First Bank

Thursday, December 28, 2023

10 killed, 59 injured in multiple vehicle collision in northwestern Türkiye

In a devastating incident in Türkiye’s northwestern province of Sakarya, a collision involving seven vehicles resulted in the tragic loss of 10 lives and left 59 others injured on Thursday morning (Dec. 28).

The accident occurred at Sakarya section of the North Marmara Motorway in the Istanbul direction, involving three buses and a truck in a chain reaction collision, the cause of which is yet to be determined.

As a consequence of the accident, traffic on the Istanbul-bound lanes of the motorway came to a standstill.

Sakarya Governor Yasar Karadeniz, in a statement, provided initial details, indicating that 10 individuals lost their lives in the incident, while 59 sustained injuries.

Governor Karadeniz also highlighted that the injured have been promptly transferred to hospitals, and emergency response teams are actively engaged in ongoing efforts in the affected region.

Zenith Bank Emerges Best Bank For Digital Solutions In Nigeria In The Euromoney Awards 2023

Zenith Bank Plc has been named the “Best Bank for Digital Solutions in Nigeria” in the Euromoney Awards for Excellence 2023, underscoring the bank’s pioneering and outstanding achievements in delivering cutting-edge digital financial solutions.

Speaking on the recognition, the Group Managing Director/CEO of Zenith Bank Plc, Dr. Ebenezer Onyeagwu, said, “We are delighted to receive the distinction as the Best Bank for Digital Solutions in Nigeria. This accolade serves as a validation of Zenith Bank’s trailblazing initiatives in integrating advanced technology within Nigeria’s financial services sector. Our commitment to expanding the horizons of digital financial services is unwavering, and we will persist in our efforts to innovate and deliver enhanced value to our customers and stakeholders.”

Thursday, December 21, 2023

Zenith Bank Achieves Distinction As Sole Nigerian Brand On World Finance 100 Listing For 2023

Zenith Bank Plc has been listed in the World Finance 100 2023 released by World Finance Magazine, achieving the feat as the only Nigerian company in the prestigious and exclusive listing. Zenith Bank’s inclusion in this elite list underscores the bank’s outstanding achievements and resilience in a dynamic and competitive global market.


The World Finance 100 celebrates companies that have reached the pinnacle of achievement across a wide variety of fields of expertise. Each year World Finance compiles the list of 100 companies, purely based on excellence in their field. The list presents the new business elite, made up of those whose vision and enterprise shapes the conceptual landscape of finance, business and technology. Notably, Zenith Bank stands as the lone Nigerian company and one of just three African companies to earn a place on this esteemed list for 2023, alongside industry titans such as Apple, Amazon, and Alphabet.


Tuesday, December 5, 2023

Lagos, EFCC fight over N4.8 billion fraud case against Ibeto, trial stalled again

The planned arraignment of the Chairman of Ibeto Energy Development Company, Chief Cletus Ibeto, over an alleged N4.8 billion fraud, once again failed to hold on Tuesday at the Lagos High Court sitting in Ikeja due to a tussle between the Lagos State Government and the Economic and Financial Crimes Commission (EFCC).

According to reports, the lawyers to Ibeto, led by Uche Obi, a Senior Advocate of Nigeria (SAN), told Justice Ismail Ijelu that an issue of legal representation had arisen following moves by the office of the Lagos State Attorney-General and Commissioner for Justice to take over the prosecution of the case.

The EFCC through its counsel, Senior Advocate of Nigeria, Rotimi Jacobs, described the move as “an attempt to scuttle the trial, which has just been adjourned the fourth time with the defendant failing to show up in court.

Planned takeover of case by Lagos Government

Following the resumption of proceedings, the Lagos State Director of Public Prosecutions (DPP), Dr Jide Martins, appeared in court on behalf of the state’s Attorney-general, Lawal Pedro (SAN).

Martins informed the court of a petition written by the law firm of another Senior Advocate of Nigeria, Robert Clarke, seeking a review of the case file and the outright takeover of the case by the office of the Attorney-General.

The DPP further told the court that although the Ministry of Justice had written to the EFCC requesting the case file, the AG had yet to decide on the issue.

The defence council, Obi, then urged the court to adjourn the case until the issue of legal representation is resolved.


U.S. Secret Service confiscates Binance account over $2.5 million scam proceed of a Nigerian

The United States Secret Service has taken over the Binance account of 32-year-old male of Nigerian descent, Olamide Shanu, after tracing his account to a $2.5 million wire fraud, money laundering and sextortion scheme, court filings obtained by Peoples Gazette have revealed. 

The allegations mounted against Mr Shanu and the manner the fraud scheme was perpetrated mirrored the operation of internet fraudsters in Nigeria known as Yahoo boys.

