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Fraud in Stabic IBTC Staff Allegedlly Coverts Millions of Naira Bad Loan to Personal Use

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Fraud in Stabic IBTC Staff Allegedlly Coverts Millions of Naira Bad Loan to Personal Use

A Federal High Court sitting in Lagos, South West, Nigeria has adjourned till 24th of May 2023, a case of Stanbic IBTC staff alleged to have fraudulently converted the sum of N250 Million to his personal use.

When the case was mentioned, the Police prosecuting counsel M. U. Usman told the court that, the defendant has approached the bank for amicable settlement, in view of this development he urged the court to give fairly long adjournment. The defendant’s counsel Mr.M.N. Oku did not raise any objection.

 

Consequently, the presiding Judge, Abimbola Awogboro adjourned till 24th of May, 2023 for report of settlement.

Ajayi Olusola a staff of Stanbic IBTC bank was arraigned before the court based on a petition written and jointly signed on behalf of Stanbic IBTC Bank by Kayode Agbetoye

Manager, investigations and Fraud Risk and Rekia Eletu

Head, Investigations and Fraud Risk, the petition titled “Alleged Diversion of Approved Written -off Amounts for Bad Loans by Olusola Ajayi Others.

Sola David-Borha, Stanbic IBTC Chairman
The petition was written and address to the Commisioner of Police Special Fraud Unit 13b,Milverton Avenue Ikoyi Lagos. Nigeria.

Stanbic IBTC Bank PLC in the said petition stated thus:

We are currently investigating a case of alleged diversion of approved Written-off Loan by some staff members and others. The amount to be written-off, as approved by the Board,were expected to be posted into loan accounts of the beneficiary debtors, to nil off the outstanding loans as provisioned. It was however discovered that the written off amounts were diverted and credited into personal and corporate accounts where the funds were utilized by the account owners.

Our preliminary findings revealed that on 21 April 2021, the Bank’s Board approved to write off total amount of N37,628,329.00 on 28 defaulting customers’ accounts. The request was to write off the outstanding exposures (as well as the debit interest that would have accrued before the actual entries are passed). Also, the Board’s approval was obtained on 21 April 2021 to write -off total amount of N2,462,057,201.71 on 848 defaulting customers’ accounts.

Some of the amounts approved for write off into the loan accounts of the defaulting customers were discovered to have been diverted and credited into a Corporate Account, Able System Services Nigeria Ltd. (ASSNL), a customer of the bank.

A review of the transfers from ASSNL’s account showed that 36 beneficiaries in other banks received total amount of N55,118,002 between 2015 and 2021. Three (3) of these recipients are customers of Stanbic IBTC bank – Ajayi Olusola (staff), Ayodele Omoniyi Olaogun and Hakeem Abdulliadi. Olusola Ajayi received total amount of N12.5Million into his Bank account from between November 2020 and May 2021. Also, Ayodele Omoniyi Olaogun received total amount of N9.74million to his Access Bank account from ASSNL between September2015 and May 2021.

Ajayi Olusola is an employee of the bank. He was a staff member of MIS Unit and currently a Business Support & Resolution (BS&R) team in the bank member was a staff in the member Bank. Ayodele Omoniyi Olaogun is ex-staff and currently Olaogun is an ex-staff of the bank He was a staff of the bank. He was a staff member of the MIS Unit.

We therefore request that you use your good office to conduct a detailed investigation into this incident and effect the arrest of the suspect(s) for prosecution.

We count on your usual cooperation

The petition was was investigated and at the end of the investigation five count charge was filed before the court against Ajayi Olusola and his company Abel Services Nigeria Limited and others at large by the Police Legal Officer Barrister Azubuike Sylvester.

The amended version of the charge as filed before the court, by Police Legal Officer Azubuike Sylvester is stated below:

AMENDED CHARGE
COUNT 1

That you AJAYI OLUSOLA ‘M’, ABEL SYSTEMS SERVICES NIG. LTD, AYODELE OLAOGUN, MR. HAKEEM ADISA ABDULHADI both now at large, between 2015 and 2021 at Stanbic IBTC Bank in Lagos, within the Jurisdiction of the Federal High Court while working as a staff at Stanbic IBTC Bank did conspired amongst yourselves and others now at large to commit a felony to wit: obtain the sum of N205,000,000 (Two hundred and five Million Naira Only) property of Stanbic IBTC Bank by False Pretences and thereby committed an Offence Contrary to Section 8(a) and Punishable Under Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act No 14 of 2006.

