Corruption news
The US government has ordered Mr Dozy Mmobuosi, the CEO of Tingo Group, to pay a fine of over $250 million, months after he was officially charged with securities fraud in New York. First charged in December 2023, he was accused of orchestrating a massive scheme to inflate the company’s finances as well as artificially…
The National Data Protection Commission (NDPC) has fined Fidelity Bank N555.8m for violating customers’ data privacy. Mr. Vincent Olatunji, NDPC’s National Commissioner, said this on Wednesday in Abuja at the Validation Workshop on the Nigeria Data Protection Act General Application and Implementation Directive. According to him, the fine which was issued on Tuesday must be…
A former employee of First Bank of Nigeria Limited, Adesuwa Ezenwa, has accused billionaire industrialist Pa Oba Otudeko popularly known as ‘Mr Let Us Pray’of massive fraud during his time as chairman of FBN Holdings Plc, the parent company of the bank. Bisi Onasanya, the bank’s managing director/chief executive officer at the time, was also…
Nigeria was awash with news recently about the quantum leap in the quantity of fuel imports from Malta after revelations by Aliko Dangote, chairman of Dangote Petroleum Refinery. – Advertisement – In 2023, Nigeria’s petroleum importation from Malta surged significantly to $2.08 billion, compared to zero between 2017 and 2022, and a mere $13.32 million…
Barbican Capital Ltd, an investment firm, has sued First Bank Nigeria Holdings (FBNH) in a Federal High Court in Lagos over the bank’s purported change of its 5.4 billion shares. In the suit no. FHC/L/CS/ 1172/24, filed on its behalf by Bode Olanipekun, SAN, Barbican Capital claimed that over the years and at different times,…
Fitch Ratings has downgraded Union Bank of Nigeria Plc (UBN) Long-Term Issuer Default Ratings (IDR) to ‘CCC’ from ‘B-‘ and its National Long-Term Rating to ‘B+(nga)’ from ‘BBB(nga). Union Bank of Nigeria’s viability rating (VR) has also been downgraded to ‘ccc’ from ‘b-‘, according to Fitch. The downgrades reflect the Fitch-estimated prolonged breach of the…
A High Court in Lagos has awarded N112,050,000 against Union Bank Plc for wrongly selling a property located at No. 6, Moore Road, Ikoyi, Lagos State, at a grossly undervalued price of N60 million. Justice I.O. Harrison delivered the judgment in a suit filed by Mrs. Olubunmi Ogunde, Yewande Ogunde, and others, with Union Bank…
First Bank sacked over 100 employees in July 2024, four months after discovering that Tijani Muiz Adeyinka, a manager on the operations team, allegedly diverted ₦40 billion over two years. In details first reported by TechCabal, Adeyinka, who is still on the run, used his authorisation to approve chargebacks to accounts he controlled. Two people…
A Zenith bank branch manager in Lokoja, Salawu Nasiru, together with two Chinese citizens, Liu Yangxi and Ma Zhuang, have conspired to defraud two Nigerian ceramic companies and their directors. Messrs Salawu, Liu and Ma were accused of fraudulently obtaining about N17 billion in credits on behalf of BN Ceramic Industry Limited and NB Ceramic…
The Nigerian Police Special Fraud Unit (PSFU Legal Section) in Lagos, has filed a 4-count charge before the Federal High Court in Ikoyi, Lagos against Mrs Ebele Bernardine Okpala, a former employee of Keystone Bank Limited (KBL). Mrs Ebele Bernardine Okpala was arrested by the Unit for alleged offences of fraudulent conversion and stealing of…
