E-Financial
EFCC Nabs Fidelity Bank Staff for Allegedly Stealing N137m
Economic and Financial Crimes Commission (EFCC), Ibadan zonal office, has arrested one Kehinde Olumide Agbabiaka, a sales agent of Fidelity Bank Plc for allegedly stealing N137million, from personal and corporate accounts of a customer in Ibadan
His arrest was sequel to a petition jointly penned by the bank’s Regional Security Officer and the Cluster Control and Compliance Manager.
Filed on August 20, 2019, the petition alleged that Agbabiaka committed the offence between January 2017 and July 2019.
The suspect, who was the account officer attached to the customer, was said to be visiting the business premises of the victim weekly to collect cash with the understanding that he would remit same to his accounts domiciled in the bank’s Challenge, Ibadan branch.
But, instead of depositing the money, Agbabiaka was said to have at different times remitted only a portion and on many occasions diverted the whole sum to personal use.
In order to cover his criminal acts, the suspect, according to the petition, would rather issue fictitious bank slips to deceive the customer that he truly deposited the sums.
This continued until the customer reviewed the statement of his account and reconciled same with the cash collection register.
It was then they discovered Agbabiaka’s fraudulent deeds, prompting the bank to put up the petition.
So far, the EFCC investigators have established a prima facie case of diversion and stealing against the suspect.
Further investigations also revealed that he had used the suppressed sums to build houses, purchase cars, invest in fixed deposits and insurance policies.
He also gave part of the loot to people as friendly loans. Some of the items have been recovered and registered as exhibits.
The suspect will be charged to court as soon as investigations are concluded.
Economic and Financial Crimes Commission (EFCC) has issued a public alert on 58 companies allegedly running illegal Ponzi schemes in Nigeria, warning citizens against investing in them.
In a statement on Tuesday, Dele Oyewale, spokesperson of the anti-graft agency, said the 58 Ponzi operators falsely pose as investment firms, defrauding unsuspecting Nigerians of their money.
Oyewale noted that none of the companies are registered with the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC).
“The two regulators, in separate correspondences with the EFCC, denied that they are registered with them,” the statement reads.
“The commission has charged many of the companies to court, with five of them convicted, another five pleaded guilty but awaiting review of facts while the rest are pending arraignment.”
The companies listed include Wales Kingdom Capital, Bethseida Group of Companies, AQM Capital Limited, Titan Multibusiness Investment Limited, Brickwall Global Investment Limited, Farmforte Limited & Agro Partnership Tech, Green Eagles Agricbusiness Solution Limited, Richfield Multiconcepts Limited, Forte Asset Management Limited, (Biss Networks Nigeria Limited, S Mobile Netzone Limited, Pristine Mobile Network), Letsfarm Integrated Services, Bara Finance & Investment Limited, Vicampro Farms Limited, Brooks Network Limited, Gas Station Supply Services Limited, Brass & Books Limited, (Annexation Biz Concept & Maitanbuwal Global Venturescrowdyvest Limited,) and Crowdyvest Limited.
Others are Jadek Agro Connect Limited, Adeeva Capital Limited, Oxford International Group and Oxford Gold Integrated, Skapomah Global Limited, MBA Trading & Capital Investment Limited, TRJ Company Limited, Farm4Me Agriculture Limited, Quintessential Investment Company, Adeprinz Global Enterprises, Rockstar Establishment Limited, SU.Global Investment, Citi Trust Funding PLC, Farm Buddy, Eatrich 369 Farms & Food, Globertrot Farmsponsors Nigeria Limited, Farm Sponsors Limited, Cititrust Credit Limited, Farmfunded Agroservices Limited, Adamakin Investment & Works Limited.
