Bank Accounts
Court refuses to unblock Shell’s bank accounts
Getty Images Justice Oluremi Oguntoyinbo of the Federal High Court in Lagos on Tuesday declined to vacate an interim injunction directing 20 banks to block Shell Petroleum Development Company of Nigeria (SPDC) and its subsidiaries’ bank accounts. The court also insisted that two of the banks’ secretaries and chief financial officers accused of disobeying the order made on January 25, 2021 must appear before it on March 29, 2021. The affected banks and their officials are: Citi Bank Ltd, its Company Secretary Sola Fagbure and Chief Financial Officer, Sharaf Mohammed; United Bank For Africa (UBA) Plc, its Company Secretary Bill Andrew Odum and Chief Financial Officer, Ebenezer Kolawole. The judge threatened to issue a warrant of arrest against them if they failed to appear before her on the ...
Court orders final forfeiture of ex-Zamfara governor’s money in Zenith, Polaris banks
The Federal High Court, Abuja, on Tuesday, ordered the final forfeiture of former Governor of Zamfara, Abdulaziz Yari’s funds domiciled in Zenith and Polaris Banks. While 56, 056.75 dollars was lodged in Polaris Bank account, the sums of N12.9 million, N11.2 million, 301, 319.99 dollars; N217, 388.04 and 311, 872.15 dollars were kept in different Zenith Bank accounts in the name of Yari and his companies. Justice Ijeoma Ojukwu, in a judgment, held that the former governor had not shown good cause why the order sought by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) should not be granted. Yari served as governor of Zamfara between May 2011 and May 2019. The ICPC had instituted a suit, praying the court for the former governor to show cause why the money unde...
2021: Banks to walk a tightrope amid low revenue environment
Nigeria’s deposit money banks (DMBs) must brace up for the challenge of 2021 that might tax their resolve to remain in business. Reason: the industry is faced with a tougher operating environment that could threaten the operators’ ability to meet their stakeholders’ needs and expectations yet perform meaningful corporate social responsibility roles. Their valuable customers such as high net-worth individuals, corporate bodies and other institutions are equally challenged. In his book, Business Stripped Bare, celebrated iconic entrepreneur and founder of the Virgin Group, Richard Branson, says, “without trustworthy banks, there can be no business, no employment, no money. According to Branson, “People have got to be able to go to bed at night secure in the knowledge that the money they depo...
Justice Tsoho: Why court froze #EndSARS promoters’ bank accounts
The Chief Judge of the Federal High Court, Justice John Tsoho, on Tuesday said that contrary to the belief in some quarters that the court intentionally froze the accounts of #Endsars promoters, it only played its part as an interpreter of the law. The CJ noted that the Central Bank of Nigeria had approached the court to ask for an order freezing certain accounts of corporate bodies and names of individuals over suspicion bordering on alleged money laundering. He however stated that the CBN did not attach any names to the applications. Justice Tsoho, spoke at the opening of the 2020/2021 legal year, Abuja on Tuesday. He noted that CBN’s request came about three months before the ENDSARS protest. The CJ was reacting to the speech by the chairman of the Nigerian Bar Association (NBA), Olumid...
Ex-HoS Winifred Oyo-Ita, others ask court to adjourn ‘N570 million fraud’ case indefinitely
Former Head of Service of the Federation, Mrs. Winifred Oyo-Ita, on Tuesday, urged the Federal High Court, Abuja, to adjourn her ongoing trial sine die over alleged Economic and Financial Crimes Commission (EFCC)’s abuse of court process. Also making the plea for the adjournment before Justice Taiwo Taiwo were the 7th, 8th and 9th defendants in the money laundering charges. Newsmen report that while Ubong Okon Effiok, his two companies; U & U Global Services Ltd and Prince Mega Logistics Ltd are 7th, 8th and 9th defendants respectively, Frontline Ace Global Services Ltd and Asanaya Projects Ltd are 2nd and 3rd defendants in the trial. Others in the case include Garba Umar, and his two companies; Slopes International Ltd and Gooddeal Investment Ltd as 4th, 5th and 6th defendants respect...
Firm restates commitment to enhance financial inclusion
Nigeria-based fintech solution, NowNow, has said that it will continue to upgrade its services to attune to current realities, such that will drive economic and social growth. Founder of NowNow, Sahir Berry, while speaking on how COVID-19 pandemic has disrupted the financial space recently, mentioned that Nigeria needs to strengthen its fintech space more than before. Berry stated that it was important for Nigeria to tap into the trends and prospects of fintech given the country’s large unbanked or underbanked. He added the company recognised this gap in Nigeria, which informed its investment in the space. “In 2017 we identified that one of the two big problems in Nigeria was lack of youth empowerment and financial inclusion. With a population of almost 100 million youths, we found that ac...
PDP wants central bank chief to resign over fiscal policy
The Peoples Democratic Party (PDP) has asked the governor of Central Bank of Nigeria (CBN), Godwin Emefiele, to resign, saying the economy is in shambles under his watch. The post PDP wants central bank chief to resign over fiscal policy appeared first on TODAY. You Deserve to Make Money Even When you are looking for Dates Online. So we reimagined what a dating should be. It begins with giving you back power. Get to meet Beautiful people, chat and make money in the process. Earn rewards by chatting, sharing photos, blogging and help give users back their fair share of Internet revenue.
Auditor-General denies illegal withdrawal of N10 billion from NHIS account
The Auditor-General of the Federation, Mr. Anthony Ayine, Monday, described as false and mischievous, allegations that he connived with Vice President Yemi Osinbajo to illegally withdraw N10 billion from the account of the National Health Insurance Scheme, NHIS. In a statement from the Office of the Auditor-General of the Federation, OAUGF, in Abuja, Ayine said in the allegation, it was stated that the first withdrawal of N5 billion from the NHIS account was made by Osinbajo and himself, in December 2016, noting that he actually resumed office in January 2017. According to him, the whole allegation, therefore, is not only illogical, highly embarrassing, scandalous, frivolous and unreasonable, but it is also calculated to smear the OAuGF and the person of the Auditor-General for the Federat...
Senator Akpabio indicts National Assembly members in NDDC contract scandal
The minister for Niger Delta Affairs Godswill Akpabio on Monday said he has not awarded a single contract since he assumed office. Instead, he indicted members of the National Assembly. “I have never approved a single contract not even one kilometre for the NDDC,” Akpabio said while responding to questions by the House of Representatives committee probing the financial misappropriation at the Niger Delta Development Commission (NDDC). “Most of the contracts in NDDC are given out to the members of the National Assembly. If you don’t know, please ask the two chairmen,” Akpabio alleged. Akpabio, however, said that the contracts were not given to the committee chairman, Olubunmi Tunji-Ojo. “I don’t think the NDDC has given any contract directly to Honorable Ojo,” Akpabio said. On the alleged m...
FBI: Hushpuppi attempted to dupe Premier League club of £100 million
Alleged international fraudster, Ramon Abbas aka Ray Hushpuppi, on Friday made his first court appearance in an American court where the Federal Bureau of Investigation alleged that he attempted to dupe an English Premier League football club of £100m (N48.4bn). The allegation is contained in an affidavit deposed to by FBI Special Agent, Andre Innocenti, who is assigned to the Los Angeles Filed Office High-tech Organise Crime Squad. According to the FBI, the suspect is facing charges of conspiracy to commit money laundering among others. The affidavit read in part, “Abbas and others further conspired to launder hundreds of millions of dollars from other fraudulent schemes and computer intrusions, including one scheme to steal £100 million (approximately $124 million) from an English Premie...
