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Polaris Bank Database Hacker Gets Option to Pay Fine

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By Modupe Gbadeyanka

For hacking the database of Polaris Bank to defraud the financial institution of $70,000, Justice I.M. Sani of the Federal High Court sitting in Port Harcourt, Rivers State, has convicted and sentenced one Mr Eric Nnamdi Obulo to one-year imprisonment, with an option to pay a fine.

The convict was convicted on Tuesday, October 6, 2020, after he was re-arraigned by the Economic And Financial Crimes Commission (EFCC) in Port Harcourt.

Mr Obulo was brought before the court on a one-count charge bordering on an unlawful interception by technical means into Polaris Bank’s database and in the process took possession of the sum of $70,000.

It was gathered that on October 14, 2019, Polaris Bank filed a petition against Mr Obulo with the Port Harcourt Zonal Office of the EFCC.

The lender explained that sometime in October 2019, its database and core banking applications were manipulated by unknown fraudsters, resulting in the crediting of six accounts belonging to the convict with a total sum of $70,000. He was investigated by the agency and then apprehended later on.

According to the prosecuting counsel, K. W Chukwuma-Eneh, the offence committed by the convict was contrary to Section 12 (1) of the Cybercrime (Prohibition Prevention etc.) Act 2015 and punishable under the same section of the Act.

“That you Eric Nnamdi Obulo, on or about July 2019 in Port Harcourt, Rivers state, within the jurisdiction of this court did intercept by technical means the database of Polaris Bank and in the process took possession of the sum of $70,000 into your Polaris Bank account no. 2130049253 and thereby committed an offence contrary to Section 12 (1) of the Cybercrime (Prohibition Prevention etc.) Act 2015 and punishable under the same section of the Act,” the one-count charge read.

After his offence was read to him, he pleaded guilty and in view of his plea, Chukwuma-Eneh prayed the court to convict and sentence him accordingly, but defence counsel, D.E. Nowo, pleaded for leniency in view of the convict’s “remorse and being a first-time offender who did not waste the precious time of the court.”

Justice Sani consequently convicted and sentenced Mr Obulo to one-year imprisonment with an option of fine of N5 million.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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Banking

Development Bank of Nigeria Wins Financial Inclusion Leadership Award

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By Aduragbemi Omiyale

In recognition of its unwavering commitment to fostering access to financing for Nigerian micro, small and medium enterprises (MSMEs), Development Bank of Nigeria Plc has been rewarded with the Financial Inclusion Leadership Award at the Champions of Inclusion Nigeria Financial Inclusion Awards.

This was at the 2024 International Financial Inclusion Conference (IFIC) organised by the Central Bank of Nigeria (CBN) in collaboration with the World Bank and other stakeholders.

The chief executive of the lender, Mr Tony Okpanachi, said the recognition affirms the company’s efforts in expanding access to financial services for MSMEs in Nigeria.

“We are honoured to receive the Financial Inclusion Leadership Award, which is a testament to our bank’s commitment to expanding access to financial services for all Nigerians. This award recognises our efforts to bridge the financial inclusion gap, particularly for a priority sector like the MSMEs.

“Additionally, this award is a validation of our strategic focus on driving financial inclusion for small businesses, and we are proud to be at the forefront of this initiative that drives that. We will continue to innovate and expand our financial inclusion programmes, ensuring that more Nigerian small and startup businesses have access to services,” he stated.

On his part, the Chief Operating Officer of DBN, Mr Bonaventure Okhaimo, said the accolade demonstrates the firm’s dedication to driving financial inclusion and economic growth in Nigeria.

“This award acknowledges our Bank’s innovative approach to widening opportunities for MSMEs in Nigeria to grow and scale their businesses,” he said.

“This award will motivate us to continue pushing the boundaries of financial inclusion, exploring more innovative solutions and partnerships to expand our reach and impact.

“We are committed to ensuring that more small businesses and startup enterprises in Nigeria have access to financial services, this award will further inspire us to accelerate our efforts in this regard,” he stated.

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The Banker Magazine Declares Zenith Bank as Bank of the Year in Nigeria

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By Modupe Gbadeyanka

The Banker Magazine of the Financial Times Group in the United Kingdom has announced Zenith Bank Plc as Bank of the Year, Nigeria.

At the Banker’s Bank of the Year Awards 2024 held on in London on Wednesday, December 4, 2024, it was stated that Nigerian lender clinched the award for its strong management, sound business model and strategy, and approach to sustainability and ESG banking practices.

The chief executive of Zenith Bank, Ms Adaora Umeoji, described the recognition as a “testament to the unwavering trust and loyalty of our esteemed customers, the unparalleled leadership and guidance of the board and management as well as the hard work and dedication of our staff.”

She said, “It also reflects our bank’s steadfast commitment to delivering excellent services to our customers and contributing to the growth and development of the Nigerian economy.”

“We will continue to invest in innovative technologies, expand our range of products and services, and maintain our commitment to exceptional customer service in order to sustain our position as Nigeria’s Number One Bank,” Ms Umeoji assured.

The Banker’s Bank of the Year accolade is among the most coveted and widely regarded award in the banking industry.

Often contested by the world’s leading financial institutions, the winners span across Africa, Asia-Pacific, Central & Eastern Europe, Latin America, the Middle East, North America and Western Europe.

Recall that last month, Zenith Bank commissioned its branch in Paris, France following the granting of the final approval by the country’s banking regulator, the Autorité de ContrôlePrudentiel et de Résolution (ACPR).

This is part of the bank’s global expansion strategy, and its commitment to serving clients wherever their businesses are around the world.

Zenith Bank has continued to earn numerous awards, with this latest accolade coming on the heels of several recognitions, including being the Number One Bank in Nigeria by Tier-1 Capital for the 15th consecutive year in the 2024 Top 1000 World Banks Ranking, published by The Banker Magazine.

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CBN Reveals Phone Numbers to Report Banks Not Disbursing Cash

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By Modupe Gbadeyanka

The Central Bank of Nigeria (CBN) has published some phone numbers citizens can call to report any bank that fails to give them cash over-the-counter or at Automated Teller Machines (ATMs).

In a circular, the banking sector regulator said cash has been made available to lenders to disburse to their customers, saying they have no reason to do so.

DMBs are directed to ensure efficient cash disbursement to customers OTC and through ATMs as the CBN will intensify its oversight roles to enforce this directive and ensure compliance,” a part of a circular signed by acting Director of Currency Operations, Solaja Mohammed Olayemi; and the acting Director for Branch Operations, Isa-Olatinwo Aisha, stated.

It encouraged members of the public who are unable to obtain cash at their banks to “report these instances using the designated reporting channels and format provided,” saying it will “assist the CBN in addressing issues hindering the availability of cash and further improve currency circulation.”

They are to reach the central bank through designated phone numbers of the CBN branch in the state where the incident occurred or via email.

According to the circular, the complaints should be sent with “the relevant details which shall include account name/name of the DMB/amount/time and date of incidents, amongst others.”

CBN directive cash banks

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