Scouting social media platforms such as Instagram and Snapchat for male teenagers and unsuspecting adults to defraud, Mr Shanu posed as a female to obtain the explicit images and videos of his victims after forming a deceptive intimate relationship with them. He then threatened to send the nudes to their friends should they refuse to send the requested sum and more sexual videos.

“Hello Fams this is [(CC-3)] naked pictures and dick he’s [(CC-3’s Username)] on Instagram,” the indictment sheet against Mr Shanu filed in the U.S. District Court for the District of Idaho and stamped by clerk Stephen Kenyon on November 14 read.

Saturday, November 18, 2023

National Productivity Centre Partners Premiere Academy On Deepening Productivity, Service Excellence

In the bid to foster improved professionalism, service delivery excellence and greater knowledge output among all tiers of its community, Premiere Academy, in conjunction with the National Productivity Centre, Abuja, has held a one-day transformative workshop themed 'Productivity for Excellence in School'.

The Workshop afforded participants drawn from among students and staff of every cadre to acquire modern productivity techniques that not only enhance academic performance but also nurture life skills that form the foundation of a successful and productive life.

Officials of the National Productivity Centre who conducted the workshop were led by a Director and Head of the Productivity Research Department, Hajia Mamunam Adaji Musa. Others include Mr. Okonkwo Martin, a Deputy Director; Mr. Chris Nweaze, an Assistant Director and Hajia Amina Binta Alhassan, Chief Productivity Research Officer 1.

Friday, November 17, 2023

Court remands Godwin Emefiele in Kuje prison pending ruling on bail

Federal Capital Territory (FCT) High Court Maitama, Abuja has ordered the remand of former Governor of the Central Bank of Nigeria, Godwin Emefiele in Kuje Correctional facility pending a ruling on his bail application.

Justice Hamza Muazu issued the order on Friday following Emefiele’s arraignment and his plea of not guilty to a six-count amended charge brought against him by the Economic and Financial Crimes Commission (EFCC).

Video: Why Evang. Ebuka Obi Says Zion Ministry Is Prophecy With Instant Solutions

Last Sunday, November 12, like the Sundays before it, was a huge spectacle at the Zion Prayer Movement Outreach in Okota, Lagos.

Founded by Evangelist Chukwuebuka Anozie Obi, the ministry has become synonymous with stories of mind-boggling miracles of healings and deliverances occurring either at Zion City there or those witnessed in different parts of the world. The testimonies come from people who say they were located  during online prayers by Evangelist Ebuka or were healed after using Seraphic Water and Seraphic Oil blessed by the Spiritual Director of the ministry, Ebuka.

The people who testified to their healing last Sunday included a woman who had breast cancer; a US-based kidney disease patient (Onyedikachi), and Beatrice Obiozor from United Kingdom who had glaucoma for 40 years and was healed after surgery failed to rectify the problem. There was also the story of Pirekina Anyanwu of Isiala Mbano, Imo State, who flew in from Florida, US, to testify to how the Seraphic oil and water healed his spinal chord injury and saved him from a highly risky surgery recommended by doctors.                                                      

Click on the link below to watch the testimonies:

Friday, November 3, 2023

Alleged N4.8bn Fraud: EFCC To Arraign Cletus Ibeto, Companies

The Chairman/CEO of Ibeto Energy Development Company, Cletus Ibeto, will be arraigned on Friday before the Lagos State High Court sitting in Ikeja by the Economic and Financial Crimes Commission (EFCC) over an alleged N4.8 billion fraud.

The EFCC had charged the defendant alongside his companies, Ibeto Energy Development Company and Odoh Holdings Ltd, before the court on a 10-count charge bordering on allegations of conspiracy, fraud, forgery and fraudulent use of documents.

Wednesday, October 25, 2023

Bishop David Oyedepo's son Isaac dumps Living Faith Church

News making around town has it that Pastor Isaac Oyedepo, second son of Bishop David Oyedepo has dumped his father’s multi-million Dollar Living Faith Church Worldwide to begin his ministry.

Isaac, a former pastor at the Living Faith Church in the United States was appointed as Global Youth Pastor of the Living Faith Church Worldwide aka Winners Chapel before he was asked to return to Nigeria by Oyedepo, as a minister in the Nigerian church. 

Details of his new mission is not clear yet.

Tuesday, October 10, 2023

Dangote Cement denies running sales Promo

…Moves to track, and prosecute peddlers of falsehood

Management of Dangote Cement Plc has denied reports, in some online platforms that it has embarked on sales promotion and has further adjusted its prices.

In response to the misleading report, the Chief Branding and Communications Officer of the Dangote Group, Anthony Chiejina described the reports as mischievous, malicious, and false. He added that the Management has formally notified the law enforcement agents to track down, name, and shame the perpetrators of this devious and deceptive information.

He urged Dangote’s Cement customers and other stakeholders to continue patronising the high-quality cement brand and be careful of scammers, who are bent on defrauding them of their funds.

