Banking
Jaiz Bank ATM Custodian in Trouble for N33.8b Fraud
By Modupe Gbadeyanka
A branch Automated Teller Machine (ATM) officer with Jaiz Bank, Mr Alfa Ibrahim, has been arraigned before Justice Darius Khobo of the Kaduna State High Court.
The suspect was taken to court by the Economic and Financial Crimes Commission (EFCC) on January 9, 2019 on a one-count charge bordering on dishonesty to the tune of N33.8 million.
The money was said to belong to Jaiz Bank and was meant to be “loaded” into the bank’s ATM, but allegedly converted by the accused person to his personal use.
“That you, Alfa Ibrahim, while being Automated Teller Machine officer with Ja’iz Bank Plc, sometime in December 2017 in Kaduna within the jurisdiction of this Honourable Court did dishonesty take the sum of N33,810,000 being the property of Ja’iz Bank without its consent and with intent of permanently depriving it of the said amount, and you thereby committed an offence contrary to Section 270 of the Penal Code Law Kaduna State, 2017 and punishable under Section 271 of the same Law,” the count read.
However, when this charge was read to the suspect, he pleaded “not guilty” and the prosecuting counsel, Mr Esmond Garba, thereafter, urged the court to fix a date for commencement of trial, and to remand the defendant in prison custody.
Defence counsel, Kaile Yusuf, however, asked the court to grant his client bail, arguing that Mr Ibrahim was on administrative bail by the EFCC and “he did not violate the bail conditions”.
While adjourning to February 14, 2019 Justice Khobo granted him bail in the sum of N10 million, and one surety in like sum who must be a resident within Kaduna metropolis.
Similarly, Muhammad Nalami was also arraigned before Justice Khobo on a two-count charge bordering on “conspiracy, breach of trust and fraud” to the tune of N17 million belonging to Niroy Nigeria Limited.
Nalami was alleged to have connived with Hafeez Adamu (currently at large), and collected N17, 054,000 from the company, for the supply of grains, but he failed to deliver on the goods. Efforts to get a refund also proved abortive.
Count two reads: “That you Muhammed Nalami and Hafeez Ya’u Adamu sometime in June 2017 in Kaduna within the Kaduna Judicial Division of the High Court did dishonestly misappropriate or convert to your own use the sum of N17, 045,000 property of Niroy Nigeria Limited meant for purchase of three trucks and 990 bags of white sorghum grains, and you thereby committed an offence contrary to Section 293 of the Penal Code Law Kaduna State, and punishable under Section 294 of the same Law”.
He pleaded “not guilty” to the charges.
Prosecuting counsel, Esmond Garba urged the court to fix a date for commencement of trial and asked the court to remand him in prison custody.
Defence counsel, Y.Y. Mai’adashi made an oral application for the bail of his client. The application was, however, opposed by the prosecution.
Justice Khobo, thereafter, adjourned to February 14, 2019 for “commencement of trial” and ordered the accused to be remanded in prison custody pending perfection of bail application.
In a related development, Abubakar Liman Ibrahim and his company, Infaq Global Investment Limited, were also on January 9, 2019 arraigned before the trial judge on a four-count charge bordering on false pretence and issuance of dud cheque to the tune of over N27, 000, 000 (Twenty Seven Million Naira).
Abubakar was alleged by Alkasim Rilwanu, to have defrauded him in N46, 551,000 business deal, in which he was to supply baking flour, oil and bags of rice.
Rilwanu alleged that after supplying the goods, he was paid N11.5 million and another N7,470,000 leaving a balance of over N27 million. However, Abubakar issued four separate Zenith Bank cheques for the balance, which were returned unpaid by the bank. Efforts to get back the money proved abortive.
He pleaded “not guilty” to the charges.
Prosecuting counsel, Esmond Garba, thereafter, asked the court to fix a date for commencement of trial while praying the accused be remanded in prison custody pending trial.
Counsel for the defence, Y.Y. Gwazawa, moved the motion for bail dated January 7, 2019, which was served on the prosecution on January 8, 2019.
Garba, however, raised objection to the application on the “basis of the magnitude of the offence”.
Justice Khobo, granted bail to the defendant in the sum of N5 million and one surety in like sum who must be a resident within Kaduna metropolis, and adjourned to February 11, 2019 for “hearing”.
By Adedapo Adesanya
The Nigeria Deposit Insurance Corporation (NDIC) says depositors of failed banks in Nigeria can now access their insured funds within days.
The corporation said the development is a part of ongoing reforms aimed at strengthening confidence in the country’s financial system.
The chief executive of NDIC, Mr Thompson Sunday, disclosed this on Thursday at the NDIC Special Day of the 47th Kaduna International Trade Fair, noting that recent interventions had significantly improved the speed and efficiency of depositor compensation.
Represented by Mrs Regina Dimlong, the Assistant Director of Communications and Public Affairs, Mr Sunday said the corporation had successfully deployed the Bank Verification Number (BVN) system to facilitate prompt payments to customers of recently failed banks, including Heritage Bank Limited, Union Homes Plc and Aso Savings and Loans Plc.
