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Sogunle, Stanbic IBTC Bank Boss in Trouble over FME’s N1Bn

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House of Representatives, the lower house has quizzed Demola Sogunle, managing director of the Stanbic IBTC bank, as to why operated an Hyprep account of over N1 billion belonging to the Federal Ministry of Environment allegedly in breach of the treasury single account (TSA) policy.

 

The House, via, it’s Mr Abubakar Nuhu Damburam led ad-hoc committee probing into the level of implementation of the TSA Policy were taken aback that the financial institution operated such an account without a waiver from President Muhammadu Buhari as stipulated by the TSA policy.

 

Series of attempt by Damburam and other members of the committee to get Sogunle to show proof of approval of how the operation of the account by officials of the ministry involved N930 million and $4.9 million failed to yield dividends.

 

The committee insists that a letter from the bank at its disposal signed by the Chief of Staff to President Buhari conveying the decision to exempt the NNPC and the Petroleum ministry is not the same as an approval to exempt the ministry of environment.

Demola Sogunle

Sogunle, however, claimed the decision by his outfit to operate the account was duly approved by government maintained that it would be a tall order for him to go out of his ways to get President Buhari’s approval.

 

Said he: “I want the understanding of the committee on where we are coming from. We cannot write to an entity or be dictating to an entity. I cannot write to the Bank of England for permission and be insisting that the Governor of England be the one to sign it.

 

I can’t say this document must be signed by President Buhari. It does not exist. Even if you ask me to come forty times, I can’t do it. ”

 

Sogunle who was directed to come forth with the evidence by Damburam on Tuesday next week promised to avail the committee of the evidence at its disposal.

 

Adamu Kamale (Adamawa: PDP) warned that the committee would not grant audience to Sogunle in the event he goes out of his way to procure postdated approval from any of the top government functionaries.

 

Damburam who accused the managing director of First Bank Plc, Mr Adesola Adebuntan for allegedly refusing to appear before the committee to shed light on the level of his outfit compliance to the TSA policy threatened to issue a warrant of arrest on him over the act. (Guardian)

 

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E-Financial

eTranzact Fires Obi as CEO, Others over Alleged N11Bn Fraud

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eTranzact International Plc has confirmed that Mr. Valentine Obi, managing director and some of its other directors will step down, after the Central Bank of Nigeria (CBN) asked the senior management of the payment processor company  to resign.

 

The action is coming in the wake of alleged fraud to the tune of ₦11billion perpetrated on its platform, by Michael Obasuyi, CEO of Platinum Multi-Purpose Cooperative Society Limited on the platform.

Mr. Valentine Obi

In a letter signed by the company’s secretary, eTranzact International, said that Mr. Obi will step down as the company managing director, while Mr. Niyi Toluwalope will be taking over as the managing director in an acting capacity.

 

Until this new appointment, Toluwalope was the Chief Financial officer of the company, a position he has held since 2011.

 

Others affected by the management change include Executive Directors; Sullivan Akala, Ike Eze and Chief Technology Officer, Mr. Richard Omoniyi, Head of Operations, Mr. Kehinde Segun.

 

eTranzact International however denied reports that PricewaterhouseCoopers, PwC, and Earnest & Young have been recruited to review the accounts of the company.

 

eTranzact, claimed that the move for the change in the management of the firm is strictly a decision by the board.

 

“We want to categorically state that there was no fraud in eTranzact International Plc, however, a merchant used the company’s interface with a bank to perpetrate fraud,” the press release made available to Techpoint.ng reads in part

 

The firm also affirms that neither of PricewaterhouseCoopers (PwC) nor Ernst and Young is reviewing the books of the company. eTranzacts claims PwC handles various technology-related assignments from time to time for the company, none of which has to do with account reviewing.

 

E-Tranzact international was incorporated as a Private Limited Liability Company on the 7th of May 2003. It became a public limited liability company on the 7th of August 2009 and was quoted on the Nigerian Stock Exchange (NSE).

 

Its shares are currently trading flat on the Nigerian Stock Exchange at ₦4.55 with its one year return down by 7.14%.

