Banking
Businessman Loses Billions of Naira, Properties to First Bank
By Dipo Olowookere
Properties worth millions of Naira and money worth billions of Naira have been lost to First Bank by a businessman and owner of SmartMicro, Mr Michael Obasuyi Osasogie.
The items, which include a total of 116 cars and 20 landed properties scattered in Edo, Rivers and Lagos States, were seized by the Economic and Financial Crimes Commission (EFCC) and handed over to the financial institution on Wednesday, November 28, 2018.
Trouble began for Mr Osasogie after a petition he wrote to the anti-corruption agency against E-tranzact in March 2018.
The commission had, however, investigated Mr Osasogie’s business interests, following receipt of a counter-petition written by e-tranzact against him and one of his companies, SmartMicro.
SmartMicro was said to have approached e-tranzact in 2012 for the deployment of bulk purchase solution called “Corporatepay” to facilitate payment of salaries of Delta State employees in microfinance banks.
It was also alleged that e-tranzact configured an additional outbound fund transfer solution called “Fundgate” in 2017, which required SmartMicro to maintain a pre-funded settlement account with First Bank Plc for settlement of account it had initiated.
However, e-tranzact had further alleged that the bank, sometime in March 2018, revealed that the settlement account was in debit of N11,498,944,038.29.
Mr Osasogie, in his statement to the EFCC, confessed to have committed the crime, stating that he created fraudulent and imaginary monies through the aid of Fundgate Financial Application from the company.
Consequently, Mr Osasogie was arraigned alongside his firms-Platinum Multi-Purpose Co-operative Society, SmartMicro Systems Limited and Platinum Smart Cruise Motors Limited on May 24, 2018 before Justice Justice Mojisola Dada of the Special Offences Court sitting in Ikeja on a 14-count charge bordering on stealing to the tune of N11.5 billion.
One of the counts reads: “That you, Michael Obasuyi Osasogie, Platinum Multi-Purpose Co-operative Society, SmartMicro Systems Limited and Platinum Smart Cruise Motors Limited, sometime in the year 2016 in Lagos within the jurisdiction of this Honourable Court, conspired to commit felony, to wit: stealing of the sum of N11,498, 944, 038.29 property of First Bank Nigeria Ltd.”
He pleaded guilty to the charge preferred against.
During his trial, an investigator with the EFCC, Orji Chukwuma, had told the court how the proceeds of crime were housed in some new generation banks.
Led in evidence by the prosecution counsel, Rotimi Oyedepo, Chukwuma had told the court that “SmartMicro Systems Limited assumed a position of a fictitious microfinance bank in Nigeria through a software, Micro switch Server 1.1 created by the defendant as well as two genuine microfinance banks, which he used to carry out his fraud.
“The defendant later opened an account with First Bank Plc and subsequently raised an overdraft from his fictitious microfinance bank for his account in the bank, which it ignorantly paid.”
In his further testimony, the witness had told the court that when e-tranzact disconnected from the chain, all the transactions carried out by the defendant collapsed on his own account with First Bank, thereby leading to the discovery of the fraud.
The sums of N2,903,727,563.92, $37,992.87 and €18,538.09 were recovered by the commission from Mr Osasogie’s accounts in various banks in the country.
The agency also recovered 116 cars and 20 properties located in Lagos, Abuja, Benin and Port Harcourt.
The prosecution counsel had, therefore, urged the court to convict the defendant on counts one to 14, according to the law.
The defendant later entered into plea bargain. The prosecution counsel therefore urged the court to consider the plea bargain entered into by the defendant on May 21, 2018 as judgment in his sentencing.
Counsel to the first and second defendant, Osasu Ogebor, had told the court that his clients went into a plea bargain in order to give out what does not belong to him.
“It is not enough for the accused person to say I am sorry for what he has done. But from his inner heart, he is absolutely sorry, my Lord”, Ogebor had pleaded.
Counsels to the third and fourth defendants also aligned themselves with Ogebor’s prayers.
