Banking
EFCC Arraigns Bank MD for N317m Fraud

By Modupe Gbadeyanka
The Economic and Financial Crimes Commission (EFCC) on Friday January 20, 2017 arraigned one Mr Fredrick Ogbueifun before Justice P.A. Ajoku of the Federal High Court, Benin, Edo State on a 33-count charge for alleged abuse of office to the tune of N316.9 million.
The accused, as Acting Managing Director of Uda Community Bank now Uda Microfinance Bank, allegedly raised different over drafts at different times in favour of several account holders above the limit laid down by the law and the bank’s regulation.
He pleaded not guilty to all the counts when they were read to him in court.
One of the counts reads: “that you Fredrick Ogbuifun while being the Acting Managing Director of Uda Community Bank Nigeria Limited (now Uda Microfinance Bank Limited) on or about the 22nd of October 2007 within the jurisdiction of this honourable court did knowingly grant and approved an overdraft in the sum of Three Million, One Hundred and Fifty Thousand, Six Hundred Naira (N3, 150, 000, 600.00) in favour of Assurance Venture Ltd an account holder with account No. 1210200072 which said sum is above your limit as the Acting Managing Director of the bank as laid down by the law and in accordance with the bank’s regulation and thereby committed an offence contrary to Section 15(1)(a)(b) of the Failed Banks (Recovery of Debt) and Financial Malpractices in Banks Act CAP F2 of the Revised Edition (Laws of the Federation of Nigeria 2007 and punishable under Section 16(1)(a) of the same Act”.
In view of his plea, the prosecution counsel, Sadiq Hussaini asked the court to fix a date for the commencement of trial.
However, the defence counsel A.O.O.Ekpu urged the court to grant his client bail with a promise that he will make himself available for trial.
Justice Ajoku granted the accused person bail in the sum of N1million with two sureties in like sum. The sureties must be public servants not below level 12.
The sureties must have landed property within the jurisdiction of the court. Justice Ajoku adjourned the matter to March 15, 2017 for trial, while the accused person is to be remanded in prison custody pending the perfection of his bail.
In a similar development, the EFCC on Friday arraigned one Mr Joseph Ishiguzo, before Justice J. E. Inyang of the Federal High Court, Owerri, Imo State on a four count charge bordering on conspiracy and obtaining money by false pretence.
Mr Ishiguzo allegedly sold 18 plots of land to the complainant for N33.3 million, issued the complainant a hand written receipt together with power of attorney even when he knew that the said plots of land did not belong to him.
The accused pleaded not guilty when the four counts were read to him.
In view of his plea, the prosecution counsel, M.T. Iko asked the count to fix a date for trial and to remand the accused person in custody.
The Defence counsel, A. S. Aseluno urged the court to grant his client bail as the offence is bailable. Justice Inyang granted the accused person bail in the sum of N10 million naira or two sureties in like sum. The case was adjourned to February 16 and 17 2017 for trial.
Banking
UBA, NiDCOM to Unlock Diaspora Capital for Nigeria’s Growth
By Modupe Gbadeyanka
A partnership aimed to unlock diaspora capital for Nigeria’s growth has been deepened by the United Bank for Africa (UBA) Plc and the Nigerians in Diaspora Commission (NiDCOM).
The chief executive of UBA, Mr Oliver Alawuba, underscored the diaspora’s critical role as a powerful economic force and a generation of builders shaping new narratives for the continent.
He also reiterated the financial institution’s readiness to leverage its global network and innovative financial solutions to support diaspora engagement, urging Nigerians abroad to tap into opportunities within Africa’s economic landscape.
“You are not limited here; you have opportunities on the continent, and we want you to make good use of them. That is where banking, and we at UBA, become the connecting point that you need to access the opportunities back home.
“Whether you like it or not, the returns are high in Africa, and we are here to help you navigate that space,” the UBA chief said on Monday when he hosted key representatives of NiDCOM led by its chairman, Mrs Abike Dabiri, at the bank’s office in the United Kingdom.
UBA recently launched a Diaspora Banking platform to provide a seamless, integrated platform for Africans in the diaspora to bank, invest, and manage their financial obligations back home, thus connecting global Africans with investment and wealth opportunities.
The lender introduced the platform, with leading ecosystem partners representing a major step in redefining diaspora banking beyond remittances toward structured wealth creation and long-term investment.
“With UBA, you have a financial partner that is with you, that understands what you are going through, and that can support you to make sure you realise your aspirations, both here and in the country,” Mr Alawuba noted.
In her remarks, Mrs Dabiri-Erewa praised UBA for being a trusted financial partner over the years, especially with the recent launch of its diaspora platform.