COUNT 2

That you AJAYI OLUSOLA ‘M’, ABEL SYSTEMS SERVICESNIG. LTD, AYODELE OLAOGUN, MR. HAKEEM ADISA ABDULHADI both now at large, between 2015 and 2021 at Stanbic IBTC Bank in Lagos, within the Jurisdiction of the Federal High Court while working as a staff at Stanbic IBTC Bank by False Pretence and with intent to defraud, obtained the sum of N205,000,000 (Two hundred and five Million Naira Only) property of Stanbic IBTC Bank by Falsely representing to the bank that you applied the funds as approved by the Board of the bank for the purpose of offsetting written off debt otherwise known as BAD DEBTS. Whereas you credited ABEL SYSTEMS SERVICES NIG. LTD and subsequently converted the money to your own use and benefits amongst yourselves and others at large.

The representation you knew to be false or did not believe to be true or which you made recklessly and thereby committed an Offence Contrary to Section 1(1)(a) and Punishable Under Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act No 14 of 2006.

COUNT 3

That you AJAYI OLUSOLA ‘M’, ABEL SYSTEMS SERVICES NIG. LTD, AYODELE OLAOGUN, MR. HAKEEM ADISA ABDULHADI both now at large, between 2015 and 2021 at Stanbic IBTC Bank in Lagos, within the Jurisdiction of the Federal High Court, did convert to your own use and benefits the sum of N205,000,000 (Two hundred and five Million Naira Only) property of Stanbic IBTC Bank, which sum you knew or reasonably ought to have known, was the proceed of an unlawful act, to wit: obtaining money by false pretences from Stanbic IBTC Bank, Lagos and thereby committed an Offence Punishable Under Section 15(2)(b) of the Money Laundering (Prohibition) Act 2011 as Amended in 2012.

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First Bank Partners With Proparco On Climate Performance

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First Bank Partners With Proparco On Climate Performance

First Bank Partners With Proparco On Climate Performance

First Bank of Nigeria Limited, in partnership with Proparco, a Development Finance Institution is mainstreaming climate initiatives into its business operations and strategy.

This is aimed at achieving a holistic integration of climate action on Greenhouse Gas (GHG) emissions reduction through an articulated strategic pathway to position the Bank as an African Climate Bank.

The 130-year-old financial institution is currently implementing a mechanism to calculate its operational emissions across all its branches and offices.

This includes calculating data on electricity use, diesel use, water consumption, waste management approach, fuel consumption, business travels, etcetera to determine the Bank’s emission baseline and innovative opportunities for operational emissions reduction.

First Bank Partners With Proparco On Climate Performance
FirstBank is developing the required capabilities and competencies by investing in its employees and the right infrastructure for integrating climate action in the Bank.

In a two-day partnership strategy workshop sessions with IPC and Valoris, consultants from Austria engaged by Proparco in the climate mainstreaming project, FirstBank’s climate journey across all areas of implementation was reviewed to determine progress and empower strategic departments across the Bank’s operations, including: the Credit Risk teams; Human Capital Management & Development (HCMD); FirstAcademy, the Bank’s learning institute; Corporate Banking; Personal Banking; SME Banking; Procurement; Branch Operations and General Services teams to deepen the understanding of climate risks in their processes.

The six workstreams for the implementation include: Identification of financed and avoided emissions to support reporting; supporting the measurement and analysis of operating emissions; integration of physical climate risk assessment; opportunity analysis; climate strategy and policy development; capacity building amongst staff to support strategy implementation.

Dr Martin Steindl, Managing Director, Valoris, Austria, said, “Amongst our various engagements with financial institutions on climate mainstreaming, FirstBank is the only organization that has been able to provide data both on the assets’ location of their portfolio and head offices of their clients. I am impressed with the progress we have collectively achieved.”

Reinforcing the Bank’s commitment to mainstreaming climate initiatives, the Ag. Chief Risk Officer, FirstBank, Patrick Akhidenor said ‘’FirstBank is intentional about redefining its climate footprint. We are identifying opportunities in climate finance to improve our portfolio and reduce the carbon emissions associated with our processes and operations. The Bank is executing a financed emissions calculation mechanism as well as creating climate finance opportunities, such as renewable energy and energy efficiency products for our customers.”

