E-Financial
Bank Accuses Magistrate, Lawyer of Using Fake Order to Steal N3.5m from Account
Benedict Ikechukwu Anekwe, an Enugu-based lawyer, and C.K.C. Idu, a magistrate, have been accused of allegedly conspiring to fraudulently withdraw ₦3.5million from the corporate account of Ohha Microfinance Bank Limited through what the bank described as a manipulated garnishee court process.
Ohha Microfinance Bank is a financial institution based in Enugu, Nigeria, committed to providing accessible and reliable banking services to individuals and small businesses
Ohha Microfinance Bank in a petition dated March 6, 2026 and submitted to the Chief Justice of Nigeria and Chairman of the National Judicial Council, demanded disciplinary action against the lawyer and the magistrate.
In the petition signed by Philip Onwukwe, managing director of the bank, the institution accused Anekwe of “using the instrumentality of the court to steal” from its corporate account.
“We write to you… seeking your urgent intervention and action in respect of this complaint which borders on fraud, stealing and unprofessional conduct of Benedict Ikechukwu Anekwe Esq.,” the petition read.
According to the petition, the controversy began with a judgment delivered on July 11, 2025 by Chief Magistrate O.P. Okoro in Enugu in Suit No. CME/1087/2023, involving Okoye Sunday and Ifesinachi Nnam.
The court reportedly awarded ₦2.5 million in favour of Okoye Sunday.
To enforce the judgment, Anekwe filed garnishee proceedings against 14 banks, including Ohha Microfinance Bank, seeking to attach funds belonging to the judgment debtor, Ifesinachi Nnam.
On July 29, 2025, the court issued an Order Nisi directing banks to attach any money belonging to the debtor.
The order stated that: “All monies in possession of the Garnishees belonging to Ifesinachi Nnam… be attached to satisfy the judgment sum of ₦2,500,000 together with the cost of this garnishee proceedings.”
However, the bank said the order applied strictly to the account of the judgment debtor and not to the corporate account of the bank itself, moreover, the judgement debtor has no financial account with the bank.
“It is crystal clear from the wordings of the Order that the Order Absolute made by His Worship Okoro was made against the account of Ifesinachi Nnam… but not against the corporate account of Ohha Microfinance Bank Limited,” the bank said.
The bank alleged that instead of serving the order on the bank to verify whether the judgment debtor had an account with it, Anekwe allegedly initiated another garnishee action directly against the bank before a different magistrate.
The fresh suit, CME/1554M/2025, Okoye Sunday v. Ohha Microfinance Bank Ltd, was filed before Magistrate C.K.C. Idu, his close associate, after the judgement debtor had filed notice of appeal and got a stay of execution in the previous court.
The petitioner explained that despite the pending appeal and stay of execution, on October 10, 2025, Magistrate Idu granted another Order Nisi attaching ₦3.5 million from the bank’s corporate account held with Ecobank Plc.
The bank said neither the plaintiff nor the judgment debtor had any account relationship with the microfinance institution, wondering how a Magistrate could issue such an order.
“Ohha Microfinance Bank has no business relationship with the judgment creditor and the judgment debtor in the suit,” the petition stated.
It added that both Okoye Sunday and Ifesinachi Nnam “are not customers of Ohha Microfinance Bank Ltd.”
Upon discovering the court order, the bank’s lawyer filed a motion asking the court to set aside the garnishee order, arguing that it was obtained through misrepresentation.
The motion stated that the order wrongly targeted the corporate funds of the bank rather than the account of the judgment debtor.
However, according to the petition, Magistrate Idu refused to vacate the order.
Instead, on February 27, 2026, the magistrate reportedly made the order absolute and authorised the withdrawal of ₦3.5 million from the bank’s account.
The bank further alleged that after securing the court order, Anekwe personally served it on Ecobank and instructed the bank to transfer the funds to his personal account.
“That same day, the learned Chief Magistrate signed the Order Absolute and handed it over to Benedict Anekwe Esq., who rushed to Ecobank Plc and served the order,” the petition stated.
The lawyer allegedly followed up with a written instruction directing the bank to pay the money into his personal account at First Bank of Nigeria instead of a client account.
Ohha Microfinance Bank alleged that the magistrate and the lawyer acted in concert to perpetrate the alleged fraud.
“This is daylight stealing perpetrated by Benedict Ikechukwu Anekwe Esq.,” the petition stated.
