Banking
N572k Fraud: Diamond Bank Blames Pensioner for her Ordeal
**Denies maltreating her
By Dipo Olowookere
One of the lenders in Nigeria, Diamond Bank Plc, has refuted reports making the rounds that it treated harshly a woman recently defrauded of her pension funds domiciled with the bank.
A consumers’ activist, Mrs Sola Salako Ajulo, who is also the President/Founder of Consumer Advocacy Foundation of Nigeria (CAFON), had posted on her Facebook wall that a pensioner, Mrs Comfort Ashaye, was allegedly chased away by a Diamond Bank Manager in Ikeja, Lagos after she had gone to lay complaint of her accumulated pension of N572,000 which developed wings from her account.
But Diamond Bank, in a response to Business Post enquiry on the matter on Thursday, said it was not true that its Manager maltreated the defrauded woman.
The financial institution said instead, when the matter was reported to them, the woman was comforted and given “better clarity on her account status.”
In the response sent through the lender’s PR agency, Prize Communications, Diamond Bank further said after its investigation into the case, it was discovered that the victim had given out her bank details to the fraudster, who pounced on the account.
Below is the reply by Diamond Bank to Business Post on the matter:
Mrs Comfort Ashaye came to the Diamond Bank branch sometime in March this year to transact and was told she had insufficient balance of N2 on her account. She expressed confusion and pain, but the branch manager took her into her office to comfort her and get better clarity on her account status.
Upon further probe, it was discovered that numerous mobile app withdrawals from her account in excess of N500k were made and she was asked if she had permitted/authorized any transaction by any means. She said no, but informed of a certain male that called her asking for her BVN details. She also informed that she hardly used her phone as it was always under her pillow at home.
Though she had the phone with her on that fateful day and she showed the branch manager and Diamond Bank staff the number that called her, which was a privately owned no (080).
Further investigations led the Diamond Bank staff to call the number which was answered but the guy also hung up as quickly as he picked it.
Mama’s phone also showed evidence of a 4 digit code, her mobile app pin, in her sent messages to this same unknown number.
She claimed that she lived alone and that all her children lived elsewhere.
However, Diamond Bank promised to investigate further to assist urgently. Her subsequent visit after the Easter break was with her son, who came and caused a scene witnessed by customers at the banking hall.
He rained abuses, threats, curses and even called Diamond Bank fraudulent. The bank security team came into the hall due to this and with the Diamond Bank staff tried to calm him, even mama also joined to plead on his behalf.
The Diamond Bank branch team confirmed to mama that the matter had been escalated to the fraud unit of the bank and that the unit had identified one of the fraudulent withdrawals to an account at Fidelity Bank and that they were contacted to block the account; though the funds had been moved since and the account owners also unreachable.
Following that feedback to mama Ashaye, the branch was visited by an investigative journalist, who wanted our side of the story before going public. As per their policy, he was asked to get the customers introductory letter as the customer’s information was private. However, he was informed of what transpired at mama’s initial visit and the fact that she was called by an unknown person and her pin sent to the same number. The journalist expressed surprise as these details were unknown to him. He reiterated that he could use same number to track the criminals as he had successfully done in the past.
He collected the branch manager’s details and promised to come back to the bank within two weeks, but nothing was heard from him again.
The investigation was also concluded and customer was fully briefed of her negligence and the bank was not liable.
However, she maintained that she won’t take that, emphasising that there must be an insider (from the bank involved in the fraud). This matter was since concluded in April after the son’s threat to deal with the bank.
Below is the original story as shared by Mrs Ajulo:
Diamond Bank Again!
Mrs Comfort Ashaye is a Pensioner. Her pension is paid into her Diamond Account (statement in pic). On March 28 2017, her total pension was withdrawn overnight by fraudsters. Total of N585k was wired out of the account, leaving Mama with a balance of N2.07!
According to Mama, she went to her branch opposite Motorways Plaza Toll Gate area of Ikeja and the Branch manager shooed her away without letting her make a formal complaint.
She reported to a radio journalist Mr Joseph Folorunsho who tried to investigate but the same branch manager (her name is Ijeoma) threatened to lock him up and called security to harass him. As we speak, Mama Ashaye cannot explain what happened to her money.
This is the 3rd case of fraudsters wiping out consumer’s funds via online or phone platforms from Diamond Bank.
Please help share Mama Ashaye’s story until Diamond Bank investigates and refunds her pension.
By Modupe Gbadeyanka
About N3.6 trillion has been repaid to the Central Bank of Nigeria (CBN) by the Asset Management Corporation of Nigeria (AMCON) since its inception in 2010.
This information was revealed by the chief executive of AMCON, Mr Gbenga Alade, during a media parley to update the press on the activities of the agency.
Mr Alade said at the moment, the organisation still owes the central bank about N3 trillion for toxic assets of banks in the country.
He praised the organisation for its asset recovery drive, stressing that when compared with others across the world, Nigeria has done well.
“It is important to stress that the corporation has done tremendously well, especially when compared to other notable government-owned Asset Management Corporations around the world.
