Connect with us

E-Financial

EFCC Arraigns Polaris Bank Staff for Allegedly Stealing Customer’s N12.6m

Published

on

Kindly share this post

Economic and Financial Crimes Commission (EFCC) on Tuesday arraigned Babatunde Keshinro, a staff of Polaris Bank, formerly Skye Bank Plc, in an Ikeja Special Offences Court for allegedly stealing N12.6 million belonging to a customer.

EFCC Arraigns Polaris Bank Staff for Allegedly Stealing Customer’s N12.6m

The EFCC charged Keshinro with nine counts bordering on theft, forgery and fraudulent use of account.

Mrs Bilikisu Buhari, EFCC counsel, said that the Polaris Bank staff committed the offence from 2016 to 2018 in Lagos.

Buhari alleged that Keshinro stole funds belonging to one Alhaji Ganiyu Oseni, whose account he managed.

“The defendant knowingly forged Baritos Nigeria Ltd’s document titled “Part Termination of Fixed Deposit – 1770522625 dated Dec. 12, 2016, and purported to have been signed and issued by Oseni.

“Sometime in August 2018, Keshinro forged a Skye bank cheque number 47423262 dated Aug. 16, 2018, in the sum of N340,000 which was purportedly signed and issued by Oseni.

“In May 2017, he forged a Skye bank cheque with number 35744848 dated May 22, 2017, for the sum of N303,000 also purportedly issued by Oseni.

“Another Skye bank cheque with number 35744834 in the sum of N971,000 also purportedly issued by the complainant,” she said.

According to the EFCC prosecutor, the defendant also forged three more Skye bank cheques which he fraudulently claimed were signed by Oseni.

The anti-graft agency alleged that on June 2018 Keshinro forged a cheque 47423247 dated June 12, 2018 for the sum of N410,000.

In April 2018 he allegedly a cheque with number 47423248 dated April 20, 2018 in the sum of N225,000.

Keshinro on July 2018 also allegedly forged a cheque with number 47423256 dated July 20, 2018, in the sum of N370,000.

“On Dec. 14, 2016 while being in the employment of Polaris Bank Plc, forged account number 1770522625 which was in the possession of his employer by making a debit of N10 million in favour of Hillcrest Solicitors.

“The debit was purported to have been ordered by Baristos Nigeria Ltd,” the prosecutor said.

The offence, she said, contravened the provisions of sections 287, 365, 337 and 411 of the Criminal Law of Lagos 2015.

Following the arraignment, the defence counsel, M. S. Ehizoge via a bail application dated Feb. 10, prayed the court to grant Keshinro bail on liberal terms.

“The applicant is not a flight risk, he has no prior criminal record. When he was granted administrative bail by the EFCC he always came to their office.

“He has been in custody since Dec. 17, 2019, I humbly pray that he be granted bail in the most liberal terms to enable counsel to have proper access to him,” Ehizoge said.

Buhari, however, opposed the bail application and asked that the defendant be remanded at the correctional centre due to the overwhelming evidence against him.


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

Published

on

Kindly share this post

“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


Kindly share this post
Continue Reading

E-Financial

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

Published

on

Kindly share this post

Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


Kindly share this post
Continue Reading

E-Financial

CBN Urges Banks to Expedite Action on Recapitalisation

Published

on

Kindly share this post

Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


Kindly share this post
Continue Reading

Trending