First Bank

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.

Wednesday, June 28, 2023

Notorious internet fraudster to spend 235 years imprison for N525million fraud

The Calabar Division of the Court of Appeal has upheld the conviction of a notorious international fraudster, Scales Olatunji who was convicted for internet fraud and money laundering charges by a Federal High Court, sitting in Uyo, Akwa Ibom State.

EFCC Spokesperson Wilson Uwujaren in a statement on Tuesday said the court seated on Friday, June 23, 2023.

Justice Agatha Okeke had on June 27, 2022 found Olatunji guilty of forty-five count charges of internet fraud and money laundering preferred against him by the Uyo Zonal Command of the Economic and Financial Commission, (EFCC) and sentenced him to 235 years imprisonment, without an option of a fine.

Sunday, June 25, 2023

Zenith Bank’s Cfo, Mukhtar Adam, Emerges As Chief Financial Officer Of The Year At The All Africa Business Leaders Awards

The Chief Financial Officer of Zenith Bank Plc, Dr. Mukhtar Adam, has been named ‘Chief Financial Officer of the Year’ at the 11th All Africa Business Leaders Awards (AABLA) in partnership with CNBC Africa. The award ceremony took place at the King’s Ballroom, Sun City, South Africa, on June 23, 2023. This honour places Dr. Mukhtar alongside other celebrated professionals across Africa.

Expressing his gratitude for the recognition, Dr. Mukhtar thanked the judges and organisers of the award, expressing his appreciation for being deemed a fitting recipient of the ‘Chief Financial Officer of the Year’ for 2023. He dedicated the award to the Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR. Additionally, he expressed his gratitude to the management of Zenith Bank, his colleagues in Nigeria and the bank’s subsidiaries for fostering a positive work environment. Dr. Mukhtar also extended his thanks to the bank’s many customers.

Friday, June 23, 2023

Glo commits to 2023 Ojude Oba Festival

Nigeria's indigenous telecommunications solutions provider, Globacom, has committed to the sponsorship of the 2023 edition of one of Nigeria's biggest cultural events, the Ojude Oba Festival, which holds two days after the Eid-El-Kabir celebration in Ijebu Ode, Ogun State. 

Globacom has been the main sponsor of the cultural event for almost two decades, helping  to boost its profile and attract and local and international visitors to Ijebuland during the festival.

In a speech read by Mr. Sola Mogaji, who represented the company at a pre-event press conference held at the Awujale Palace, Ijebu Ode, Globacom noted that the theme of this year's edition of the festival: OJUDE OBA: A LESSON IN RELIGIOUS HARMONY, emphasised the importance of religion and unity in Nigeria. 

Glo empowers customers with Lucky Number


Nigeria's leading telecoms service provider, Globacom, has rolled out an opportunity for its active subscribers to daily win amazing cash prizes and airtime with a price draw game tagged Lucky Number.

The company in its statement said Lucky Number is an entertainment platform packaged to add excitement to the day-to-day activities of millions of Nigerians on the Glo platform and also provide them some level of empowerment.

The Lucky Number draw game automatically enters subscribers' numbers to sequentially match a randomly selected mobile number from the pool of active subscriber base. The winning number must be matched in the right sequence, from right to left, adding that the size of the prizes is dependent on the number of digits from the released Glo number.

Thursday, June 15, 2023

Heritage Bank Head of IT diverts N49 Billion into separate accounts, disappears


Heritage Bank led by Akinola George-Taylor, one of Nigeria’s lending establishments is once more engulfed in the web of severe crisis shaking it to its very roots.

Fresh information from informed sources at the bank indicates that Heritage Bank appears to have seen better days as this is as ENigeria Newspaper reports that among the catalogue of issues currently hanging around the lender’s neck as the proverbial hangman’s noose includes, a serious boardroom crisis which has seen the edging out of allies of its former Managing Director and Chief Executive, Ifie Sekibo from the board of the moribund bank.

Tinubu Appoints Wale Edun, Dele Alake, Ribadu Others Special Advisers


President Bola Tinubu has approved the appointment of the following as Special Advisers.

Among the new appointees are Mr. Dele Alake, Special Adviser, Special Duties, Communications and Strategy, Mr. Yau Darazo, Special Adviser, Political and Intergovernmental Affairs, Mr. Wale Edun, Special Adviser, Monetary Policies and Mrs. Olu Verheijen, Special Adviser, Energy

Others includes Mr. Zachaeus Adedeji, Special Adviser, Revenue, Mr. Nuhu Ribadu, Special Adviser, Security, Mr. John Ugochukwu Uwajumogu, Special Adviser, Industry, Trade and Investment and Dr (Mrs.) Salma Ibrahim Anas, Special Adviser, Health.