“Many of you here are the real game-changers. “For years, it has been wonderful engaging Nigerians all over the world. When I started, it felt like we only heard the bad stories, not the good ones. What we have tried to do internationally is to tell and celebrate the good stories. We have Nigerians doing well all over the world, and they are in this room. We must continue to celebrate you,” she stated.
While remarking that the meeting demonstrates a significant step in aligning public and private sector efforts to deepen diaspora inclusion and accelerate Nigeria’s development agenda, she pledged closer collaboration in driving policies and initiatives that encourage Nigerians abroad to actively participate in the country’s economic growth.
Banking
Ecobank’s Enhanced Ellevate Initiative Excites Women Entrepreneurs
By Modupe Gbadeyanka
The launch of the Enhanced Ecobank Ellevate Proposition (Ellevate 2.0) in Lagos has been welcomed by women entrepreneurs.
Ecobank Nigeria, a subsidiary of the pan‑African financial services group Ecobank Group, unveiled the upgraded programme at an event themed Her Voice. Her Power. Her Growth. The initiative was designed to support women‑owned businesses.
The gathering featured inspiring conversations and practical insights from accomplished women in business and professional leadership.
In her keynote address titled The True Woman Power: Strength Rooted in Identity, Resilience and Purpose, the founder of Gatimo Limited and Creative Director of Ruff ‘n’ Tumble, Mrs Adenike Ogunlesi, praised Ecobank for its longstanding support for women entrepreneurs.
“When I was seeking a loan facility many years ago to grow my business, Ecobank was the institution that supported me when others turned me down,” she shared, encouraging women to embrace self-awareness, resilience, and purpose as the drivers of long‑term success.
The panel session featured the chief executive of Strata Advisory, Ms Bode Abifarin; the chief executive of Village Farms Commerce and Exchange, Ms Titilayo Adesoga; and the founder of Beaty Hut Africa, Ms Subuola Oyeleye, who each shared powerful reflections from their personal and professional journeys.
Drawing from her extensive leadership background, Ms Abifarin highlighted the need for women to own their transitions and step confidently into new seasons.
On her part, Ms Adesoga encouraged women to rise above limitations by taking ownership of their personal and business narratives, as Ms Oyeleye highlighted the importance of authenticity, innovation, and investing in quality, reinforcing that women can build globally competitive businesses from Nigeria.
In her welcome speech, the Head of Premier Banking and Wealth Management at Ecobank Nigeria, Ms Ayo Osolake, who represented the Managing Director/Regional Executive, Mr Bolaji Lawal, said, “Ellevate by Ecobank reflects our unwavering commitment to supporting women entrepreneurs, who remain key drivers of economic growth, innovation, and job creation.”
Ellevate Manager for Ecobank Nigeria, Ms Victoria Igun, said, “This enhanced proposition creates stronger pathways for women entrepreneurs and professionals to build sustainable businesses and translate ambition into lasting impact.”
Banking
Zenith Bank Plans London Stock Exchange Listing in 2027
By Adedapo Adesanya
Nigerian tier-1 lender, Zenith Bank Plc, plans to list on the London Stock Exchange in 2027 to broaden access to capital and strengthen client services.
“There are a lot of deals we have on the table to finance across the United Kingdom and other countries, for which we need to raise more capital,” a bank official said on Tuesday, as per Bloomberg, since Zenith didn’t disclose additional details of its plan.
The move will make Zenith Bank the second Nigerian lender to list on the United Kingdom’s major exchange, following Guaranty Trust Holding Company (GTCO) Plc.
Zenith Bank, which is Nigeria’s second-largest lender by market value, has opened a branch in Manchester today in addition to the operation it already has in London.
The Manchester branch has the capacity to create up to 30 new direct jobs, a boost for the economy of the UK’s North West region.
The chief executive of Zenith Bank, Ms Adaora Umeoji, said, “The United Kingdom remains a key global financial centre. The opening of Zenith Bank, Manchester, therefore, marks another important milestone in our international expansion strategy, enabling us to deepen relationships with our customers, support trade and investments, and connect businesses between Africa and the UK more effectively.”
Last year, the bank raised its capital above the N500 billion minimum requirement set by the Central Bank of Nigeria (CBN), and announced plans to expand in francophone West Africa.
Founded in 1990 by Mr Jim Ovia, Zenith Bank has grown into one of Africa’s most respected banking institutions, boasting a robust capital base and a remarkable history of year-on-year profitability.
Headquartered in Lagos, Nigeria, Zenith Bank operates over 500 branches and business offices across the 36 States of the Federation and the Federal Capital Territory (FCT).
The bank currently operates subsidiaries in several African countries, including Ghana, Sierra Leone, Gambia, and Cote d’Ivoire, while maintaining a presence in major international financial centres, including the United Kingdom, France, the UAE and China.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn












