Connect with us


Firm Calls First Bank Out over Alleged IP Infringement, Demands N125m



Kindly share this post

Xtreme Cr8tivity Xpressions Limited, design and innovation firm, has threatened to drag First Bank Plc to court over alleged unauathorised use of its intellectual property (IP).

Firm Calls First Bank Out over Alleged IP Infringement, Demands N125m

Design and innovation firm is also demanding N125 million from the bank for allegedly using its IP for its 125 anniversary celebration without authorization on the bank’s website, T-shirts, buildings and other merchandising benefits.

Xtreme Cr8tivity Xpressions, a start-up claimed that it is being muscled out of business by First Bank.

First Bank is yet to react to the allegations when Nigeria CommunicationsWeek contacted the bank.

Mrs Folake Ani-Mumuney, group Head, Marketing and Corporate Communications, however responded to a follow-up email saying  “This is to confirm receipt in the first instance and to loop my colleague Ismail who is our Head of Media. I shall also forward this to our legal team who to my knowledge have engaged appropriately and as is our standard practice. Given there is legal engagement already this approach is therefore a surprise to me”

Mrs Ani-Mumuney did not get back at the time of filing this report even after another reminder.

On its part, Xtreme Cr8tivity Xpressions through Gee Law Firm, its lawyers claimed it has written to the bank thrice on the issue.

The first letter dated August 28, 2019, addressed to the managing director of First Bank, and signed by Femi Mathew Adedoyin of Gee Law Firm read:


We have been consulted and our legal services retained by XTREME CR8TIVITY XPRESSIONS LTD (A design and innovation firm) of N0. 97, Channels Television Road, Isheri OPIC Extension, Ogun State (hereinafter referred to as “Our Client”) and on her behalf we write in connection with the above subject matter.

Itis the brief our Client that sometime in 2018, our Client having become aware of the impending 125th anniversary celebration of First Bank Pls, came up with a diary concept and special anniversary logo badge. Our Client made representation to the Bank and it was wholly welcomed and our Client was requested by the Bank to come up with different styles and patterns which if finally accepted by the Bank our Client will be fully paid.

In response to the demand of the Bank, our Client set out and made different molds at our Client’s costs. After same was submitted to the Bank, invoice was sent to the Bank’s negotiation team. For about three months our Client did not get any response from the Bank until a terse email was sent with a request that our Client varies the price for the anniversary diary project to half the price quoted in the invoice submitted by our Client. Our Client was shocked beyond words.

It was at a meeting later summoned by the top management of the Bank that our Client was informed that the Bank had secured another vendor to produce massively and our client was given a small quantity as a shared contract with the new vendor.

Our Client was surprised to note that the logo badge that was made by our Client was tweaked and used maximally for the 125thAnniversary on every medium available (Website, T-shirts, FBN Holdings Diaries, Backdrops, Envelopes, Headquarter buildings etc).

It was most shocking to our Client that the Bank that prides herself as one building a sound reputation with the highest standard of responsible behavior could desecrate the intellectual property of another without compensation.

In view of the above representation Sir, it is the instruction of our Client that we demand, and we hereby demand as follows;

  1. a) The payment of the sum of Twenty FiveMillion Naira (N25,000,000.00) being our Client’s due for relief design and logo.
  2. b) The payment of the sum of One Hundred Million Naira (N100,000,000.00) being damages for copyright infringement in the logo and design of our Client.
  3. c) FINALLY, the withdrawal of all materials bearing the design and logo the property of our Client from all internal and external outlets including the print and electronic media.

TAKE NOTICE that should the Bank failed, refused or neglected to pay the above sum totaling One Hundred and Twenty Five Million Naira (N125,000,000.00) to our Client within fourteen (14) days from the date of the receipt of this letter, we shall be left with no other viable option than to set in motion the legal machinery to recover same in a Court of competent jurisdiction with substantial cost.

In its second letter dated November 7, 2019 to the managing director of First Bank and signed by Nosakhare Uwadiae for Gee Law Firm, reiterated its demands.

The letter read:


The above subject matter refers.

You will recall that a letter dated 18thSeptember, 2019 was sent to you via a courier service company in response to your request that we furnish your Bank with a hardcopy of the logo, the unauthorized usage of which our Client; XTREME CR8TIVITY XPRESSIONS complained.

We are however surprised that since the delivery of our letter with the copies of the logo to your Bank through the courier service company; we have not received any comprehensive response from your Bank.

Please note that if within fourteen (14) days of the receipt of this reminder a response is not received from your Bank, we shall be left with no other viable option than to approach the appropriate court with requisite jurisdiction to ventilate the grievances of our Client without any further recourse to your Bank.