The bank further alleged that Magistrate Idu ignored the clear wording of the earlier judgment issued by Magistrate O.P. Okoro, which targeted only the debtor’s account.
It also claimed that both men had previously worked together before the magistrate’s appointment to the bench.
“Our findings reveal that the learned magistrate C.K.C. Idu before his appointment worked together at CIDJAP Legal Department with Benedict Anekwe Esq., hence the reason he connived with him to perpetrate this fraud,” the bank alleged.
The bank has asked the National Judicial Council to investigate the matter and sanction both the lawyer and the magistrate.
It also demanded that the matter be referred to the Legal Practitioners Disciplinary Committee.
“We demand that this matter be referred to the Legal Practitioners Disciplinary Committee for immediate and necessary action,” the petition stated.
The bank further demanded an immediate refund of the ₦3.5 million allegedly withdrawn from its corporate account.
“We further demand that Benedict Anekwe Esq. refund immediately the sum of ₦3.5million he stole from our corporate account,” the petition added.
Efforts to reach the lawyer and the magistrate were unsuccessful, as both failed to answer multiple calls.
They also did not respond to text messages sent to their verified telephone numbers seeking their reactions.
Credit: SaharaReporters
ChatPay has launched Africa’s conversational banking platform, enabling individuals and businesses to access financial services through WhatsApp.
The Lagos-based fintech startup, is in controlled rollout, connecting WhatsApp to linked-bank management, airtime and supported electricity payments through simple conversations.
The company said the platform is designed to enable users to send money, pay bills, buy airtime and manage business transactions within WhatsApp conversations, subject to the completion of regulatory approvals and integration with licensed banking partners.
According to ChatPay, the platform is operated by CP Technology Limited and is currently undergoing a phased rollout ahead of its planned public launch.
The company said the initiative is intended to simplify access to financial services by leveraging WhatsApp, which it estimates is used by more than 50 million Nigerians monthly.
Speaking on the idea behind the platform, Adeoluwasubomi Odebunmi, product lead and co-founder, said the concept emerged while she was studying Software Engineering at Babcock University.
“I saw the gap while I was still in school—how much friction there was just to move money. I didn’t want to just study the problem. I wanted to help fix it,” she said.
Odebunmi said she had previously worked on software solutions spanning e-commerce, real estate management, school administration and artificial intelligence applications before co-founding ChatPay.
Aseoluwa Siyanbola, growth lead and co-founder, said his experience managing Nigerian bank accounts while studying abroad highlighted some of the challenges users face with digital banking services.
According to him, difficulties such as one-time password (OTP) failures and inconsistent banking applications inspired the team to explore conversational banking solutions.
“We each encountered similar challenges and came together to build a solution that simplifies everyday financial transactions,” he said.
cAbraham William, tech lead and co-founder, said the company is focused on improving access to financial services through a platform that many Nigerians already use daily.
“We want to make financial services easier to access by allowing people to carry out transactions through a familiar messaging platform,” he said.
William said he oversees the company’s engineering, technology strategy and system architecture.
ChatPay said its services will be introduced in phases as regulatory requirements are met and integrations with banking partners are completed.
The company added that its newly launched “Founding 2,500” programme will enable selected early users to test features, provide feedback and participate in product development before the platform’s wider rollout.
According to the company, interested users can register for the waitlist and the Founding 2,500 programme through its website.
Founded by Odebunmi, Siyanbola and William, ChatPay said its long-term goal is to expand conversational banking services beyond Nigeria into other African markets after its domestic rollout.
United Bank for Africa (UBA) Plc has been named Nigeria’s Best Bank for Retail Banking and Best Bank for Sustainability Leadership (ESG) at the 2026 Euromoney Awards for Excellence, reinforcing its position as one of Africa’s leading financial institutions.
The awards were presented on July 17 at The Peninsula London in the United Kingdom, recognising financial institutions that have demonstrated outstanding performance, innovation, customer impact and sustainable banking practices.
The double recognition highlights UBA’s growing influence in retail banking and its commitment to advancing environmental, social and governance (ESG) principles across its operations.
According to Euromoney, UBA distinguished itself through a series of sustainability initiatives, including the introduction of a Green Financing Facility designed to support households and businesses transitioning to renewable energy.
The publication also cited the bank’s ₦5 billion financing programme, implemented in partnership with the Bank of Industry (BOI), to provide funding for women-owned businesses.