How Heritage Bank allegedly Sacks works unjustly, engages in unfair labour practices

The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) has issued a threat to mobilize its affiliate trade unions and workers to picket the head office of Heritage Bank due to alleged wrongful termination and the failure to settle severance benefits for more than 30 former employees.

During a press conference, Olusoji Oluwole, the National President of ASSBIFI, expressed concern about unfair labour practices towards the bank’s employees and the potential impact on the financial security of both affiliated unions’ members and Nigerians who have accounts and savings with the bank.

Allegations of unfair labor practices 

Wednesday, October 4, 2023

Prominent socialite in Benin City sentenced to 12 years imprisonment for human trafficking

Popular socialite in Benin City, Edo State, Felicia Osaigbovo, has been sentenced to 12 years in prison and fined N24 million for human trafficking.

Osaigbovo was convicted by the National Agency for the Prohibition of Trafficking in Persons (NAPTIP).

She was sentenced by Honourable Justice Geraldine Imadegbelo of the High Court, Criminal Division, Benin City.

Friday, September 29, 2023

Police arrest Sam Larry from Lagos Airport upon arrival from Kenya

The Nigeria Police Force, Lagos State Command has arrested socialite and music promoter, Balogun Eletu, popularly known as Sam Larry, from the Murtala Muhammed International Airport, Ikeja, over the death of late musician, Ilerioluwa Aloba known as Mohbad.

A police source revealed that “Sam Larry was arrested at the airport after he arrived from Kenya. Our officers arrested him at the airport and he was immediately taken to the state police headquarters for questioning.”

Monday, September 25, 2023

Zenith Bank Delivers Phenomenal Triple-Digit Growth In Topline And Bottomline In H1 2023 Result

Zenith Bank Plc has announced its audited results for the half-year ended 30 June 2023, recording an astounding triple-digit growth of 139% in gross earnings from N404.8 billion reported in H1 2022 to N967.3 billion in H1 2023.  This is a clear demonstration of its resilience and strong market share despite a very challenging macroeconomic environment and persistent headwinds.

According to the bank's audited half-year financial results presented to the Nigerian Exchange (NGX) on Monday, 11th September 2023, the triple-digit growth in the top line also spurred the bottom line as the Group recorded a 169% Year on Year (YoY) increase in profit before tax, growing from N130 billion in H1 2022 to N350.4 billion in H1 2023.  Profit after tax also grew by triple digits, growing by 162% from N111.4 billion to N291.7 billion in the same period. 

Glo emerges "Outstanding Telecom Brand of the Year"

Foremost telecommunications company, Globacom, last weekend garnered two prestigious awards at the 2023 Brands and Advertising Awards organized by brand and marketing communication industry giant, Marketing Edge. 

Glo received "Outstanding Telecoms Brand of the Year" and the "TV Commercial of the Year" awards at a ceremony held at The Podium Event Centre, Lekki, Lagos. The event also coincided with the 20th anniversary of Marketing Edge and the awards were in recognition of Globacom's contributions to Nigeria's telecom sector.

Friday, September 22, 2023

Yemi Cardoso assumes duty as Acting CBN Governor

Yemi Cardoso has assumed duty as Acting Governor of the Central Bank of Nigeria. This was disclosed via a press release by the apex bank. 

President Bola Tinubu had nominated Dr. Olayemi Michael Cardoso to assume the role of Governor for the Central Bank of Nigeria (CBN). 

This five-year appointment is subject to the endorsement of the Nigerian Senate, in compliance with Section 8 (1) of the Central Bank of Nigeria Act, 2007.  

The press release from the apex bank disclosed that Dr. Cardoso together with his designated deputies took the oath of office today, Friday, 22nd September 2023 at the bank’s Head Office in Abuja.

Olympic Bobsledder sues team doctor for alleged sexual abuse


Olympic bobsledder Aja Evans has filed a lawsuit against the USA Bobsled doctor, alleging he sexually abused her and her teammates. The lawsuit alleges that Dr. Jonathan Wilhelm inappropriately groped Evans under medical pretenses.  

Evans claims she previously reported Wilhelm for photographing and recording the team while they were changing without consent.  Several reports against Wilhelm were disregarded by the US Olympic committees, and the doctor was never investigated for his alleged behavior.  

The team has gone on record saying that they hired their own medical professionals to avoid being in his care.  The lawsuit draws parallels to the abuse committed by Dr. Larry Nassar against the US gymnastics team.  The lawyer who represented the victims of Nassar in court, Michelle Simpson Tuegel, will be representing Evans in this case.

Sunday, September 10, 2023

CBN Probe: Aisha Ahmad Released After DSS Questioning

Online reports alleging the arrest and detention of the Deputy Governor of the Central Bank of Nigeria in charge of Financial System Stability (FSS), Aisha Ahmad are not factual.