The rest include Cititrust Holding PLC, Green Eagles Agribusiness Solutions Limited, Chinmark Homes & Shelters Limited, Emerald Farms & Consultant Limited, Ovaioza Farm Produce Storage Limited, Farm 360 & Agriculture Company, Requid Technologies Limited, West Agro Agriculture & Food Processing Limited, NISL Ventures Limited & Estate of Laolu Martins, XY Connect Investment Limited, River Branch Unique Investment Limited, Hallmark Capital Limited, CJC Markets Limited, Crowd One Investment, Farmkart Foods Limited, KD Likemind Stakeholders Limited, Holibiz Finance Limited, Ifeanyi Okpe Oil & Gas Services, Servapps Nigeria Limited, Barrick Gold Mining Company and 360 Agric Partners Limited.
The commission reaffirmed its commitment to monitoring fraudulent investment schemes and protecting Nigerians from financial exploitation.
House of Representatives has passed a resolution calling for the suspension of the increase in Automated Teller Machine (ATM) transaction charges and the stoppage of free ATM withdrawals for customers from other banks in Nigeria.
This followed a motion of urgent public importance by Marcus Onobun.
Onobun, drew the attention of the House to a circular by the Central Bank of Nigeria (CBN) to that effect.
Lawmakers were worried that this would impose additional financial burdens on Nigerians.
The House asked the CBN to suspend the policy pending proper engagement with the relevant committees on banking, finance, and financial institutions.
PalmPay and AfriGO have announced a strategic partnership. This collaboration aims to redefine the payment landscape by issuing over 5 million AfriGO cards to Nigerians. Through this initiative, PalmPay and AfriGO are set to empower underserved communities, drive financial inclusion, and strengthen Nigeria’s digital economy.
AfriGO Card, powered by Afrigopay Financial Services Limited, a subsidiary of the Nigeria Inter-Bank Settlement System (NIBSS), is a homegrown payment solution designed to bolster financial sovereignty. By leveraging AfriGO’s infrastructure, PalmPay is creating more payment options by providing solutions tailored specifically to local market needs.
PalmPay’s commitment to issuing 5 million AfriGO cards underscores its dedication to bridging the financial gap for the unbanked and underserved populations in Nigeria. The AfriGO card, built on EMVCo standards, ensures secure transactions with tokenization and contactless payment capabilities. PalmPay seamlessly integrates these features into its robust digital ecosystem, offering users a frictionless and secure payment experience.
A Commitment to Innovation and Financial Accessibility
Managing Director of PalmPay Nigeria, Chika Nwosu, expressed enthusiasm about the partnership:
“At PalmPay, we are committed to creating financial solutions that are not only innovative but also inclusive. Partnering with AfriGO allows us to deliver secure, cost-effective, and localized payment options that empower Nigerians and strengthen the digital economy. This is a milestone in our mission to redefine financial accessibility in Nigeria.”
Similarly, Ebehijie Momoh, Managing Director/CEO of Afrigopay Financial Services Limited (AFSL), highlighted the broader impact of the partnership:
“We are excited to partner with PalmPay to revolutionize financial services and expand access to digital payments across Nigeria. Through this collaboration, AfriGO and PalmPay will provide enhanced access to digital payments—particularly in underserved areas—drive financial inclusion, and support the rapidly growing digital economy in Nigeria
AfriGO cards will enable users to perform seamless transactions, including physical and online purchases, ATM withdrawals, money transfers, and cashless payments via Agent POS terminals. The AfriGO Instant Settlement service ensures that merchants and agents benefit from immediate transaction finalization, leading to greater efficiency, improved cash flow, and reduced risk.”
For merchants, the AfriGO cards promise reduced transaction fees and instant settlement times, Consumers will enjoy a secure, affordable, and locally supported payment solution that enhances their daily financial interactions.
As PalmPay and AfriGO move forward with this ambitious initiative, they pave the way for fintech innovation and collaboration, fostering a more inclusive and dynamic financial ecosystem in Nigeria. This partnership underscores PalmPay’s dedication to expanding digital financial services and positioning Nigeria at the forefront of payment innovation.
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