Men of the Nigeria Police Force have interrogated Chairman of Mainstream Bank, Mallam Falalu Bello, over his alleged involvement in a N2.6 billion fraud that occurred while he was the Managing Director of Unity Bank Plc. The banker was reportedly invited to Abuja on Wednesday for grilling by the Inspector General of Police Monitoring Unit…
Category: Business
Crisis Rocks Diamond Bank
Information at our disposal indicates that Diamond Bank may crumble if urgent steps are not taken to resolve a lingering leadership tussle presently going on in the financial institution. The bank has been in the news lately for the wrong reasons which is giving the management of the bank sleepless nights. It was gathered that…
FCMB Funds 45m Litres Ultra Modern Petroleum Products Tank Farm
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…
Ex-Skye Bank Staff Bags 115 Years Imprisonment
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…
Anti-Money Laundering: ACAMS Hails Heritage Bank's Doggedness
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…
Heritage, Diamond Banks To Acquire Enterprise Bank
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…
N450m Fraud: Court Throws Union Bank Staff In Kirikiri Prison
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 In Slavery Mess, Sacks 137 Staff
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…
Alex Otti's Diamond Bank In Another Fraud, Dragged To Court
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…
Lagos Govt Money 'Develops Wings' In Wema Bank
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…