www.newstower.ng

Menu
Facebook Twitter Youtube

Category: BUSINESS

BREAKING: Founder Of Defunct Diamond Bank, Paschal Dozie Is Dead

Posted on by admin50

Pascal Gabriel Dozie, founder of the defunct Diamond Bank Plc and a former chairman of MTN Nigeria, has died at 85 from an undisclosed ailment.

Dozie was born in 1939 in Egbu village, Owerri, Imo state, Nigeria. He was born into the family of Charles Dozie, a Catholic Catechist.

Dozie attended Our Lady’s School Emekuku where he obtained his First School Leaving Certificate (FSLC). He subsequently attended Holy Ghost Juniorate Seminary and Holy Ghost College, Owerri, where he obtained his West African Senior School Certificate Examination.

After obtaining his high school certificate, he travelled to London where he studied economics at the London School of Economics and obtained a BSc in economics. Subsequently, he attended City University in London where he studied operational research and industrial engineering and obtained a master’s degree in Administrative Science.

Pascal Dozie began his career as an economist at the National Economic Development Office in the United Kingdom. He was also a part-time lecturer at the North Western Polytechnic, London. Between 1970 and 1971 he served as a consulting economist at the African States Consulting Organisation in Uganda.

In 1971 after he left his job in Uganda, he relocated to Nigeria at the request of his mother. In 1971 after his return to Nigeria, with his experience in Econometrics and Industrial Engineering he launched his first company, the African Development Consulting Group (ADCG). ADCG had worked with companies such as Nestle and Pfizer. He was subsequently hired by Clement Isong, then Governor of the Central Bank of Nigeria, to conduct some studies on the Co-operative and Commerce Bank.

Review of Pathogenic Contaminants of Fish and Sea foods

Posted on by admin50

By Prof. John Abiodun Daramola

 

Overview of finfish, shellfish and contamination

Fish and shellfish are very important proteinous portion of the human diet worldwide. They come in extremely varied food products with numerous fish species, from marine and freshwater, from cold temperate and warm tropical waters, farmed or wild and processed or preserved in different ways. The above variations affect the microbiology of the fish, shelf life and safety.

Proper handling of fish between capture and delivery to the consumer is a crucial element in assuring final product quality. Also the standards of sanitation, method of handling, the time and temperature of holding fish are all significant quality factors. With a few exceptions, freshly caught fish are considered free of pathogenic bacteria of public health significance. The presence of bacteria harmful to man generally indicates poor sanitation in handling, processing and the contamination is almost always of human or animal origin.

On the other hand, food is considered to be microbiologically unsafe owing to the presence of microorganisms which may invade human body (e.g Salmonella, Escherichia coli, Listeria monocytogenes, etc) and also those that produce toxins ingested with a food such as Staphylococcus aureus, Clostridium botulinum and Bacilus cereus (Ofred, 2009). A number of microbiological tests of fish and fish products are used by authorities to check that the microbiological status is satisfactory. The purpose of these tests is to detect pathogenic bacteria or indicator organisms of faecal pollution such as Escherichia coli or other types of general contamination or poor handling practises (coliform bacteria, faecal streptococci, total viable count). However, microbiological testing can be costly and time consuming.

The microbiology of fish and fish products is complex and covers a wide range of both quality and safety related issues. When fish are alive, the muscle tissue is considered to be sterile, but after death, the barriers to microbiological invasion begin to break down and bacteria are able to grow more freely, although will be rarely found within deep muscle tissue. After the fish is caught and dead, the microflora may begin to change due to the varying environmental conditions.

Meanwhile, the term fish processing refers to the processes associated with fish and fish products between the time fish are caught or harvested and the final product delivered to the customer. The central concern of fish processing is to prevent fish from deteriorating and this should remain the underlying factor. Fish processing can be subdivided into fish handling-which is the preliminary processing of raw fish and the manufacture of fish products. Another natural subdivision is the primary processing level involved in the filleting and freezing of fresh fish for onward distribution of fresh fish and the secondary processing that produces chilled, frozen and canned products for the retail and catering outlets. Canned fish are fish which have been processed, sealed in an airtight container such as a sealed tin can and subjected to heat. Fish products are preserved using almost every food processing technique that has ever been developed (drying, smoking, freezing, canning, fermenting, high pressure processing) and of course, there is the increasing trend towards the consumption of high quality raw fish in the form of sushi.