However, the reports of his detention by the DSS are fictitious and the wild imaginations of the online publishers. 

According to a CBN source who spoke on condition of anonymity, "the CBN DG just like other officials participated in the ongoing routine interviews as part of a larger investigation into activities of the former CBN Governor by the DSS and the Special Investigator."

He further disclosed that the contents and subjects of such interview processes are wide-ranging and beyond the realm of public gossip or speculation. 

He added that it is important for Journalists to know that not every visit by a Nigerian to the facility of a security agency is an arrest and not every time spent is tantamount to time spent in detention.

The CBN Source further disclosed that " the DG is home, well and will continue to dedicate herself to the service of the apex bank and the Federal Republic of Nigeria."

Ahmad was appointed Deputy CBN governor on 6 October 2017, replacing Sarah Alade, who retired in March 2017. She was confirmed by the Nigerian Senate on 22 March 2018.

Saturday, September 9, 2023

Powerful earthquake hits Morocco, killing hundreds

Residents of Marrakech, the nearest major city to the epicentre, said some buildings had collapsed in the old city, a UNESCO World Heritage site, and local television showed pictures of a fallen mosque minaret with rubble lying on smashed cars.

Morocco's geophysical centre said the quake struck in the Ighil area of the High Atlas with a magnitude of 7.2. The U.S. Geological Survey put the quake's magnitude at 6.8 and said it was at a relatively shallow depth of 11.5 miles.

Wednesday, September 6, 2023

Nigerian election tribunal rejects challenge to Tinubu's presidential win

Nigeria's presidential election tribunal on Wednesday (September 6) rejected an opposition challenge to Bola Tinubu's victory in February's disputed vote, following a pattern seen in previous election years in Africa's most populous country.

No legal challenge to the outcome of a presidential election has succeeded in Nigeria, which returned to democracy in 1999 after three decades of almost uninterrupted military rule and has a history of electoral fraud.

Atiku Abubakar of the People's Democratic Party and Peter Obi of the Labour Party, who came second and third respectively, had asked the court to invalidate the election, alleging irregularities.

Judge Haruna Tsammani, reading out a lengthy ruling on behalf of the tribunal's panel of five justices, rejected Obi's petition point-by-point. He was reading Atiku's petition, which was also expected to be dismissed.

While favourable to Tinubu, the tribunal's ruling was unlikely to generate any particular euphoria or momentum for the president after an election marked by a record low turnout of 29%.

In a nation of more than 200 million people of whom 87 million were registered to vote, Tinubu garnered just 8.79 million votes, the fewest of any president since the return to democracy, limiting the goodwill towards him.

Friday, September 1, 2023

Zenith Bank Appoints Dr. Juliet Ehimuan As Non-Executive Director


The Board of Directors of Zenith Bank Plc has appointed Dr. Juliet Ehimuan as a Non-Executive Director of the bank effective August 29, 2023. The appointment, which was announced in a statement to the Nigerian Exchange (NGX) Limited on Tuesday, August 29, 2023, has also be confirmed by the Central Bank of Nigeria.

Dr Juliet Ehimuan is the Founder and CEO of Beyond Limits and the immediate past Director of Google West Africa. She was named by Forbes as one of the top 20 power women in Africa, by the London Business School as one of 30 people changing the world, and as one of the Most Influential People of African Descent (MIPAD). She was also featured in the BBC Africa Power Women series, and on CNN Innovate Africa.

Wednesday, August 23, 2023

Zenith Bank And Afcfta Sign Agreement To Develop Smartafcfta Portal

Zenith Bank Plc has signed a Memorandum of Understanding (MoU) with the African Continental Free Trade Area (AfCFTA) Secretariat for the development of the SMARTAfCFTA Portal, for trade promotion within the African continent. The SMARTAfCFTA Portal, which has the capacity to provide information like trade indicators, market trends, custom tariffs, trade agreements, rules of origin, market access requirements of relevant jurisdictions, export potentials, export diversification indicators and contact details of business partners in target markets and other trade-related information about Africa, will help to unlock the vast opportunities for trade on the African continent.

The MoU was signed by the Group Managing Director/CEO of Zenith Bank Plc, Dr. Ebenezer Onyeagwu and the Secretary-General of the AfCFTA Secretariat, His Excellency Wamkele Mene, during the 8th Annual Edition of the Zenith Bank International Trade Seminar on Non-Oil Export themed "Nigerian Non-Oil Export Industry: The Present, The Future", held on Wednesday, August 8, 2023, at the Civic Centre, Victoria Island, Lagos and virtually.

Tuesday, August 22, 2023

Ex-OPEC President Diezani Alison-Madueke Charged With Bribery: UK Police

Former OPEC president Diezani Alison-Madueke has been charged with bribery offences relating to her time as Nigeria's oil minister, the UK National Crime Agency said on Tuesday.

