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 Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, says Nigeria anticipates remittances from citizens living abroad to increase by two-thirds in 2026 as it seeks to bolster its foreign-exchange reserves to $1 billion monthly.
“We are expecting that by the end of the year, we will hit about a billion Dollars a month from diaspora remittances,” he said at the 14th Annual BusinessDay CEO Forum in Lagos on Thursday, themed From Stability to Shared Prosperity.
Mr Cardoso said remittances are expected to be boosted from more than $600 million currently, banking on the CBN’s deliberate target at remittances to diversify reserve sources beyond oil earnings.
According to him, the apex bank engaged Nigerians abroad, banks and international partners to identify barriers to official remittance flows.
He said the lender subsequently reviewed policies to ensure easier movement of funds into and out of the country.
Mr Cardoso described the approach as providing free entry and free exit for foreign exchange.
He said the reforms helped double diaspora inflows within one year and exceeded initial expectations, also projecting annual remittances could reach about $8 billion if the current momentum was sustained, adding that the development reflected growing confidence in Nigeria’s financial system and foreign exchange market.
Mr Cardoso said reforms introduced by the apex bank had restored stability in the foreign exchange market and improved investors’ confidence.
He identified exchange rate unification as one of the central bank’s major achievements under the reforms programme.
According to him, replacing multiple exchange rate windows with a market-driven system eliminated distortions and improved transparency.
Mr Cardoso said improved foreign exchange liquidity and stronger reserves were among the gains from the reforms.
He said Nigeria’s net external reserves had risen from about $3 billion at the start of the reforms to above $40 billion currently, noting that gross external reserves had grown to about $52 billion, representing about 10 months of import cover.
According to him, the reserves are designed to shield the economy from external shocks and excessive market volatility.
He said the reserves were not meant for routine interventions or day-to-day exchange rate management.
By Modupe Gbadeyanka
The flagship banking subsidiary of Guaranty Trust Holding Company (GTCO) Plc, Guaranty Trust Bank (GTBank) Limited, has been announced as the winner of Nigeria’s Best Digital Bank award at the Euromoney Awards for Excellence 2026.
The lender clinched this accolade at the Euromoney Awards for Excellence 2026 ceremony, held on July 17, 2026, at The Peninsula London, England, for its outstanding performance, innovation, customer service, and leadership.
GTBank’s recognition as Nigeria’s Best Digital Bank reflects its continued leadership in digital innovation and its commitment to delivering seamless, secure, and customer-centric financial solutions.
As the banking franchise of GTCO, GTBank has consistently set industry benchmarks in digital transformation, pioneering solutions that have redefined how individuals and businesses access, manage, and experience financial services.
Over the years, GTBank has transformed the banking experience through a suite of innovative digital platforms, including the GTWORLD mobile app and solutions that provide millions of customers with seamless, secure, and convenient access to financial services.
The bank continues to strengthen its digital capabilities by introducing products and services that meet evolving customer needs while maintaining the highest standards of security, reliability, and service excellence.
This latest recognition underscores the company’s position as a market leader and reflects its sustained investment in technology, operational excellence, and innovation.
“This recognition is a testament to the legacy upon which GTBank was built and the vision that continues to guide us today.
“From inception, our goal has been to deliver on the Group’s vision to make end-to-end financial services accessible to everyone by leveraging technology to remove barriers, simplify experiences, and create meaningful value for our customers,” the chief executive of GTBank, Mrs Miriam Olusanya, stated.
“While we are honoured by this recognition, we see it as an acknowledgement of what we have achieved and a motivation to do even more.
“We remain focused on raising the bar for digital banking, investing in innovative solutions, and delivering exceptional experiences that create lasting value for our customers.
“As the financial services landscape continues to evolve, we will continue to innovate, adapt, and lead with the same commitment to excellence that has defined our franchise for decades,” she added.
The Euromoney Awards for Excellence 2026 convened leading financial institutions, industry executives, and policymakers from across the globe to celebrate excellence, innovation, and leadership in the financial services sector.
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.