Procedures for ensuring fish and seafood safety

The same rules about food safety and preparation apply to fish as with any other food products. If fish is left out on a work surface for any period of time, then it will decay or “go off” very quickly. Raw and cooked fish must not come into contact with each other due to the risk of cross contamination. This means using separate utensils and chopping boards for raw and cooked fish and wiping them down after use. Fish needs to be cooked thoroughly and at the correct temperature. One exception to this is sushi. The sushi is a popular Japanese dish which consists of raw fish, e.g. salmon, rolled in rice and seaweed. It is available in restaurants and as ready prepared packs in supermarkets. Generally, this is safe to eat as long as the fish used has been cooked or if raw, has been frozen beforehand in order to kill off any parasites.

Despite the wide range of canned fishery products that are available, there are relatively few operations which are unique. The correct pre-process handling techniques and refrigerated storage conditions of all fish for canning have much in common (in fact, there is very little difference in the handling methods of fresh fish and processed fish). Similarly, with the seaming, with retort operating procedures and post-process handling of containers, the methods adopted are independent of the type of the product. The purpose of retorting-that is to achieve a shelf-stable and safe product by the application of lethal heat remains the same for all canned fishery products. It is understandable that there are common guidelines which discourage manual handling of all processed wet containers and recommend that all retort cooling water be chlorinated.

There is a direct and unavoidable relationship linking raw material quality and end product quality and this holds as much for the production of canned fish as it does for fish which is bought fresh and prepared at home. Because handling conditions immediately after catching are responsible for rapid loss of the “fresh” quality, the quality of canned fish suffers whenever the raw material is temperature abused or physically damaged between catching and thermal processing. This means that the quality criteria considered desirable by cannery management when they assess their raw materials ought to be the same as those chosen by consumers when they purchase fresh fish. Fish for canning can be trimmed to remove bruises and other localised flesh defects. As the quality of fish deteriorates from the moment of death, all that can be hoped for by good handling is to retard the rate at which undesirable, quality degrading, changes occur.

All of the pre-treatments ought to be carried out under conditions of good manufacturing practise, which means that the rudimentary steps of process hygiene should be implemented. Satisfactory control of contamination from operating surfaces and raw materials is achievable with regular cleaning (i.e., by washing the product, cleaning the line and ancillary equipment) and limiting the duration of exposure at temperatures suitable for growth of spoilage microorganisms.

In summary, seafood safety tips involve carefully buying from a reputable seller, keep seafood cold and live shellfish alive, refrigerate live shellfish properly, do not cross-contaminate and cook seafood thoroughly (Schmutz et al., 2020).

Professor John Abiodun Daramola is the HOD, Department of Agriculture and Agricultural Technology as well as the Director, Centre for Agricultural Technology and Entrepreneurial Studies (CATES) Bells University of Technology, Ota, Ogun State, Nigeria

Access Bank Champions Stronger Alliances to Propel Intra-Africa Trade at Inaugural Africa Trade Conference

Posted on by admin50

Cape Town, South Africa – March 12, 2025: Access Bank PLC, today, convened leading policymakers, business executives, and industry stakeholders in Cape Town for the maiden Africa Trade Conference, a platform dedicated to unlocking the continent’s vast trade potential. The conference serves as a strategic response to the shifting global trade landscape, emphasising Africa’s need to build resilient economies through deeper regional collaboration and enhanced financial and trade infrastructure.

Addressing participants, Roosevelt Ogbonna, Managing Director/CEO of Access Bank PLC, highlighted the need for Africa to take control of its economic destiny by fostering deeper collaboration, investing in financial infrastructure, and creating homegrown solutions that drive sustainable growth.

Ogbonna underscored the shifting dynamics of global trade and increasing need for Africa to look inward. The world, he noted, has become more fragmented, with rising nationalist tendencies and supply chain disruptions that have disproportionately impacted the continent. These challenges, he argued, present an opportunity for Africa to strengthen its trade networks, support local businesses, and build the resilience needed to compete on a global scale. However, for this vision to become a reality, several structural barriers must be addressed.

One of the critical issues Ogbonna identified is the challenges businesses face in securing capital. While many African enterprises have the ambition to scale, the excessive cost of financing often inhibits their ability to expand. He advocated a financial services sector that is designed to empower businesses, making capital more accessible and affordable.