Alison-Madueke, 63, has been on bail since first being arrested in London in October 2015. She will appear in court in the British capital on October 2, the NCA said.

Soon after her arrest, her family's lawyer told AFP she would strongly contest corruption allegations that have dogged her during and after her time in former president Goodluck Jonathan's government.

Wednesday, August 9, 2023

Moniepoint agent held over N16.3m POS fraud

A Moniepoint agent, Olumide Remilekun Owolabi, has been arrested by operatives of the Zone Two Police Command, Onikan, over alleged N16.3 million Point of Sale (POS) fraud.

Owolabi was apprehended following a petition from one Raphael Alabi to the Assistant Inspector General (AIG) in charge of the zone, Ari Mohammed Ali.

It was gathered that Alabi bought a POS terminal from Owolabi in March not knowing that the seller had allegedly fraudulently manipulated the machine by adding a chip and creating an application on his mobile phone that gave him access to every transaction made on the terminal.

Alabi alleged that the suspect criminally withdrew and diverted into his personal account, N16,381,000 from the POS terminal between March 10 and July, thus causing the complainant to record huge losses.

Consequent to the petition, the AIG detailed operatives of the Zonal Monitoring Unit to discretely investigate the matter and it was discovered that transactions within the stated period were indeed diverted.

“On the strength of this, the suspect was arrested and he made confessional statements to the crime. Investigation is still on to unravel more facts. Members of the public are hereby advised to be mindful of the POS operators they patronise,” Ali said.


Nearly 100 Croatian soccer fans face murder, gang-related charges in Greece after deadly violence


Nearly 100 arrested Croatian soccer fans appeared in an Athens court Wednesday to face serious criminal charges that include murder and membership of a criminal organization, over their alleged involvement in deadly fan violence. The handcuffed youths – many with their shirts pulled over their heads to hide their identity – appeared before an investigative magistrate a day after a 29-year-old Greek fan was stabbed to death outside AEK Athens’ stadium, prompting the cancellation of a Champions League qualifier against Dinamo Zagreb.

Court officials said the magistrate issued the blanket charges against all 103 suspects, including 97 Croatian nationals. The indictments also included charges of multiple assault and illegal possession and use of explosive material. The murder-related charge is likely to be dropped for most of the defendants as the investigation proceeds.

Amateur video of the attack showed dozens of youths wielding bats and iron bars running past the stadium, as flares and petrol bombs exploded. Ten people were injured and four remain hospitalized.

Friday, August 4, 2023

Nigerian tycoon and Platform capital boss Akintoye Akindele arrested over alleged fraud

Akintoye Akindele, a Nigerian serial entrepreneur known for his key role in the African private equity space, has been arrested by the Nigerian police on charges of fraudulent diversion of payment for crude oil supplied to Duport Midstream Company. 

The arrest follows an invitation by the police to account for the alleged sale and receipt of payment for crude oil in his capacity as CEO of Duport Midstream Company, which aims to promote sustainable and impact accretive energy production and consumption in Africa.

Akindele, who is the founder and managing partner of Platform Capital Group, a growth markets-focused investment firm, reportedly left the country without responding to the police invitation, leading to his subsequent arrest.

In addition to the current charges, he is under investigation based on a separate petition filed by concerned shareholders of Duport Midstream Company Limited, accusing him of misappropriating millions of dollars of company funds.

Tuesday, August 1, 2023

Zenith Bank Maintains Position As Best Commercial Bank In Nigeria For A Third Consecutive Year And Best Corporate Governance Bank At World Finance 2023 Awards


For a third year running, Zenith Bank Plc has been named the Best Commercial Bank in Nigeria at the World Finance Banking Awards 2023. The bank also emerged as the Best Corporate Governance Bank, Nigeria, in the World Finance Corporate Governance Awards 2023, retaining the award for a second consecutive year.

These awards were presented to Dr. Ebenezer Onyeagwu, the Group Managing Director/Chief Executive Officer of Zenith Bank Plc, at the London Stock Exchange recently. The recognitions celebrate the bank's tremendous feats and milestones in financial performance, financial inclusion, corporate governance, and sustainability.

Friday, July 28, 2023

UBA Improves Staff Welfare in Quick Response to Rising Cost of Living


Africa’s Global Bank, United Bank for Africa (UBA) Plc, has reaffirmed its commitment to prioritise the welfare of its staff and their families reflecting the current economic realities and its impact on living conditions.

To this end, the bank’s Board of Directors have announced the implementation of a cost of living adjustment for its staff effective immediately

The bank said that over the past few months, it has been closely monitoring the effect of the rising cost of living on its employees and recognises the importance of addressing these challenges proactively.

It is interesting to note that even when the bank had previously implemented a cost of living adjustment for staff on October 1, 2021 and more recently on April 1, 2023, the persistent economic challenges faced by employees and the broader society as a whole, informed the unanimous decision to again implement another adjustment.

