The Nation Newspaper

Tag: First Bank of Nigeria (FBN)

  • Row over account with N50 billion

    THE Federal Government has initiated a legal process for a permanent takeover of an  account, which it believes  the Nigerian National Petroleum Corporation (NNPC) is operating without its knowledge.

    The First Bank of Nigeria (FBN) account has a balance of over N53 billion as at January (2019) ending.

    In the documents filed before the Federal High Court in Abuja, the Federal Government said it was exercising its powers under the Recovery of Public Property (Special Provision) Act to apply for the takeover of the account.

    Acting on behalf of the Federal Government, the Special Presidential Investigation Panel (SPIP) for the Recovery of Public Property said it stumbled on the account while “investigating a petition against a ‘slush’ funds held in a fictitious account named: NNPC/NOAC IPP Security Account, suspected to be proceeds of corrupt practices.”

    The plaintiff gave details of the account to include: bank: First Bank of Nigeria Plc; currency type: Nigerian naira; account number: 2006367288; account type: current account and account name: (NNPC/NOAC IPP Security Account.

    It stated, in a supporting affidavit deposed to by one of the plaintiff’s lawyers, Peter Abang, that the SPIP found, among others, that the:

    • account holders are unidentifiable persons and/or public officers, who disguised themselves in the name and style of NNPC/NOAC IPP Security Account, which is fictitious and did not follow any known due process in account opening.
    • account being operated with the first defendant (First Bank) is reasonably suspected to be a diversion of public funds, hidden in the account for private use of the unidentified persons operating the account.
    • first defendant, in concert with persons unknown, is at the verge of moving the entire sum into an unknown account.
    • second defendant (Nigerian Interbank Settlement System Plc) is empowered to monitor all electronic inter and intra banking transactions in Nigeria, including the account herein in issue.

    The plaintiff stated that it was empowered by the Recovery of Public Property (Special Provision) Act and the Rules of the Federal High Court, “to apply to take possession of assets suspected to be proceeds of corrupt practices, including the humongous money standing in the account referred to in paragraph 4(iv) above.

    Read Also: NNPC records N6.33b trading surplus in May

    “The plaintiff cannot have final forfeiture of the said money in the account without an order of this honourable court.”

    The plaintiff is praying the court for, among others, a “final order of forfeiture of the account”, and order directing First Bank to transfer the funds in the account to the plaintiffs, and an order of perpetual injunction restraining the bank from further operating the account.

    Both First Bank and the Nigerian Interbank Settlement System (NISS) have responded to the suit, denying any wrong doing.

    First Bank claimed that the account was not being used for unlawful activities and that the President exempted it from the Treasury Single Account (TSA) policy. The NISS denied knowledge of all activities in the account.

    The bank, listed as the first defendant, put the balance in the account at N53, 458,725,303.62 as at January 2019.

    Explaining the status of the account, referred to a letter dated July 19, 2016 which it claimed was from the Central Bank of Nigeria (CBN), addressed to its Managing Director, directing the bank to continue the operation of the account in compliance with the approval of the President.

    The bank said the NNPC/NOAC IPP Security Account (2006367288) “is a security account for the Joint Venture between the NNPC, Agip Oil Company Limited and Philips Oil Company (Nigeria) Limited for payments in respect of power generated to the Federal Republic of Nigeria.”

    It added that the account “has the approval of the President to be exempt from the Treasury Single Treasury Account (TSA).

    “The first defendant has been operating the account lawfully in view of its being exempt from TSA by virtue of the Presidential approval.

    “The balance in the account is not being dissipated as it is a security account. The forfeiture application is a breach of the President’s approval to exempt the account from TSA,” First Bank said.

    NISS, listed as the second defendant, stated that it lacked “the capacity, by virtue of its scope of operations, to monitor electronic inter and intra ‘banking transactions, but processes all inter-bank payments in order to remove potential bottlenecks associated with inter-bank funds transfer and settlement.”

    The NISS added that it “operates the Nigeria Automated Clearing System (NACS), which facilitates the electronic clearing of cheques and other paper based instruments, electronic funds transfer, Automated Direct Credits and Automated Direct Debits.”

