5.7MIL FRAUD: WOMAN DRAGS BANK BEFORE EFCC OVER ILLEGAL WITHDRAWAL

A Benin-based middle aged businesswoman has petitioned the anti-graft agency, the Economic and Financial Crimes Commission (EFCC) over an alleged fraudulent withdrawal of N5.7 million by the management and staff of Trustfund Microfinance Bank located in Benin, the Edo State capital. Mrs. Josephine Okoruwa, 50, said the amount which constituted her daily savings of about N3 million and fixed deposit of about N2.7 million, were made to the bank through a female staff of the bank, Mrs. Faith Egbi, who was assigned to her as an account manager for all…

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BVN: BANKS HIRE LAW FIRM TO APPEAL COURT RULING

Oyetunji Abioye The ongoing issue around a court order asking the Central Bank of Nigeria and 19 Deposit Money Banks to release the details of all accounts without the Bank Verification Number with a view to seizing the funds in them took a new twist on Monday as indications emerged that the lenders named in the suit had engaged the services of a top law firm to address the matter. Already, the law firm has approached the court for an extension of time to appeal the court order. Top bank…

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BANKS MAY RECALL LOANS OVER BVN

Banks are bracing for the effects of a likely  forfeiture of funds in accounts without the Bank Verification Number (BVN). Should the government enforce the court order on such accounts, the banks will recall loans from customers; and lay-off staff. Speaking yesterday on the development, former Registrar/Chief Executive, Chartered Institute of Bankers of Nigeria (CIBN), Uju Ogubunka, said a massive loan recall would help the lenders keep their liquidity ratio within regulatory threshold. Liquidity ratios are based on various portions of a bank’s current assets and liabilities taken from its…

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46MIL ACCOUNTS WITHOUT BVN: FG TRYING TO REAP WHERE IT DIDN’T SOW- ADEGBORUWA

Lawyer and human rights activist, Ebun-Olu Adegboruwa, tells BAYO AKINLOYE that the judiciary is complicit in the Federal Government’s efforts to take over 46 million bank accounts without BVN Some have considered the step taken by the Federal Government to freeze bank accounts of people with BVN as an attempt to steal from innocent citizens. What is your view? The whole idea of forfeiture of the resources and assets of citizens to the Federal Government is illegal and unconstitutional. Under sections 43 and 44 of the 1999 Constitution, every citizen of Nigeria…

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ANXIETY IN BANKS OVER NOV 3 DEADLINE FOR BVN

Banks were gripped yesterday by the fear of a major liquidity crisis should the government pull out funds belonging to customers without Bank Verification Number (BVN).  The deadline given by the court for such customers to lose their cash is tomorrow. Justice Dimgba Igwe of the Federal High Court, ruling on an ex parte application filed by the Federal Government through the Office of the Attorney-General of the Federation on October 21, granted the temporary forfeiture of such cash within two weeks unless the owners justify their ownership of such accounts. There…

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COURT ORDERS BANKS NOT TO OPERATE ACCOUNTS WITHOUT BVN

A Federal High Court in Abuja has granted a temporary forfeiture order on such accounts. It also restrained commercial banks from operating such accounts for the meantime and directed them to disclose the owners of the accounts and the status of the funds in them. Justice Nnamdi Dimgba handed down the order on October 17  while ruling on an ex-parte motion filed by the Federal Government and the Attorney General of the Federation (AGF). Affected by the orders are Access Bank, Citi Bank, Diamond Bank, Ecobank, Fidelity Bank, First Bank,…

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MORE BANK ACCOUNTS TO BE CLOSED OVER BVN AS CBN TIGHTEN WATCH OVER BANKS

Banks will soon crack down on customer’s accounts following new directives from the Central Bank of Nigeria (CBN) yesterday, on Bank Verification Number (BVN) operations and watch-list for the banking industry. Records from the NIBSS show that there were about 45.85 million total bank accounts unlinked, but when compared with the active accounts the number dropped to 15.72 million unlinked to BVN as of February 2017. The record further shows that as of October 8th, 2017, the total BVN issued were 30,511,506. In a memo to the Nigeria Inter-Bank Settlement…

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BUSINESSMAN ARRAIGNED FOR DEFRAUDING BANK 335MIL NAIRA

Ojoma Kizito A 47-year-old businessman, Henry Ekuase, has been brought before an lkeja Magistrate’s Court, Lagos State, for alleged fraud. The police said Ekuase fraudulently obtained the sum of N335m from a Union Bank branch at Marina Stallion Plaza on the Lagos Island. PUNCH Metro learnt that Henry had acquired the sum as a loan from the bank to trade in beverages. He was arraigned on Monday on three counts bordering on false pretences and fraud to which he pleaded not guilty. The police prosecutor, Inspector N. Peter, said Henry committed…

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WONDERBANK OPERATOR ESCAPES WITH CUSTOMERS’ SAVINGS IN OGUN

Afeez Hanafi Traders at Warewa community, in the Obafemi Owode Local Government Area of Ogun State, have been defrauded by a ‘wonder bank’ operator, identified as Ngozi Adline. Adline, who hails from Imo State, allegedly swindled traders in the community out of over N2m. It was gathered that the woman operated under the name, Link M Investment Limited, while two workers, Oluwatoyin Adebayo and Esther Adelanwa, were used to collect money from customers. PUNCH Metro learnt that her whereabouts had been shrouded in mystery since August 2016 when she fled…

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BANKER ARRESTED INSIDE DUBAI-BOUND PLANE OVER 25MIL FRAUD

A former banker, who allegedly stole N25,466,330.00 from a new generation bank but was arrested in Lagos on a Dubai-bound plane, has been charged before an Igbosere Magistrates’ Court, Lagos. James Oke, 28, and his alleged accomplice Moyosore Shofowora, 27, who is also a banker, was docked on Friday before Chief Magistrate B. A. Sonuga. The defendants, of the bank’s Ogba Branch, are standing trial on two counts of conspiracy and stealing. Prosecuting Police Inspector Abbass Abayomi told the court that the defendants committed ‎the alleged offences between September 22,…

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