By Dipo Olowookere

A part of customers’ funds with Wema Bank Plc has been allegedly lost to a system glitch and the financial institution is making efforts to recover and credit it back to the owners.

Already, the lender has approached a Federal High Court sitting in Lagos for a preservative order mandating about 26 financial institutions to return the funds, about N888.3 million, traced to accounts domiciled with the.

Wema Bank, in an affidavit deposed by its Head of Special Review and Investigation, Mr Kehinde Buari, said the money was withdrawn from its accounts without authorisation during an operational failure in bank’s core banking system on January 16, 2025.

The lender informed the court that after the unfortunate incident, it instituted a probe, which showed that some recipients of the funds attempted to move, hide, or obscure the origin of the money by transferring it across multiple accounts.

According to the bank, the financial institutions, where the funds were transferred to, were swiftly alerted about the glitch and the fraudulent transactions and were urged to restrict and sequester the affected accounts.

It said these banks were cooperative as they helped to freeze N888.3 million after the support of the Nigeria Inter-Bank Settlement System (NIBSS) to track the funds.

The old generation bank, led by Mr Moruf Oseni, said it now seeks a directive of the court to have the money and others that may further be recovered returned to its customers’ accounts.

It also begged the court to mandate the placement of affected account holders on the Central Bank of Nigeria’s Credit Risk Management System and other financial watchlists through their Bank Verification Numbers (BVNs) until the full recovery of the lost funds.

By Modupe Gbadeyanka

Over N21 million has been won by 452 Union Bank customers operating the UnionKorrect account.

The money was won by the customers at a draw held at the Douglas Road Branch of the financial institution in Owerri, Imo State.

At the event, monitored and supervised by relevant regulatory bodies, 100 customers were awarded N25,000 each, 40 customers got N50,000 each, and one customer won the grand prize of N500,000 in the UnionKorrect Regular category.

In the UnionKorrect Exclusive category, 75 customers won N100,000 each, 10 customers won N500,000 each, and one customer won the grand prize of N1 million.

The bank also rewarded 200 customers with N10,000 each, 24 customers with N20,000 each and the grand prize of N100,000 was won by one customer for saving in their UnionKorrect DeiDei accounts.

Reacting to the draw, the lender’s Head of Elite Banking, Ms Adenike Olokunbola, said, “Union Bank is happy to aid our customers in achieving their goals and dreams through campaigns like this one.

“Our UnionKorrect accounts give customers a sustainable avenue for meeting their future objectives with the bonus of being rewarded for consistently saving over time.”

The UnionKorrect savings product is a sub-account that allows holders earn interest rates while saving a fixed amount monthly for two years.

Customers who consistently save in these accounts are eligible for the regular draws where they stand the chance to win cash rewards.

By Modupe Gbadeyanka

A civil society organisation, Global Integrity Crusade Network (GICN), has apologised to Guaranty Trust Bank (GTBank) Limited, a subsidiary of Guaranty Trust Holding Company Plc, for making false corruption allegations against the bank.

In a statement made available to Blueprint in Abuja on Tuesday, signed by President of the organisation, Mr Edward Omaga, the group also retracted allegations of corruption and unwholesome activities made in a Private Investigation Report (PIR) against the lender.

Mr Omaga noted that he presented the PIR to the media on October 3, 2024, and later submitted same to certain agencies in Nigeria, the United Kingdom, the United States, and Ghana for further action.

He said the documents relied upon to compile the PIR were obtained from the internet, were baseless, and do not depict the true state of affairs about GTBank Limited and its management.

“In other words, the position taken by Global Integrity Crusade Network in the PIR was misguided. It has become clear that Guaranty Trust Bank Limited, its management and the entire GTCO brand are not under any financial or regulatory scrutiny in Nigeria or abroad as alleged.

“The issues raised about Unsolicited Accounts Opening for customers were unnecessary, as the bank operates in line with the highest standards of compliance and due process, whilst preventing the breach of data privacy laws,” he said.

On the issue of profit declaration for the period ended June 30, 2024, Mr Omaga stated that records abound to show that GTBank Limited fully complied with the applicable legal requirements of the Central Bank of Nigeria (CBN), Financial Reporting Council of Nigeria (FRCN) as well as the Securities and Exchange Commission (SEC).

“It was therefore not appropriate for GICN to query the Audited Consolidated and Separate Financial Statements for the period ended June 30, 2024, released by GTCO Plc to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE).

“In the same vein, the corporate image and integrity of GTB Limited remains intact in foreign countries where it carries on business.

“The financial penalties paid in the United Kingdom by Guaranty Trust Bank (UK) Limited coupled with the suspension of its Foreign Exchange Trading License in Ghana were minor regulatory issues, which have been sorted out long time ago.

“The group wishes to sincerely apologize through this medium for misleading the public towards having any negative perception about GTBank Limited.

“Specifically, GICN implores Mr. Segun Julius Agbaje, being the Group Chief Executive Officer of GTCO Plc, to forgive its shortcomings and consider the group as a partner in the sustained drive of the bank to provide quality financial services across Nigeria, Africa and the world at large.

“In keeping with its resolve to set the records straight, the group had on Thursday, February 27, 2025, written to withdraw the PIR and all court cases relating to this matter,” he added.