“Many businesses on the continent struggle to find capital or access to capital and the right structure of capital, and when they do find it, the cost of capital is so significant that it makes it unbelievably expensive for them to be able to raise capital and still do business competitively. That has to change. We have to create a financial services sector that empowers businesses, one that makes it easier and seamless for businesses to be able to access capital, to able to invest in growth, invest in innovation, and of course, the muscle they need to expand beyond their local boundaries. It is clear that we need to create a network of Africa financial giants who are willing to create homegrown solutions to support the continent in achieving the objectives that we have set for ourselves.”

Beyond financial constraints, limited access to market intelligence remains a major hurdle. Many African businesses lack the necessary insights to identify trade opportunities beyond their local markets. Leveraging technology to enhance information-sharing can bridge this gap, enabling businesses to make informed decisions and seize growth prospects across the continent.

Apart from capital, Ogbonna highlighted the critical role of access to information. Many businesses struggle to find the data and intelligence necessary to make informed decisions and identify opportunities beyond their national borders. He stressed that leveraging technology to bridge this gap will be instrumental in driving cross-border trade and creating a more connected Africa. He also addressed the issue of trust between trading partners, noting that historic challenges, inconsistent regulations, and varying standards have contributed to a lack of confidence in intra-Africa trade. Overcoming this scepticism, he affirmed, requires deliberate efforts to harmonise standards, foster cooperation, and shift perceptions about the quality of African goods and services. He urged African businesses to take pride in what they produce, invest in local industries, and reject the notion that products made on the continent are inferior to those from elsewhere.

The chief executive  also emphasised the urgent need to modernise Africa’s trade routes and infrastructure. Drawing on historical examples, he pointed out that Africa once had well-established trade corridors that connected it to the Middle East and Asia. Today, however, inefficient transport networks and regulatory bottlenecks make it easier for businesses in Angola to trade with Portugal than with South Africa or Nigeria. He called for a renewed commitment to building the infrastructure and regulatory frameworks necessary to facilitate seamless trade across the continent, ensuring that goods, services, and capital can move freely between African nations.

Closing his address, Ogbonna challenged attendees to take concrete action toward realising Africa’s economic potential. He urged governments, financial institutions, and businesses to leverage platforms like the Africa Trade Conference to drive meaningful change. The goal, he emphasised, should be to create an Africa where businesses thrive, financial inclusion is a reality, and homegrown solutions set global benchmarks.

“Ultimately, let’s collectively agree that we will create value working as governments, financial services sector and businesses, leveraging our collective power to make the Africa we truly are proud of a reality,” he said.

The Access Bank Africa Trade Conference represents a significant step toward fostering dialogue, building partnerships, and driving policy initiatives that support Africa’s economic transformation. As the continent continues to navigate global uncertainties, events like this serve as a reminder that Africa’s future lies in its ability to collaborate, innovate, and build a sustainable trade ecosystem that benefits all.

Streaming link: Africa Trade Conference – 25

###

About Access Bank PLC

Access Bank PLC, a wholly owned subsidiary of Access Holdings PLC, is a leading full-service commercial bank operating through a network of more than 700 branches and service outlets spanning three continents, 24 countries and over 60 million customers. The Bank employs over 28,000 people in its operations in Africa and Europe, with representative offices in China, Lebanon, India, and the UAE.

Access Bank’s parent company, Access Holdings PLC, has been listed on the Nigerian Stock Exchange since 1998 (now Nigerian Exchange (NGX)). The Bank is a diversified financial institution which combines a strong retail customer franchise and digital platform with deep corporate banking expertise, proven risk management and capital management capabilities. The Bank services its various markets through three key business segments: Corporate and Investment Banking, Commercial Banking, and Retail Banking. The Bank has enjoyed what is Africa’s most successful banking growth trajectory in the last 20 years, becoming one of the continent’s largest retail banks.

As part of its continued growth strategy, Access Bank is focused on mainstreaming sustainable business practices into its operations. The Bank strives to deliver sustainable economic growth that is profitable, environmentally responsible, and socially relevant, helping customers to access more and achieve their dreams.

About Africa Trade Conference

Africa Trade Conference serves as a dynamic platform where industry leaders, policymakers, and stakeholders across the trade ecosystem come together to shape the future of commerce on the continent. By fostering dialogue on innovative trade solutions, sustainable practices, and market-expanding strategies, the forum underscores Access Bank’s commitment to unlocking Africa’s immense potential.

Participants will engage in insightful discussions, forge strategic partnerships, and explore opportunities that drive inclusive growth, positioning Africa as a pivotal player in global trade.