Euromoney further recognised UBA’s commitment to achieving net-zero carbon emissions by 2050, describing it as a demonstration of the bank’s long-term sustainability strategy.
The publication also highlighted the bank’s efforts to integrate sustainability into its operations through the deployment of solar-powered energy solutions across 50 branches and comprehensive ESG capacity-building programmes that have trained more than 16,000 employees across the UBA Group.
In the retail banking category, Euromoney noted that UBA continued to consolidate its position as one of Africa’s largest retail banking institutions.
According to the publication, the bank expanded its customer base to more than 37 million by the end of 2025, while retail banking revenue increased more than fourfold to ₦429.5 billion.
The awards also recognised UBA’s continued investment in digital banking innovation, particularly enhancements to its artificial intelligence-powered chatbot, LEO.
Euromoney noted that LEO became Africa’s first AI-powered banking platform to facilitate cross-border money transfers in local currencies through the Pan-African Payment and Settlement System (PAPSS).
Commenting on the awards, UBA’s Group Managing Director and Chief Executive Officer, Mr Oliver Alawuba, described the recognition as a validation of the bank’s commitment to delivering value to customers while promoting sustainable development across Africa.
“To be recognised as Nigeria’s Best Bank for both ESG and Retail Banking in the same year sends a powerful message that sustainable banking and commercial success are mutually reinforcing.
“At UBA, we are committed to financing Africa’s future, supporting businesses and communities, promoting financial inclusion, and delivering innovative banking solutions that improve lives.
“These awards belong to our customers for their confidence in us and to every member of the UBA family whose dedication continues to make our vision a reality,” he said.
Also speaking, UBA’s Group Head, Marketing, Brand and Corporate Communications, Mrs Alero Ladipo, said the awards reflected the bank’s unwavering commitment to putting customers at the centre of its operations.
According to her, every innovation, investment and banking solution introduced by UBA is aimed at creating exceptional value for customers while expanding access to financial services.
“These awards are a powerful affirmation of our Customer First philosophy.
“Whether it is supporting entrepreneurs with access to finance, enabling seamless digital payments, advancing clean energy financing or expanding financial inclusion across Africa, UBA remains focused on delivering meaningful impact.
“We are honoured that one of the world’s most respected financial publications has recognised these efforts,” she said.
UBA currently operates in 20 African countries, as well as the United Kingdom, United States, France and the United Arab Emirates, serving more than 45 million customers through a combination of digital banking platforms and physical branch networks.
The bank said it remains committed to strengthening financial inclusion, driving innovation and supporting sustainable economic development across Africa and beyond.
Nigeria Deposit Insurance Corporation (NDIC) has begun paying insured deposits to customers of the 46 recently failed microfinance banks.
Mr Thompson Sunday, managing director and chief executive, NDIC, disclosed this in an interview with the News Agency of Nigeria (NAN) in Abuja.
The interview took place on the sidelines of the International Association of Deposit Insurers Africa Regional Committee meeting.
Sunday said the corporation was using the Nigeria Inter-Bank Settlement System (NIBBS) and customers’ Bank Verification Numbers (BVN) for the payments.
He said the NDIC had traced depositors’ alternative bank accounts and credited them directly without requiring physical visits.
He advised depositors without BVNs to visit the nearest NDIC zonal office for verification and payment processing
“The CBN revoked the licences of the 46 microfinance banks on July 1, 2026,” he said.
He said the NDIC automatically became the provisional liquidator after the revocation, in line with the law.
Sunday said the corporation had commenced payment of the insured maximum deposit of N2 million to eligible customers.
He explained that further payments would depend on the recovery of the failed banks’ assets and outstanding debts.
He said proceeds realised from recoveries would be distributed as liquidation dividends to eligible depositors.
Sunday cited Heritage Bank, Aso Savings and Union Homes as examples of the NDIC’s prompt reimbursement efforts.
He said insured depositors of Heritage Bank were paid within four days of the revocation of its licence.
He added that customers of Aso Savings and Union Homes received payments within 72 hours.
“The law allows us 30 days, but we are working to surpass our previous records,” he said.
The Central Bank of Nigeria (CBN) revoked the banks’ licences for failing to meet regulatory requirements for continued operations.
The apex bank said the action was aimed at protecting depositors, strengthening financial stability and ensuring regulatory compliance.
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