As part of its contributions to the development of oil and gas sector in Nigeria, foremost commercial institution, First City Monument Bank, FCMB, has financed the set up of an ultra modern petroleum products tank farm, which has capacity to store about 45,280,000 litres of petroleum products. This laudable initiative, sponsored by Emadeb Energy Services…
A court in Lagos has sentenced a former banker identified as Jamiu Seun Odunayo to 115 years imprisonment. Odunayo was arraigned by the Economic and Financial Crimes Commission, EFCC, before Lagos High court sitting in Igbosere, presided over by Justice Adebisi Akinlade. Odunayo was convicted on Monday, February 17, 2014 with no option of fine…
Following commitments made in fighting money laundering, the management of one of Nigeria’s respected financial institutions, Heritage Bank, has been commended by the Association of Certified Anti-Money Laundering Specialists, ACAMS. The body hailed Heritage Bank for showing a practical commitment to anti-money laundering by employing one of the very few professionally-certified anti-money laundering experts of…
Two of Nigeria’s financial institutions, Heritage and Diamond banks are set to acquire Enterprise Bank, Aproko247 can report. Heritage bank is one of the fastest-growing banks in the country and as a way of expanding its operations and giving its services to more Nigerians, the financial institution is set to add Enterprise bank into its…
An employee of Union Bank, Akpojiyouwi Grace, has been remanded in prison by a Lagos High Court sitting in Ikeja over her role in a mega N450 million fraud. The accused was brought before Justice Babatunde Lawal-Akapo by the Economic and Financial Crimes Commission, EFCC, on Tuesday February 11, 2014 on one count charge bordering…
Union Bank, on Monday, sacked another 137 staff in continuation of the ongoing downsizing of its workforce as a result of the current reform in the banking sector. The affected staff were disengaged, following decision on outstanding disciplinary cases, while some were sanctioned for various acts of misdemeanour. Meanwhile, the bank has recruited another 150…
Banks are known for trust, honesty and confidentiality, which is why customers entrust funds to them. But when the safety of depositors’ money and financial details is in doubt due to the custodian’s unprofessional and fraudulent practices, customers loose funds unceremoniously. One financial institution that has proven to be a safe haven for fraudulent officials…
One of the old generation banks in Nigeria, Wema Bank, is presently in a mess and the reason is not far-fetched. Workers of the bank at Iponri, Lagos branch are still finding it difficult to understand how the sum of N6.5 million belonging to the Lagos State government suddenly developed wings and flew away from…
There employees of First Bank of Nigeria, FBN, have been arraigned before Chief Magistrate A Awogboro over the theft of N6.5 million from a customer’s account. Some people have regarded First Bank of Nigeria Plc as bank that breeds fraudsters. The three First Bank staffers were arraigned on Monday, January 27, 2014 on a 12-count…
**Staffers In Robbery, Fraud Scandals One of the biggest headaches in the banking sector in Nigeria is tackling frauds. While some banks are already winning the war against external frauds, few banks like Diamond Bank, is still battling with its internal frauds. If the bank cannot win the battle against its internal fraud, what becomes…