E-Financial
Forensic Firm, CBN, First Bank Clash Over Fraudulent Charge Allegations in $54.2m Facility
Lensview Consulting Services, a Lagos-based forensic and auditing firm, has alleged bias, open fraud, deliberate cover-up and impersonation of persons by the Central Bank of Nigeria (CBN) in the handling of fraudulent transaction charge refund by Nigerian money deposit banks with First Bank of Nigeria Plc (FBN) as a case in point, according to Quick News Africa report.
Mr. Henry Foss, Managing Consultant of Lensview whose client is a victim of the fraudulent charge, made the disclosure recently.
Lensview had in 2022 approached the CBN on behalf of its clients to compel FBN to refund the sum of $227,235.34, being 0.5% of $554,570.68 as the agreed Bank Guarantee Fee on a $54.2m facility its client requested from FBN. Rather than adhere to the agreed 0.5%, FBN charged Lensview’s client 1% which translated to $554,570.68, and hence the fraudulent excess charge of $227,235.34. “When FBN refused to refund the excess at the agreed rate, based on a long standing offered rate at 0.5%, Lensview had to petition the CBN on the matter and the CBN carefully reviewed the merit of the petition after which it asked FBN to refund the excess amount to the customer with accrued interest as a standing rule,” Foss said.
Instead of honouring CBN’s decision to credit the customer’s account, FBN turned around for several months to find a way to avert the decision by coming up with copy of an email chat purportedly between an FBN employee and the customer’s representative claiming that the Guarantee Fee had been increased from 0.5% to 2%, as an offer condition, which FBN claimed to have been accepted by the customer’s representative. But this unauthorised customer’s representative apparently lacked the capacity to accept such a decision on behalf of the principal nor had the customer’s mandate powers to instruct or authorise payment or drawings on the principal’s account without confirmation and necessary due diligence from the company that officially requested for the facility, with significantly, a minimum of two authorised signatures on its letterhead document for such approvals and payments.
On January 20, 2023, Lensview also wrote to the Governor of the Apex Bank, as a follow-up to the issue of fraudulent perversion, impersonation and miscarriage of Justice by the Consumer Protection Department (CPD), an arm of the CBN in a petition titled, “Reasonable Suspicion, Likelihood of Bias and Cover up By the Director of the CPD in the Appeal of Judgment between Lensview Consulting Services and the CPD with Petition Tracking Number CIM74368/AST involving First Bank Plc,” alleging that there was impersonation of its person, fraudulent neglect and non-compliance on the part of officers of the apex bank.
According to Foss, the transaction was a significantly heavy one such that FBN cannot claim lack of awareness of the fact that for any change of transaction fees to be effective, it must first be communicated to the customer with a letter with evidence of acknowledgement as a proof that the customer is aware of the change.
The forensic and audit firm also noted that FBN was aware that the said customer’s representative does not have the powers or mandate to authorise such transactions, and where he may, as a signatory with mandate powers, it will require at least two authorised signatures over the company’s letter of acceptance on their Letterhead document and not via a chat on phone between two mutual friends.
“Given the facts of the matter vis a vis the practice of banking in Nigeria, it is surprising that the CBN after its earlier verdict that refunds be credited to client, made a sudden u-turn in favour of FBN justifying the fraudulent e-mail received from customer’s staff to conclude that the e-mail suffices as an authority for FBN to take the charge based on instructions from customer’s staff without confirmation from customer’s authorised signatories,” Foss explained, questioning that if the e-mail content sufficed, why did FBN charge 1% instead 2% Guarantee Fee it stated on the email and who negotiated it from 2% to 1%? “Where is the copy of the letter from customer acknowledging the new rate which could have been negotiated or rejected if customer saw it?” Foss asks.
“More worrisome is the CBN’s lack of explanations as to why the email chat between these mutual friends on behalf of their organisations sufficed as an authority to move such a huge amount from the customer’s very busy account in the books of FBN,” Foss notes.