“Depositors were paid within days of closure without the need to fill physical forms or visit NDIC offices.
“This is a part of our reform efforts to make depositor protection faster, simpler and more transparent,” he said.
According to him, the reforms were designed to restore public confidence in the banking system and prevent panic withdrawals, especially during periods of financial stress.
Mr Sunday explained that NDIC’s mandate spans deposit insurance, bank supervision, distress resolution and liquidation of failed banks, adding that the Corporation works closely with the Central Bank of Nigeria (CBN) to ensure early detection of risks in insured institutions.
He disclosed that in 2024, NDIC reviewed its deposit insurance framework, increasing coverage for depositors of Deposit Money Banks, Mobile Money Operators and Non-Interest Banks to N5 million, while customers of Microfinance Banks, Primary Mortgage Banks and Payment Service Banks are now covered up to N2 million.
He noted that the revised thresholds now guarantee full protection for about 99 per cent of depositors nationwide, particularly small savers and low-income earners.
The NDIC boss urged Nigerians to ensure their BVNs are properly linked to their bank accounts, stressing that this had become the primary channel for accessing insured deposits in the event of bank failure.
By Adedapo Adesanya
Nigeria has secured a major strategic gain at the ongoing 39th African Union Summit, after securing a permanent seat on the board of the African Central Bank.
The Minister of Foreign Affairs, Mr Yusuf Tuggar, confirmed this at the summit on Friday, highlighting it as a significant milestone for both Nigeria and the West African region.
The African Central Bank (ACB) is one of the original five financial institutions and specialised agencies of the African Union (AU).
“Importantly, Nigeria has been given the hosting of the African Monetary Institute and the African Central Bank. Not only that, in today’s plenary, Nigeria was confirmed a seat on the board of the African Central Bank. This is huge,” he said.
He stated that the development represents a diplomatic breakthrough, mentioning that the move faced initial opposition from some member states.
“It is something that was initially resisted by some countries, so now we have a permanent seat on the African Central Bank board. It’s a major success,” he added.
This year’s summit carries the theme Assuring Sustainable Water Availability and Safe Sanitation Systems to Achieve the Goals of Agenda 2063, the sessions will focus on advancing continental commitments to sustainable water management and improved sanitation, critical pillars for health, agricultural productivity, and the broader development aspirations of the AU’s Agenda 2063 framework.
Beyond financial governance, Nigeria and the West African bloc also recorded progress in elections to the Peace and Security Council, the African Union’s highest decision-making body on conflict and security matters.
The delegation announced that “Côte d’Ivoire, Sierra Leone, and the Republic of Benin have been elected,” with Benin securing a fresh term while the other two countries were re-elected.
The Peace and Security Council also convened to deliberate on the situations in Sudan and Somalia. Nigeria voiced strong reservations over Sudan’s potential readmission into the continental body.
“Nigeria voiced its reservations about Sudan being readmitted because, as you know, there are two warring factions in Sudan,” Tuggar stated.
“We reminded the Peace and Security Council that we have to abide by the rules and regulations of the African Union. If there has been an unconstitutional change of government, then the country should not be allowed to participate, and that was carried.”
The summit also outlined its 2026 theme: water sustainability. The Nigerian representative underscored the country’s strategic and demographic significance in advancing that agenda.
“Nigeria was created out of the confluence of the River Niger and the River Benue. So water is very important,” he said.
“We are the largest country in Africa, with a population of 230 million people. We’re going to be 400 million in the next 24 years. So water is a source of life. It’s very important, and we’re playing a very pivotal role in implementing the programs that are being set for the theme of the year.”
By Modupe Gbadeyanka
The second African Markets Conference (AMC) will take place in Cape Town, South Africa, from Sunday, February to Tuesday, February 24, 2026.
The event, hosted by Standard Bank, will bring together global institutional investors, sovereign wealth funds, and African policymakers to catalyse the flow of capital into the continent’s most critical sectors.
The theme for this year’s edition is Mobilising Global Capital at Scale for Africa’s Growth and Development.
AMC 2026 will host a high-level delegation of decision-makers, ensuring that the dialogue leads to tangible commitments.
The conference will be structured around five high-impact pillars designed to move the needle on investment, including prioritising infrastructure as an asset class, accelerating the energy transition, deepening African capital markets and mobilising private capital, enabling intra-African trade and flows of capital, and addressing Africa’s sovereign debt and cost sustainability.
It is estimated that by 2050, Africa will add one billion people, more than half in cities, yet it invests only $75 billion of the $150 billion it needs annually for infrastructure. Standard Bank aims to use AMC 2026 to ensure that African priorities remain at the centre of the global financial discourse.
“This year’s engagement bridges the gap between policy ambitions and market realities. Africa urgently needs practical measures to deepen capital pools, improve market liquidity, and strengthen regulatory frameworks that give investors the confidence to deploy capital at scale.
“Mobilising capital is not just about funding projects; it is about building the foundation of a more balanced and inclusive global economy,” the chief executive of Corporate and Investment Banking at Standard Bank Group, Luvuyo Masinda, stated.
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