According to a top official of the anti-graft agency, Okonkwo’s arrest became pertinent, as the recently-uncovered $72.8 million is domiciled in Fidelity Bank when Okonkwo served as the financial institution’s Managing Director (MD).

The arrest of the First Bank chairman is, therefore, part of the ongoing investigations of the former minister, who is being probed for siphoning public funds during her time in office.

“Okonkwo, who is currently the Chairman of First Bank Holding, alongside others, had earlier been grilled over a sum of $153m and $115m by the commission.

“Okonkwo is currently being detained by the EFCC over the whereabouts of the new $72.87 million,” the anti-graft agency’s Spokesman, Wilson Uwujaren, said in a statement.

The involvement of First Bank chairman with Diezani

According to the EFCC, the former minister had embezzled $153 million from the Nigerian National Petroleum Corporation (NNPC), and stashed it in three banks in the country, including Fidelity Bank.

Futher uncovering the activities surrounding the siphoning of the public funds, the EFCC said Okonkwo, who headed Fidelity Bank at the time Diezani intended to divert the money, helped her take delivery of it, and kept $40 million with the former Executive Director, Public Sector Accountant of First Bank, Dauda Lawal.

EFCC stated that Okonkwo did this to conceal the source.

The post First Bank Chairman Nnamdi Okonkwo Arrested appeared first on Business News in Nigeria.

Unmask NG learnt that customers of Ohha Microfinance Bank Limited in Enugu State kept the money in a fixed deposit account with Sterling Bank Plc, its corresponding bank, but Anidiobi Chukwuka, who headed the latter’s branch in Market Road area of the state, converted it into his personal account.

On Tuesday, November 2, 2021, Justice Cyprian Ajah of an Enugu State High Court, sentenced Chukwuka to eight years’ imprisonment for stealing and fraud.

The trial judge convicted Chukwuma of all the 32 counts levelled against him by the Economic and Financial Crimes Commission (EFCC).

Briefing journalists on the matter, including this publication, Counsel for Ohha Microfinance Bank, Olu Omotayo said Chukwuka committed the offence between August 15, 2014, and November 16, 2017.

According to Omotayo, his client first reported the case to EFCC in a petition dated January 2018, and since that time, the Enugu zonal office of the anti-graft agency had commenced an investigation.

“The case was further referred for thorough investigation by the chairman of the commission based on a further petition we wrote on behalf of our client, dated July 4, 2018.

“Sequel to the outcome of further investigations, EFCC, through its prosecuting counsel and Chief Legal Officer, Michael Ani, filed a 32 count charge of stealing by conversion, obtaining by false pretences and forgery against the suspect (now convict) and was subsequently arraigned before Justice Ajah on May 7, 2019.

“The accused was represented during the trial by Chief O.A.U. Onyema, while Olu Omotayo held watching brief for the nominal complainant, Ohha Microfinance Bank Limited, throughout the trial,” he added.

Sterling Bank customers express fear over Chukwuma’s case

This development had resulted in panic among the customers of Sterling Bank, with many of them expressing their skepticism as it relates to trusting the staff of the financial institutions.

A customer who spoke to Unmask NG on a condition of anonymity stated: “It is an open secret that the country is hard, and imagine losing your money at the bank to a staff whom you entrusted to safelock it, is best imagined.“

Another customer, Rukayat Jimoh said her confidence in Sterling Bank has reduced even though Chukwuka had been convicted.

“A lot of stress would go into the recovery of money that was misappropriated or embezzled. It takes God and luck to get your money back when things like this happen to you. So, it is not a good thing for Sterling Bank, and I honestly would not want to put much money in my account with them,” she added.

The post Customers In Panic As Former Sterling Bank Manager Steals N219m appeared first on Business News in Nigeria.

About 24 hours after Obi Cubana, whose real name is Obinna Iyiegbu, was taken into custody by the Economic and Financial Crimes Commission (EFCC), he regained his freedom, and some hours later, he reunited with his friends, and family.

Confirming his freedom from the EFCC custody, a source in the anti-graft agency, stated that Obi Cubana was only released on administrative bail.

“Yes, he has been granted bail but he is yet to meet the conditions for his release,” Vanguard quoted the EFCC official as saying.

How Obi Cubana caught public attention

In July 2021, Obi Cubana, who’s known for his showbiz and hospitality business, caught attention from members of the public, after he hosted celebrities, politicians, socialites alike, amongst other societal stakeholders, to a treat for the burial of his mother.

Unmask NG understands that it was an extravagant burial ceremony, during which no less than 200 cows were slaughtered.

The star-studded event set tongues wagging on social media, with many of them questioning Obi Cubana’s source of wealth.

