Court Convicts First Bank Agent for PoS Fraud

Image

By Modupe Gbadeyanka

The Economic and Financial Crimes Commission (EFCC), Makurdi Zonal Office on Wednesday, July 3, 2019 secured the conviction of a First Bank Point of Sales (PoS) agent (First Moni), Mr Eze Shedrach, before Justice Mobolaji Olajuwon of the Federal High Court, Makurdi, the state capital on a one-count charge that bordered on cybercrime.

Trouble started for Mr Shedrach, when one of his customers collected N105,000 from him and issued him an ATM card with which he made an electronic replacement of the sum through his PoS machine.

He effected the transfer not knowing that the ATM card issued to him by the customer was stolen. Shedrach’s inability to find out the status of the ATM card followed his failure to identify the customer properly before the transaction.

Investigation by the EFCC revealed that Mr Shedrach as First Bank’s PoS agent was in the habit of carrying out financial transactions without proper documentation of his customers upon withdrawals.

The withdrawal of N105,000 done on his POS machine on April 28, 2019 was with a stolen ATM card belonging to the victim; and could not be traced in his ledger as there is no documentation to that effect.

A complaint of fraudulent withdrawal from Oodo Rose, the owner of the ATM card led to Mr Shedrack’s arrest and prosecution by the EFCC.

The one-count charge reads: “That you Eze Shedrach being a First Bank Service provider as a Moni Agent on the 28th of April, 2019 at Ikpayongo Town, within the jurisdiction of this honourable court, failed to obtain proper identification of your customer before executing the customer’s electronic instruction using First Bank Plc ATM card issued to one Oodo Rose on your Point of Sale (POS) to withdraw the sum of N105,000 only and thereby committed an offence contrary to and punishable under Section 37(2) of the Cyber Crime (Prohibition, Prevention etc) Act, 2015 and punishable under the same Act.”

Mr Shedrach pleaded guilty to the charge. In view of his plea, the prosecuting counsel, Y. Y. Tarfa urged the court to convict him in accordance with the plea bargain agreement he reached with the commission.

Justice Olajuwon found Mr Shedrack guilty and convicted him. He ordered him to pay a fine of N500,000 to the federal government and in addition, pay the sum of N100,500, only to the complainant as restitution. He is to remain in prison custody pending the payment of the fines.

Share
Related Stories
Image
10-February-2024

CBN Removes Exchange Rate Band on Interbank FX Transactions

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has announced a removal of the spread on foreign exchange (FX) transactions among banks, in its most adacious efforts to prop up the country’s forex market. In a notice released on Friday evening signed by Mrs Omolara Omotunde Duke, the Director of Financial Markets Department, the CBN announced it is discontinuing any cap on the spread on interbank foreign exchange transactions and restrictions on the sale of interbank proceeds. “A key objective of the ongoing foreign exchange market reforms by the Central Bank of Nigeria is to promote a market-based price

Image
31-January-2024

CBN Moves to Stop Banks from Hoarding Forex

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has released a new directive warning banks from hoarding excess foreign currency for profit. The new circular introduces a set of guidelines aimed at reducing the risks associated with these practices as the central bank believes some commercial banks hold long-term FX positions so they can profit from the volatile movements. In a circular titled Harmonisation of Reporting Requirements on Foreign Currency Exposures of Banks, the CBN raised concerns over the growing trend of banks holding large foreign currency positions. “The Central Bank of Nigeria (CBN) has noted with concern the

Image
23-January-2024

FBNQuest Facilitates N677bn Commercial Paper, Bond Sales

By Aduragbemi Omiyale In 2023, the services of FBNQuest Merchant Bank, the investment banking and asset management subsidiary of FBN Holdings Plc, were required for the issuance of commercial papers and bonds worth over N677 billion in the capital market. FBNQuest Merchant Bank has a strong reputation for helping indigenous and multinational corporates access the capital markets to meet their funding goals. The performance of the bank in the debt capital market reflects its strong expertise, execution capability, and client loyalty, as well as its ability to provide innovative and tailored solutions to meet the diverse financing needs of its

