Banking
Ex-Skye Bank Staff Docked over N78.5m Pension Fraud
By Modupe Gbadeyanka
A former employee of Skye Bank has been arraigned by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) on offence bordering on fraud.
The suspect, Mr Yemi-Aris Olaniran, was brought before Justice Babatunde Quadri of the Federal High Court 10, Maitama, Abuja for allegedly defrauding the Federal Government of N78.52 million.
The Commission, in a 24 count-charge preferred against the ex-banker, accused him of transferring N78,521,431.61 from the Federal Government Pension funds into private accounts held by non-pensioners in contravention of Section 15 (2) (b) of the Money Laundering Act 2011.
The alleged offence is punishable under Section 15 (3) of the same Act.
Counsel to the ICPC, Mr Adesina Raheem, told the court that Mr Olaniyan, while working as a staff of Skye Bank, Gwagwalada-Abuja, between October 2011 and March 2013, surreptitiously opened 50 bank accounts into which he made several transfers of funds.
The alleged funds ranged from N1 million to N11.2 million.
The Commission had earlier arraigned Mr Olaniyan before Justice Adeniyi Ademola of the Federal High Court 7, Maitama-Abuja, but had to seek for the transfer of the case to another trial judge due to the criminal charges preferred against Justice Ademola by the Federal Government.
Mr Raheem held that the ex-banker, in one instance, opened an account in the name of Ibrahim Nurudeen, and transferred the sum of N11,248,439.52.
He was also alleged to have in another illegal transaction, wired N9.58 million from the Federal Government pension account into a Skye Bank account in the name of Umar Abdullahi who was not a registered pensioner.
The charge sheet reads in part, “That you Yemi-Aris Olaniran, between October 2011 and March 2013 at Gwagwalada Abuja whilst being a staff of Skye Bank Plc directly transferred the sum of N11,248,439.52 belonging to the Federal Government of Nigeria to an account opened in the name of one Ibrahim Nurudeen when you reasonably ought to have known that such funds were the proceeds of an unlawful act and thereby committed an offence contrary to Section 15 (2) (b) and punishable under Section 15 (3) of the Money Laundering Act 2011 as amended.”
However, Mr Olaniran pleaded not guilty to all the charges when they were read to him as his counsel, Mr Ojo Olugbemiga, urged the court to allow his earlier bail to remain.
The trial judge, in his ruling, ordered that his bail should continue and adjourned the matter to April 11, 2017 for hearing.
By Aduragbemi Omiyale
A collaboration to enable fast money transfers into Nigeria has been entered into between Flutterwave and Xoom, PayPal’s international digital money transfer service.
The partnership allows Xoom transfers to be converted by Flutterwave and settled locally in Naira, enabling quick transfers directly into recipients’ bank accounts at Access Bank, UBA, Zenith Bank, First Bank, GTBank, and additional participating banks across Nigeria.
The deal also enables Xoom’s global network with Flutterwave’s local payout infrastructure, allowing users globally to send funds directly into Nigerian bank accounts with improved speed and efficiency.
Nigeria is the leading remittance recipient in Sub-Saharan Africa, receiving over $20 billion in personal remittances in 2024. Despite this volume, receiving international payments has historically remained complex due to FX constraints and settlement delays. This collaboration helps address those challenges in a market of more than 232 million people, where the ICT sector is projected to contribute 21 per cent of GDP by 2027.
By combining Xoom’s expansive reach with Flutterwave’s local compliance and banking partnerships, the two companies are providing a more accessible financial corridor for the continent.
Xoom, a PayPal service, is a fast and secure international digital money transfer service that enables consumers to send money, pay bills, and reload phones for friends and family in approximately 160 markets globally.
As part of PayPal’s global payments ecosystem, Xoom leverages advanced fraud protection, compliance capabilities, and a trusted global network to help millions of customers move money quickly and securely across borders.