Thursday, June 8, 2023

Zenith Bank Fetes Customers With Massive Giveaways In The “Zenith Beta Life Season 3” Promo


Zenith Bank Plc has launched the third season of its hugely successful "Zenith Beta Life Promo" to reward its customers with gifts from June 1, 2023, to May 31, 2023. 


Within this period, twenty bank customers of Zenith Bank will be chosen through a bimonthly raffle draw, each receiving gifts valued at NGN150,000. Five lucky customers will also win a cash prize of NGN500,000 during the quarterly draws.


Monday, June 5, 2023

Railway services resume at triple-train crash site in eastern India

Normal rail traffic resumed on Sunday at the site where the triple-train crash had occurred in India's eastern state of Odisha, announced the Federal Ministry of Railways on Monday.

The restoration work was completed with continuous monitoring and both up and down lines were declared fit, said the Indian Railways in a statement.

Two passenger trains crashed into a stationary goods train in the Balasore district of Odisha on Friday evening. Around 1,175 people were injured in the accident, which is believed as the worst train accident over the past decade in the country.

Thursday, June 1, 2023

Zenith Bank Maintains Position As 'Best Corporate Governance Financial Services' In Africa For The Fourth Consecutive Time

For the fourth consecutive year, Zenith Bank Plc has been named as the Best Corporate Governance 'Financial Services' Africa 2023 by the Ethical Boardroom. The award, which was published in the Spring 2023 edition of The Ethical Boardroom magazine, is in recognition of the bank’s adherence to global best practices and institutionalization of corporate governance, setting an industry-wide example of best practices in that field.


Speaking on the recognition, the Group Managing Director/Chief Executive of Zenith Bank Plc, Dr. Ebenezer Onyeagwu, said: “I am extremely pleased that Zenith Bank has been awarded the Ethical Boardroom Corporate Governance Award as a regional governance champion for the fourth year running. No doubt, the bank’s board has pioneered the exemplary governance culture for which we are now renowned. Indeed, this recognition reflects our steadfast commitment, discipline and high ethos in the conduct of our business and dedication to the principles of good corporate governance. This award will motivate us to strengthen this culture internally and advocate for good governance at every forum”.


Monday, May 22, 2023

Yoruba Actor Adewale Adeyemo is Dead

Prince Adewale Adeyemo, died on Monday morning after a brief illness.

Actor Kunle Afod wrote broke the news on his Instagram page: "Hmmmm God you know best RIP Prince Adewale Adeyemo.

"He passed on early hours of today after a brief illness. God will comfort all his family, friends, and colleagues."

The Osun State-born Prince's ailments started a few years ago, thinking it was an ulcer at first until when he had a serious attack in 2020 and was rushed to a nearby general hospital. 

After a series of tests, he was diagnosed with damage in his Lung, Liver, and Kidney.

He was receiving treatment at Private Godpromise Hospital, Oluke Odo Aremu Bus Stop, Ijoko, Ogun State.

It will be recalled that a fellow actor, Murphy Afolabi, also passed on May 14, 2023.

Friday, May 19, 2023

FCMB founder Subomi Balogun passes away at 89

Otunba Michael Subomi Balogun, the founder of FCMB, has passed away at age 89.

Sources say he died in a London hospital on Friday morning.

As a direct descendant of Oba Tunwase of Ijebu-Ode, Otunba Balogun until his death held the chieftaincy titles Otunba Tunwase of Ijebuland, Olori Omoba of Ijebuland and the Asiwaju of Ijebu Christians.

Thursday, May 18, 2023

NPC spends N200bn for 2023 census preparation

The National Population Commission (NPC) says it has spent about N200 billion to prepare for the 2023 population and housing census.

This is part of the N800 billion it expected from the Federal Government as total budget, including cost of more than five years preparation.

Its Executive Chairman, Alhaji Nasir Kwarra, made the declaration at a breakfast meeting with media executives in Abuja on Thursday.

Kwarra said the cost of conducting digital census was high considering the procurement of equipment and data required for the exercise.

TAJ Bank Director, 4 Others Charged With Money Laundering In Nigerian Court

Alkali Habib, a Director with TAJ Bank, and four private companies and their directors have been charged before a Federal Capital Territory (FCT) High Court sitting in Abuja with the Money Laundering and Breach of Public Procurement Act.