Nigeria has committed to reducing its GHG emissions to 20 percent by 2030 and net zero emissions by 2060. While this is ambitious, it sets the tone for businesses in Nigeria to at least support their GHG emissions reduction strategy with national plans and target. FirstBank is committed to achieving this goal and this is evident as the bank is a signatory to the Africa Business Leaders’ Climate Statement released in 2022 at COP 27 in Sharm El Sheikh, Egypt by the Africa Business Leaders Coalition (ABLC)..

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Ecobank’s pre-tax profit grows 249% to N202 billion in Q1 2024

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Ecobank’s pre-tax profit grows 249% to N202 billion in Q1 2024

Ecobank’s pre-tax profit grows 249% to N202 billion in Q1 2024

Ecobank Transnational Incorporated (ETI) posted a pre-tax profit of N201.5 billion during the quarter ending March 31, 2024. This marks a 249% year-on-year growth from the N57.7 billion posted during the corresponding quarter in 2023.

The banking group, which is listed on both the Nigerian Exchange (NGX) and the West African Economic and Monetary Union (UEMOA) released its financial statements in Nigerian Naira (NGN) and the US Dollar (USD). In USD terms, the group’s pre-tax profit grew to $150 million in Q1 2024, marking a 20% YoY growth from the $125.1 million posted in Q1 2023.

In Q1 2024, ETI hit a whopping N904.2 billion in gross earnings, marking a 193% YoY growth from N308.1 billion gross earnings posted in Q1 2023. However, in USD terms, there was a marginal 1% YoY growth in gross earnings to $673.9 million from $668 million in Q1 2023.

Key Highlights Q1 2024 vs Q1 2023
Gross earnings: N904.2 billion, +193% YoY
Interest income: N608.3 billion, +194% YoY
Interest expense: N220 billion, +160% YoY
Net interest income: N388.4 billion, +217% YoY
Non-interest revenue: N277.1 billion, +191% YoY
Operating income: N665.4 billion, +205% YoY
Operating expenses: N358 billion, +181% YoY
Operating profit: N307.5 billion, +241% YoY
Impairment charges on financial assets: N106 billion, -226% YoY
Profit before tax: N201.5 billion, +249% YoY
Profit after tax: N140.9 billion, +249% YoY
Earnings per share: 374.740 kobo, +218% YoY
Total assets: N34.6 trillion, +33% YtD
Loans and advances to customers: N12.7 trillion, +27% YTD
Loans and advances to banks: N3.10 trillion, +45.5% YTD
Commentary
The group’s gross earnings during the quarter were majorly driven by the 194.3% YoY growth in interest income to N608.3 billion, from N207.2 billion as of Q1 2023. In USD terms, the group’s interest income hit $453.4 million during the quarter, marking a 1% growth from the $449.3 million posted in Q1 2023.

Despite growing by 33% in NGN terms during the quarter to N34.7 trillion, the group’s total assets declined by 3% to $26.5 billion from $27.2 billion at the start of the year. This massive distortion was caused by the 27% devaluation in the Naira from N952/$ as of January 1, 2024, to N1304/$ as of March 31, 2024.

Ecobank Nigeria’s Q1 2024 performance
During the quarter, Nigeria was the least contributing geographical segment of the business. Ecobank Nigeria generated a net interest income of N30.7 billion in Q1 2024, compared with N147.3 billion generated in Anglophone West Africa (Ghana, Liberia, Sierra Leone, Gambia, and Guinea). Ecobank generated N133.7 billion in net interest income from the UEMOA region, and N118 billion from the Central, Eastern, and Southern Africa (CESA) region.

Ecobank Nigeria is also the least contributor to the total assets of the group. It currently contributes a total asset of N4.8 trillion, representing 14% of the group’s total assets. In contrast, Ecobank UEMOA contributes 39% of the group’s total assets with N13.5 trillion. While Ecobank AWA contributes 19% of group’s total assets with N6.6 trillion.

The bank in Nigeria generated a pre-tax profit of N5 billion in Q1 2023, marking a 51% YoY growth from the N3.3 billion posted in Q1 2023.

