Banking
How Heritage Bank Manager Laundered N1.6b Via Son
By Dipo Olowookere
The Economic and Financial Crimes Commission (EFCC) on Tuesday, September 18, 2018, informed Justice Muhammad Idris of the Federal High Court sitting in Ikoyi, Lagos how a suspended Branch Manager of Heritage Bank Plc in Yenogoa, Mr Iwejuo Nna Joseph, allegedly concealed funds through his son’s account.
The defendant was arraigned alongside Dudafa Waripamo-Owei, a former Senior Special Adviser on Domestic Matters to former President Goodluck Jonathan, on June 11, 2016, on a 23-count charge of conspiracy to conceal proceeds of crime to the tune of N1.6 billion.
While cross-examining Joseph who gave evidence in his defence, the prosecuting counsel, Mr Rotimi Oyedepo, asked him to confirm that he deposited various sums of money including N9.5 million on January 22, 2014 to his son’s bank account.
In response, Mr Joseph, who disclosed that his son was born on December 28, 2006 and that he opened an account for him soon afterwards, answered in the affirmative.
The defendant, also confirmed depositing a sum of N5 million in his son’s account on February 3, 2014, among others.
When asked where the money came from, the defendant said it must have been from the account of Ebiwise Resources owned by his family.
He said a sum of N9 million, for instance, was transferred from his son’s account to the Ebiwise Resources account, which he and his wife jointly operate.
The defendant further stated that his company once got a contract from the Bayelsa State government to construct a Sport Academy building.
“We submitted an application for the job. There were so many buildings and they allocated one to us.
“Our company was paid N41million for the contract by the Bayelsa State government,” he said.
Asked if he disclosed to his bank that he was also a government contractor, Mr Joseph answered in the negative, adding that “I did not disclose it because it was not necessary. But my colleagues knew about the family business.”
He said he was even encouraged by his bank to open bank accounts for his family members as a young marketer.
Also, when the prosecution counsel pointed out to the defendant that he placed a sum of N200 million in a fixed deposit account on October 21, 2013, the defendant replied that he did not know.
When Mr Oyedepo drew his attention to the fact that his salary was N309,000 per month as at then, the defendant responded that he could not remember exactly how much he earned in a year “due to the fact that the monthly package varied.
“I have been on suspension since EFCC began investigating my account.
“I’m not aware that the bank has dismissed me, but I’ve not been going to work because of investigation into this account.
“Since I arrived EFCC on May 10, 2016, I have not been paid.
“The prosecution counsel also pointed out irregularities on the defendant’s Secondary School certificate, wherein his date of birth reads: June 7, 1974, but the defendant told the court that he was born on March 24, 1972.
In view of this, when asked if he ever tried to correct the date with the West African Senior School Certificate Examination, WAEC, he answered “No, because I felt it was not necessary.
“I presented the certificate to my then employer (Omega Bank) and i did not think it was necessary to change it because it happened years ago”, he said.
Earlier, while being led in evidence by his counsel, Ige Asemudara, Mr Joseph had denied all the allegations brought against him by the EFCC.
He said he was denied food for two days while in the EFCC custody and was kept incommunicado.
He also claimed that the statements he wrote were not voluntary, but were dictated to him.
He said: “All the statements I made were without a lawyer,” he said.
“They are not true. They’re false, with the intention to intimidate and humiliate me. I urge the court to discharge and acquit me.”
The defendants allegedly used different companies to launder the money between June 2013 and June 2015.
By Adedapo Adesanya
Top financial services provider in Nigeria, Stanbic IBTC, has reiterated its commitment to empowering businesses, strengthening key sectors and positioning Nigeria as a competitive player in the global economy.
This came on the back of the 2026 edition of the Nigeria Business Summit from Wednesday, April 1 to Thursday, April 2, 2026, at the Landmark Event Centre, Victoria Island, Lagos. The two-day summit brought together industry leaders, policymakers, entrepreneurs and stakeholders across multiple sectors to explore sustainable business practices, foster economic growth and unlock global trade opportunities.
With the theme, Nigeria Means Business: Powering Sectors, Growing Sustainable SMEs & Unlocking Global Trade, the summit addressed critical issues across key sectors, including agribusiness, renewable energy, trade and Africa–China banking, as well as ICT and telecommunications. Additional sessions covered areas such as family business sustainability, artificial intelligence, employee value banking, insurance, pension and wealth management.
The event featured a keynote address by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, who emphasised the urgent need for Nigeria to reposition itself as a leading export-driven economy to achieve sustained growth.
“Our true potential lies in becoming a leading export economy,” Edun stated. “Increased participation in regional and global trade will be critical to diversifying foreign exchange earnings and driving inclusive growth.”
He noted that while Nigeria’s GDP growth has improved to approximately 4 per cent, it remains below the level required to significantly reduce poverty. According to him, the country’s economic strategy is now shifting from stabilisation to growth acceleration, with trade expansion playing a central role.
Mr Edun highlighted ongoing reforms, including improved foreign reserves, rising non-oil revenues and renewed investor confidence, as indicators of a more resilient economy. However, he stressed that enhancing trade competitiveness would require continued investment in infrastructure, logistics and policy coordination.
He also highlighted the importance of small and medium-sized enterprises (SMEs), which account for over 90 per cent of businesses, noting that inclusive growth will depend on stronger collaboration between the public and private sectors.
Participants engaged in a rich line-up of activities, including expert presentations, panel discussions and high-level networking opportunities. Highlights of the summit included the Africa Trade Barometer presentation, client testimonial showcases and insightful discussions on the state of the African economy and intra-African trade opportunities.
