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Banks Sack 110 Top Executives, Others Over N82bn Fraud

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At least 110 top bank executives and junior staff members have been sacked for fraud-related cases in the past two years.
These were contained in the ‘Reports of Fraud and Forgeries in Nigerian Banks’’ released by the Financial Institutions Training Centre between the second quarter of 2021 and Q2 2023.
FITC’s institutional members are members of the Nigerian Banker’s Committee, which comprises the Central Bank of Nigeria, the Nigeria Deposit Insurance Corporation, and all licensed banks in Nigeria.
A breakdown showed that while only four bank officials were sacked in Q2 2021, the figure rose by 175 per cent to 11 in Q2 2023.
The highest number of sacked top bank executives and junior staff members was recorded in Q3 2022as 20 officials were fired.
The report shows that between Q2 2021 and Q2 2022, 52 bank staff members were sacked for fraud-related issues.
However, between Q3 2022 and Q2 2023, 58 bank staff members were sacked for the same reason.
Also, within the period under review, the sacked staff members were involved in a total of 967 fraud cases.
The highest number of cases was recorded in Q4 2021, with 410 cases involving bank staff, while the lowest was recorded in Q3 2021, with 32 cases.
Also between Q2 2021 and Q2 2022, bank staff were involved in 657 cases, while between Q3 2022 and Q2 2023, they were involved in 310 cases.
Also, about N18.01bn was lost due to fraud committed by bank staff and outsiders within the reviewed period out of a total of N81.69bn involved in fraud cases.
It was gathered that the highest amount lost was N5.79bn in Q2 2023, while the lowest amount lost was N472.28m in Q1 2023.
For the total amount involved, the highest amount was N34.78bn in Q3 2021, while the lowest amount was N1.18bn in Q2 2022.
Mobile fraud, computer/web fraud, and P0S-related fraud were reported to be the most prevalent types of fraud, and this trend persisted in Q2 2023.
In June 2022, three former workers with the First Bank of Nigeria were tried over attempted fraud charges before a Lagos State Special Offences Court, Ikeja.
The defendants, Ozioma Ugorji, 35; Ugwu Emeka, 32; and Obike Chukwuka, 38, were arraigned by the Economic and Financial Crime Commission for allegedly attempting to steal N20bn from the bank.
It was learnt that the defendants conspired to tap into the bank’s server to grant access to a syndicate.
They were, however, apprehended by the EFCC on March 6, 2021, following an intelligence report.
In June this year, four men were arraigned at the Yaba Magistrates’ Court for allegedly defrauding their employer, Think Finance Microfinance Bank, of N150m in the FESTAC Town area of Lagos State.
The defendants include the company’s Head of Risk Management, Ojimi Ayodeji; the Loan Officer, Isaac Eddy; Joseph Setonji and Juwon Irinyemi, and were arraigned before Magistrate Patrick Nwaka on three counts of theft.
There were recent reports that four Nigerian deposit money banks lost a total of N1.77bn to fraudulent activities involving the banks’ employees and consumers in 2021.
This was contained in the 2021 financial statements of the banks, which included Access Bank Plc, Guaranty Trust Bank Plc, First Monument City Bank, and Wema Bank.
Access Bank, GTB and Fidelity Bank recorded 26,877 fraud cases in the first six months of this year, according to analyses of their financial reports for the first half of 2022.
This was a 56.45 per cent decrease from the 61,715 fraud cases that were recorded by the banks between June and December, 2021.
The President of the Bank Customers Association of Nigeria, Dr Uju Ogunbunka, recently urged banks to educate their staff and create protective measures that would discourage fraud.
The Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, recently urged the CBN to introduce sanctions and eliminate policies that promote corruption.
He said, “I think what they can do is to activate sanctions on anyone found wanting. Aside from the tracking, there must be evidence. And once there is evidence, they should close in on anyone they find. Cyber fraud is the biggest threat in the banking industry.’’
The FITC advised banks to strengthen their security protocols and utilise advanced fraud detection systems.