The CBN, in a bid to cover up this fraud, as Lensview pressed harder, in their letter dated 9/1/2023 to Lensview Consulting solicitors wrote that one Mr. Polycarp representing Lensview Consulting Services was invited in an interdepartmental meeting with representatives of the CBN in August 2022, where the said impersonator, Mr. Polycarp, affirmed and upheld the unanimous decisions with the CBN with respect to the fraudulent e-mail from FBN, as correct and sufficient to close the matter.
“This engagement of one purported Mr. Polycarp to stand in for Lensview Consulting Services in the said August 2022 meeting is another fraudulent move by the CBN to cover for FBN on the open e-mail fraud,” Foss said, adding that the CBN, in one of their recent letters to Lensview Consulting, wrote to say they have closed the matter based on the affirmation of the impostor consultant they hired to kill the matter.”
But Foss said that the CBN soon realised that it had erred by engaging an impostor consultant to stand in for Lensview in the said August 2022 meeting, and they quickly wrote back with efforts in futility to invalidate their letter dated 5/1/2023 where Mr. Polycarp the impostor was referred to.
For Lensview, this is a public call for the CBN and it’s co- traveller, FBN to do the right thing and credit the customer the excess charges it fraudulently deducted from the customer.
SOURCE: Quick News Africa
The third edition of the annual cybercrime exposure and prevention event, The Hackers Secret Conference 2025 (THSC2025) is slated to be held on Friday, July 25, 2025.
The event, which aims to bring stakeholders together to keep them abreast of prevailing criminal activities in cyberspace and the required preventive measures, will host key industry players and speakers from different ICT platforms to real out intriguing information that will aid crime fighting in this cyber era.
The event, which is organized annually by IIMONEX ICT LTD, a prominent ICT firm in Nigeria, will be held at the Prestigious Sheba Event Centre at number 20, Mobolaji Bank Anthony Way, Ikeja, Lagos, Nigeria at 9 am.
Keynote speaker expected at the event is Dr. Harrison Nnaji (Ph’D), Group CISO, First Bank.
Other guests expected at the event are Obiora Awogu, CISO, MTN PSB, Prayer Ufot, Cybersecurity, Data Protection Expert and AI Generalist; Adesola Oguntimehin, Founder, Cyber Patron Network, Delight Hamilton, Information Security Officer, Piggyvest and
Chief Executive Officer of iiMONEX, Mr. Udoh Michael Essiet describes the event as a cyber defence conference that brings together Cyber Experts, thought leaders, cyber security students, technology companies and technology vendors to discuss the latest cyber threats and how to defend against them.
According to him, “This year’s edition we are focusing on skills acquisition, we want to create opportunities for cyber security beginners, intermediate and advanced level professionals to network with industry leaders and kick start their career as cyber security Analyst and ethical hackers.
“We also want to create a live penetration testing session during THSC2025, Participants will watch ethical hackers break down attacks and provide expert solutions.
“In this year’s edition, we also invite Software Brands to authorize our ethical hackers to test their digital products live to gain users trust and Brand exposure.”
The THSC initiator however urged industry players to braze up for the event and throw their weights behind it for an effective impact on the industry and across the globe.
The Securities and Exchange Commission (SEC) has issued a strong advisory, warning the Nigerian public against participating in the presale or promotion of a new cryptocurrency known as Punisher Coin, or $PUN, citing regulatory breaches and a high risk of investor fraud.
In a public notice released on Sunday, the capital market regulator described the ongoing presale of Punisher Coin as “unauthorized and illegal,” warning that the asset and its promoters are not registered to operate within Nigeria’s capital market ecosystem.
“The attention of the Securities and Exchange Commission has been drawn to several online publications blatantly advertising the unauthorized presale of a cryptocurrency termed Punisher Coin, also known as $PUN,” the SEC stated, citing a report in the Daily Trust e-paper which claimed the coin could rival established tokens like Avalanche and Chainlink.
The Commission categorically disassociated itself from the coin and emphasized that neither it nor its promoters have received regulatory approval.