The post REVEALED: How Obi Cubana’s Freedom Was Secured appeared first on Business News in Nigeria.

Unmask NG garnered that some operatives of the Economic and Financial Crimes Commission (EFCC) arrested the self-styled billionaire, and took him into custody at Jabi area of Abuja.

Obi Cubana whose real name is Obinna Iyiegbu, according to sources, fell into EFCC trap for fraud-related offences and money laundering.

“Obi Cubana was arrested and brought to the EFCC headquarters on Monday afternoon over allegations of money laundering and tax fraud. He is being grilled by detectives as we speak,” Punch quoted a source as saying.

This publication, however, understands that Obi Cubana became a spotlight personality in July 2021, after his mother’s lavish burial.

The burial ceremony, which was held at Oba in Anambra State, was so extravagant, such that no less than 200 cows were slaughtered to entertain guests.

The burial, which had many celebrities, socialites, and politicians in attendance, set tongues wagging thereafter, with many people questioning the source of Obi Cubana’s wealth.

Although, as of the time of filing this report, the allegations levelled against the socialite was sketcy, Unmask NG will provide update on the matter soon.

The post Self-styled Billionaire Obi Cubana Arrested For Fraud appeared first on Business News in Nigeria.

Unmask NG understands that Olinma, who was overseeing the commercial activities of Total Nigeria, was forced to retire from his position, as the Economic and Financial Crimes Commission (EFCC) probes him.

According to an insider familiar with the matter, Olinma is under investigation by the anti-graft agency for bribery, corruption, and abuse of office.

In a letter addressed to Total E&P Nigeria Limited, the EFCC noted that Olinma must have abused his office with the company.

“This commission is investigating an alleged case of conspiracy, bribery, and abuse of office in which the need to seek for information from your office has become imperative.

“Information at our disposal reveals that the above mentioned is an employee and a representative of your organization on the board of Nigeria LNG Limited.

“In the light of the foregoing you are kindly requested to furnish the commission with Certified True Copies of the following information to enable us progress on the investigation: (a) Date of employment and details of Emolument package from inception of service till date; (b) Date of his appointment on the board of Nigeria LNG Limited and (c) Any other information that could assist the investigation

“This request is made pursuant to Section 38(1) and (2) of the Economic and Financial crimes Commission (Establishment Act) 2004,” the EFCC letter read.

Olinma’s office abuse and sudden retirement

In what appeared to be a desperate attempt of protecting the company’s reputation and image, the board of Total Nigeria resolved to retire Olinma after six years of serving as its Executive Director.

It would be recalled that he was appointed as Total Nigeria’s Executive Director, Oil & Gas Commercial, with effect from September 1, 2015.

A source who spoke on a condition of anonymity revealed that Mike Sangster, the company’s Managing Director, had shouldered Olinma with the responsibility of re-designing Total Nigeria’s structure, such that it would be tailored to the demands of Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), which had since been advocating for a series of policies that would breach the country’s unemployment gap by giving importance to Nigerian workers ahead of expatriates.

Ecstatic about this responsibility, the source said Olinma went ahead to package a juicy position/portfolio for himself that combined important roles previously held by two directors and even more into one so that he would become the super director.

“However, he was caught up just before roll-out when he was indicted by investigative agencies and an internal audit for alleged professional misconduct and corrupt enrichment,” the source stated.

Amongst several other things, he was alleged to have deceived Total Plc “by using his pseudo company to purchase a luxury apartment previously owned by Total PLC in Ikoyi without Total knowing that he was involved. The source of monies was alleged to be suspected bribes and kickbacks. Olinma was also indicted for dual employment as Company Secretary of the private company used as a conduit for the alleged money laundering scheme.”

The post How Total Nigeria Quickly Retires Patrick Olinma As EFCC Probes Corruption Scandal appeared first on Business News in Nigeria.

In what appeared to be a final warning addressed to the bankers, the Economic and Financial Crimes Commission (EFCC) gave the top bankers till the ending of June 2021 to comply, even as the initial deadline of Monday, June 14, has passed.

“The truth is that this law has been in place for over 35 years, but it was hardly ever enforced and so these bankers would just declare anything or not declare at all. However, the EFCC is now demanding the declaration forms as part of moves to sanitise the system.

“To this effect, the chairman has written a reminder to the banks, asking all top executives to comply latest by the end of June,” an investigator who spoke on the matter was quoted as saying.

What you should know

According to the Bank Employees, ETC (Declaration of Assets) Act 1986, bankers should declare their assets through the appropriate authority like the Office of the Secretary to the Government of the Federation. But the forms were hardly ever scrutinised, a trend which the EFCC seeks to change.

Section 1 of the Act states, “Every employee of a bank shall, within fourteen days of the commencement of this Act, make a full disclosure of all his assets.