Friday, July 21, 2023

N7.9bn Fraud: Finally, EFCC Arraigns Stella Oduah, Eight Others


The  Economic and Financial Crimes Commission EFCC, today, July 21, 2023,  arraigned Stella Adaeze Oduah, a former minister of Aviation before  Justice I.E. Ekwo of the Federal High Court Maitama, Abuja on a 25-count  charge bordering on money laundering. She was docked alongside three others: Gloria Odita, Nwobu Emmanuel Nnamdi and Irene Chukwuma and five companies -  Global Offshore And Marine Limited, Tiptop Global Resources  Limited, Crystal Television Limited, Sobora International Limited, and  China Civil Engineering Construction Corporation.

Count one of the charge reads, “that you, Stella Adaeze Oduah whilst being the Minister of Aviation, Federal Republic of Nigeria, Gloria Odita,  whilst being the Company Secretary to Sea Petroleum & Gas Company  Ltd (SPGC) and an aide to the former Minister of Aviation, Nwobu  Emmanuel Nnamdi, whilst being an employee of Sea Petroleum & Gas  Company Ltd (SPGC) and an aide to the former Minister of Aviation,  Chukwuma Irene Chinyere, Global Offshore And Marine Limited, Tiptop  Global Resources Limited, Crystal Television Limited, Sobora  International Limited between January 2014 and April 2014 at Abuja within the judicial division of this Honourable Court did conspire among yourselves to commit an offence to wit: ‘Money Laundering’ and thereby committed an offence contrary to Section 18(a) of the Money Laundering  (Prohibition) Act 2011 (As Amended) and punishable under Section 15(3)  and (4) of the same Act”.

Togo, Benin, Niger owe Nigeria $18.29mn for electricity consumed in 2022

Togo, Benin, Niger owe Nigeria $18.29mn for electricity consumed in 2022. Nigeria's International electricity customers-Togo, Benin and Niger failed to remit $18.29 million for electricity consumed, as total value of electricity exported stood at $50.9million (N23.5 billion) in 2022.

Things Get Tougher For Eco Bank CEO, Bolaji Lawal

The job of Bolaji Lawal, the Bank Chief Executive Officer earnestly looking forward to prove his mettle has gotten tougher

From eyeing N13.5Billion payout to boost operations, the financial institution he oversees is now staring at a N72.2 Billion debt.

That is the story of the Chief Executive Officer at Eco Bank.

Lawal officially took up the career defining appointment as Chief Executive Officer at the Bank whose official name is Ecobank Transnational Inc (ETI) on March 1, 2022 after missing out of becoming the Managing Director at Guaranty Trust Bank (GTBank).the previous year. 

The Eco Bank job was touted as the perfect opportunity to show his former employers they were wrong in letting him go.

Friday, July 14, 2023

Shell alleges Benedict Peters’ Aiteo owes $2.6 billion in oil loans

Aiteo Eastern E&P Company Limited, a leading indigenous oil exploration firm founded by Nigerian billionaire oil mogul Benedict Peters in 2013, has found itself embroiled in a mounting debt crisis.

According to recent disclosures by the Nigerian subsidiary of British multinational oil company Shell Plc and seven local banks, the energy company owes a staggering $2.6 billion in oil-related loans.

This figure represents an increase of $910 million compared to its 2022 figure of $1.7 billion when Shell Plc initially reported the outstanding loans.

The lenders and Aiteo have been locked in a legal dispute since late 2019, when the creditors notified the company of its default.

The $2.6 billion debt can be traced back to Aiteo’s acquisition of a pipeline and operating interest in a highly valuable onshore oil block eight years ago.

Thursday, July 13, 2023

Jim Ovia reaps $21.9 million in 26 days from Zenith Bank stake

Jim Ovia, Nigeria’s wealthiest banker, has seen a significant increase in the market value of his stake in Zenith Bank, the country’s most profitable banking group, as he recovers from earlier declines caused by the devaluation of the Nigerian naira.

A key figure in the evolution and digital transformation of Nigeria’s banking industry, Ovia founded Zenith Bank in 1990.

His 16.2-percent stake in the financial services group, comprising 5,072,104,311 ordinary shares, has propelled him into the ranks of Nigeria’s wealthiest businessmen.

Over the past 26 days, Ovia’s stake in Zenith Bank has experienced a notable rise in value, resulting in a staggering increase of N17.01 billion ($21.9 million). This can be attributed to the bump in the bank’s shares on the Nigerian Exchange.

Wednesday, July 12, 2023

Dozy Mmobuosi allegedly running fraudulent company — Hindenburg Research

Tingo Group, the Fintech and Agri-Fintech group founded by Nigerian businessman Dozy Mmobuosi, has been described by Hindenburg Research as a fraudulent enterprise. 