Breakout sessions on agribusiness, ICT and healthcare, Africa-China banking and trade, as well as renewable energy, provided attendees with deeper, practical insights into some of the most critical sectors driving Nigeria’s economic future.
Speaking at the event, Mr Chuma Nwokocha, chief executive of Stanbic IBTC Holdings, represented by the organisation’s Chief Finance and Value Management Officer, Mr Kunle Adedeji, emphasised the importance of collaboration and innovation in driving sustainable growth.
“This summit has reinforced the importance of creating platforms where ideas can flourish, and businesses can grow sustainably. By working together, we can unlock new opportunities and drive economic advancement across Nigeria and the African continent,” he said.
The summit also spotlighted practical strategies for integrating sustainability into business operations, encouraging organisations to adopt environmentally conscious practices while maintaining profitability and competitiveness.
Mr Remy Osuagwu, Executive Director, Business & Commercial Banking, expressed satisfaction at the level of interest from participants, a critical element for a successful summit.
“From our conversations on energy and healthcare to the deep dives into trade, Africa-China relations, and agribusiness, Day 1 has offered perspectives that were both insightful and practical. I believe we’re all leaving with a stronger understanding of the opportunities emerging across our industries,” he said.
He acknowledged the level of engagement, questions, contributions and willingness of participants to share experiences, describing this as the real power of the Nigeria Business Summit, and a solid foundation for tomorrow.
The Chief Executive of Stanbic IBTC Bank, Mr Wole Adeniyi, who was represented by Mrs Bunmi Dayo-Olagunju, Deputy Chief Executive of Stanbic IBTC Bank, opened Day Two of the Nigeria Business Summit by highlighting the focus of the summit’s SME Day.
“Today, we build on Day One’s momentum with conversations that are equally critical for the future – from the dynamics of family businesses to the growing influence of artificial intelligence; the evolution of insurance, and the emerging space of electric vehicle banking.”
She further added, “Our goal on Day Two is simple: to explore what’s next. To understand how these developments will shape our businesses and how we can position ourselves ahead of the curve.”
By Dipo Olowookere
Tech enthusiasts interested in participating in the Take on Squad Hackathon, organised by Guaranty Trust Holding Company (GTCO) Plc, can now enter the contest via the official portal at https://squadco.com/hackathon.
The programme enters its third edition in 2026, and the theme for this year is Smart Systems: The Intelligent Economy, according to a statement issued by the organisers.
The hackathon brings together developers, designers and entrepreneurs across Nigeria in a collaborative environment to build practical solutions across key sectors, including financial services, healthcare, commerce and digital inclusion.
Participants are challenged to design and build intelligent, data-driven solutions that transform how communities engage with money.
It is part of the organisation’s commitment to fostering innovation, empowering talent, and supporting the development of technology-driven solutions that address real-world challenges across Africa.
“Today’s dynamic, digitally driven world demands continuous innovation, which is shaping how economies grow, how businesses scale, and how societies evolve.
“Through Take on Squad Hackathon, we are deliberately investing in the ideas and talent that will define the future.
“Our objective is not simply to encourage innovation, but to enable its translation into scalable solutions that deliver real and measurable impact.
“This reflects GTCO’s role as a financial services platform that connects capital, capability, and creativity to drive sustainable progress,” the Managing Director of HabariPay, Ms Eduofon Japhet, stated.
The social coding event remains a cornerstone of HabariPay’s mission to foster creativity and problem-solving among emerging tech talents. Competing teams will leverage Squad’s advanced APIs to create scalable digital tools that address everyday challenges faced by businesses and individuals.
Through initiatives such as this, GTCO continues to position itself at the intersection of finance, technology and enterprise, actively shaping the future of digital transformation in Africa.
By Dipo Olowookere
Banking services will not be interrupted throughout the Easter public holidays, from Friday, April 3, to Monday, April 6, 2026, for any reason, Ecobank Nigeria has assured its customers.
In a message over the weekend, the member of Africa’s leading pan-African banking group, Ecobank Transnational Incorporated, said customers would continue to enjoy quality service delivery during the period.
It noted that its secure and robust digital platforms would remain fully operational to support financial activities during the festive period.
All digital channels, including the Ecobank Mobile App, Ecobank Business App, USSD *326#, Ecobank Online, OmniPlus, Omnilite, EcobankPay, Ecobank Cards, ATMs, PoS terminals, and over 35,000 Ecobank Xpress Point agent locations nationwide, will remain accessible throughout the holiday, the financial institution further said, urging customers to conveniently conduct transactions at any time using this wide range of digital solutions.
Ecobank customers were encouraged to maximise the bank’s alternative channels for transfers, bill payments, airtime purchases, card services, and account management.
They were also advised to stay vigilant by shopping only on trusted websites; avoiding the sharing of PINs, passwords, and one-time passwords (OTPs); refraining from banking on public Wi-Fi networks; being cautious of urgent or emotionally charged messages; and regularly monitoring their account activity.
“Customers will continue to enjoy a full bouquet of services during the holiday, including local and international funds transfers, bill payments, airtime top-ups, merchant payments, balance enquiries, account statements, and cardless cash withdrawals via ATMs,” the Head of Products & Analytics, Consumer & Commercial Banking at Ecobank Nigeria, Mr Victor Yalokwu, stated.
“We understand that festive seasons come with increased financial activity, and our priority is to ensure our customers enjoy fast, reliable, and secure banking wherever they are.
“Our digital channels are designed to support uninterrupted transactions, and we have strengthened our systems to guarantee optimal performance throughout the Easter break,” he added.
Mr Yalokwu noted that, “Ecobank remains committed to providing innovative financial solutions and exceptional customer service. We wish all our customers and partners a peaceful and joyful Easter celebration.”
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