“Based on the balance at purchase, AMCON outperformed other Asset Management Corporations all over the world by achieving over 87 per cent in recoveries despite the unique challenges associated with debt recovery in Nigeria.
“The Malaysian Danaharta, which is adjudged one of the best performing Asset Management Corporation’s, only achieved 58 per cent. The Chinese Asset Management Corporation, despite its stricter laws, achieved just 33 per cent.
“Only the Korean Asset Management Corporation (KAMCO), South Korea, has achieved more recoveries than AMCON, with about 100 per cent. This was due to their brute force with which they chased the obligors.
“Despite KAMCO’s recovery records, the agency is still operational to date with slight realignments in its mandate.
“Other noted Asset Management Corporations that have transitioned into a perpetual institution of the various governments include, China Asset Management Company, Federal Deposit Insurance Corporation (FDIC) USA, and KFW Germany.
“So, gentlemen, without sounding immodest, AMCON has done well, and we will not relent until all the outstanding debts are fully realized,” Mr Alade stated.
On the financial performance of AMCON, he said last year, the firm posted a revenue of N156.25 billion and operating expenses of N29.04 billion, while for the 2025 fiscal year should be a revenue of N215.15 billion and operating expenses of N29.06 billion.
By Modupe Gbadeyanka
One of the non-interest banks in Nigeria, The Alternative Bank (AltBank), has opened a new branch in Effurun, Delta State.
The new office will serve the Edo-Delta region and provide purposeful banking and real financial empowerment for individuals, entrepreneurs, and businesses, a statement from the firm stated.
The lender disclosed that the Effurun branch is a bold move in its mission to reshape banking in Nigeria.
The launch was graced by key dignitaries, including the Ovie of Uvwie Kingdom, Emmanuel Ekemejewa Sideso Abe I; the Chairman of Uvwie Local Government, Anthony O. Ofoni, represented his vice, Andrew Agagbo; and the Special Adviser to the Governor of Delta State on Community Development, Mr Ernest Airoboyi; amongst others.
The Divisional Head for South at The Alternative Bank, Mr Chukwuemeka Agada, emphasised the institution’s commitment to Warri and its surrounding communities.
“By establishing a presence here, we are initiating a transformation in the way banking serves the people of Delta. Our purpose-driven approach ensures that customers’ financial goals are not just met but exceeded,” he stated.
“This branch represents our pledge to empower Warri’s dynamic businesses and families, providing them with the tools to grow without compromise,” Mr Agada added.
“We understand the heartbeat of this community, and we are excited to integrate our bank into the fabric of this dynamic region,” he stated further.
On his part, the representative of the Ovie, Mr Samuel Eshenake, challenged the bank to facilitate development and employment within the Effurun community.
The Regional Head for Edo/Delta at The Alternative Bank, Mr Akanni Owolabi, embraced this challenge, pledging that the bank will work sustainably to drive local commerce.
“At The Alternative Bank, we are committed to being an active partner in the development of Effurun. We see this branch as a catalyst for creating opportunities, driving employment, and supporting the growth of local businesses.
“Our mission is to empower this community, ensuring that every step forward is one of progress, prosperity, and shared success.”
By Aduragbemi Omiyale
A partnership aimed to enable seamless, real-time and secure transactions for cardholders across Africa and the rest of the world has been entered into by Payattitude and PAPSSCARD, the card scheme initiative of the Pan-African Payment & Settlement System (PAPSS).
The collaboration will allow Payattitude cards issued by banks and other deposit-taking institutions to be co-branded with PAPSSCARD, Discover, Diners and Pulse for acceptance across their networks in Nigeria, Africa and worldwide.
As an initiative of the African Export-Import Bank (Afreximbank) and a key financial infrastructure supporting the African Continental Free Trade Area (AfCFTA), the PAPSSCARD scheme will facilitate instant cross-border payments in local currencies.
“This partnership reflects our commitment to cross-enterprise alliances and enabling inclusive, efficient, and borderless payments across Africa and the world
“With Payattitude, Nigerian cardholders and financial institutions can now enjoy the benefits of a Nigerian card that can be used worldwide,” a director at Payattitude, Dr Agada Apochi, said.
The acting chief executive of PAPSSCARD, Mr John Bosco Sebabi, said the aim is “to connect African payment ecosystems, reduce the cost and inefficiencies of cross-border payments, and strengthen African sovereignty over payments infrastructure.
“Collaborating with Payattitude, a key innovator in Nigeria’s payment space, represents a significant step towards a more unified African payment landscape.”
The chief executive of PAPSS, Mr Mike Ogbalu, said, “By bringing together PAPSSCARD’s robust cross-border payment capabilities with Payattitude’s leadership in the Nigerian digital payments, we are taking tangible steps toward building a single African market where individuals and businesses can transact easily and securely, both within and beyond Africa.”
Payattitude is the first-in-kind Nigerian Payment Scheme to pioneer multibank App and USSD Code *569#.
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