Access Bank invites you to join industry leaders, innovators, and other key players across Africa’s trade ecosystem at the Africa Trade Conference 2025.

How companies can protect their employees from cyber theft.

Posted on by admin50

By Adeyemi A. Adesola

In today’s digital age, cyber theft is a major threat for businesses, affecting personnel at all levels. As businesses increasingly rely on digital platforms for communication, transactions, and data storage, hackers continue to exploit vulnerabilities via phishing, malware, credential theft, and social engineering attacks. Protecting employees from cyber theft entails not just securing personal information but also guaranteeing the company’s overall security. When employees become victims of cyber-attacks, businesses suffer financial losses, reputational damage, and operational difficulties. To mitigate these hazards, businesses must take proactive measures to ensure a safe working environment.
Increasing cybersecurity awareness is one of the best strategies to shield staff members from cyber theft. Employees lack of knowledge of the strategies employed by malicious actors contributes to the success of many cyber thefts today. In order to teach staff members how to spot phishing emails, fake websites, and social engineering scams, organizations should regularly provide cybersecurity training. Workers should be instructed to avoid clicking on links or downloading unauthorized files, as well as to confirm unusual requests for sensitive information.

To keep staff members updated on the most recent cyber threats, security training ought to be a continuous process rather than a one-time event.
In addition to raising awareness, putting in place robust access controls is essential to stopping cyber theft. Employers should make sure that workers only have access to the data required for their jobs by enforcing the principle of least privilege.

An additional layer of protection is added by using multi-factor authentication (MFA) for logins, which lowers the possibility of unwanted access even if credentials are compromised. Businesses should also set up safe password policies that mandate that staff members create strong, unique passwords and change them on a regular basis.
Securing communication channels is a key part of safeguarding staff members. Companies should promote the usage of encrypted communication platforms and make sure that emails containing sensitive information are encrypted. Employees should also exercise caution when exchanging information over the phone, particularly when dealing with unfamiliar individuals claiming to be corporate officials, IT personnel, or financial institutions.


Endpoint security measures such as firewall protection, antivirus software, and automatic software upgrades should be implemented on all work-related devices. Companies should also create device management rules, which enable IT workers to

Anambra seals church over ritual practices

Posted on by admin50

The Anambra State Government has sealed a popular church known as “Children of the Light Anointing Ministry” run by Pastor Onyebuchi Okocha, also known as “Onye Eze Jesus”, over alleged involvement in controversial “Oke-ite” traditional practice.

The church located in Amafor village, Nkpor in Idemili North Local Government Area of the state was sealed by operatives of the state security outfit, “Agunechemba” during their visit to the premises on Sunday.

During the visit to the site, some substances including containers and other items were found at the premises.

This was disclosed in a post on the Anambra State government X handle on Sunday.

This development, it was gathered marked the third high-profile crackdown on “quick riches” spiritualists in Anambra, following the crackdown and arrests of popular native doctors and individuals engaged in “Oke-ite” practices.

The state authorities also sealed some of their shrines for engaging in such activities.

It was gathered that “Oke Ite” is a concoction made from human parts, animals, and herbs mixed in a mud pot and used for money rituals and the state authorities have identified it as a fraudulent scheme used by native doctors to deceive unsuspecting victims.Related News

Ken Emeakayi, the Special Adviser to the Anambra State governor, Chukwuma Soludo, on Community Security, also announced the closure of the church while leading members of “Operation Udo Ga-Achi” to the site.

Emeakayi stated that the action was taken in response to public complaints and a video where the pastor allegedly admitted to practising “Oke Ite” and other dubious rituals.

He said, “The state government will conduct forensic tests on liquid substances found at the ministry. While the state government does not oppose any religious practice, it will not tolerate those that promote a ‘get-rich-quick’ mentality.

“Additionally, forensic experts will analyse samples from River Bethsaida, where the spiritualist, also known as ‘Aka na Asa Uchu’, is said to conduct baths for individuals.

“The investigation aims to determine any potential health hazards associated with the practice. The Anambra State government remains committed to curbing fraudulent religious and ritualistic practices in the state.”

The spiritualist was said to have gained popularity for his style of taking followers to a river in Nkpor.

