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Skye Bank Management Tampered with Figures to Deceive CBN, Others

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More information are beginning to emerge on what led to the actual death of Skye Bank Plc few months ago, when the Central Bank of Nigeria (CBN) revoked its operating licence and changed it to Polaris Bank.

 

It was gathered from the preliminary reports of the ongoing investigations of the management of the defunct Skye Bank Plc that the lender’s top shot allegedly carried out serial manipulations of the company’s reports, fraudulently masking details with the sole aim of deceiving regulators, including the CBN and the Nigerian Stock Exchange (NSE).

 

According to Guardian, the preliminary reports specifically identified fraudulent and false accounting, manipulation of accounting records to present false profits and ratios, unlawful loan and credit facilities, non-disclosure of directors’ interests and lending beyond the single obligor limit.

 

The Nigeria Deposit Insurance Corporation (NDIC), in a disclosure, said it is currently monitoring the investigations in conjunction with the apex bank, which are ongoing, by the law enforcement agencies, against the directors and management of the failed bank, to determine their actual level of culpability.

 

In the evening of Friday, September 21, 2018, Governor of the CBN, Mr Godwin Emefiele, at a news conference, announced the revocation of Skye Bank licence.

 

During the announcement, Mr Emefiele said a bridge bank called Polaris Bank had been established to assume ownership of the assets and liabilities of Skye Bank and make sure it gets back on its feet and return to profitability.

 

On Monday, September 24, 2018, the NSE suspended trading on the shares of Skye Bank at the stock market.

 

Days later, Managing Director/Chief Executive Officer of Nigeria Deposit Insurance Corporation (NDIC), Mr Umaru Ibrahim, while speaking at a function in Lagos, said a former chairman of Skye Bank, Mr Tunde Ayeni, as well as a director of the defunct bank, Mr Festus Fadeyi, were being investigated by government.

 

He had said as soon as investigations were finalised, the necessary action would be taken and those found culpable severely dealt with.

 

In early October 2018, Minister of Finance, Mrs Zainab Ahmed, directed the CBN and NDIC to fully investigate and prosecute all the directors and executive management who contributed to the collapse of Skye Bank as well as other Deposit Money Banks (DMBs) in liquidation.

 

She had noted that the failure of Skye Bank must be used as an opportunity to deal decisively with those behind the collapse so as to serve as a deterrent to other operators in the financial system and according to her, federal government was no longer prepared to treat such serious infractions with levity.

 

 

 

 

 

 

 


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E-Financial

Kekere-Ekun, CJN Blames Reliance on Telecom Services for Online Banking Glitches

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Kudirat Kekere-Ekun, chief Justice of Nigeria and chairman of the Board of Governors, National Judicial Institute Justice has blamed telecommunications companies for the glitches experienced in the country’s banking sector.

Kekere-Ekun, CJN Blames Reliance on Telecom Services for Online Banking Glitches

Kudirat Kekere-Ekun, chief Justice of Nigeria

Kekere-Ekun said this in her keynote address at the 2024 National Workshop for Justice and Judges on Legal Issues in Telecommunications with the theme, ‘The Role of the Judiciary in Accelerating Digital Transformation in Nigeria.’

The blame on telcos comes in the wake of multiple glitches in online services. On August 14, 2024, customers reported that the Guaranty Trust Bank (GTBank) website was down, leading to speculation that it had been cloned and customer data intercepted.

The CJN said, “I will like to quickly bring our attention to two issues which I consider to be pivotal and which revolve around cyber security and the attendant challenges of exploring the digital space.

“The first is the increased risk of the personal data of consumers being misused or compromised by unscrupulous persons, thus necessitating the need for improved strategies and innovation for consumer protection in the telecommunications sector.

“Also, worth noting are deficiencies in the Banking Sector and which are attributable to reliance on digital services provided by the Telecommunications Sector. There is for instance the major challenge posed by electronically backed transactions which is commonplace in the Banking Sector.”

The CJN said these glitches have led to several issues including hacking of online banking platforms as well as banks being compromised.

“Concerns in this regard include the spate of customers whose online banking platforms have been hacked, as well as banks being compromised due to technological glitches not factored into their day-to-day operations. Consequently, these and several other challenges have resulted in a number of disputes which frequently require adjudication,” she said.

Kekere-Ekun said the deployment of technology in telecommunications plays a pivotal role in the advancement economic system of any country.

She, however, said there is a need to proffer solutions to legal issues arising from digital services provided by the telecommunications sector.

“It is also my expectation that the forum will equip Judicial Officers with the technical skills required for adjudicating disputes arising from the sector and keep them abreast with global standards and best practices,” she added.


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Ecobank Serves Customers Notice of Planned Service Disruption

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Ecobank Nigeria has alerted its customers to an upcoming brief service disruption due to scheduled system maintenance on its card services.

Ecobank Serves Customers Notice of Planned Service Disruption

The maintenance is set to occur from 11:00 p.m. on Thursday, November 7, 2024, until 1:00 a.m. on Friday, November 8, 2024.

In a notification to customers, the bank explained that during the maintenance window, cardholders might experience intermittent issues when using Ecobank cards on other banks’ channels.

However, the bank said all its specific channels, including ATMs and POS terminals, will remain operational.

Additionally, other digital platforms—such as the Ecobank Mobile App, USSD *326#, Ecobank Online, Omni Lite, and Omni Plus—will be fully accessible throughout the maintenance period.

The bank expressed apologies for any inconvenience, reaffirming its commitment to providing seamless banking experiences across Africa.

 

 

 

 

 

 

 


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E-Financial

Zenith Bank Commends Customers After Successfully Unveiling Upgraded Enhanced Tech infrastructure

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Zenith Bank Plc has announced that it now boasts the best technology infrastructure in the banking industry, positioning itself to provide an exceptional customer experience and superior service delivery moving forward. This upgrade follows a recent comprehensive technology enhancement.

The bank expressed its heartfelt gratitude to customers for their support and patience throughout the upgrade process, while also extending apologies for any inconveniences experienced during this time.

This announcement was made in a social media post on Wednesday, signed by Dame Dr. Adaora Umeoji, OON, the Group Managing Director/CEO.

In her message, the GMD/CEO emphasized the bank’s commitment to delivering an unparalleled service experience, stating, “We undertook this upgrade to ensure we can offer our customers the best possible service.”

Umeoji pledged that Zenith Bank will continue to innovate, ensuring that customer needs are met swiftly, safely, and conveniently.

The post read in part: “On behalf of the Board, Management, and Staff of Zenith Bank PLC, I would like to thank you for your patience and support during our IT infrastructure migration to a new and more robust operating system.

“We are truly grateful for the trust and confidence you have placed in us. The primary reason for undertaking this extensive endeavor was to better position Zenith Bank PLC for improved service delivery to all our valued customers and to create memorable banking experiences at all our touchpoints.

“While I regret the inconveniences and challenges you faced during and immediately after our migration, I am pleased to inform you that Zenith Bank PLC now has the best technology infrastructure in the industry. We are committed to ensuring you experience superior service delivery going forward.

“Rest assured, you remain our top priority, and Zenith Bank will continue to innovate and offer value-added products and services to meet all your banking needs quickly, safely, and conveniently.”


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