Image
23-January-2024

Stanbic IBTC Shines at 2023 International Finance Awards

By Aduragbemi Omiyale Stanbic IBTC Holdings Plc was the star of the 2023 International Finance Awards after its subsidiaries were recognised across nine categories of the prestigious event recently. Business Post gathered that Stanbic IBTC Bank garnered recognition in four categories, including Best SME Bank in Nigeria 2023, Best Trade Bank in Nigeria 2023, Best Research House in Nigeria 2023, and Best Custodian Bank in Nigeria 2023. Not left out was Stanbic IBTC Pension Managers, the country’s largest pension fund administrator, which clinched the ‘Best Pension Fund Management Company in Nigeria 2023’ award, recognizing its consistent double-digit returns, transparent operations,

More Stories
Image
10-September-2019

LASACO Assurance Shifts 39th AGM, Picks Fresh Venue

By Dipo Olowookere The board of LASACO Assurance PLC has announced the postponement of its 39th Annual General Meeting (AGM) earlier scheduled to take place this week in Lagos. The yearly shareholders’ gathering was earlier fixed for Thursday, September 12, 2019 at the City Hall, Lagos Island, Lagos. But a new notification from the insurer said the AGM would not longer take place this week, but next month at a new venue already announced. According to the notice, the new date and venue are Tuesday, October 8, 2019 and Oriental Hotel, Victoria Island, Lagos respectively. The time for the AGM

Image
25-November-2022

Unlisted Securities Index Drops 0.04% as Friesland Fall

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange slipped by 0.04 per cent on Thursday on the back of a price drop in FrieslandCampina WAMCO Nigeria Plc. The company depreciated by 20 Kobo during the session to N67.00 per share from the preceding day’s value of N67.20 per share and this shortened the NASD Unlisted Securities Index (NSI) by 0.29 points to 711.66 points from 711.95 points and trimmed the market capitalisation of the bourse by N200 million to N935.12 billion from the N935.32 billion it closed in the preceding session. At the market yesterday, there was a fall

Image
03-June-2022

N5.7bn Verdict: Aggrieved Ex-Bankers Give Fresh Ultimatum

By Adedapo Adesanya Discharged bankers under the aegis of the Association of Ex-Staff of Non-Consolidated Banks of Nigeria have given the Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) an ultimatum to pay their N5.7 billion benefits. In an interview with Channels Television, the Chairman of the association, Mr Magnus Maduka, issued a month ultimatum on behalf of the members on Friday. “The judge said he gave them (CBN and NDIC) three months to pay up, failing which the delay will begin to attract 10 per cent interest on the sum,” he said. Business Post had

Image
26-October-2020

Again, Lagos Eases Curfew as Schools Remain Shut

By Dipo Olowookere For the second time, the Lagos State government has reviewed the hours of movement restriction in the state for its residents. On Tuesday, October 20, 2020, Governor Babajide Sanwo-Olu announced a 24-hour curfew in the state after some hoodlums were using the opportunity of the #EndSARS protest to attack Lagosians and some of the demonstrators. Thereafter, he made the curfew 72-hour before announcing on Friday evening that it would be relaxed from Saturday, October 24, 2020, to 4pm – 8am. On Sunday night, the Commissioner for Information and Strategy, Mr Gbenga Omotoso, announced in a statement that

Image
18-July-2022

General Electric Plans to Restructure Operations

By Adedapo Adesanya General Electric (GE) has announced plans to restructure its operations into three industry-leading, global, investment-grade public companies focused on the growth sectors of healthcare, energy, and aviation. In a statement on Monday, GE revealed that its healthcare business is to be named GE HealthCare; GE’s portfolio of energy businesses, including GE Renewable Energy, GE Power, GE Digital, and GE Energy Financial Services, will come together as GE Vernova; while its aviation business is to be named GE Aerospace. By creating three separate companies, each will benefit from greater focus, tailored capital allocation, and strategic flexibility to drive