 

Full Text of Release

 

eTranzact International PLC, Africa’s premier e-payments solution provider has announced that it will be making significant changes to the Company’s management team.

 Niyi Toluwalope

Mr. Valentine Obi, Managing Director of the Company will be stepping down and Mr. Niyi Toluwalope will be taking over as the Managing Director in acting capacity. Until his appointment, Mr. Niyi Toluwalope was the Chief Financial Officer, a position he has held since 2011. Other executive positions affected by the management changes are: Executive Directors -Mr. Sullivan Akala and Mr. Ike Eze; Chief Technology Officer – Mr. Richard Omoniyi and Head of Operations – Mr. Kehinde Segun.

 

eTranzact is aware of recent Business Day publications about these management changes and wishes to announce that the changes are strictly eTranzact Board’s decision, and would like to advise all its stakeholders that it is working closely with the regulators, and all other relevant Stakeholders to resolve any issue related to or arising from the management changes.

 

In addition, we want to categorically state that there was no fraud in eTranzact International Plc, however a merchant used the company’s interface with a bank to perpetrate fraud. The eTranzact executives resigned honorably because they have the responsibility for governance in the company. Also, there is no truth about PricewaterhouseCoopers (PwC) or Ernst & Young reviewing the Accounts of the Company. eTranzact retains PwC from time to time for various technology related assignments and none has to do with reviewing the Company’s Accounts.

 

The ISO certifcations are a testament to eTranzact’s focus in adopting and implementing global and best practices to ensure effectiveness, efficiency, confidentiality and integrity in its day to day operations. This marks the beginning of a new journey for the company.”

 

 

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E-Financial

UBA to Reward Loyal Customers in ‘Refer-a-Friend’ Campaign

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Pan-African Financial Services Institution, United Bank for Africa (UBA) Plc will be rewarding its loyal customers who refer friends and family to the bank in its new diaspora campaign.

 

The campaign is designed to reward customers of the bank who refer their Diaspora friends/relatives to open a UBA account.

 

Specifically, this campaign will last for three months and the bank will be rewarding any customer who refers other customers with the reward of N5,000 for every successfully opened new and funded account.

 

For instance, new and existing customers who refer friends and relatives in the Diaspora to open new UBA accounts will be eligible to grab the reward for as many times as the number of people they refer.

 

According to the campaign managers, the referrer who must have an account with UBA, will have his/her account number inputted in the provided field by the referred. The account number is expected to serve as a reference code for paying the reward, and once the new Diaspora account is funded with a minimum of $100,  $100, £100, €100 or N50,000, for a one-month period, the reward sum of N5,000 will be automatically credited into the Referrer’s account.

 

They further explained that the campaign which kicks-off on May 22, 2018, involves no raffle draws, customers just refer, and redeem their cash prizes after successful funding of the new account.

 

 

 

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E-Financial

Court Orders Zenith Bank to Pay Customer N11m as Damages

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An Anambra State High Court sitting in Onitsha has ordered Zenith Bank PLC to pay the total sum of eleven million naira to Mr. Iwuchuckwu Okeke of Okeke P.C Stores as damages for detaining his five hundred and fifty thousand naira for ten days and also for reputation and business damages.

 

In its judgement, the court presided by Justice M.N.O Okonkwo ordered the bank to pay a sum of one million naira to the Plaintiff as damages for detaining his five hundred and fifty thousand naira for ten days and the sum of ten million naira as reputation and business damages.

 

According to Plaintiff who deals with the products of the Nigerian Bottling Company, on 1st March 2017, he paid the sum of five hundred and fifty thousand naira to the account of the Nigerian Bottling Company Limited through the defendant and the electronic transaction receipt evidencing the payment was issued to him but the bank failed to effect the transaction timeously blaming the failure on poor network and all attempts by him in approaching the bank to effect the transaction failed.

 

He thereafter wrote the bank through his lawyer and requested that the money be remitted and that also sum of five million naira should be paid to him as compensation to his loss but the bank failed to act accordingly and he had no option than to seek for justice at the court of law in order to save his business as he was out of stock and had no money to order for new products from the Nigerian Bottling Company.

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