Ikenna Obianeri

Old, new naira notes remain legal tender – CBN

Posted on by admin50

The Central Bank of Nigeria (CBN) says all denominations of Naira banknotes currently in circulation remain indefinitely valid as legal tender and cannot expire or be phased out.A statement on Friday by CBN’s Acting Director, Corporate Communications, Mrs Sidi Ali Hakama, said all banknotes, including the old and new designs of N1,000, N500, and N200, were valid.

Hakama urged the public to disregard misinformation regarding the validity of the old notes.

“In

line with the bank’s previous clarifications and to offer further assurance, the CBN wishes to reiterate that the subsisting Supreme Court ruling granted on November 29, 2023, permits the concurrent circulation of all versions of the N1,000, N500, and N200 denominations of the Naira indefinitely.

“For the avoidance of doubt, all versions of the Naira, including the old and new designs of N1000, N500, and 4200 denominations, as well as the commemorative and previous designs of the 100 denomination, remain valid and continue to be legal tender without any deadline.

“We, therefore, advise the public to disregard any claims that the old series of the aforementioned banknotes will cease to be legal tender on December 31, 2024.

“We urge Nigerians to continue accepting all Naira banknotes (both old and redesigned) for their daily transactions and to handle them with care to ensure their longevity,” she said.

The director encouraged the general public to embrace alternative modes of payment, such as e-channels, to reduce pressure on using physical cash. (NAN)

Folake Ani-Mumuney Bows Out Of FirstBank Service

Posted on by admin50

“On a personal note, I am particularly delighted that the 130th anniversary year of our Bank has been a milestone year for me on many fronts and it is therefore fitting that I draw the curtain with flourish, in thanksgiving, as I ask you to ‘come and join me sing hallelujah, Jehovah Jireh has done me well’. Do raise a glass in toast to …finishing well!”

Truth be told, the amazing Amazon has built and impacted careers. Many of her former subordinates at First Bank during her tenure have become leaders in their own rights , but yet remains ever grateful proteges of this renowned progeny.

As the corporate Amazon steps out of FirstBank to seek out more opportunities, may her career path be paved with gold and the best that the universe has to offer.

List of Top 8 Nigerian Banks With Highest Customer Deposits in 2024

Posted on by admin50

Customer deposits in eight commercial banks hit N85.58 trillion in the third quarter of 2024, representing a 12.2% increase from the N76.26 trillion recorded in the corresponding period in 2023.The information is contained in the banks’ unaudited interim financials for the period ended September 30, which they filed with the Nigerian Exchange Limited (NGX).

Customer deposit is the money a customer pays into a bank to secure goods or services or to make an advance payment on an order or project.Zenith Bank recorded the highest customer deposits at N21.57 trillion in the review period, from the N13.38 trillion recorded in Q3 2023.The figure is a 61% increase driven by demand deposits, which rose from N7 trillion to N8 trillion.Access Holdings followed next with N22.28 trillion in customer deposits compared to N15.32 trillion in Q3 2023, representing a 46% yearly increase.The bank’s demand deposits stood at N9.36 trillion from N6,83 trillion in 2023.

First Bank increased to N16.72 trillion in the review period from N10.66 trillion in the same period in 2023, showing a 57% increase.The bank’s demand deposits rose to N3.87 trillion, savings deposits reached N4.12 trillion, and term deposits spiked to N8.72 trillion.Guaranty Trust Bank reported an N10.68 trillion increase in customer deposits under review from N7.41 trillion in the same period in 2023.Term deposits of the bank rose from N846.09 billion to N1.46 trillion, while savings deposits rose from N3.29 trillion to N4.21 trillion.

Fidelity Bank recorded N6.08 trillion in customer deposits in the review period, relative to N4.01 trillion recorded in Q3 2023, representing a 52% increase, while term deposits rose from N75.99 billion to N309.80 billion.Sterling Bank recorded customer deposits of N2.46 trillion in the period under review, up from the N1.84 trillion it recorded in the corresponding period in 2023.The bank’s savings deposits rose from N1.10 trillion to N1.50 trillion, and term deposits stood at N1.23 trillion from N742.12 billion.Its savings deposits rose from N1.10 trillion to N1.50 trillion, and term deposits increased from N742.12 to N1.23 trillion. Stanbic IBTC’s deposits swelled to N2.46 trillion from N1.84 trillion in 2023, representing a 34% increase.

