Banking
POS Operator Dupes Access Bank N1.2b
By Dipo Olowookere
A prosecution witness known as Mr Chuks Igboerika, who works as a manager with Access Bank Plc, has narrated how his company was allegedly duped by one of its customers to the tune of N1.2 billion.
Mr Igboerika informed Justice M.S. Hassan of the Federal High Court sitting in Ikoyi, Lagos on Monday, July 23, 2018, that the suspect, Mr Ifeanyi Nwaneri, allegedly carried out fraudulent transactions using a Point of Sale (POS) device.
Mr Nwaneri is facing trial alongside Omede Silas Shehu and Monday Akor on an 11-count charge bordering on money laundering to the tune of N1.2 billion.
The complainant, Access Bank Plc, alleged it deployed a POS terminal enabled for international transactions/cards to Mr Nwaneri, who is one of the bank’s customers with account number 0047820964.
It was further alleged that the accused person, who claimed to be a businessman, was later found to have carried out fraudulent transactions on the POS.
The bank also alleged that on September 22, 2017, the POS Unit of the bank received a mail from Interswitch on alleged fraudulent transactions totalling N1.2 billion via the merchant’s terminal, a development that led to the arrest of the suspect at the Dopemu, Agege, Lagos branch of the bank.
At the time of his arrest, Mr Nwaneri was said to have withdrawn a sum of N532.9 million, leaving a sum of N677.9 million in his account.
At the resumed hearing, the prosecution witness told the court that findings and reviews done by VISA and the Central Bank of Nigeria (CBN) revealed that the POS transactions did not follow the normal procedure for international card transaction.
Led by the prosecution counsel, Nnemeka Omewa, the witness said: “The transactions should have procedurally gone through the issuing bank, which is Access Bank Plc. Then, it should have gone to VISA, that is the owner of the card, through Interswitch, which serves as a switching company and finally to the POS merchant (the first defendant) through the consent of Access Bank.”
He said the transaction, however, went from the merchant POS to Interswitch without getting to VISA.
“But they were all approved by Interswitch as successful transactions,” he added.
He also told the court that findings by the CBN revealed that the transactions were fraudulent and consummated between Interswitch and the POS merchant.
“Consequently, Interswitch was sanctioned with 75 percent of the total loss to Access Bank; another bank was sanctioned with five percent of the total loss for its role in the transactions; Access Bank (the merchant’s bank) was sanctioned with 20 percent of the total loss based on its negligence on Know Your Customer (KYC) policy,” the witness further said.
Giving further testimony, the witness told the court that a sum of N677 million was recovered from the first defendant’s bank account, leaving a debit balance of over N532 million deficit, which was shared amongst the three parties.
Meanwhile, the case was adjourned to Thursday, July 26, 2018 for continuation of trial.
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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