“In the case of a new employee, he shall within 14 days of assuming duty with the bank make a full disclosure of all his assets at the time of his assuming duty; and for the purpose of this subsection, a transfer or secondment from one bank to another shall be treated as a new employment.”

Section 2 of the Act reads, “The full disclosure of assets required under Section 1 of this Act shall be made in the manner prescribed in the Declaration of Assets Form contained in Form A of the Schedule to this Act and shall be executed before and attested to by the Registrar of a High Court, the Court of Appeal or the Supreme Court.

“The President or the appropriate authority may from time to time prescribe such other forms as may be necessary to achieve the purpose and intendment of this Act.”

The Act in Section 5 states that the Chief Executive of every bank “shall twice in every year, but not later than 7 January, or 7 July, as the case may be, submit to the appropriate authority a list of all employees who joined or left the employment of the bank in the immediately preceding six months expiring respectively on 31 December of the previous year and 30 June of that year respectively.”

The Act explained that “Chief Executive” meant the chairman, the managing director or other similar officer of a bank, including the Central Bank of Nigeria.

Likewise, the Act defined “employee” or “employee of a bank” to include the governor (of the CBN), the chairman and members of the board, managing director, director, general manager, manager, examiner, inspector, controller, agent, supervisor, officer, clerk, cashier, messenger, cleaner, driver, and any other category of workers of the Central Bank, a bank or other financial institutions.

Defaulters of the act

Access Bank has 16 board members, UBA has 15, Sterling Bank and EcoBank have 13 members each, while First Bank of Nigeria (FBN), Guaranty Trust Bank (GTB), and Fidelity Bank have 12 members each as contained on their official websites.

Others are Zenith Bank, 11; Wema Bank, 11; Union Bank 11; First City Monument Bank, 9; and Unity Bank, 8.

The post Access Bank, UBA, Other Banks’ Executives Risk 10 Years Imprisonment, Here’s Why appeared first on Business News in Nigeria.

After being found guilty of one count of theft to the tune of N11,657,500.00, Justice Ibrahim Jauro of a Yobe State High Court convicted Adam.

Speaking of the incident, the Economic and Financial Crimes Commission (EFCC) said it was written a petition by financial institution.

The petition, according to EFCC, alleged that Adam during his time as unity’s branch service manager diverted a total of  11,657,500.00 which was meant to be fed to the ATM branches of the bank.

Reputational damage for Unity Bank

It is no longer news that fraud is a challenge that has since been plaguing the banking sector on a global scale. In recent times, fraudulent activities have been on the rise, as bank employees like Adam former Manager, align themselves to be part of the machinery carrying out fraud at the detriment of bank customers, and sometimes the financial institution itself.

Although, Adam’s conviction is a victory for Unity Bank, as it will serve as deterrent to others; when staff members of financial institutions engage in fraudulent activities or any improper business practices are revealed, it often puts the bank’s reputation at risk. As a matter of fact, in the end, this can have a negative impact on anyone who may want to do business with the company.

The post Unity Bank ‘s Former MD Sentenced To Prison For Fraud appeared first on Business News in Nigeria.

After being found guilty of nine-count charges of abuse of office, forgery, issuance of dud cheque, and fraudulent conversion of depositors fund to the tune of N66,633,000.00, Justice I.B. Gafai of a Federal High Court in Anambra, convicted Udemadu.

In line with Section 321(a) of the Administration of Criminal Justice, Act 2015, the presiding judge ordered the convict to refund Achina Microfinance Bank the sums of money contained in the charge.

Speaking of the incident, the Economic and Financial Crimes Commission (EFCC) said it was written a petition by the microfinance bank. The petition, according to EFCC, alleged that Udemadu during his time as Achina’s MD, granted N15 million unauthorised credit facility to Rommex Telecommunications Limited and also did the same to Noble Mike International Limited, to the tune of N3 million, as he stood as their guarantor, without collateral.

Reputational damage for Achina Microfinance Bank

It is an open secrete that fraud is a challenge that has since been plaguing the banking sector on a global scale. In recent times, fraudulent activities have been on the rise, as bank employees like Achina’s former MD, align themselves to be part of the machineries carrying out fraud at the detriment of bank customers, and sometimes the financial institution itself.

Although, Udemadu’s conviction is a victory for Achina, as it will serve as deterrent to others; when staff members of financial institutions engage in fraudulent activities or any improper business practices are revealed, it often puts the bank’s reputation at risk. As a matter of fact, in the end, this can have a negative impact on anyone who may want to do business with the company.

The post Achina Microfinance Bank: Former MD Sentenced To Prison For Fraud appeared first on Business News in Nigeria.