E-Financial
EFCC Arraigns Polaris Bank Staff for Allegedly Stealing Customer’s N12.6m

Economic and Financial Crimes Commission (EFCC) on Tuesday arraigned Babatunde Keshinro, a staff of Polaris Bank, formerly Skye Bank Plc, in an Ikeja Special Offences Court for allegedly stealing N12.6 million belonging to a customer.
The EFCC charged Keshinro with nine counts bordering on theft, forgery and fraudulent use of account.
Mrs Bilikisu Buhari, EFCC counsel, said that the Polaris Bank staff committed the offence from 2016 to 2018 in Lagos.
Buhari alleged that Keshinro stole funds belonging to one Alhaji Ganiyu Oseni, whose account he managed.
“The defendant knowingly forged Baritos Nigeria Ltd’s document titled “Part Termination of Fixed Deposit – 1770522625 dated Dec. 12, 2016, and purported to have been signed and issued by Oseni.
“Sometime in August 2018, Keshinro forged a Skye bank cheque number 47423262 dated Aug. 16, 2018, in the sum of N340,000 which was purportedly signed and issued by Oseni.
“In May 2017, he forged a Skye bank cheque with number 35744848 dated May 22, 2017, for the sum of N303,000 also purportedly issued by Oseni.
“Another Skye bank cheque with number 35744834 in the sum of N971,000 also purportedly issued by the complainant,” she said.
According to the EFCC prosecutor, the defendant also forged three more Skye bank cheques which he fraudulently claimed were signed by Oseni.
The anti-graft agency alleged that on June 2018 Keshinro forged a cheque 47423247 dated June 12, 2018 for the sum of N410,000.
In April 2018 he allegedly a cheque with number 47423248 dated April 20, 2018 in the sum of N225,000.
Keshinro on July 2018 also allegedly forged a cheque with number 47423256 dated July 20, 2018, in the sum of N370,000.
“On Dec. 14, 2016 while being in the employment of Polaris Bank Plc, forged account number 1770522625 which was in the possession of his employer by making a debit of N10 million in favour of Hillcrest Solicitors.
“The debit was purported to have been ordered by Baristos Nigeria Ltd,” the prosecutor said.
The offence, she said, contravened the provisions of sections 287, 365, 337 and 411 of the Criminal Law of Lagos 2015.
Following the arraignment, the defence counsel, M. S. Ehizoge via a bail application dated Feb. 10, prayed the court to grant Keshinro bail on liberal terms.
“The applicant is not a flight risk, he has no prior criminal record. When he was granted administrative bail by the EFCC he always came to their office.
“He has been in custody since Dec. 17, 2019, I humbly pray that he be granted bail in the most liberal terms to enable counsel to have proper access to him,” Ehizoge said.
Buhari, however, opposed the bail application and asked that the defendant be remanded at the correctional centre due to the overwhelming evidence against him.
E-Financial
NDIC Begins Final Settlements to Creditors of Liquidated Premier Bank

Nigeria Deposit Insurance Corporation (NDIC) has begun the final phase of liquidation for the defunct Premier Commercial Bank, initiating the payment of liquidation dividends to verified creditors, nearly 25 years after the bank’s closure.
Premier Commercial Bank had its operating license revoked by the Central Bank of Nigeria (CBN) on December 20, 2000, following findings of financial instability and regulatory non-compliance.
Since then, the NDIC has overseen the bank’s liquidation process under a winding-up order from the Federal High Court, which designated the corporation as the official liquidator.
In a public announcement, the NDIC invited all eligible creditors to visit any of its zonal offices between June 2 and June 27, 2025, to verify and claim their entitlements.
This move marks a critical milestone in the final settlement of claims related to the bank’s collapse.
To facilitate the verification process, creditors are required to present proof of deposit or shareholding, such as a passbook, chequebook, term deposit certificate, or bank statement.
Additionally, valid identification documents must be submitted, including a driver’s license, international passport, national identity card, NIN slip/card, voter’s card, or a formal identification letter from a traditional ruler or local government chairman.
The NDIC assured the public that the ongoing settlement is part of a broader effort to bring closure to longstanding claims resulting from Premier Commercial Bank’s liquidation. The process, according to the corporation, has been designed to ensure efficient disbursement to all verified stakeholders.
Premier Commercial Bank is one of 53 deposit money banks whose licenses were revoked by the CBN between 1994 and 2018 due to various violations and signs of financial distress.
These closures were followed by legal procedures appointing the NDIC to manage asset recoveries and creditor settlements.
By initiating this final phase of payment, the NDIC is reaffirming its commitment to financial system stability and depositor protection while calling on all affected individuals and institutions to complete verification processes promptly to receive their due compensation.
E-Financial
SEC Directs Companies to Honour Unclaimed Dividend Requests