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Red Cross Unveils New Generation Of Humanitarians In PH

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The Nigerian Red Cross Society (NRCS), Rivers State Branch, has expanded its humanitarian footprint in Rivers State with the formal inauguration of student volunteers at Command Children School (CCS), Bori Camp, Port Harcourt, marking a significant step in promoting humanitarian values among young Nigerians.

The ceremony, which took place at the school premises, officially admitted CCS students into the Nigerian Red Cross Society.

The Rivers State Branch Representative of the Red Cross Society, Mr Noah Idegbesor, disclosed this in his opening remarks at the occasion.

In a symbolic display, the students marched to the flag stand alongside members of the high table and the Branch Representative, where the Red Cross flag was hoisted, signifying the school’s full induction into the Nigerian Red Cross Society.

With the flag raised, CCS was formally declared a member institution of the NRCS.

As part of the inauguration, a certificate of affiliation was presented to the school by the Nigerian Red Cross Society and received on behalf of the school by the Head Teacher, Mrs Onwuzuruigbo Taiwo.

Speaking as Chairman of the occasion, the Acting Director, Nigerian Army 6 Division Education Services, Port Harcourt, Lt. Col. A. Sadiq, described the event as very unique and significant.

Represented by Staff Sergeant Arisa Eberechi, the Director assured of the support of his team in ensuring success of the endeavour.

Also speaking,  the Chairman of the Parents Teachers Association (PTA) of the school, Mr Zuru Daniel, said the establishment of the Red Cross unit in the school was a welcome development and assured of the support of the body to ensure its sustainability.

The event also featured a parade by the volunteers, freewill donations from dignitaries and parents in attendance, underscoring community support for the humanitarian initiative.

Speaking earlier, the Head Teacher, Mrs Onwuzuruigbo Taiwo, described the inauguration as an emotional and fulfilling moment.

“It was awesome. We thought it would not be possible, but today it was glorious,” she said.

Taiwo explained that the school’s participation in the Red Cross Society began when management decided to introduce clubs and societies.

“I told my assistant that I wanted the Red Cross to be one of them. The Red Cross signifies many things; it is service to humanity,” she added.

Also, the Assistant Head Teacher, Mrs Bawo Agbana, expressed appreciation to dignitaries, officials of the Nigerian Red Cross Society and parents for their support and presence.

The Assistant Head Teacher (Administration) described the programme as overwhelming and exciting, expressing gratitude to God for its success.

She said the school’s decision to embrace the Red Cross Society was driven by the need to instill values of love, kindness and service in children from an early age.

“Our impression of the Red Cross is being good to people, showing love and kindness. As the children grow, we want to build the spirit of humanity in them so they can show love and care in school, their communities and Nigeria at large,” she said, adding that early training was crucial given current challenges in the country.

She also delivered the closing remark, after which a photo session was held with the newly inaugurated student volunteers.

Other dignitaries at the occasion include Chairman, Python Officers’ Mess, 6 Division, Port Harcourt, Chief Dan Harrison, and the Sualla 1 of Adagbabiri Kingdom, Chief Col. K. Agbana (Rtd.),

Speaking in an interview at the event, 10-year-old primary five pupil, Precious Ote, said she volunteered to join the Red Cross Society because of her desire to help and care for people.

Similarly, 11-year-old Eno Marvellous of Primary Four expressed excitement at becoming a member of the Red Cross Society, noting that her hope is “to save” lives.

The inauguration highlights ongoing efforts by the Nigerian Red Cross Society to nurture a culture of volunteerism, compassion and humanitarian service among schoolchildren in Port Harcourt and beyond.

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IPOB Orders Total Cancellation Of Sit-At-Home In S’East

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The proscribed Indigenous People of Biafra (IPOB) has ordered the total cancellation of the Monday sit-at-home across the South-East, with effect from today.

This was disclosed by the IPOB spokesperson, Emma Powerful, in a press statement issued yesterday.

He said that the directive came directly from the leader of the group, Nnamdi Kanu.

Recall that the pro-Biafran group declared the sit-at-home in August 2021 as a way of protesting the rendition of Kanu to Nigeria and his subsequent incarceration. During the exercise, markets, schools, banks and offices remained shut.

