E-Financial
UAE to Kill 8 Nigerians for ATM Robberies
Eight Nigerians, all men, have been sentenced to death in Sharjah, United Arab Emirates (UAE) for a string of robberies at money exchanges and cash machines (ATMs) across the emirate in December 2016.
The ninth Nigerian, found guilty for possession of stolen money was sentenced to six months imprisonment.
He will be deported after serving his prison term.
The Gulf News reported that the Nigerian denied the charge against him and said that one of the accused’s brothers asked him to transfer Dh60,000 to an account in Nigeria.
All the convicted Nigerians were not identified by both the Gulf News and Khaleej Times, all local newspapers, which reported the trial.
A total of 20 suspects were initially held for attacking security guards in four violent attacks at ATMs and money exchanges across Sharjah in late 2016. Out of 20 suspects, nine were convicted.
Some of the accused confessed to their crimes while others denied the charges levelled against them.
The verdict was handed down by Judge Majid Al Muhairi of Sharjah Criminal Court on Wednesday.
The eight-member gang attacked security trucks and entered establishments by force and threatened and assaulted staff and members of the public with bladed weapons in a spate of robberies, three of which were carried out on the same day on December 18, 2016.
The gang — who were all in the UAE on visit visas — were said to be highly organised and plotted a string of orchestrated attacks to ambush security trucks that were transporting money boxes to and from ATMs, and at least one money exchange in Sharjah.
The first robbery took place at a Dubai Commercial Bank ATM on King Abdul Aziz Street where Dh340,000 was stolen. Then two days later they attacked an ATM in Al Safeer Mall in Al Nahda fleeing with Dh700,000, and an ATM in Muweilah where they stole Dh710,000. A fourth attack at a money exchange office near National Paints was foiled by police.
The gang of 20 were arrested in record time but police confirmed that only a portion of the stolen money — almost Dh1.8 million — had been recovered, as the gang members had divided the money among themselves and transferred it to their home country.
Suspects were taken into custody in cooperation with police in Dubai, Ajman and Fujairah.
The gang committed the heists at the busiest times of day when streets were crowded, which added to the confusion and enabled them to escape, said police.
In each robbery the assailants struck quickly before police could arrive, the attackers however could not evade security cameras and police were able to recognise the suspects through surveillance footage captured at the exchange house in the mall.
Video footage showed the suspects attacking security guards, making off with cash, and in one of the robberies slashing the hands of a security guard with a knife before running away with money boxes.
Police believe the suspects had monitored and tracked the security trucks used to transport money for a period of time before launching the attacks.
A prosecutor told Gulf News on Thursday that as per the law, a group of people who threaten the life of others while committing robbery are subject to the death sentence, however an appeal is expected to be launched and the sentences could get downgraded to life imprisonment.
The trial appeared unconnected with the arrest of five Nigerians in March this year, who robbed a Bureau de Change operator of Dh2.3 million (N225.4 million) in Sharjai, Dubai.
The suspects were identified as Chimuanya Emmanuel Ozoh, Benjamin Nwachukwu Ajah, Kingsley Ikenna Ngoka, Tochukwu Leonard Alisi and Chile Micah Ndunagu.
The five Nigerians reportedly barged into the BDC on March 20 and smashed the glass barrier between the customers and the staff, stole the money in multiple currencies and fled.
Two employees at the exchange were injured as they resisted the robbers. One of them managed to notify the police. The Sharjah Police coordinated with forces from Abu Dhabi, Ras Al Khaimah and Ajman to nab the suspects from four emirates within 48 hours after the robbery was committed.
A top police official said the suspects came to the UAE on visit visas on March 18.
Sofri microfinance bank plans a massive rollout of Point of Sale, PoS terminals for merchants and agency banking in the third quarter of this year.
This is coming against the backdrop of the banks revamp of its digital platforms to support better customer experience.
Paul Adebayo, managing director, Sofri Microfinance Bank, said the bank is technology and purpose-driven, with focus on financial inclusion and sustainability. As well with the determination of making banking simpler, inclusive, and impactful.
He said that the revamped mobile app features, faster onboarding, cleaner interface, real-time alerts, enhanced security and seamless loan applications.
“Our corporate internet banking Launched for SMEs and institutional clients features, secure payments, transfers, account management and enhances business banking experience.
“Laying the groundwork for greater reliability, product innovation and operational efficiency is our new core banking infrastructure. This change enables us to scale faster and serve customers better.
“Our Terminal Management System (TMS) improves the performance, uptime, and remote monitoring of our POS terminals. This ensures merchants and field agents enjoy better stability, quicker settlements, and stronger support,” he added.
On sustainability impact, Adebayo, added that Sofri Microfinance bank is embedding ESG principles into its lending and operational models — from offering green financing options, to supporting waste-to-wealth entrepreneurs, and making inclusive finance part of Nigeria’s circular economy.