The growth was driven by current accounts, which spiked from N1.04 trillion to N1.33 trillion, and savings accounts rose from N337.25 billion to N478.22 billion.Wema Bank experienced a 23% yearly increase in customer deposits, from N1.86 trillion in 2023 to N2.29 trillion in 2023.Punch reports that the value of customers’ bank deposits rose to N136 trillion as of March 2024.Total bank deposits rose by 63%, from N70.5 trillion in 2022 to N115 trillion in 2023, hitting N136 trillion in March 2024, an 18.26% increase in three months.The bank disclosed that all conversions must be fully disclosed and reported as part of the bank’s exchange rate requirements.

Access Bank PLC Completes Acquisition of Standard Chartered Bank Angola S.A. and Standard Chartered Bank (Sierra Leone) Limited

Posted on by admin50

Further to our July 14, 2023 announcement regarding the above subject, Access Holdings PLC (‘Access Holdings’ or ‘the Company’) is pleased to announce that its flagship subsidiary, Access Bank PLC (‘Access Bank’ or ‘the Bank’) has completed the acquisition of Standard Chartered Bank Angola S.A and Standard Chartered Bank (Sierra Leone] Limited (‘the Acquisitions’).Commenting on the completion milestone, Roosevelt Ogbonna, the MD/CEO of Access Bank PLC and CEO of the Banking Group said:‘We are pleased to have successfully concluded 2 important acquisitions in Angola and Sierra Leone, affording us synergies to strengthen the quality of our earnings from both countries by significantly growing our share of the Corporate and SME banking in the two markets. The combinations represent another significant step towards our broader vision of becoming the Worlds Most Respected African Bank.’The parties are working on the completion of transactions that would see Access Bank acquire Standard Chartered Bank’s subsidiaries in Cameroon, the Gambia and its Consumer, Private and Business Banking business in Tanzania.Access Holdings shall continue to make disclosures as and when required.

Access Holdings shall continue to make disclosures as and when required.

SUNDAY EKWOCHI

COMPANY SECRETARY

About Access Holdings PLC

Access Holdings PLC (‘the Company’) operates through a network of more than 700 branches and service outlets, spanning three continents, 23 countries and over 60 million customers. The Company serves its various markets through four subsidiaries across the banking, payment, pension administration and insurance sectors through four operating companies, viz: Access Bank PLC, Hydrogen Payment Services Company Limited, Access Pensions Limited, and Access Insurance Brokers Limited.Access Bank PLC serves its various markets through three business segments- Corporate and Investment, Commercial and Retail and has enjoyed what is Africa’s most successful banking growth trajectory in the last twenty-two years. Following its merger with Diamond Bank in March 2019, Access Bank Plc became one of Africa’s largest retail banks by customer base and the Nigeria’s largest bank by total assets.

Hydrogen Payment Services Company Limited, the payment company, leverages the strong suite of the Bank’s existing assets and customer base, creating a super fintech that will be Africa’s most powerful business services network. Hydrogen being a company of African heritage has a clear understanding of the unique payment challenges across the continent and is positioned to address these challenges with its offerings. Its range of products and services, such as InstantPay, Payment gateway, POS services, Card and Switch processing are gaining traction in the marketplace and addressing the unique needs of customers.Access ARM Pensions Limited, formerly Access Pensions Limited, is one of Nigeria’s largest Pension Funds Administrator (‘PFA’) by customer base and Assets Under Management, with nearly ₦3 trillion in assets under management and serving over 2 million Retirement Savings Account holders.Access ARM Pensions Limited is the product of several separate entities. The erstwhile Access Pensions Limited first became a subsidiary of Access Holdings following the acquisitions of the former First Guarantee Pension Limited and Sigma Pensions Limited and their subsequent merger. Subsequently, Access Pensions Limited merged with ARM Pensions Managers Limited to then form Access ARM Pensions Limited. As one of Nigeria’s leading PFAs, Access ARM Pensions Limited will leverage key relationships and Access’ growing ecosystem across Africa to unlock greater opportunities for customers.

Access Insurance Brokers Limited is a company licensed by the National Insurance Commission that provides intelligent solutions that mitigate the unique risks faced by individuals and business in an ever-changing world using leading risk management tools and governance standards.The Company strives to invest in businesses that are committed to sustainable practices and have a positive impact on the environment.