Image
02-December-2021

Oyo Tasks Block Moulders on Compliance with Regulatory Guidelines

By Modupe Gbadeyanka To prevent building collapse, members of the National Association of Block Moulders of Nigeria (NABMON) have been tasked to comply strictly with guidelines put in place by the Standards Organisation of Nigeria (SON). The Commissioner for Information, Culture and Tourism, Dr Wasiu Olatunbosun, while speaking on Wednesday at the inauguration of newly elected state officers of the association in Ibadan, described block moulders as critical stakeholders in construction works. He said the Oyo State government has zero-tolerance for building collapse, noting that efforts would be made to strengthen the relationship between both parties. “We identify with you

Image
18-February-2018

FAAN Begs Air Peace Over Cows on Akure Airport Runway

By Dipo Olowookere Authorities of the Federal Airports Authority of Nigeria (FAAN) has apologised to Air Peace Airlines and its passengers over the delay in landing caused by a herd of cattle, which strayed onto the runway of Akure Airport on Saturday morning. The Air Peace plane took off from Lagos on Saturday and was to stop at the Akure Airport in Ondo State, but because the cows were on the runway, the aircraft could not land on time, waiting mid-air for over 15 minutes before eventually landing. The incident, which caught the attention of the Ekiti State Governor, Mr

Image
08-March-2022

Naira Falls 0.2% to N575/$1 at P2P FX Market

By Adedapo Adesanya The Naira depreciated at the Peer-2-Peer (P2P) window of the foreign exchange (FX) market by 0.2 per cent or N1 against the United States Dollar on Monday, March 7. Data obtained by Business Post showed that at the P2P FX market yesterday, the exchange rate of the local currency closed at N575/$1 compared with the previous session’s value of N574/$1. At the cryptocurrency market, investors counted more losses as six of the 10 digital assets were in the negative territory, with Cardano (ADA) losing 2.1 per cent to trade at N572.77 and Dogecoin (DOGE) declining by 1.3 per

Ad
Ad
Recent Stories
Image
01-March-2024

Nigeria Wants Share in $350bn Global Outsourcing Market

By Aduragbemi Omiyale The global outsourcing market is estimated to be worth about $350 billion and Nigeria is looking to take a slice of it to address the rising unemployment rate in the country. Before 2023, the National Bureau of Statistics (NBS) put the unemployment rate at about 33 per cent, but in its revised edition, the agency said the rate grew to 5.0 per cent in the third quarter of last year. The outsourcing market is becoming the new oil market and Nigeria, which prides itself as the largest economy in Africa because of its population size of over

Image
01-March-2024

Lokpobiri Charges New NCDMB Council on Growth of Nigeria’s Energy Sector

By Adedapo Adesanya  The Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, has charged the newly inaugurated fourth Governing Council of the Nigerian Content Development and Monitoring Board (NCDMB) to continue advancing the country’s oil and gas industry. The NCDMB Governing Council is set up under the Nigerian Oil and Gas Industry Content Development (NOGICD) Act and draws membership from representatives of select institutions connected with the energy sector. The fourth NCDMB Governing Council would be chaired by Mr Lokpobiri, while the Executive Secretary of NCDMB, Mr Felix Omatsola Ogbe, would serve as the Secretary. Others are the

Image
01-March-2024

How to Protect Your Crypto From Scams, Hacks

In 2023, it is estimated around $2 billion was lost by investors to scams, rug pulls and hacks. Although the technology is becoming more secure and stable and many users are more aware of the tricks used to steal assets, there are still ways for thieves to extract your crypto if you aren’t careful.   Experts at Smart Betting Guide have provided a guide on the best ways to keep your crypto safe in 2024.  1. Do not store your password and seed phrase on the Cloud   For many people, the best and most convenient way to access crypto is through

Image
01-March-2024

FX Crisis: Nigeria May Slam $10bn Fine on Binance

By Adedapo Adesanya The Nigerian government may be considering a $10 billion fine on Binance, a crypto exchange platform, amid a crackdown on crypto platforms in desperate moves to restore the nation’s battered foreign exchange (FX) market. This information was disclosed by Mr Bayo Onanuga, who is the Special Adviser on Information and Strategy to President Bola Tinubu, in an interview with the British Broadcasting Corporation (BBC) on Friday morning. According to the President’s aide, this was necessary as the Nigerian government believes Binance profited substantially from its “illegal transactions” in the country while the nation suffered huge losses. Mr