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.

Continue Reading


Oreoluwa Adesakin, First Bank Staff Jailed for Stealing N49m



Kindly share this post

Oreoluwa Adesakin, a staff of First Bank of Nigeria Limited, has been convicted for fraud and handed a total term of 98 years in prison by Justice Muniru Olagunju of the Oyo State High Court.

Oreoluwa Adesakin, First Bank Staff Jailed for Stealing N49m

Oreoluwa Adesakin

But she will spend just seven years in jail.

Adesakin was found to have committed financial fraud against First Bank to the tune of N49,320,652.32.

She also stole $368,203.00 belonging to the bank, which she converted to her personal use.

Adesakin, before she was busted by the bank and sacked, was its Money Transfer Operator, saddled with the responsibility of effecting payments through Western Union Money Transfer and MoneyGram platforms.

The convict was prosecuted by the Ibadan Zonal Office of the Economic and Financial Crimes Commission, (EFCC), on a 14-count charge, bordering on stealing, forgery and fraudulent accounting.

One of the counts read: “That you Oreoluwa Adesakin sometime between the months of May, 2013 and November, 2013, at Ibadan within the Ibadan Judicial Division, whilst being a staff of First Bank PLC stole the sum of N25,974,116.13 (Twenty Five Million, Nine Hundred and Seventy Four Thousand, One Hundred and Sixteen Naira, Thirteen Kobo) from First Bank PLC MoneyGram Payment Naira Account, property of First bank PLC.”

She pleaded not guilty to the charge.

Usman Murtala, prosecution counsel, presented every vital document and witnesses which nailed the convict.

Justice Olagunju noted that the EFCC presented incontrovertible evidence against the convict and did a diligent investigation and prosecution.

He thus pronounced Adesakin guilty of all the counts.

He sentenced her to seven years in prison without an option of fine on each of the 14 counts. The sentencing will run concurrently.

Apart from the jail term, the convict is also to restitute the First Bank, through the EFCC, all the money she stole.

The convict was arraigned April 4, 2014 by the EFCC following a conclusion of investigations against her which arose from a petition from her former employer, dated December 18, 2013.

The bank alleged in the petition that Adesakin fraudulently manipulated its Moneygram accounting and withdrew N49,320,652.32 and another $368,203.00 for herself, which the bank only uncovered while reviewing its internal account.

The EFCC was also able to establish that the convict used part of the proceeds of her crime to acquire landed properties in different parts of Oyo State.

Kindly share this post
Continue Reading


CIBN Recertifies NDIC Academy as Bankers Training Provider



Kindly share this post

Council of the Chartered Institute of Bankers of Nigeria (CIBN) has recertified the Nigeria Deposit Insurance Corporation (NDIC) Academy as a training service provider for various professionals in the banking industry.

CIBN Recertifies NDIC Academy as Bankers Training Provider

The council also renewed the academy’s accreditation for the next three years, effective from June 2020.

Mr. Saubana Ogunpola, head of the five-man CIBN Accreditation Team, said the recertification followed the exemplary performance of the NDIC Academy since it initial accreditation in 2016 and the satisfaction of the stringent conditions for the recertification.

The recertification, according to Mr. Saubana Ogunpola, Head of the five-man CIBN Accreditation Team, followed the exemplary performance of the NDIC Academy since its initial accreditation in 2016 and the satisfaction of the stringent conditions for the recertification.

He noted that there would be periodic monitoring to ensure that quality standards are being adhered to.

Mr Ogunpola commended the NDIC for its consistent efforts toward meeting the high standards for the benefit of the banking industry and the larger economy.

He described the NDIC’s readiness to subject itself to the rigors of the Institute’s accreditation process as a testimony of its Management’s commitment to capacity development for all stakeholders.

In his reaction, Mr. Umaru Ibrahim, managing director/chief executive, NDIC, described the recertification as another milestone in the NDIC efforts to consolidate the position of the Academy as a center of academic excellence in the nation’s banking industry and on deposit insurance in Africa.

Mr Ibrahim disclosed that the Academy had so far trained a total of 13,368 participants cutting across the NDIC’s workforce.

“It had also trained 135 participants from relevant stakeholders, including the EFCC, Security and Exchange Commission (SEC), Assets Management Company of Nigeria (AMCON), National Pension Commission (PENCOM) and the Nigeria Financial Intelligence Unit (NFIU).

“On the international front, 19 employees from sister deposit insurance agencies in other African countries had benefitted from the expertise of the Academy,” the managing director noted.

