicity and Voter Education at INEC , Oluwole Osaze Uzzi, while responding to questions on Africa Independent Television on the matter on February 15, 2018, said the underage voters were registered because the lives of the registration officers were being threatened . ”

Shekarau described the report as a national embarrassment , a threat to democracy and a danger to the lives of INEC officials . He also warned that the matter could undermine the credibility of forthcoming elections.

President Muhammadu Buhari , meanwhile , has pledged Nigeria’ s support to Ghanaian President, Nana Akufo – Addo , in the fight against corruption.

He made the disclosure in a speech at Ghana ’ s 61 st independence anniversary in Accra yesterday .

He said : “Your Excellency can be assured that you have a good partner in me , as I look forward to any form of collaboration between Nigeria and Ghana in tackling the menace of endemic corruption.

“Given all these public policies, it becomes reassuring that with the right leadership , Africa ’ s drive to eradicate poverty and entrench democracy is on course . ”

Buhari , who was the special guest of honour , recalled the historic and cultural ties between Nigeria and Ghana , urging the citizens of both countries to maintain the bond.

“It is, therefore , my strong desire that we owe it a duty to ensure that our good peoples continue to live in each other ’ s countries unhindered, ” he said , noting: “ Our newly rejuvenated Permanent Joint Commission for Cooperation has already provided us with a good platform in resolving any differences, while focusing on our main developmental objectives . ”

Commenting on peace and security in West Africa , the president commended Akufo -Addo ’ s contribution to peace in neighbouring Togo .

“Permit me to put on record Ghana’ s untiring efforts in brokering peace in Togo by bringing all the warring parties to the negotiation table . I am appealing to the opposing parties in Togo to please come together and resolve their differences, so that Togo will move forward .

“In the same vein , I wish Nigeria and Ghana continue to provide the impetus in realising the objectives and ideals of the founding fathers of the Economic Community of West African States (ECOWAS), to ensure security, peace and development of our region , ” he said .

A statement by Senior Special Assistant on Media and Publicity, Garba Shehu , quoted Buhari as commending Akufo -Addo on his achievements in the first year in office, and praising his fight against corruption with the passage of the Special Prosecutor ’ s Bill .

He said : “From Nigeria, I have watched closely your achievements, ranging from your ingenious approach to creating jobs for the teeming youths through various initiatives, including the repositioning of agriculture for modern farming , ‘ Farming for Jobs and Food’ , Senior High School ( SHS) free education , One- District – One- Factory, and One- Village – One- Dam , as well as the improvement being recorded in the republic’ s macroeconomic indicators .

“All these efforts , I am aware , have made Ghana to become a good destination for foreign direct investment , just like Nigeria. Accept my congratulations !”

​In Lagos, UBA security guard mocked for returning customer’s $10,000



A security guard with the United Bank for Africa UBA, hailed for returning a customer’s misplaced $10,000 has revealed how he has been mocked for his actions.

Mohammed Ogbanago , 29, has revealed the reason behind his rare act of goodwill, adding that he did it to prove that not all Nigerians were corrupt, while setting a good example for the Nigerian youth.

Ogbanago who hails from, Kogi State reportedly earns N30,000 monthly, making his act of goodwill even harder to relate with.

PUNCH Metro reports that the security guard had found the misplaced cash close to the main gate of the Oba Akran branch of UBA where he is attached on April 7, 2016.

The money is reported to have been part of $84,500 withdrawn by a bank customer on that fateful day.

Ogbanago reportedly took the money to the bank’s operations manager, who in turn handed it over to the customer when he returned to the bank.

It is further reported that the bank’s Chief Executive Officer, Tony Elumelu, hosted Ogbanago at the bank’s corporate headquarters on the Lagos Island following his action, repeatedly promising to give him a letter of commendation for his ‘unusual’ conduct.

Mr Elumelu who shared his meeting with Ogbanago via his Instagram page, wrote:

“When I heard about this story, I knew I had to meet the man, who despite facing rising petrol and transportation prices and ‘tomato Ebola,’ returned such a huge sum of money.”

Speaking with PUNCH Metro, Ogbanago disclosed that good upbringing helped his resist the temptation of making away with the money, adding that the story of the airport cleaner, Josephine Agwu , who was reported to have returned N12 million » she had found at her work place, served as an inspiration for him.

Ogbanago who had boasted to his friends that he would do better than Agwu did, given the same situation, said:

“And my chance came on that day. I was coming from inside the bank when I saw the money on the ground and I decided that the best thing was for me to take it to the operation manager. The owner of the money later came to ask for it.

“After I did that, some people started ridiculing me that I shouldn’t have returned the money and that I should have considered my meagre salary before letting go of such a huge sum of money. But I felt I did the right thing. If I had, for instance, taken the money away and fled to my village, it would not be a case of misplaced money again, but stealing, and I could even be declared wanted.”

With and aspiration to public leadership, Ogbanago added:

“Although my salary may not be enough for my upkeep, especially with the current economic situation in the country, it is no excuse to take what is not mine.

“I have been campaigning that to make Nigeria great, we all must prove to be good Nigerians in our small corners. Not all Nigerians are corrupt.

“I am happy I had the chance to prove myself and I want other Nigerian youths to learn from it. I want our youths to know that a good name is better than riches.”

We hope that Ogbanago’s unusual action will serve to inspire many others.

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  • Source: Pulse

CBN says recession in Nigeria is imminent


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The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has warned that economic recession is imminent. According to The Cable , Emefiele said this during the apex banks’s monetary policy committee (MPC) meeting.
“The conditions that led to the contractions in the first quarter of 2016 were still largely unresolved. The recession which was signalled in July 2015, now appears imminent.”he said
According to Emefiele, the previous decisions of the MPC need time to crystallize, hence, there was no need adjusting rates. Stating the decision as the least risky option, the committee asked the CBN to work on a flexible exchange rate system.
It did not mention whether or not devaluation of the Naira was needed. The bank said the monetary policy rate (MPR) and cash reserve ratio (CRR) will remain at 12 percent and 22.5 percent respectively.
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Source: Lindaikejisblog.com

Photo: Nigerien in EFCC custody for ATM racketeering


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The Economic and Financial Crimes Commission EFCC is currently investigating a case of ATM racketeering involving one Muhammadou Ibrahim who was arrested while on transit to China for carrying 130 ( one hundred and thirty) Automated Teller Machine, ATM Cards of two different Nigerian banks and a Chinese bank, concealed in a carton of Cherie instant noodles.

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The suspect was nabbed at the Mallam Aminu Kano International Airport, Kano. Upon being interviewed, he claimed to be a Nigerien with passport No. 09PC71337, bearing Muhammadou Ibrahim. However, preliminary investigation revealed that Muhammadou is a businessman that deals in costume jewelry at the kasuwan kofar Wambai market in Kano.
The suspect will be charged to court as soon as investigation is concluded.
Wilson Uwujaren Head, Media&Publicity(EFCC)