E-Financial
AfDB Blacklists Oceanic Construction, Nigerian Firm for Fraudulent Practices

The African Development Bank Group (AfDB) has blacklisted another Nigerian firm, Abuja-based construction firm Oceanic Construction and Engineering Nigeria for a minimum period of 48 months for fraudulent contract bidding, the Bank announced.
This brings to two companies from that have been barred in this month of June.
The bank had blacklisted Qualitrends Global Solutions Nigeria Limited for 36 months.
An investigation conducted by the Bank’s Office of Integrity and Anti-Corruption established that the company misrepresented its year of incorporation, the value of its reference contracts, and the experience of its key personnel while bidding for two works contracts under the Bank-financed Urban Water Supply and Sanitation Improvement Project in Nigeria.
The Urban Water Supply and Sanitation Improvement Project aims at enhancing access to safe water supply services in the Nigerian states of Oyo and Taraba through, among other components, extension and rehabilitation works on the water transmission and distribution network.
The debarment, pronounced by the independent Sanctions Commissioner of the Bank, renders Oceanic Construction and Engineering Nigeria ineligible to participate in Bank-financed projects during the debarment period. The debarment qualifies for cross-debarment by other multilateral development banks under the Agreement for Mutual Enforcement of Debarment Decisions, including the Asian Development Bank, the European Bank for Reconstruction and Development, the Inter-American Development Bank and the World Bank Group.
At the expiry of the debarment period, Oceanic Construction and Engineering Nigeria shall be eligible again to participate in Bank-financed projects only conditional on the implementation of an integrity compliance program consistent with its guidelines.
About Integrity and Anti-Corruption Office
The Office of Integrity and Anti-Corruption of the African Development Bank Group is responsible for preventing, deterring and investigating allegations of corruption, fraud and other sanctionable practices in Bank Group-financed operations.
The investigation by the Office of Integrity and Anti-Corruption of the African Development Bank was conducted by Ms. Esther Mhone and Mr. Justin Maenje.
African Development Bank staff and the general public can use secured hotlines to report sanctionable practices within the Bank or operations financed by the Bank Group.
E-Financial
CBN Slams ₦250m Fine on Paystack Over Zap Wallet Operations

The Central Bank of Nigeria (CBN) has slammed a ₦250 million fine on Paystack for operating Zap, its peer-to-peer payment app, as a wallet in breach of its regulatory approval.
The apex bank flagged Zap as a deposit-taking product, a function reserved exclusively for institutions with microfinance or banking licences, according to a report by TechCabal.
Launched in March, Zap allows users to send and receive money, positioning itself as a consumer-facing digital wallet.
However, Paystack only holds a switching and processing licence, which permits it to facilitate transactions but not to hold customer funds. This regulatory limitation is at the heart of the CBN’s sanction, sources familiar with the matter said.
“Paystack is working closely with the regulator as they further review Zap, and out of respect for the process, we won’t be making any public comments at this time,” a company spokesperson said.
The penalty comes amid a legal dispute between Paystack and Zap Africa, a Nigerian crypto startup, which has accused the fintech of trademark infringement.
In Nigeria’s highly regulated financial services space, digital wallets are considered deposit-taking entities, and offering such services without the requisite licence raises compliance concerns for the regulator.
Although Zap reportedly does not directly hold customer funds, it operates in partnership with Titan Trust Bank, which is authorised to accept deposits.
This is Paystack’s most significant publicly disclosed regulatory sanction since it received CBN approval in 2016. It reveals the growing scrutiny facing fintech firms as they transition from enterprise-focused offerings to consumer-facing financial services.
E-Financial
Gtb Increases SMS Transaction Alert Fee Today

Guaranty Trust Bank (GTBank) has announced an increase in its SMS transaction alert fee from ₦4 to ₦6 per message, effective May 1, 2025. The bank cited a recent rise in telecommunication tariffs by service providers as the reason for the adjustment.
In a message to customers, GTBank explained that SMS alerts sent to international phone numbers would attract higher charges due to varying telecom costs. The bank emphasized the importance of transaction alerts in helping customers monitor account activity
Customers who no longer wish to receive SMS alerts have the option to update their alert preferences by submitting a form available on the bank’s website via email. This move allows customers to manage their notification preferences according to their needs.
The fee increase affects GTBank customers, who will now be charged ₦6 per SMS alert for transactions
E-Financial
Panic as Hackers Allegedly Steal N9.3Bn Customers’ Fund from Union Bank

Union Bank of Nigeria Plc is facing a major financial scandal after hackers reportedly siphoned N9.3 billion from multiple customer accounts.
The breach, which occurred on March 23, 2025, has led to an urgent legal battle as the bank seeks to freeze accounts suspected of receiving the stolen funds.
Court filings reveal that the cybercriminals exploited a critical system glitch, discreetly transferring the money in small amounts across 54 financial institutions to evade detection.
Oluwasegun Falola, Union Bank’s Head of E-Fraud Investigations, confirmed that tracking the transactions has been challenging due to their fragmented nature.
Acting swiftly, the bank filed a lawsuit (FHC/L/CS/629/2025) at the Federal High Court in Lagos, requesting an emergency order to halt further withdrawals. On April 2, 2025, the bank’s legal team, led by A. Adedoyin-Adeniyi, informed the court that the stolen funds were still being actively moved—suggesting an ongoing laundering operation.
In response, Justice Deinde Dipeolu granted a Post No Debit (PND) order, freezing all implicated accounts pending further investigation.
This crisis comes just 15 months after the Central Bank of Nigeria (CBN) dissolved Union Bank’s former board over governance failures. Under the leadership of MD Yetunde Oni, the bank now faces intense scrutiny as customers demand accountability.
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