For media inquiries, please contact:Olakunle Aderinokun

Head, Media Relations

Access Holdings PLC

+2348033204315

aderinokuno@theaccesscorporation.com

How N12bn Fraud Rocked First Bank-Ex Bank Staff

Posted on by admin50

In the last six months, First Bank of Nigeria FBN, had consistently been in the news for the wrong reasons.Recall that NATIONAL WAVES reported how the bank sacked over 100 employees and how a former manager of the operations team, diverted ₦40 billion.A couple of weeks back another former staff, Adesuwa Ezenwa, a relationship manager revealed jaw dropping details about how a former chairman of the bank, Oba Otudeko defrauded the bank to the tune of N12 billion.Ezenwa revealed to the National Industrial Court, NIC, Lagos division that loans worth billions of naira were transferred to companies related to Otudeko even though they were granted in the name of other firms.Ezenwa is claiming unfair dismissal by FBN on October 5, 2016, on fraudulent loan disbursements without any explanation as to her culpability.

After her sack, she was invited to appear before a credit disciplinary committee reviewing facilities granted to a firm known as Supply and Services Ltd, a subsidiary of Royal Ceramics Group, a major customer of the bank.Although the committee cleared her of having any interest in the loans disbursed, Ezenwa said she was admonished during the disciplinary proceedings for not whistleblowing on some of the transactions approved by her group head, a certain Mr Olatunji and the Executive Vice President, a Mrs. Cecilia Majekodunmi.She said the admonition was most unfair and unwarranted as she was in no position to whistle blow on her superiors, though some of the loan facilities reviewed were unsecured facilities granted to companies in which the chairman of the bank, Otudeko and the erstwhile Managing Director, Bisi Onasanya, had substantial investments.

“The persons to whom these reports would have been made were the very persons who were the perpetrators of the misdeeds,” her statement to the court reads.“The impugned facilities were approved and disbursed under the direction and authority of her Group head and executive vice president and camouflaged as loans granted by some other unsuspecting customers.”In one scenario, according to her, unsecured facilities, that is loan granted without collateral, worth about N12 billion were granted to a company in which Oba Otudeko has substantial investment.

However, the loan was camouflaged as loans granted to the Stallion Group of Companies, which at a point in time discovered this false entry in its statement of account and protested same.In another instance, she said, an unsecured facility of N2 billion was granted in 2012 to Broadwaters Resources Company Nigeria Ltd, which she said turned out to be a mere conduit pipe employed by Majekodunmi and Onasanya for siphoning monies from the bank.The loan, according to the court filing, was never repaid.“Out of the N12 billion camouflaged as lending to the Stallion Group, N8.21 billion was transferred through various accounts to a final destination account belonging to a company known as V TECH LTD which belongs to the Chairman of FBN Holdings, Oba Otudeko while the sum of N4.45 billion out of the same fictitious facility was transferred to Ontario Oil and Gas.

The facility remains unpaid to date,” the document reads.“These were not the only acts of malfeasance by the top management of the bank, but several other transactions were undertaken by other top management staff for which the Plaintiff is being punished.“Apart from funds camouflaged as loans granted to the Stallion Groups, similar loans were granted over the years by Olatunji who was the Branch Manager and Majekodumi, to other customers of the Bank amongst which are SUPPLIES AND SERVICES LTD.

Supplies and Services Ltd is a subsidiary of ROYAL CERAMICS GROUP OF COMPANIES and several loan approvals were initiated and authored by Olatunji and Majekodunmi.“The facilities granted to Supplies and Services Ltd was subsequently sublet and disbursed in smaller bits to several customers on more profitable terms to both officers and these customers include Swap Technologies and Telecomms Plc, NetConstruct Nigeria Ltd, Orbit Cargo, High Performance Distributions Ltd etc.“Some of the transactions undertaken by the Bank are already being investigated by the Economic and Financial Crimes Commission, EFCC.

Their investigations/Report will be relied on at the trial.”Ezenwa said given the size of the loans, the board of the bank cannot but be complicit in the lendings, which were above the limits of the executive directors, vice-president and managing director of the bank.Otudeko is no stranger to bank deals that end up becoming controversial.Some FBN Holdings shareholders protested after Otudeko purchased 4,770,269,843 units of FBN Holdings’ shares through his Honeywell Group. The purchase brought the stake held by the company in the premier bank to 13.3 percent.However, a few days after the purchase, Ecobank wrote a letter to FBN Holdings, asking the bank to reject Otudeko’s bid to become its largest shareholder.In July, the Securities and Exchange Commission, SEC said it was investigating the acquisition of 4.77 billion shares of FBN Holdings by Otudeko.