“Punisher Coin aka $PUN and its promoters are not registered by the Commission to promote, launch, sell, trade, or solicit investments from the Nigerian public,” the statement read.
According to preliminary findings, the SEC said Punisher Coin qualifies as a “meme coin”—a type of digital asset typically lacking intrinsic value, utility, or a defined project roadmap. These coins are often driven by social media hype and influencer promotion, which the Commission warned makes them especially vulnerable to manipulation and sudden collapse.
“Further investigation has revealed that Punisher Coin or $PUN is a meme coin. Meme coins generally have no use case or intrinsic value. Their price movements are usually driven by social media buzz and influencer promotion, which are prone to manipulation and abrupt collapses,” the SEC added.
The Commission cautioned that such tokens are commonly used in “pump-and-dump” schemes, where promoters artificially inflate a coin’s value through hype before selling off their holdings at a profit—leaving unsuspecting investors with worthless tokens.
“In light of these findings, any person who invests in such a scheme does so at his or her own risk,” the SEC warned.
Reaffirming its investor protection mandate, the Commission urged Nigerians to verify the legitimacy of any crypto asset offering, as well as the registration status of promoters and platforms, via its official fintech verification portal: SEC Fintech Verification Portal
This latest warning reflects the SEC’s growing concern over the proliferation of unregistered digital asset schemes targeting Nigerian investors amid a global cryptocurrency boom.
Gambaryan, Binance Executive Leaves Company after 8-Month Detention in Nigeria
Tigran Gambaryan, Binance executive, is leaving the exchange after four years of service, eight months of which were marked by detention in Nigeria for money laundering allegations.
Tigran Gambaryan, Binance executive Pix created by photogrid
Gambaryan, praises Changpeng Zhao’s commitment to building a stronger compliance framework.
Having been cleared of all charges, Gambaryan’s departure from Binance marks the end of a tumultuous chapter for both him and the company.
Earlier yesterday, Tigran Gambryan shared an X post, announcing his departure from Binance. He wrote, “Today is my last day at Binance, marking the end of a chapter I’m deeply proud of.”
In a heartfelt farewell, Gambaryan reflected on his four-year tenure at Binance, where he built and led the company’s global investigations function.
Addressing founder Changpeng Zhao, he praised his commitment to building a stronger compliance framework. He noted,
“[CZ] was committed to bringing in experienced leadership to help the company engage more constructively with law enforcement. His support for our mission never wavered, and I’ll always be grateful for the trust he placed in me and the team.”
Further, he highlighted the team’s notable achievements during his tenure. Notably, the team handled over 57,000 law enforcement requests and provided critical support in cases involving financial crimes. He has also led the training of thousands of officials worldwide.
To exemplify, he highlighted cases like assisting the Royal Thai Police.
The team helped them in taking down a massive $270 million crypto fraud scheme targeting citizens in Thailand and the US. He also pointed to the collaboration with Nigeria’s EFCC to recover over $400,000 in illicit funds and provide advanced training to their agents.
Notably, his departure comes following Coinbase’s recent data breach.
The incident exposed personal details of prominent figures like Sequoia Capital’s Managing Partner, Roelof Botha.
Tigran Gambaryan was the Head of Financial Crime Compliance at Binance, who served the exchange for four years.
During a business trip to Nigeria, Gambryan was arrested along with another Binance executive over money laundering allegations.
During his nearly eight-month detention, Gambaryan reportedly endured harsh conditions that took a toll on his health.
Though Gambaryan suffered from malaria and pneumonia, he reportedly received inadequate medical care.
In addition, in a September 2, 2024, court hearing, Gambaryan was subjected to ‘inhumane treatment’ by Nigerian authorities, as evidenced by a video.
However, following consistent requests from his family and influential figures, Gambaryan was finally released and cleared of all charges in October 2024.
It is noteworthy that the Nigerian government sued Binance when the exchange was facing a lawsuit from the US SEC.
While Nigeria is still pursuing the case, the SEC recently dismissed its lawsuit against the exchange.
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