Banking
Ex-JAMB Staff Allegedly Dupes Bank N10m
By Modupe Gbadeyanka
A former employee of the Joint Admissions and Matriculation Board (JAMB), Mr Olayiwola Oguntade, has been accused of duping a bank in Oyo State.
Mr Oguntade was arraigned at the Oyo State High Court in Ibadan, on Tuesday, October 13, 2020, on a three-count charge bordering on obtaining money by false pretence, forgery and altering.
The Economic and Financial Crimes Commission (EFCC), which brought the suspect before Justice Bayo Taiwo yesterday, alleged that he defrauded the PolyIbadan Microfinance Bank of N10 million.
Mr Oguntade, who worked at the Finance and Account department of JAMB’s head office in Abuja, had the EFCC questioning him after it received a petition from the lender against one Kola Al-amin, a businessman.
The bank had accused the businessman of refusal to pay up a N10 million loan he obtained to finance a project he was to execute for JAMB.
However, investigations into the allegations revealed that it was Mr Oguntade who allegedly tricked Mr Al-amin into obtaining the loan through a fathom contract.
According to findings, Mr Oguntade contracted the businessman sometimes in 2019 to supply internet services to the JAMB office in Abuja, issuing a Local Purchase Order (LPO) and a letter of Domiciliation purportedly from JAMB to back up the ‘contract’.
Brandishing the ‘contract documents’ with the confidence that they were genuine, Mr Al-amin approached the bank for the credit facility and was granted.
But rather than allow him to use the money to execute the project, Mr Oguntade allegedly cajoled Mr Al-amin into paying the N10 million into a certain account, which, according to him, belonged to the company that would execute the project. He made the payment as directed.
He, however, realised that he had been duped after waiting in vain for the completion of the project and payment of his money by JAMB to allow him to liquidate the loan.
His failure to repay the loan prompted the PolyIbadan Microfinance Bank to petition the EFCC, leading to the discovery of Mr Oguntade’s alleged fraudulent acts.
The EFCC accused the suspect of forging the LPO and the Letter of Domiciliation bearing a fake signature of JAMB’s Registrar and Director of Finance. It was also discovered that the account he directed Mr Al-amin to pay into was his.
In one of the charges against him, the EFCC said, “That you, Olayiwola Oguntade sometimes in 2010 at Ibadan within the jurisdiction of this court, with intent to defraud obtained the sum of N10 million by false pretence through Kola Al-Amin from PolyIbadan Microfinance Bank Ltd. and thereby committed an offence.”
But the accused pleaded not guilty to all charges, which prompted the prosecution counsel, Mr Mabur Mabas, to ask the court for a trial date.
However, the defence lawyer, Mr Bamidele Salawu, moved for the bail of the accused, which Justice Taiwo granted in the sum of N1 million with two sureties in like sum.
The judge, who adjourned the case to November 5 for trial, noted that one of the sureties must have a landed property and both should identify themselves with valid identity cards to be verified by the EFCC.
By Adedapo Adesanya
Access Bank Plc, the banking subsidiary of Access Holdings Plc, has entered into a binding agreement with South African-based Bidvest Group Limited for the acquisition of 100 per cent equity stake in Bidvest Bank Limited.
The deal for the 24-year-old South African lender is due to be completed in the second half of 2025, upon regulatory approval.
This shows Access Bank’s further expansion plans in line with goals set by its late founder, Mr Herbert Wigwe.
The agreement to acquire 100 percent stake in Bidvest Bank reflects Access Bank’s commitment to strengthening its footprint in South Africa and consolidating on its position as the continent’s gateway to global markets as it seeks to optimise the benefits of recent acquisitions and accelerate its transition towards a greater focus on efficiencies.
Bidvest Bank, founded in 2000 is a niche and profitable South African financial institution providing a diverse range of services, including corporate and business banking solutions and diverse retail banking products.
As of its year ended June 2024, Bidvest Bank reported total assets equivalent of $665million and audited profit before tax of $20million.
Upon conclusion of this acquisition, Bidvest Bank will be merged with the bank’s existing South African subsidiary to create an enlarged platform to anchor the regional growth strategy for the SADC region.