Delivering her judgment, Justice Dada convicted the defendant on all the counts and sentenced him to one-year imprisonment.
The Judge also ordered the forfeiture of defendant’s 116 buses, 20 properties and monies in various accounts to First Bank Plc.
At the hand- over ceremony, which held in one of the forfeited houses at Osapa London, Lekki-Lagos, Kaina Garba, Head Asset Forfeiture and Recovery Management Unit of the EFCC, Lagos office, handed over the documents and keys to the properties to Gabriel Edobor, Head, Remedial and Classified Assets Management Department, First Bank Plc and Eme Godwin, Group Head, Legal Unit, E-transact.
In a show of appreciation, both Edobor and Godwin thanked the EFCC for ensuring the recovery of the properties through diligent and uncompromising investigative efforts.
By Aduragbemi Omiyale
A Côte d’Ivoire subsidiary of Zenith Bank Plc will be launched on Wednesday, April 29, 2026, after obtaining an operating licence in December 2025 from the country’s Ministry of Finance and Budget.
The country’s subsidiary will operate from its headquarters at SCI Wall Street, Avenue Noguès, Plateau, Abidjan.
Zenith Bank is in Côte d’Ivoire to deepen its presence in Francophone West Africa and strengthen financial intermediation within the West African Economic and Monetary Union (WAEMU).
Positioned as a gateway for cross-border trade and investment, Zenith Bank Côte d’Ivoire will focus on corporate banking, trade finance, local and offshore banking services, and structured financial solutions tailored to businesses operating across Africa and internationally.
Expected at the official opening ceremony tomorrow are senior government officials and regulators from Nigeria and Côte d’Ivoire, continental business leaders, and members of the diplomatic community, highlighting the strategic economic ties and investment opportunities between the two markets.
The Côte d’Ivoire launch forms part of Zenith Bank’s broader continental growth strategy. In addition to the Anglophone countries where it currently operates, and in line with the expansion into the Francophone market, the bank has commenced its entry process into the CEMAC (Central African Economic and Monetary Community) region, with Cameroon as the focal point.
It was gathered that the new subsidiary will be headed by Mr Cédric Tano, a seasoned banking executive with over two decades of experience.
“We are proud to establish Zenith Bank’s presence in Côte d’Ivoire at a time of strong economic growth in the country and increasing regional integration.
“Our focus is to showcase the Zenith brand as a customer-centric institution that combines global best practices with deep local insight.
“We are well-positioned to support businesses with innovative financing solutions, facilitate cross-border trade, and contribute meaningfully to the growth of the Ivorian economy and the wider WAEMU region,” Mr Tano commented.
Also speaking, the chief executive of Zenith Bank, Ms Adaora Umeoji, said, “From the very beginning, our founder and chairman, Mr Jim Ovia, set out to build a truly global brand with a strong presence across Africa and key international markets.
“The launch of Zenith Bank Côte d’Ivoire is a bold step in realising that vision; opening a strategic corridor into Francophone West Africa and reinforcing our commitment to facilitating trade, investment, and enterprise growth across the continent.
“As we continue to expand thoughtfully and strategically, we remain focused on delivering world-class banking solutions that connect African businesses to global opportunities.”
By Modupe Gbadeyanka
Some entrepreneurs across diverse sectors recently completed a three‑week intensive capacity‑building programme organised by Ecobank Nigeria, in partnership with DHL.
The event was put together to equip Small and Medium Enterprises (SMEs) with the skills, tools, and insights required to scale beyond local markets and compete globally.
The focus was on critical growth enablers such as cross‑border trade, e‑commerce opportunities, logistics, customs procedures, and international shipping—key pillars for sustainable expansion in today’s increasingly connected global marketplace.
In one of the sessions, titled Trade and Grow Beyond Borders: Welcome to E‑commerce, the Relationship Channel Manager for DHL Customers/Global Express, Mr Charles Eke, underscored logistics as a critical success factor for SMEs, identifying key challenges such as access to finance, markets, and efficient logistics.