    It stated that it “is not a money bank” and that, by its operations, it “does not have direct access to funds and does not engage in banking operations whatsoever”.

    On July 15, 2019, Justice Ijeoma Ojukwu vacated an earlier interim order, made by the court, freezing the account pending the conclusion of investigation by the plaintiff.

    The hearing in the case has been fixed for October 9.

     

  • Awosika tasks women on financial discipline, management

    Mrs Ibukun Awosika, the Chairman, First Bank of Nigeria (FBN), has urged Nigerian women to develop discipline in financial management by shunning extravagant and unnecessary spending.

    Awosika made the remark in a capacity building programme entitled, ‘’FirstGem Empowerment Programme’’ organised by (FBN) on Saturday in Port Harcourt.

    She observed that some women spent more money on expensive things like weave-ons, especially Brazilian hair; gold jewellery, clothing and others, urging them to cut down their spending and save money.

    She said that women were assets to their households, adding, ‘’this is because they are able to stand in on the day of hardship,’’ she said.

    She noted that some women could make money but did not understand the real management of money or have informed judgement on how to manage money.

    Awosika said some women could not even make efforts to make money on their own but relaxed because they had rich husbands.

    She said, ‘The wife of a rich man is not a rich woman; she has a borrowed appearance.’’

    She explained that that was why when the rich husband died, the wife if lucky not to be thrown away by her husband’s relatives, would not know how to manage the wealth left by her husband.

    Awosika urged women to start wealth creation and shun being a wife who is a liability.

    She said that they needed courage, resolve and strength of character as well as grit and grind in order to be relentless in their will to do their best in wealth creation.

    Read Also: Awosika to youths: you’re Nigeria’s hope

    ‘’If you want to be successful in building wealth, you must build the right circle of friends, who can set goals and come back together to check the rate of achievement,’’ she said.

    Also speaking, Mrs Subu Giwa-Amu of Brookstone Investment and Properties said that the steps along real estate investment journey was to aspire, set target, act, manage and diversify.

    She urged women not to invest in any business they did not understand and should not always jump at the first offer given to them.

    She also advised them not to wait for opportunities to come as there is a lot of opportunities around.

    Giwa-Amu added, ‘’start now but respect certain life principles, do not cheat so that you will be successful.’’

    One of the participants, Mrs Meke Therazita, said that she liked the lectures and hoped that women would try their best to improve and be self-dependent on their business as well as help their husbands.

    Another participant, Miss Juliana Masi described the lecture as having great impact, saying she learnt a lot from it.

    She said that she had resolved to embark on real estate business.

    According to her, as a woman there’s a strong need for me to create wealth for myself and my children and of course to support my husband, I will not like him to always give me what I want.

    ‘’I can be self-reliant, self-sustainable and FirstGem has given me a platform by building my capacity to do that and I am very grateful,’’ Masi said. (NAN)

  • Bank cashier jailed four years for N9.3m theft

    An Igbosere Magistrates’ Court, Lagos Wednesday sentenced a bank cashier, David Anibolu, to four years’ imprisonment for stealing N9, 308,000 from a customer’s First Bank of Nigeria (FBN) Plc account.

    Chief Magistrate A. O. Awogboro found him not guilty of a count of conspiracy but convicted him of stealing.

    Before sentencing, the convict’s counsel Philips Onyama made an allocutus for his client and pleaded for a sentence of a fine, or a lenient jail term.

    “He’s a first time offender; he has no father, only a sick mother who relies on him to survive. He has been in custody since March 24, 2014 and has suffered emotional and physical torture. He is also now more sober and refined,” Onyama added.

    Pronouncing judgment, Chief Magistrate Awogboro sentenced Anibolu to four years in prison, beginning from the date of his detention, adding that: “No one must be allowed to profit from his crime.”

    Anibolu, 26, was arraigned on April 3, 2014 by the Lion Building Police Division, Lagos, on a two-count charge of conspiracy and stealing contrary to Sections 409 and 285(8) of the Criminal Law of Lagos State, 2011.

    He denied the charge and was admitted to N500, 000 bail.

    During the protracted trial lasting two years and nine months, prosecuting Police Superintendent Chidi Okoye said the defendant, of No.15, Baale Street, Agbroko Iba in Ojo area of Lagos committed the offences on March 22 around 2pm at FBN Alaba 2 branch in Ojo.