Securities and Exchange Commission (SEC) has directed all public companies and Registrars to stop treating unclaimed dividends older than 12 years as “statute-barred”, especially those dating from before the enactment of the Finance Act 2020.
The directive reaffirms the provisions of Section 60 of the Finance Act, which mandates that dividends unclaimed for over six years be transferred to the Unclaimed Funds Trust Fund (UFTF), where they remain accessible to shareholders pending claims.
The Commission said that shareholders are entitled to continue to claim their dividends that are not statute-barred (that is not above 12 years) before December 31, 2020 “when the Finance Act 2020, came into effect.”
According to the SEC in a Circular, “The attention of the Securities and Exchange Commission has been drawn to the fact that paying companies and their Registrars have continued to treat unclaimed dividends of public companies that are older than 12 years as being “statute-barred” without recourse to the provisions of the Finance Act 2020.
“In response to various inquiries on the subject, the Commission hereby clarifies as follows: The import of the provisions of Section 60 of the Finance Act 2020 (December 31, 2020), is that, where dividends declared by a public company quoted on the Nigerian Exchange Limited remained unclaimed for a period of six years or more, such dividends are expected to be transferred to the Unclaimed Funds Trust Fund (UFTF) to be held in trust and managed pending when the shareholder presents a claim for such unclaimed dividends.
“Pending the setting up and operationalisation of the UFTF by the Federal Government, pursuant to its powers under Sections 3 (4) (e) and 93 of the Investments and Securities Act 2025, the Commission hereby directs public companies and their Registrars to continue to honour all requests by shareholders for the payment of unclaimed dividends as described above, with effect from December 31, 2020”.
The Commission therefore directed public companies and Registrars to effect immediate compliance with the directive and submit periodic reports on same in the manner prescribed in the Commission’s Rules and Regulations.
E-Financial
FIRS Launches Revised SOP to Streamline Tax Payment

Federal Inland Revenue Service (FIRS) has revised its Standard Operating Procedure (SOP) as part of efforts to improve consistency, transparency, and service delivery in tax administration across the country.
According to a statement on Monday in Abuja by Mr. Collins Omokaro, Special Adviser on Communication Strategy and Advocacy to the Executive Chairman of FIRS, the revised SOP offers a unified framework for core tax processes including registration, payment, audit, and enforcement.
“This is about people, experience, and impact. It’s a step toward a tax system that supports voluntary compliance and national development,” Omokaro said.
He explained that while FIRS field offices have long operated with good intentions, inconsistent methods across different locations often created confusion for taxpayers.
The revised SOP, he said, is designed to eliminate such disparities by providing a single, clear roadmap for operations in all of the Service’s over 300 offices nationwide.
More than just a procedural manual, the new SOP is described as a statement of institutional direction, reflecting values that define the future of the Service.
Omokaro quoted Dr. Zacch Adedeji, executive chairman of FIRS, as saying that “This SOP is not just a technical document—it is a declaration of who we are becoming as a service. It reflects our commitment to transparency and service to the Nigerian people.”
The SOP update is one component of a broader reform agenda underway at FIRS, which aims to transform the agency into a fully service-oriented institution.
The changes are also aligned with the ongoing digital transformation within the agency, which is intended to harmonize human and technological systems for faster, more reliable, and taxpayer-friendly service delivery.
Internally, the SOP is expected to enhance operational efficiency and provide a foundation for improved staff training, clearer guidance, and stronger evaluation systems. Omokaro noted that every FIRS employee is expected to study, implement, and embody the procedures outlined in the new document.
“With this rollout, every FIRS staff member has a clear mandate: study it, apply it, and embody it. That’s how we’ll earn the trust of Nigerians,” he said.
The SOP reform is being introduced as part of the Service’s broader mission to reposition itself as a modern tax authority grounded in accountability, consistency, and a shared sense of national purpose.
The move comes as the FIRS continues to modernize its processes, improve tax collection efficiency, and foster a culture of voluntary compliance—all aimed at strengthening revenue mobilization to support Nigeria’s development agenda.
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