Banking
How Heritage Bank Manager Laundered N1.6b Via Son
By Dipo Olowookere
The Economic and Financial Crimes Commission (EFCC) on Tuesday, September 18, 2018, informed Justice Muhammad Idris of the Federal High Court sitting in Ikoyi, Lagos how a suspended Branch Manager of Heritage Bank Plc in Yenogoa, Mr Iwejuo Nna Joseph, allegedly concealed funds through his son’s account.
The defendant was arraigned alongside Dudafa Waripamo-Owei, a former Senior Special Adviser on Domestic Matters to former President Goodluck Jonathan, on June 11, 2016, on a 23-count charge of conspiracy to conceal proceeds of crime to the tune of N1.6 billion.
While cross-examining Joseph who gave evidence in his defence, the prosecuting counsel, Mr Rotimi Oyedepo, asked him to confirm that he deposited various sums of money including N9.5 million on January 22, 2014 to his son’s bank account.
In response, Mr Joseph, who disclosed that his son was born on December 28, 2006 and that he opened an account for him soon afterwards, answered in the affirmative.
The defendant, also confirmed depositing a sum of N5 million in his son’s account on February 3, 2014, among others.
When asked where the money came from, the defendant said it must have been from the account of Ebiwise Resources owned by his family.
He said a sum of N9 million, for instance, was transferred from his son’s account to the Ebiwise Resources account, which he and his wife jointly operate.
The defendant further stated that his company once got a contract from the Bayelsa State government to construct a Sport Academy building.
“We submitted an application for the job. There were so many buildings and they allocated one to us.
“Our company was paid N41million for the contract by the Bayelsa State government,” he said.
Asked if he disclosed to his bank that he was also a government contractor, Mr Joseph answered in the negative, adding that “I did not disclose it because it was not necessary. But my colleagues knew about the family business.”
He said he was even encouraged by his bank to open bank accounts for his family members as a young marketer.
Also, when the prosecution counsel pointed out to the defendant that he placed a sum of N200 million in a fixed deposit account on October 21, 2013, the defendant replied that he did not know.
When Mr Oyedepo drew his attention to the fact that his salary was N309,000 per month as at then, the defendant responded that he could not remember exactly how much he earned in a year “due to the fact that the monthly package varied.
“I have been on suspension since EFCC began investigating my account.
“I’m not aware that the bank has dismissed me, but I’ve not been going to work because of investigation into this account.
“Since I arrived EFCC on May 10, 2016, I have not been paid.
“The prosecution counsel also pointed out irregularities on the defendant’s Secondary School certificate, wherein his date of birth reads: June 7, 1974, but the defendant told the court that he was born on March 24, 1972.
In view of this, when asked if he ever tried to correct the date with the West African Senior School Certificate Examination, WAEC, he answered “No, because I felt it was not necessary.
“I presented the certificate to my then employer (Omega Bank) and i did not think it was necessary to change it because it happened years ago”, he said.
Earlier, while being led in evidence by his counsel, Ige Asemudara, Mr Joseph had denied all the allegations brought against him by the EFCC.
He said he was denied food for two days while in the EFCC custody and was kept incommunicado.
He also claimed that the statements he wrote were not voluntary, but were dictated to him.
He said: “All the statements I made were without a lawyer,” he said.
“They are not true. They’re false, with the intention to intimidate and humiliate me. I urge the court to discharge and acquit me.”
The defendants allegedly used different companies to launder the money between June 2013 and June 2015.
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.
By Aduragbemi Omiyale
In recognition of its unwavering commitment to fostering access to financing for Nigerian micro, small and medium enterprises (MSMEs), Development Bank of Nigeria Plc has been rewarded with the Financial Inclusion Leadership Award at the Champions of Inclusion Nigeria Financial Inclusion Awards.
This was at the 2024 International Financial Inclusion Conference (IFIC) organised by the Central Bank of Nigeria (CBN) in collaboration with the World Bank and other stakeholders.
The chief executive of the lender, Mr Tony Okpanachi, said the recognition affirms the company’s efforts in expanding access to financial services for MSMEs in Nigeria.
“We are honoured to receive the Financial Inclusion Leadership Award, which is a testament to our bank’s commitment to expanding access to financial services for all Nigerians. This award recognises our efforts to bridge the financial inclusion gap, particularly for a priority sector like the MSMEs.
“Additionally, this award is a validation of our strategic focus on driving financial inclusion for small businesses, and we are proud to be at the forefront of this initiative that drives that. We will continue to innovate and expand our financial inclusion programmes, ensuring that more Nigerian small and startup businesses have access to services,” he stated.
On his part, the Chief Operating Officer of DBN, Mr Bonaventure Okhaimo, said the accolade demonstrates the firm’s dedication to driving financial inclusion and economic growth in Nigeria.
“This award acknowledges our Bank’s innovative approach to widening opportunities for MSMEs in Nigeria to grow and scale their businesses,” he said.
“This award will motivate us to continue pushing the boundaries of financial inclusion, exploring more innovative solutions and partnerships to expand our reach and impact.
“We are committed to ensuring that more small businesses and startup enterprises in Nigeria have access to financial services, this award will further inspire us to accelerate our efforts in this regard,” he stated.
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