Charged alongside Habib are Innocent Nwobodo, Edwin Iyk Anyadigibe, Ahmad Salihijo Ahmad and Abdulmumini Haruna, Directors of Winslow Logistics, Antasar Nigeria Limited, Equal Logistics Services Limited, Velocity Logistics and Marine Services Limited, and Sahams Crystal Investment respectively.

The Defendants are charged by a private firm, Donnington Nigeria Limited for Breach of the Public Procurement Act bordering on Money Laundering.

It is the first litigation in Nigeria’s history where private organisation(s) apart from certain government agencies would bring individuals or businesses before the court for Money Laundering. 

Monday, May 8, 2023

P-Square storms Glo-sponsored African Voices Changemakers

P-Square, a well-known Nigerian R&B duo, will appear next on this weekend's Glo-sponsored African Voices Changemakers on CNN.

The popular programme offers a stimulating opportunity for the well-known identical music duo of Peter and Paul, who had been apart for some years, to discuss their business, personal lives, and how they reconciled, after the breakup that almost ended their careers.

The duo invited CNN's Larry Madowo to their home studio in Lagos, where they are working on their first studio album in more than nine years.

P-Square is made up of Paul Okoye, well known to his admirers as Rudeboy and Peter Okoye, also known as Mr. P. Both are hugely popular among fans, not just in Nigeria but also across several countries across the globe.

They have to their name several top hit songs that have become like anthems for their fans across the world. Some of these include Chop My Money, Bring It On, Beautiful Onyinye, E No Easy, Danger, Bizzy Body and many more.

Over the years, the group has worked with other international music stars such as Akon, Rick Ross, Sean Paul and Dave Scott. They also have to their name several awards, including BET, KORA, MOBO, MTV Europe, Channel O music awards.

The show will be on air this Saturday at 9.30 p.m., while a repeat will be aired on Sunday at 4.30 a.m. and at 7.30 p.m the same day.

Friday, May 5, 2023

Ekweremadu sentenced to 10 years in jail, wife, 6 years and Doctor 10 years

Former Deputy Senate President, Ike Ekweremadu was sentenced to 10 years and 6 months in jail. His wife, Beatrice Ekweremadu jailed for 6 years while Obinna Obeta was jailed for 10 years.

Thursday, May 4, 2023

Zenith Bank’s Landmark N100.47 Billion Dividend Payout Excites Shareholders

At the 32nd Annual General Meeting (AGM) of Zenith Bank Plc, held virtually from the Civic Centre, Victoria Island, Lagos, on Tuesday, 2 May 2023, shareholders of the bank unanimously approved the proposed final dividend payment of NGN2.90 per share. This brings the total dividend for the 2022 financial year to NGN3.20 per share, with a total value of NGN100.47 billion.

In his opening statement at the AGM, Jim Ovia, CFR, Founder and Chairman of Zenith Bank Plc, expressed his gratitude to the shareholders for their unwavering loyalty, commitment, and support, which have been instrumental in the bank's outstanding performance since its inception.

Group Managing Director/Chief Executive, Dr. Ebenezer Onyeagwu, extolled the Founder and Chairman, Jim Ovia, CFR, for establishing the legacy and providing the template for the bank's continued superior performance. He also highlighted the Board and Management's determination to maintain the bank's growth trajectory in the coming years, with an emphasis on digital and retail banking.

Monday, May 1, 2023

Zenith Bank Delivers Strong Q1 2023 Results With 41% Topline Growth

Zenith Bank Plc has announced its unaudited results for the first quarter ending 31st March 2023, with an exceptional double-digit growth of 41% in Gross Earnings, increasing from 191.5 billion in Q1 2022 to 270 billion in Q1 2023.

The unaudited statement of account submitted to the Nigerian Exchange (NGX) on Friday, 28th April 2023, indicated that the significant double-digit growth in the topline also boosted the bottom line, with the Group experiencing an impressive 27% year-on-year (YoY) increase in Profit Before Tax (PBT), rising from 68 billion in Q1 2022 to 86.6 billion in Q1 2023. Profit After Tax (PAT) also grew by 13% from 58.2 billion to 66 billion during the same period.

The growth in the topline was propelled by substantial increases in both interest income and non-interest income. Interest income surged by 52% from 126.4 billion in Q1 2022 to 191.6 billion in Q1 2023, while non-interest income expanded by 27% from 57.2 billion to 72.8 billion. The growth in interest income can be attributed to the impact of risk asset repricing, while the increase in non-interest income primarily resulted from loan recoveries and foreign currency revaluation gains.