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 N2 billion is expected to be used to finance renewable energy products for customers by the end of 2026 in an effort to accelerate Nigeria’s clean energy transition.
To meet this goal, Sterling Bank is launching Sterling Solar Financing Hubs inside StarTimes retail outlets to embed on-the-spot solar financing at the point of purchase.
From the N2 billion earmarked for this initiative, N600 million has already been used up.
Under this programme, customers can now walk into participating outlets, select their preferred solar solution, receive financial guidance from dedicated Sterling Solar Financing Advisors, and begin the financing process immediately, subject to the bank’s credit assessment.
The first phase of the rollout commenced this July with five Solar Financing Hubs across Lagos, located in Lekki, Ikeja, Festac, Surulere, and Victoria Island.
The network will expand rapidly to 46 StarTimes outlets nationwide before the end of the third quarter of 2026, with a view to extending the model to more than 200 StarTimes locations nationwide.
Both parties have promised to continue working together to democratise access to clean energy financing, empowering more Nigerians to solarise their homes and businesses while contributing to a greener future.
“Sterling exists to enrich lives, and we believe that access to clean, reliable energy should be within everyone’s reach. Through this partnership with StarTimes, we are democratising access to solar by bringing financing directly to the point of need, enabling more families and businesses to transition to sustainable energy without the burden of prohibitive upfront costs. This is about unlocking opportunity, improving livelihoods, and powering Nigeria’s future,” the Divisional Head of Renewable Energy and Mobility at Sterling Bank, Mr Darlington Nwankwo, said.
Also commenting, the Vice President of StarTimes Nigeria, Mr Eric Xiao, said, “With the rollout of the Sterling Solar Financing Hubs, we are doing more than just selling solar products; we are building a sustainable energy ecosystem. By integrating StarTimes’ extensive service network with Sterling Bank’s professional financial services, we are significantly lowering the barrier for Nigerian households and small businesses to access clean energy.
“Moving forward, we will continue to deepen this partnership, ensuring that more Nigerians can enjoy reliable, affordable, and smart energy solutions, ultimately turning our vision of energy accessibility into a reality for all.”
By Modupe Gbadeyanka
The Nigeria Business Summit Regional Tour of Stanbic IBTC Bank made a detour to Jogor Centre, Ibadan, Oyo State, on Wednesday, July 15, 2026, to empower Micro, Small, and Medium Enterprises (MSMEs).
The event brought together business leaders, development partners and government representatives to discuss pathways for sustainable enterprise development across the South-West.
Participants engaged in practical masterclasses on export opportunities; access to finance and business growth strategies; gaining actionable insights into market expansion; trade documentation; credit readiness; financial record-keeping; and structured financing solutions designed to support long-term business success.
The Head of Enterprise Banking at Stanbic IBTC Bank, Ms Olajumoke Bello, informed participants that the programme is part of the lender’s commitments to supporting MSMEs through practical business education, strategic partnerships and improved access to growth opportunities.
The Executive Director of Business and Commercial Banking at Stanbic IBTC Bank, Mr Remy Osuagwu, on his part, said, “Our ambition is to be more than a financial institution to Nigerian businesses. We want to be a trusted growth partner, providing the financing, business insights and advisory support entrepreneurs need to build sustainable enterprises and unlock new opportunities.”
Similarly, the chief executive of Stanbic IBTC Bank, Mr Wole Adeniyi, who reinforced the company’s commitment to enterprise development, highlighted the importance of providing businesses with the right support structures to enable sustainable growth and long-term competitiveness.
“At Stanbic IBTC, we believe that sustainable economic growth depends on the success of small and growing businesses. That is why we are focused on providing access to finance, practical advisory support and the connections businesses need to move from ambition to scale,” he stated.
The Oyo State Commissioner for Investment, Trade, Cooperatives, and Industry, Professor Soliu Adelabu, said the initiative was designed to support businesses and strengthen the state’s entrepreneurship ecosystem, praising the bank for its support for traders, entrepreneurs, and artisans in the state.
The Permanent Secretary in the Oyo State Ministry of Women Affairs and Social Inclusion, Mrs O.M. Shotonwa-Roagess, highlighted the importance of strategic partnerships in expanding economic opportunities for women and vulnerable groups across Oyo State. She noted that the ministry remains open to collaborating with organisations such as Stanbic IBTC, development partners and the private sector to drive financial inclusion, entrepreneurship and sustainable economic empowerment.
The Nigeria Business Summit Regional Tour forms part of Stanbic IBTC’s broader commitment to empowering entrepreneurs through capacity building, financial inclusion and strategic business support, helping enterprises unlock new opportunities for growth and long-term success.
The Ibadan leg built on the momentum of previous tour stops in Katsina and Aba.
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.