“We’re excited to have been chosen by Xoom for their Nigeria expansion. Millions of Nigerians rely on money from abroad to support everyday needs, whether it’s families receiving help from loved ones, freelancers getting paid for their work, or individuals earning income from the global economy. This helps make it easy and more reliable for people in Nigeria to receive funds and stay connected to opportunities beyond borders,” the chief executive of Flutterwave, Mr Olugbenga GB Agboola, stated.
By Aduragbemi Omiyale
An initiative known as Nigeria Lightning Rounds, designed to expand funding opportunities for Nigerian startups and small businesses by connecting founders with local and international investors, has been launched by ProvidusUnity Bank, in partnership with US-based global venture firm and accelerator, gener8tor.
Scheduled to be held on July 15, 2026, Nigeria Lightning Rounds will feature carefully selected startups engaging with targeted investors who have expressed interest in supporting Nigerian innovation.
Participating founders will have the opportunity to pitch their businesses through focused 15-minute virtual sessions facilitated by gener8tor and ProvidusUnity Bank’s networks.
The program will focus on high-growth sectors including fintech, healthtech, manufacturing, sustainability, and AI, but welcomes SMEs from all industries, with intending participants urged to apply via https://www.gener8tor.com/lightning-rounds/nigeria.
“We recognise that access to capital remains one of the biggest challenges facing entrepreneurs in Nigeria. Through our partnership with gener8tor, we are creating a platform that connects promising Nigerian founders with investors who can provide the support required to scale their businesses,” the Head of Business Development at ProvidusUnity Bank, Mr Ernest Elue, stated.
“The partnership reinforces ProvidusUnity Bank’s commitment to strengthening Nigeria’s entrepreneurial ecosystem by supporting innovation, enabling access to opportunities, and creating pathways for businesses with high-growth potential,” he added.
Also commenting, the Director of Lightning Rounds at gener8tor, Ms Elizabeth Larios, said, “gener8tor is thrilled to partner with ProvidusUnity Bank to extend the Lightning Rounds model into Nigeria.
“This collaboration reflects our commitment to building equitable ecosystems and driving capital to the most promising and underrepresented entrepreneurs.”
Lightning Rounds are a signature initiative of gener8tor’s investment platform, which has facilitated thousands of investor-startup meetings globally. The format is optimised to eliminate friction, reduce bias in early-stage fundraising, and help founders secure capital from investors aligned with their mission and stage. gener8tor’s previous Lightning Rounds for Nigerian Founders in 2025 featured 18 participating Investors and led to 50 investment meetings facilitated.
By Modupe Gbadeyanka
The verification of the depositors of the 46 microfinance banks, whose operating licenses were revoked by the Central Bank of Nigeria (CBN) over a week ago, has commenced.
The exercise, aimed at refunding those whose funds were trapped in the small lenders, is being conducted by the Nigeria Deposit Insurance Corporation (NDIC).
In a statement on Thursday, the agency said its staff members have been positioned at the offices of the affected banks across the country to attend to depositors.
It was disclosed that depositors of the defunct banks, who had their Bank Verification Numbers (BVNs) linked to their accounts in the failed banks, will be paid through their alternative accounts in existing banks.
However, depositors whose BVNs were not linked to their accounts in the failed banks have been encouraged to visit the affected banks’ offices with proof of account ownership, a passport photograph, verifiable means of identification (Driver’s Licence, Permanent Voter’s Card, International Passport or National ID Card) and BVN.
NDIC also stated that depositors can alternatively file their claims online through its website: www.ndic.gov.ng, to complete the Pre-Verification Claims Form by clicking on the Search Bar, and typing Pre-Verification Claims Form; opening the Form and filling in their details. They can also do so by clicking the link: https://ndic.gov.ng/ndic-pre-verification-claims-form/ or by visiting any of the NDIC offices closest to them to file their claims.
For further enquiries, the corporation can be reached on any of the following lines: 09037273810, 09038197064, 08104220807, 09064657140.
