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…
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 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 Managing Director of the Fund, Akintunde Sawyer, made this known during an ongoing press briefing in Abuja. On Tuesday, July 30, the Nigerian Educational Loan Fund said it would disburse the sum of N850M to institutions as fees Today (Wednesday). This is apart from the over N1.7Bn that has been disbursed to about 20,000…
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