Powerful said that with the current directive, there is no need, excuse or justification for anyone to stay at home on Mondays, adding that markets, schools, offices, transport services and economic activities must resume fully and normally from Monday.

The statement read in part, “The IPOB, under the supreme leadership of Nnamdi Kanu, hereby announces to the entire world that the Monday sit-at-home across the South-East is officially and permanently cancelled with effect from tomorrow, Monday, February 9, 2026.

“This directive comes directly from Onyendu Mazi Nnamdi Kanu himself, who has once again staked everything on the line to ensure that our children return to school every Monday and that our people go about their lawful businesses without fear, intimidation or molestation.

“Any person in doubt should visit Sokoto Correctional Centre to confirm with him. We can no longer hide under ‘Onyendu cannot be reached to confirm’ to persist with our recalcitrance or docility. Monday sit-at-home is over. That era is gone!

“There is now no need, excuse or justification for anyone to stay at home on Mondays. All markets, schools, offices, transport services and economic activities must resume fully and normally from tomorrow. This is the clear and unequivocal order of the Supreme Leader of IPOB.”

Kanu, the statement said, “has made it abundantly clear that any individual or group attempting to enforce sit-at-home from this moment forward is acting against his direct command. Such persons are enemies of our people and the Biafran cause. They will be pursued to the ends of the earth and confronted until they are completely defeated.”

The group noted that some people are attempting to create fear, stage attacks or intimidate people into staying indoors under false flags.

“Let it be known that any person or group identified as enforcing or enabling sit-at-home will be confronted wherever they are. Our people must remain vigilant, calm and law-abiding.

“At the same time, IPOB wishes to make it clear that no state governor has the right to threaten, demolish or forcibly shut down the businesses of traders who, out of conscience, choose to sit at home in solidarity with our leader.

“Any attempt by Governor Soludo or any other governor to intimidate our people with demolition threats or forced market closures will be firmly resisted,” the statement added.

According to the group, any renovation, reconstruction or improvement of markets that involves temporary relocation must be carried out only with the consent of all stakeholders, adding that adequate temporary trading sites must be provided before any such projects commence.

“Our enemies have in the past succeeded in instigating crises and planting seeds of discord among our people. We must not allow them to succeed again. We are one people, united by a common destiny. Our struggle is for freedom, dignity and justice for all, not just for Biafrans.

“We therefore call on all our people across the South-East to come out tomorrow, open their shops, go to work and send their children to school without fear.

“The era of Monday sit-at-home is over,” the statement concluded.

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Agency Seals 11 Fuel Stations In PH Over Fraudulent Transactions 

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No fewer than 11 petroleum filling stations have been sealed in Port Harcourt by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) for various regulatory infractions.

The filling stations were shut down during the Authority’s ongoing surveillance initiative tagged ‘Operation One Litre for One Litre,’ in Port Harcourt.

The enforcement followed allegations of under-dispensing, faulty pumps and other practices considered detrimental to consumers.

Regional Coordinator of NMDPRA, South-South, Engr. Victor Owhodiasa, made this known during the monitoring exercise in Port Harcourt, last week.

He said the operation was designed to protect consumers and ensure they receive full value for their money when purchasing petroleum products.

Owhodiasa noted that although fuel prices are now largely market-driven, consumers must not be short-changed at the point of sale.

According to him, the affected stations were found to be dispensing below approved tolerance level or operating with failed pumps and generators.

He explained that claims of faulty equipment during inspection were treated with suspicion, leading to the sealing of such facilities until defects are fully rectified.

Owhodiasa stressed that any outlet dispensing outside the approved bandwidth would remain sealed until full compliance is verified.

He warned that filling stations found to be habitual offenders risk losing their operating licences.

Owhodiasa added that the enforcement team conducted spot checks along major routes in Port Harcourt, including Azikiwe Road, and would continue random inspections across the city.

He called on members of the public to report suspected cases of under-dispensing by filling stations, assuring that the Authority would promptly act on such complaints.

By: King Onunwor

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