    Okoye stated that the defendant, who was on annual vacation, came to the bank premises under the pretext that he wanted to help a customer to post his land use charges.

    “He fraudulently changed a customer’s identity and mandate card which enabled him to debit the said account of the sum N9 million and transferred it into various accounts,” he said.

    According to him, the theft and others committed by the accused were later discovered to be N9.308m.

    A forensic auditor attached to the bank, Solomon Akhanolu, was able to link the fraud to Anibolu through the password he used to change the customer’s identity and mandate card, the prosecutor said.

    According to Anibolu’s confessional statement which was tendered by the prosecution and admitted by the court, his accomplices, who are still at large, promised him N4million as his share of the fraud, but they disappeared with the money and gave him nothing.

    “I have been working with the bank as a teller since 2011 but on the day of the incident, I used the passwords of my colleagues with the help of “F” Key logger given to me by my friend called Afeez who is now at large. The logger helps link a customer’s identification with another that has online banking, which enables cash to be transferred successfully from one account to another. My regret now is that I was supposed to get N4 million as my share but the receivers of the money have since disappeared. I regret my action,” he said, according told the police.

    Although Anibolu disowned the statement in court, saying he was forced to make it at the station while he was detained, handcuffed, flogged and his legs chained, the court ruled during a trial within trial that there was no evidence of coercion and the prosecution’s testimony was credible.

    “There was also no trace of any bruise on the defendant,” Chief Magistrate Awogboro said and observed that since he was on leave, Anibolu did not need to go back to the bank to carry out the transaction.

    She added: “He could have made a phone call to his colleagues at the bank. If he did not have an ulterior motive, why should he be at the office on a Saturday?”

  • First bank aids non-oil sector through partnership in food fair

    First bank aids non-oil sector through partnership in food fair

    First Bank of Nigeria (FBN) Plc on Monday expressed its readiness to support Small and Medium Enterprises (SMEs) to expand the country’s non-oil sector and tackle the recession.

    Mrs Bukola Oluyadi, Head, Brand Management, First Bank Plc, gave the assurance in an interview with journalists in Lagos.

    Oluyadi spoke on the sidelines of the second edition of the Fiesta of Flavours, a food and beverage fair showcasing the entertainment, art and business of food.

    The event was orgainsed by Eventful Ltd. in partnership with First bank.

    The 2016 edition had the theme: ‘’Food, Fun and Family’’.

    Oluyadi said that the bank would continue to support SMEs as one of its major markets, to revitalise the economy.

    She stated that SMEs would turn around the economy with the right support and development.

    “We believe SMEs will make things happen in our economy; in reviving and building this economy, SMEs are the key,” Oluyadi said.

    She said that the bank partnered Eventful to organise the food exhibition because of its belief that food was a major revenue earner.

    “We believe that food is the next oil, not only edible food but the whole value chain – from the agriculture (farm) to the industry and to our tables,” she said.

    According to the official, food had the capacity to turn around Nigeria’s economy, if well harnessed.

    “When food is supported, it will be affordable, and once a nation can feed itself, there will be growth and development as well as increase in productivity level,” she said.

    Also speaking, Mrs Yewande Zacchaeus, the Chief Executive Officer, Eventful Ltd., commended the bank for its partnership in the food and beverage fair.

    Zacchaeus said that the maiden edition of the fair which took place in December 2015, opened opportunities for exhibitors and SMEsin food businesses.

    She said that the event would empower many small businesses to expand their scopes.

    Zacchaeus hoped that the fair would enable Nigerians to know that agriculture had the potential to generate much revenue for the country.

    “Oil is a thing of the past; we must look for other avenues of revenue generation,’’ she said.

    Zacchaeus said that the company would continue to make the event rich and better in the future.

    Mrs Omowunmi Ogunshola, Chief Executive Officer, Wummyte Foods, one of the exhibitors, said that the event would create awareness for SMES.

    Ogunshola stated that the fair would afford exhibitors opportunities to advertise their products and businesses.

    She urged the organisers to increase the number of vendors at the fair in order to achieve the desired aim.

    The highlights of the event included cooking and baking by children and adults.