Hindenburg Research, the short investor whose reports on businesses have wiped out a large portion of their value, announced a short position in Tingo Group, sending shares of the fintech down more than 50 percent on Tuesday.

The short seller claimed that the company faked its financials and questioned founder Dozy Mmobuosi’s claims of developing “Nigeria’s first mobile payment app.”

Tingo Group, which was established in New Jersey, has operations in Africa, Southeast Asia, and the Middle East, and its subsidiaries span agri-fintech, food processing, and insurance broking.

American-Nigerian mogul Sam Darwish’s IHS dragged to court by French firm Wendel

Telecom infrastructure giant IHS Holding, led by American-Nigerian mogul Sam Darwish, is currently embroiled in a legal conflict with French investment group Wendel SE. The legal dispute arises from a standoff between the two parties over the management of the firm.

Through its subsidiary Oranje-Nassau Developpement SCA FIAR, Wendel SE, which holds an 18.8-percent stake in IHS, is seeking to compel the tower company to hold a vote on several governance proposals that were not put forward during the June shareholders meeting.

This development has prompted legal action, with a summons issued by the Grand Court of the Cayman Islands on June 30.

According to the court document, Wendel SE alleges that IHS breached section 8 of the shareholders’ agreement by failing to notify all shareholders of the proposed resolutions and failing to present them for a vote at the Annual General Meeting (AGM).

Ecobank moves to seize Nigerian tycoon Oba Otudeko’s FBN shares over $17-million debt

Ecobank, a West African financial services group, is pursuing the acquisition of shares recently obtained by Nigerian tycoon Oba Otudeko in FBN Holdings due to his indebtedness to the bank.

Otudeko and his affiliated companies owe Ecobank over NGN13.5 billion ($17.1 million).

In 2017, Ecobank Nigeria Limited filed several lawsuits against Otudeko and his companies, including Honeywell Group Limited, Siloam Global Services Limited, Anchorage Leisures Limited, and Honeywell Flour Mills, at the Federal High Court in Lagos.

These legal actions aimed to recover the companies’ debts to the bank. Otudeko had personally guaranteed the loans, resulting in the companies’ indebtedness.

Despite Otudeko and his companies disputing their debts, the Supreme Court affirmed their indebtedness in January of this year. The court’s judgment ordered them to repay all outstanding debts

Tuesday, July 11, 2023

UI First Class Graduate, Opuofoni Ebimotimi beaten to death for stealing bread in Bayelsa

In a deeply distressing incident that has shocked the nation, Opuofoni Freeborn Ebimotimi, a first-class graduate from the University of Ibadan, was mercilessly killed by a mob in the early hours of today in Honeyhill, Tombia, Bayelsa State. The reason behind this brutal act? Allegedly, the theft of a loaf of bread.

Hailing from the Korokorosei community in Southern Ijaw Local Government area, Opuofoni Freeborn Ebimotimi had recently completed his studies in Business Administration (B.Sc) at UI. His promising academic achievements and bright future were abruptly cut short in a horrifying turn of events.

Monday, July 10, 2023

How Tony Elumelu’s wife, Awele, purchased 7.3 million Transcorp shares

 In a strategic move that further solidifies her family’s influence in the Nigerian business landscape, Awele Elumelu, the accomplished healthcare executive and wife of renowned businessman Tony

Elumelu, has acquired an additional 7.3 million shares in Transnational Corporation of Nigeria (Transcorp).

This follows her recent purchase of a $14-million stake in the Lagos-based conglomerate, propelling her to become one of its largest shareholders.

According to a notification of share dealings published on Tues., June 13, Awele Elumelu completed the acquisition of 7,309,813 shares in six separate transactions on the Nigerian Exchange on June 5, amounting to a cash consideration of N21.9 million ($46,100).

With this latest acquisition, Awele Elumelu’s total holdings in Transcorp have reached an impressive 2,070,794,804 shares, consolidating her family’s position within the conglomerate.

This move aligns with her husband’s previous decision to increase his stake to more than 30 percent, following the acquisition of shares by leading Nigerian billionaire Femi Otedola.

Awele Elumelu’s prominence extends beyond her investments, as she has made significant contributions to the healthcare sector. Serving as the chairperson of Avon Healthcare Limited and the CEI of Avon Medical Services Limited, she exhibits exemplary leadership and expertise in medicine, surgery, pediatrics, obstetrics and gynecology, and emergency medicine.

Her career highlights include valuable contributions to the prestigious Lagos University Teaching Hospital, as well as international experience at Grantham and District Hospital in the United Kingdom.

With this latest development, Awele Elumelu’s increasing influence in Transcorp not only highlights her business acumen but also serves as a testament to the Elumelu family’s commitment to driving growth and making a lasting impact on Nigeria’s business landscape.

Sunday, July 9, 2023

In a roadside welding shop in Nigeria’s commercial capital Lagos, Shola Ojo gives his power generating set a second pull before the engine revved up, now he is ready to start his business for the day.