This is coming just as the bank opened a new branch in Malta as part of efforts to focus on international trade finance after obtaining a banking licence from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
Access Bank said the licence marks a transformative milestone in bolstering Europe-Africa trade flows.
The Maltese branch was established by Access Bank UK Limited, the subsidiary of Access Bank Plc, which is also the subsidiary of Access Holdings Plc, which is listed on the Nigerian Exchange (NGX) Limited.
By Modupe Gbadeyanka
To strengthen Europe-Africa trade ties, Access Bank has opened a new branch in Malta. It will focus on international trade finance, employing approximately 30 people in its initial phase, with plans for controlled expansion over time.
It was learned that this Maltese branch was established by Access Bank UK Limited, the subsidiary of Access Bank Plc, which is also the subsidiary of Access Holdings Plc, which is listed on the Nigerian Exchange (NGX) Limited.
Access Bank Malta Limited commenced operations after obtaining a banking licence from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
Access Bank said the licence marks a transformative milestone in bolstering Europe-Africa trade flows.
Malta, a renowned international financial centre, and a gateway between the two continents, is strategically positioned to play a pivotal role in advancing commerce and fostering economic partnerships.
This strategic expansion into Malta enables The Access Bank UK Limited to leverage growing trade opportunities between Europe and Africa.
It underscores the organisation’s commitment to driving global trade, financial integration, and supporting businesses across these regions.
“By establishing operations in Malta, we will gain a foothold in a market that bridges European and North African economies, moving us one step closer to our goal of becoming Africa’s Gateway to the World.
“It further enhances our bank’s capacity to support clients with innovative solutions tailored to cross-border trade and investment opportunities,” the chief executive of Access Bank, Mr Roosevelt Ogbonna, stated.
“Europe has emerged as Africa’s leading trading partner, driven by initiatives such as the Economic Partnership Agreements between the EU and African regions and the African Continental Free Trade Area (AfCFTA).
“With Europe-Africa economic relations entering a new phase, The Access Bank Malta Limited is ideally positioned to deepen trade and meet the financing and banking needs of our clients in these expanding markets,” the chief executive of Access Bank UK, Mr Jamie Simmonds, commented.
Also speaking, the chief executive of Access Bank Malta, Renald Theuma, said, “Malta is uniquely positioned as a bridge between Europe and Africa, making it an ideal location for our subsidiary. This move allows The Access Bank Malta Limited to engage more closely with customers in Europe and deliver tailored financial solutions that drive growth and connectivity across both continents.”
By Adedapo Adesanya
The International Finance Corporation (IFC) and Goldman Sachs have announced a new partnership with African banks, including Nigeria’s Zenith Bank and Stanbic IBTC Nigeria to support the Goldman Sachs 10,000 Women initiative, a joint programme launched in 2008 to provide access to capital and training for women entrepreneurs globally.
The two Nigerian banks are part of nine financial institutions from across Africa which have agreed to join the 10,000 Women initiative committing to leverage the business education and skills tools the programme provides to create more opportunities for women entrepreneurs across the continent by providing access to business education.
Others banks include Stanbic Bank Kenya, Ecobank Kenya, Ecobank Cote d’Ivoire, Equity Bank Group, Banco Millenium Atlantico – Angola, Baobab Group, and Orange Bank.
Speaking on this, Ms Charlotte Keenan, Managing Director at Goldman Sachs said – “10,000 Women has had a powerful impact to date, but we know that there are more women to reach and more potential to be realized.
“We are delighted to partner with IFC to supercharge the growth of women-owned businesses across Africa, and mainstream lending to female business leaders. We remain committed to supporting entrepreneurs with the access to education and capital that they need to scale.”
Since 2008, the 10,000 Women initiative has provided access to capital and business training to more than 200,000 women in 150 countries.
“This expanded initiative marks a significant step forward in creating equitable economic opportunities for women in Africa, enabling them to build stronger, more resilient businesses and to realize their entrepreneurial goals,” said Ms Nathalie Kouassi Akon, IFC’s Global Director for Gender and Economic Inclusion.
Goldman Sachs’ 10,000 Women initiative complements the Women Entrepreneurs Opportunity Facility (WEOF), launched in 2014 by Goldman Sachs and IFC as the first-of-its-kind global facility dedicated to expanding access to capital for women entrepreneurs in emerging markets.
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