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WEMA BANK 5 FOR 5 PROMO SEASON 3 GRAND FINALE SET TO HOLD IN LAGOS

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WEMA BANK 5 FOR 5 PROMO SEASON 3 GRAND FINALE SET TO HOLD IN LAGOS

WEMA BANK 5 FOR 5 PROMO SEASON 3 GRAND FINALE SET TO HOLD IN LAGOS

…N10,000,000 cash prize up for grabs in final draw of the season!

Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully digital bank, ALAT, is set to wrap up the season 3 edition of its remarkable reward initiative, the 5 for 5 Promo, in a grand finale slated for Friday, May 31, 2024, in Lagos.

Wema Bank 5 for 5 Promo is a reward initiative introduced by the Bank in 2019 with the goal of rewarding its customers for their active loyalty to the brand and its products. Through the 5 for 5 Promo, customers of the Bank have enjoyed financial support for their personal, business and professional life. Executed via thoroughly regulated monthly draws per season, the Wema Bank 5 for 5 Promo through a raffle draw selects winners from the Bank’s pool of active and transacting customers, based on the minimum requirements and modalities of the season.

A total of 1,177 customers have received cash rewards of up to N63.3 million in the first 2 seasons of the Promo; 23 of whom emerged millionaires in season 1 and 2. The 5 for 5 Promo has since become a beacon of hope to millions of Nigerians and businesses across the country.

Season 3 of the 5 for 5 Promo kickstarted in July 2023, raising the bar impressively with a N90,000,000 cash prize that surpassed both preceding seasons, creating room for more Nigerians to become winners. With each month in the 10-month spread, the 5 for 5 Promo Season 3 train has toured different locations across Nigeria, surprising customers with cash prizes ranging from N25,000 to N1,000,000 each. The 5 for 5 Promo stands out for its inclusivity, diversity and impact, touching the lives of hundreds of Nigerians of different ages, statuses, interests and inclinations. As the final draw of the season approaches, both past and aspiring 5 for 5 Promo winners eagerly anticipate the lucky 120 winners to be made this May.

Referencing the Bank’s intention for the 5 for 5 Promo, the Head, Brands & Marketing Communications at Wema Bank, Mabel Adeteye, expressed gratitude to customers of the Bank for their continued support throughout Wema Bank’s 79-year journey.

“At Wema Bank, our world revolves around our people and customers. Their support is what has got us this far so it’s only natural that we seize every opportunity to give back to them and fulfil our goal of providing optimum value for every stakeholder. The 5 for 5 Promo was birthed from a place of gratitude and commitment to empowering our customers and with each season, we have simplified the requirements and amplified the rewards to ensure that everyone can benefit from the Promo.

Season 3 has been nothing short of remarkable and as we close out our 79th anniversary celebration with one more 5 for 5 Promo Season 3 draw, we are honoured to be the bank of choice for our diverse customer base. To the 1,000+ customers that have won over the past 9 months and the 120 that will win in the grand finale, I say a huge congratulations. Thank you for choosing Wema Bank”.

Encouraging Nigerians to take advantage of the last draw of the 5 for 5 Promo Season 3, Mabel Adeteye, elucidated the minimum requirements for qualification. “The requirements are simple, fund your account with at least N5,000 and make up to 5 transactions using the ALAT App, *945# or your ALAT/Wema Card, maintaining a N5,000 minimum average account balance. It doesn’t matter where you are, what you do or when you started banking with us, you can be a winner. NYSC members have won, business owners, undergraduate students, working class professionals, everyone from Gen Z to the baby boomers—there’s room for all in the Wema Bank family and the 5 for 5 Promo. A simple download of the ALAT App could be the first step for potential winners. I look forward to May 31st, as we put the final bow on this exceptional journey that has made the 5 for 5 Promo Season 3 a success”.

The 5 for 5 Promo has transformed the lives and experiences of thousands of Nigerians across the world, with cash prizes for transactions on both Naira and Domiciliary accounts. With a total of N80,000,000 already disbursed in the first 9 draws of Season 3, the grand finale is set to reward 120 more Nigerians with a N10,000,000 cash prize.

To qualify to win in the grand finale of the Wema Bank 5 for 5 Promo Season 3, Wema Bank account holders are to fund their Wema/ALAT accounts and make up to 5 transactions before the month ends.

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