Sofri is a trademark of Links Microfinance Limited (Links Mfb). Links Mfb is licensed and regulated by Central Bank of Nigeria (CBN) and deposits insured by the Nigeria Deposit Insurance Corporation (NDIC). Links Mfb is a member of DLM Capital Group, owners of DLM Asset Management as regulated by the Securities and Exchange Commission (SEC).
Current market research has confirmed that buyside investors are increasingly focused on high-growth sectors such as small businesses and consumer lending— sectors that fuel both the demand and supply sides of the economy.
However, capital allocation to these areas requires robust risk mitigation frameworks to preserve principal and ensure returns that are not just economically viable but outpace inflation.
Against the backdrop that DLM Capital Group has developed an innovative solution – the Sovereign Bond Backed Composite Notes (SBCNs) to meet this critical economy needs.
According to Sonnie Babatunde Ayere, the Group CEO of DLM Capital Group, “We believe that the consistent issuance of SBCNs by qualified entities will play a key role in de-risking corporate bond portfolios.
“By blending sovereign-backed security with enhanced yield exposure, portfolio managers gain a rare opportunity to simultaneously increase portfolio safety and performance”.
The first of its kind fixed income product combines the security of direct sovereign bond-backed principal protection, such as FGN Bonds, with the enhanced yield potential of corporate and consumer lending cash flows. This hybrid structure, the first of its kind in the local market, merges public-sector credit safety with private-sector income generation.
The instrument is designed as such that the private sector credit tranche will be secured by the FGN-bonds, which will be the senior tranche.
The N30 billion Sovereign Bond Backed Composite Notes issued by DLM Funding SPV Plc is being packaged as a AAA-rated note. With a held-to-maturity yield of 49.9 percent, the notes are designed to be attractive to institutional investors seeking a balance between capital preservation and superior returns.
Sonnie Babatunde Ayere, noted about the SBCN, “For asset managers, it enhances portfolio quality, improves credit profiles, supports diversification, and delivers competitive returns.
In a media parley describing the instrument, Ayere highlighted the role of the instrument in driving credit expansion to the underserved private sector. He highlighted how the note could help drive institutional capital into sectors that were previously considered too risky.
“By channeling domestic capital into these critical but underserved sectors without exposing investors to excessive risk, it becomes possible to mobilize funding for parts of the economy that have long been neglected.” He added.
E-Financial
Fidelity MD,Onyeali-Ikpe Champions Lifelong Learning and Sisterhood for Women’s Career Growth
Dr. Nneka Onyeali-Ikpe, Managing Director and Chief Executive Officer of Fidelity Bank Plc, has encouraged women professionals to embrace continuous learning, courage, and collaboration as key habits for achieving long-term career success and breaking through professional barriers.
Managing Director and Chief Executive Officer of Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, OON, (Middle) flanked by participants of a Women’s Roundtable themed, “Mentorship with Dr. Nneka Onyeali-Ikpe” hosted by the bank over the weekend at the Fidelity SME Hub, Gbagada, Lagos recently.
She gave the charge during a Women’s Roundtable hosted by the bank over the weekend at the Fidelity SME Hub in Gbagada, Lagos. Themed “Mentorship with Dr. Nneka Onyeali-Ikpe”, the event drew female professionals from various sectors and was held under the Recognition and Networking arm of the bank’s HerFidelity Proposition—a flagship initiative designed to empower women entrepreneurs and professionals across Nigeria.
Explaining the vision behind HerFidelity, Dr. Onyeali-Ikpe noted that the initiative was born out of a strong need to provide women with holistic support beyond access to finance.
“In my engagements with women across different industries, I’ve seen first-hand that while talent and ambition abound, many still lack access to capital, skills development, health support, and networks,” she said.
“HerFidelity was created to bridge that gap by focusing on four key pillars: access to capital, capacity building, wellness for work-life balance, and entrepreneurship support. It’s one of the initiatives I’m most proud of, because when women thrive, communities prosper and economies flourish.”
The interactive mentorship session, held in a Q&A format, offered participants an opportunity to learn directly from the trailblazing CEO, who shared personal experiences and career insights.
Advising young women aspiring to leadership, she said: “Believe in yourself, be ready to work hard, and never shy away from taking smart risks. Seek out mentors, invest in meaningful relationships, and above all, collaborate—because no one truly succeeds alone.”
The event also featured fun competitions and giveaways, with attendees winning exciting gifts courtesy of Fidelity Bank.
Dr. Onyeali-Ikpe’s session left participants inspired, reinforcing Fidelity Bank’s position as a champion for gender empowerment and a leading supporter of women’s advancement in business and leadership.
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