Image
01-March-2024

Business Confidence in Nigeria Falls in February Amid Rise in Input Costs

By Modupe Gbadeyanka Business conditions in Nigeria slowed to 51.0 in February 2024 from 54.5 in January 2024, as price pressures intensified in the private sector at an unprecedented pace in over a decade of data collection, the Stanbic IBTC Bank Purchasing Managers’ Index (PMI) has revealed. A statement from the lender disclosed that the improvement in business conditions was the weakest since the recovery in the private sector began last December. It stated that input costs surged higher in the period under consideration as a result of higher fuel prices and exchange rate weakness, which drove up material costs.

Image
01-March-2024

Harvard Business School Introduces Tony Elumelu Foundation Case Study

By Modupe Gbadeyanka A case study to spotlight the role of celebrated African businessman, Mr Tony Elumelu, in transforming the development agenda on the continent through his Tony Elumelu Foundation (TEF) has been introduced by the Harvard Business School. The case study, launched on Thursday, February 29, 2024, will critically look into how the former banker is catalysing entrepreneurship in Africa through his Africapitalism approach. At its unveiling before a class of graduate students at Harvard Business School, Mr Elumelu said, “TEF is creating economic hope and opportunity for African entrepreneurs. We know that entrepreneurship is the solution to youth

Image
01-March-2024

Unlisted Securities Remain in Negative Territory by 1.36%

By Adedapo Adesanya Correction at the NASD Over-the-Counter (OTC) Securities Exchange continued as it recorded a 1.36 per cent loss on Thursday, February 29. The bourse lost N21.34 million of its value during the trading session to close at N1.542 trillion compared with the preceding day’s N1.564 trillion and the NASD Unlisted Security Index (NSI) went down by 15.74 points to end the day at 1,138.05 points versus Wednesday’s 1,153.79 points. Yesterday’s decline was influenced by Aradel Holdings Plc, which further suffered further profit-taking, causing its price to drop N98.25 to close at N2,401.75 per share versus the preceding session’s

Image
01-March-2024

Naira Firms to N1,595/$1 at NAFEX, Weakens to N1,500/$1 at Black Market

By Adedapo Adesanya The Naira ended a tumultuous February as it recorded a price appreciation f 0.09 per cent or N14.40 against the US Dollar on Thursday, February 29, in the Nigerian Autonomous Foreign Exchange Market (NAFEM). Data obtained from the FMDQ Securities Exchange showed that the value of the local currency closed at N1,595.11/$1 during the session compared with the preceding day’s N1,609.51/$1. Also, the Nigerian currency improved its value against the Pound Sterling in the official market yesterday by N20.34 to close at N2,046.19/£1 compared with the preceding session’s N2,066.53/£1 and strengthened against the Euro by N16.5 to

Image
01-March-2024

Oil Down as US Inflation Signals Weak Crude Demand

By Adedapo Adesanya  Oil was down on Thursday as inflation data in the United States implied a softening of the world’s biggest economy that could weaken crude demand. Brent futures went down by 6 cents to $83.62 a barrel and the US West Texas Intermediate (WTI) futures depreciated by 28 cents to $78.26 a barrel. The US Federal Reserve’s preferred inflation gauge, the US Personal Consumption Expenditures (PCE) index, showed January inflation in line with economists’ expectations. The index rose 0.3 per cent last month, the Commerce Department’s Bureau of Economic Analysis said. Data for December was revised lower to

Image
01-March-2024

Local Stock Market Rebounds, Closes Last Day of February 0.68% Higher

By Dipo Olowookere The last trading session of February 2024 at the Nigerian Exchange (NGX) Limited ended on a positive note as it rebounded by 0.68 per cent after the interest rate hike scare. The growth posted on Thursday was triggered by bargain-hunting in financial stocks, especially those selling at cheaper prices after the sell-offs in the past few sessions. However, profit-taking persisted in the other sectors of the bourse, with the energy, and consumer goods indices closing lower by 0.33 per cent, and 0.18 per cent, respectively. Business Post reports that the banking space rose by 6.14 per cent,