All around him are unfinished metal doors and gates that he now has to work on for almost double the cost since new President Bola Tinubu scrapped a fuel subsidy, sharply driving up the cost of petrol.

The 50 year old welder and father of 3, gets little or no power supply from the national grid and is fully dependent on his petrol power generating set, which he now has to spend more on as gasoline prices nearly tripled on May 31.

Wednesday, July 5, 2023

Zenith Bank Retains The Top Spot As Nigeria’s Number One Bank By Tier-1 Capital For Fourteen Straight Years In The 2023 Top 1000 World Banks Ranking


Zenith Bank Plc has retained its ranking as the Number One Bank in Nigeria by Tier-1 Capital in the 2023 Top 1000 World Banks’ Rankings, published by The Banker Magazine. For the fourteenth year in a row, the Bank has held its position as the number one Tier-1 bank in Nigeria, emerging as the 467th Bank globally with a Tier-1 Capital of $2.54 billion.

The rankings, published in the July 2023 edition of The Banker Magazine of the Financial Times Group, United Kingdom, were based on the 2022 year-end Tier-1 capital of banks globally. The rankings continue to be the primary source for global bank financials and are used by most international organisations in their assessments of banks.

Zenith Bank’s financial performance for the year was bolstered by an impressive double-digit growth of 24% in gross earnings, leading to an improved market share in both the retail and corporate segments of the market. This occurred despite a persistently challenging macroeconomic environment and headwinds.

Sunday, July 2, 2023

Ebenezer Onyeagwu Emerges Best Banking Ceo Of The Year In Africa In The International Banker Awards 2023


The Group Managing Director/Chief Executive Officer of Zenith Bank Plc, Dr. Ebenezer Onyeagwu, has been named ‘Best Banking CEO of the Year in Africa’ in the International Banker 2023 Banking Awards. The award, published in the Spring 2023 Issue of the International Banker Magazine, sees Dr Onyeagwu honoured alongside other individuals and banks from the Middle East and Africa.

Expressing gratitude for the recognition, Dr. Onyeagwu commended the Publishers of the International Banker for considering him a fitting recipient of the ‘Best Banking CEO of the Year in Africa’ award. He stated, “This award reflects the bank’s position as a leading financial institution in Nigeria and the African continent. It also attests to our commitment to principles of sustainability and high ethical standards, which have become integral to our overall strategy as an institution”.

Friday, June 30, 2023

Dangote’s wealth drops by $3.11bn, remain Africa’s richest man

The founder of the Dangote Group, Aliko Dangote, has retained its position as Africa’s richest man in the Bloomberg Billionaires Index.

The Kano State-born businessman was ranked ahead of South African billionaire, Johann Rupert, Nicky Oppenheimer, Nassef Sawiris, Natie Kirsh, and Naguib Sawiris in the continent’s richest list released by the United States-based media organization on Friday.

Dangote is worth $15.6 billion as of Thursday although his wealth has depleted by $3.11 billion in the last six months.

Rupert and his family took second place on Africa’s richest list with a $13.3 billion net worth and a year-to-date increase of $2.51 billion.

Thursday, June 29, 2023

Zenith, GTB, Fidelity, others under investigation for alleged data breach - NDPC

The Nigeria Data Protection Commission (NDPC) says it is currently investigating 3 deposit money banks, one university and other suspects over alleged data breach.

The commission listed Zenith, Fidelity, Guarantee Trust Banks, Babcock University and Leadway Insurance, among others for the suspected infraction.

According to a statement issued by the commission’s Head of Media, Mr. Itunu Dosekun, on Thursday in Abuja, this was made known by the National Commissioner of NDPC, Dr Vincent Olatunji.

Unlawful data processing complaints

Olatunji said the investigation of these organizations came following complaints from data subjects, explaining that with the new Nigerian Data Protection Act (NDPA), the commission had been empowered with a legal framework to address issues of citizens’ data breach.

He said, “In the last few weeks, the NDPC has received complaints bothering on unlawful data processing, unauthorised access to personal data and violation of data subjects’ rights.

“Under Part 10 of the newly-signed NDPA Act 2023, a data controller with a turnover of N200 billion yearly may pay as high as N2 billion, which represents two percent of the gross revenue.

“Not only that, offenders also risk up to one-year jail term.

“We are currently investigating Guarantee Trust Bank, Fidelity, Unity, Zenith banks, Leadway Insurance and Babcock University, among others, for data breach.’’

Online money-lending banks to seek clearance from NDPC

Olatunji said that many micro-finance banks are yet to align their operations with the requirements of data privacy and protection.

He further revealed that loaning organizations would face the law with the new mandate of the Federal Competition and Consumer Protection Commission (FCCPC).

Olatunji said the mandate required loan organizations t seek compliance and clearance from NDPC before granting approval to online lenders.