He also provided practical guidance on customs processes, international shipping, documentation, and shipment tracking, while emphasising the immense opportunities e‑commerce presents for cross‑border expansion.
According to him, international markets often offer greater growth potential than domestic markets for well‑positioned SMEs.
The Head of SMEs, Partnerships and Collaborations at Ecobank Nigeria, Mrs Omoboye Odu, described the programme as a catalyst for meaningful growth and mindset change.
“Over the past three weeks, something truly powerful has taken place. This programme has gone far beyond knowledge sharing—it has inspired new thinking and unlocked fresh possibilities for our SMEs. The message is clear: no business should be limited by geography,” she said.
Mrs Odu reiterated Ecobank’s deliberate focus on SMEs as key drivers of Africa’s economic development, saying, “Beyond building capacity, we are intentionally opening doors by connecting businesses to new markets and opportunities. With our presence in over 30 African countries, coupled with integrated payment, trade finance, and e‑commerce solutions, Ecobank is uniquely positioned as the Pan‑African bank enabling seamless cross‑border trade.”
One of the participants, Ms Dolapo Fatoki of Debsfray, a Lagos-based fashion brand, described the initiative as impactful, practical, and transformative.
“The sessions were highly informative. I gained a deeper understanding of documentation and pricing, two areas that previously posed major challenges for me. The collaboration between DHL and Ecobank has been exceptional and truly beneficial,” she noted.
Similarly, the Creative Director of FC Accessories, Mr Tosin Olukuade, described the programme as “an eye‑opener,” adding that it reshaped his approach to business growth.
“The insights I gained will help me scale my business exponentially. I am grateful to Ecobank and DHL for creating this opportunity,” he said.
Reflecting on the programme’s digital focus, the chief executive of Needle Point, Mrs Theresa Onwuka, highlighted how the sessions broadened her outlook on growth and innovation.
“The class was so good—it got my mind thinking of possibilities. My main takeaway is clear: digitalisation is the way forward,” she remarked.
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has directed banks and other financial institutions to submit monthly reports on failed electronic transactions across digital channels, as part of new compliance measures introduced in its revised Guide to Charges.
The directive was contained in a circular titled Exposure Draft of the Guide to Charges by Banks and Other Financial Institutions in Nigeria, 2026 (The Guide) and signed by the Director of the Financial Policy and Regulation Department, Mrs Rita Sike.
According to the apex bank, Chief Compliance Officers and Heads of Information Technology in financial institutions are required to jointly render electronic reports of all failed transactions conducted via Automated Teller Machines, Point of Sale terminals, mobile channels, web platforms, and other electronic systems.
The circular read, “The Chief Compliance Officer and Head Information Technology shall jointly render monthly reports electronically, of all failed electronic transactions via various e-channels (ATM, PoS, mobile, web/internet and related channels) that originate or terminate in the institution.”
The reports are to be submitted to designated CBN email addresses, reinforcing the regulator’s push for stricter monitoring of service failures across the banking system.
Beyond the reporting requirement, the CBN also introduced broader accountability measures, placing responsibility on top management of financial institutions to ensure strict adherence to the new guide.
Executive Compliance Officers or Managing Directors are mandated to cascade compliance expectations across all business units and ensure that banking systems are configured to apply only approved charges.
Specifically, the regulator directed that Heads of Information Technology must ensure that “all systems configurations only capture and allow posting of charges as permitted and described in this Guide,” while Chief Compliance Officers are to monitor strict compliance with the framework.
The revised guide, effective May 1, 2026, replaces the 2020 version and provides a comprehensive framework for charges across banking and other financial services.
The CBN explained that the review was aimed at promoting a safe and sound financial system, encouraging innovation, and expanding financial inclusion through lower tariffs on micropayments and transactions.
It added that the revised framework would strengthen oversight and accountability, encourage the adoption of electronic payment channels, and accommodate new industry participants.
Business Post also reported that the regulator has raised ATM card fees by 50 per cent to N1,500 and scrapped the monthly maintenance charge.
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