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How Ayeni, Ex-Skye Bank Boss Withdrew N17.4Bn Cash in 1 Year – EFCC

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Economic and Financial Crimes Commission (EFCC) has said that Mr Tunde Ayeni, former chairman of the defunct Skye Bank Plc (now Polaris Bank), took N17.4bn raw cash from the suspense account of the bank between January 1 and December 31, 2014.

 

The EFCC further alleged that Ayeni received N3.75bn in cash from the same account the following year.

 

The allegations are part of the 10 fraud charges filed against Ayeni and three others before a Federal High Court in Abuja.

 

The suit is separate from the N4.75bn and $5m fraud charge Ayeni and Tiothy Oguntayo, a former managing director of the bank , are facing before Justice Nnamdi Dimgba of a Federal High Court.

 

According to a charge sheet marked FHC/Abuja/CR/37/2019, which was obtained by our correspondent, Ayeni, Oguntayo, Control Dredging Company Limited and Royaltex Paramount Ventures Limited allegedly laundered over N23bn between 2014 and 2015.

 

 

The EFCC alleged that on December 24, 2014, Ayeni, while being chairman of the board of Skye Bank, transferred N3bn from the account of the defunct Skye Bank’s Suspense Account to a First City Monument Bank account with number 0758662025, belonging to Control Dredging Company Limited, another company owned by Ayeni.

 

The commission alleged that the act was in contravention of Section 18(a) of the Money Laundering (Prohibition) Act, 2011, which is punishable under Section 15 of the same Act.

 

The anti-graft agency further alleged that Ayeni and Oguntayo conspired with others on March 25, 2015, to transfer the sum of N1.25bn from the Suspense Account of the defunct Skye Bank to the Skye Bank account of Royaltex Paramount Ventures Limited, another company owned by Ayeni.

One of the charges read, “That you, Tunde Ayeni, whilst being the Chairman, Board of Directors of the defunct Skye Bank Plc between January 1, 2014 and December 31, 2014, at Abuja within the jurisdiction of this honourable court, did accept cash payment of the aggregate sum N17,415,080,000.00, taken from the defunct Skye Bank suspense account and delivered to you by the employee of the defunct Skye Bank, which money you reasonably ought to have known forms part of the proceeds of an unlawful act, to wit, fraud and thereby committed an offence contrary and punishable under Sections 15(2)(b) and (3) of the Money Laundering (Prohibition) Act, 2011 (as amended).”

 

Others listed are Mr Dare Folarin, Akingbade Adebayo, Dr Nurudeen Mohammed, Mr Otitoju Moses, Mr Longe Lolade, Mr Umar Kangiwa, and Abubakar Madaki, among others.

 

Ayeni, who the Peoples Democratic Party claims is one of its financiers, first came under investigation by the EFCC in 2016, when Skye Bank began to show signs of distress.

 

At the time, it was taken over by Central Bank of Nigeria in 2018, Skye Bank had a negative net asset of N1tn as to the opposed capital requirement of N25bn for Nigerian banks.

 

This implied that the bank had irredeemably lost any justification to exist as a bank and was operating as a mere drain on depositors’ funds.

 

It was alleged that penchant of members of the board of the defunct bank for taking loans without due process accounted for N446bn in insider-related loans drawn from Skye Bank.


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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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E-Financial

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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E-Financial

CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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