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 Adedapo Adesanya
Nigerian tier-1 lender, First Bank, has announced the introduction of its Naira Visa Debit Card in partnership with the global payments giant to extend accessible, reliable electronic payment capabilities to a broader segment of the Nigerian population.
The card is targeted at everyday consumers who require a dependable payment instrument for routine domestic and international transactions. Accepted across POS terminals, ATMs, and online platforms through Visa’s payments network, the Naira Visa Debit Card is designed to reduce friction for customers transitioning from cash to electronic payments across retail, utilities, and digital commerce.
According to the bank, the partnership aligns with Nigeria’s ongoing drive toward a cashless economy, a policy direction that has gained significant momentum following successive Central Bank of Nigeria directives encouraging the adoption of electronic payment channels, adding that the card is intended to serve customers across the country’s diverse economic segments.
The Naira Visa Debit Card is available to all eligible FirstBank account holders through any of the bank’s branches nationwide.
Speaking on the launch, Mr Chuma Ezirim, Group Executive, eBusiness & Retail Products, FirstBank, said: “Everyday transactions should be simple, secure, and rewarding. The Naira Visa Debit Card is designed to make life easier for our customers, whether they are paying for groceries, settling utility bills, or shopping online.
“By extending reliable electronic payment access across Nigeria, we are helping more people transition confidently from cash to digital payments, supporting the nation’s cashless policy and empowering communities with greater financial inclusion.”
Commenting on the strategic importance of the partnership, Mr Andrew Uaboi, Vice President and Cluster Head, West Africa, Visa, noted: “A strong payments ecosystem works for everyone. The Naira Visa Debit Card extends reliable electronic payment access to everyday Nigerian consumers, and this in addition to the cards in our portfolio, continues to demonstrate what a truly comprehensive card portfolio looks like for the Nigerian market. Visa is proud to power this offering with FirstBank.”
The launch of the Naira Visa Debit Card broadens Visa’s card portfolio at FirstBank, which already includes products spanning credit cards and High-end premium lifestyle spending cards. The addition completes its offering across customer segments, ensuring that cardholders at every income level have access to a product suited to their needs.
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has unveiled the fourth edition of its Foreign Exchange Manual as part of efforts to deepen liquidity, improve transparency and strengthen confidence in the country’s foreign exchange market.
Speaking at the launch of the revised manual in Abuja on Friday, the Governor of the apex bank, Mr Yemi Cardoso, said the document will take effect from June 1, 2026.
He said it was developed after extensive consultations with banks, exporters, importers, corporates, regulators and development partners.
He said the new framework reflects the apex bank’s commitment to modernising the country’s foreign exchange administration in line with international best practices.
Mr Cardoso described the foreign exchange market as a critical pillar of any open economy, noting that effective governance of the sector is essential for sustaining macroeconomic stability and investor confidence.
“Foreign exchange is more than a financial instrument. It anchors price stability, facilitates the flow of goods and capital, and shapes investor sentiment,” he said.
The CBN governor stressed that the revised manual became necessary due to changing global economic realities, domestic reforms and the need for a more coherent and forward-looking regulatory framework.
According to him, the last edition of the FX manual was issued in 2018, making the latest review both timely and necessary.
Mr Cardoso disclosed that Nigeria’s foreign exchange market has witnessed significant improvement in liquidity since the current administration began reforms in the sector.
He added that daily turnover in the FX market increased from an average of about $100 million in the early days of the administration to between $400 million and $600 million daily.
The CBN Governor added that the market had also recorded transactions of up to $1 billion per day on several occasions in recent months.
“We have gone from a situation where it was more or less a one-way market, where the central bank came in, intervened and went away, to a much more dynamic market,” he stated.
The apex bank boss noted that the reforms were gradually restoring confidence among investors and market participants, encouraging freer entry and exit in the market without unnecessary restrictions.
He also maintained that the nation’s foreign reserves should not be used as the primary tool for funding the foreign exchange market.
“Reserves are reserves. They are not what you look to fund a market,” he said.
The CBN Governor assured stakeholders that the revised manual would be distributed free of charge to authorised dealers while the bank strengthens monitoring mechanisms to ensure compliance, fairness and accountability across the foreign exchange market.
On his part, the Deputy Governor for Economic Policy, Mr Muhammad Abdullahi, said the review formed part of broader reforms initiated by Mr Cardoso to restore confidence, improve transparency and deepen liquidity in the foreign exchange market.
Mr Abdullahi explained that the revised manual introduces several changes aimed at improving ease of doing business and reducing transaction bottlenecks.
Among the notable changes, he noted, are provisions allowing unfettered access to export proceeds, the introduction of non-resident investment accounts and operational guidelines for Pan-African Payment and Settlement System (PAPSS) transactions to support regional trade.
Mr Abdullahi added that the manual also contains new provisions on service exports, revised documentation requirements and updated operational procedures designed to align Nigeria’s FX market with global standards.
He said the apex bank deliberately adopted an ease of doing business approach during the review process to eliminate inefficiencies and ambiguities identified by stakeholders.
“The revised manual is not a stand-alone exercise but part of a broader institutional reform effort designed to strengthen the integrity, credibility and effectiveness of Nigeria’s foreign exchange system,” he said.
By Aduragbemi Omiyale
The Central Bank of Nigeria (CBN) has approved the appointment of Mr Julius Omodayo-Owotuga to the board of First Bank of Nigeria Limited as an executive director.
A statement from the company said the appointment of Mr Omodayo-Owotuga became effective on Wednesday, May 13, 2026.
He was appointed to the board of the subsidiary of First Holdco Plc to further strengthen its leadership capacity across strategic finance, governance, risk management, and institutional transformation.
Before now, he served on the board of First Holdco as a non-executive director between 2021 and 2026.
The appointee brings to the board 24 years of experience spanning banking and financial services, infrastructure finance, power, oil & gas, and audit and consulting.
His appointment, according to the notice to the Nigerian Exchange (NGX) Limited, reflects the Bank’s continued commitment to strong governance, disciplined execution, financial resilience, and sustainable long-term growth.
He most recently served as deputy chief executive of Geregu Power Plc, Nigeria’s first listed power generation company, where he played a pivotal role in institutional transformation, governance strengthening, capital market positioning, operational optimisation, and major financing initiatives, including the company’s landmark listing on NGX.
Mr Omodayo-Owotuga previously served as group executive director, Finance & Risk Management at Forte Oil Plc (now Ardova Plc), where he was instrumental in the company’s financial and operational transformation, leading strategic restructuring, capital raising, treasury optimisation, enterprise risk management, and governance improvement initiatives that strengthened long-term shareholder value.
His professional career also includes roles at Africa Finance Corporation, Standard Chartered Bank, KPMG Professional Services and MBC International Bank (Now First Bank Nigeria Limited), providing him with deep experience in institutional finance, treasury management, financial controls, regulatory engagement, and corporate advisory.
Mr Omodayo-Owotuga is a CFA Charter Holder, KPMG-trained Accountant, and a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), the Chartered Institute of Taxation of Nigeria (CITN), and the Institute of Credit Administration. He is also a member of the Institute of Directors (IoD) Nigeria and a Certified Management Accountant.
He holds a Doctorate in Business Administration, a Master’s in Business Administration and a Bachelor’s degree in Accounting. He is an alumnus of Saïd Business School, University of Oxford, IE Business School, Geneva Business School, and the University of Lagos.
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