He stated that the NDIC Academy has been designated to host the African Centre for Studies on Deposit Insurance System (ACSDIS) recently established by the Africa Regional Committee (ARC) of the International Association of Deposit Insurance (IADI).

Mr. Ibrahim reiterated that with the recertification, the NDIC Academy is positioned to fulfill the NDIC’s goal of serving as a center of excellence for capacity building on Deposit Insurance Scheme (DIS) for countries in Sub-Saharan Africa.

He added that the NDIC prides itself on establishing the highest standards of professionalism and competency among its staff through the NDIC Academy and other human capital development initiatives, including the Chartered Banker/MBA program at Bangor University, Wales in partnership with the CIBN.

The NDIC boss emphasized that the Corporation places high premium on capacity building and continuous high level training of its staff to achieve the NDIC mandate of deposit guarantee, bank supervision, bank distress resolution and liquidation.

“The ultimate goal would be to enhance depositor protection and public confidence in the nation’s banking system,” he said.

Kindly share this post
Continue Reading


Deloitte, Heritage Bank, PWC Urge Internal Auditors to Embrace IT to Tackle Fraud



Kindly share this post

Deloite, Heritage Bank Plc and PricewaterhouseCoopers’ (PWC’s) have urged internal auditors of banks to adopt the various digital technologies to prevent fraud and annul the adverse impact of Covid-19 on the financial ecosystem.

Speaking at the just concluded 47th Quarterly Meeting of the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN), Ifie Sekibo, the MD/CEO of Heritage Bank, disclosed that for improved banking operations and safer financial system for stakeholders, internal auditors must be dynamic and quick to adopt various digital measures.

Raising the alarming impact of fraudulent activities in the banking sector, Sekibo quoted PricewaterhouseCoopers’ (PWC’s) Global Economic Crime and Fraud Survey 2020, revealing that that the total cost of cybercrimes is worth an eye-watering $42 billion, which was cash taken straight off companies’ bottom line, whilst 13% of those who had experienced  fraud said they had lost $50 million-plus.

Sekibo, who spoke on the theme, “Elevating Internal Audit’s Role in the Face of Emerging Risks and Opportunities” organised virtually and hosted by the Heritage Bank, urged, “While it was sufficient for yesterday’s auditor to understand regular and routine banking practices such as credit, treasury, etc in his traditional assurance role, for him to be relevant in harnessing the opportunities in today’s business world, he must become versed in cybersecurity, artificial intelligence, data analytics, fraud management, regulatory pronouncements, forensics etc and having equipped himself, present balanced, objective audit reports to Executive Management while striking the right balance between the assurance and consulting responsibilities.”

In her keynote address, titled, “Elevating Internal Audit Role In The Face Of Emerging Risks and Opportunities,” Ibukun Beecroft, Partner Risk Advisory at Deloitte, noted that the banking industry in Nigeria today has adopted various digital measures to keep the business running and delivering services to the customers but there was need for Internal Audit (IA) positioned to provide the required assurance and consulting services in the face of the changes and attendant risk, particularly increased cyber-risks.

Quoting 2018 Financial Stability Report by the Central Bank of Nigeria, she stated that Banks recorded 25,029 confirmed cases of fraud and this resulted in a loss of N2.21 billion. More than 90% of fraud cases in 2018 were perpetrated via technologically driven channels.

“As Internal Auditors, the knowledge of technology would enable us identify gaps in our core banking applications and other applications and provide relevant recommendations to eliminating loopholes that may serve as an avenue for potential fraud.

She, however, advised auditors on the need to focus on advanced technologies and risk management operations as reflected around the Three Lines of Defense (3LOD) churned out by the Institute of Internal Auditors, which create opportunities for IA and its future role.

Beecroft warned that the ever-changing landscape and evolving risks in the banking industry could render the current internal audit plan obsolete.

According to her, internal auditors should reprioritise the audit plan as soon as possible to provide assurance over the most consequential risks while being cognisant of the impact on operations.

“To take advantage of these changes and disruptions, auditors need to rethink their role by adapting to and embracing change, enabling the IA function to become more agile, nimble, and forward-looking, thus driving change through the 3LOD,” Beecroft stated.

Yetunde Oladeji, Director Internal Audit Services at PricewaterhouseCoopers Limited (PWC), who spoke on the theme, “Elevating IA’s role to meet today’s emerging risks,” advised that the banking sector should be dynamic, prioritse digitization and flexibible workforce strategies as these would determine its ability to adapt to rapidly changing circumstances to survive and thrive.

Kindly share this post
Continue Reading