By Adedapo Adesanya

The Central Bank of Nigeria (CBN) has said it would not pay for any shady or fraudulent foreign exchange (FX) deals that did not meet its rules, following the completion of a detailed audit into several FX forward contracts. 

The apex bank in a document titled Frequently Asked Questions on the Settlement of Undelivered Forward Contracts, published on its website, warned that it was ready to take strong legal action against those found to have broken its rules.

“The CBN is reviewing appropriate legal action against parties found to have violated applicable rules and regulations, based on the findings of the forensic audit.

“The bank will collaborate with law enforcement and regulatory agencies to pursue civil, administrative, or criminal sanctions, as necessary,” the bank said.

In September 2023, the central bank hired Deloitte, a global audit firm, to dig deep into the records of FX transactions done under its Retail Secondary Market Intervention Sales (RSMIS) scheme. The main goal was to check whether the FX requests were genuine and followed CBN guidelines.

The audit revealed several abuses. Some companies submitted incomplete or fake documents. Others tried to import banned items, inflated their invoices, or submitted contracts with inconsistent company names. In some shocking cases, the companies had no real business transactions at all. A few even listed items that had no clear explanation or purpose.

The CBN made it clear it has “no obligation to honour any FX forward request tainted by fraud, misrepresentation or regulatory breach.”

It added that all clean and properly documented contracts had already been paid for, while those that were found to be fake were cancelled, and the Naira deposits returned to the companies involved.

The bank explained that paying for the fraudulent contracts would have “undermined regulatory compliance, encouraged impunity, and unnecessarily depleted Nigeria’s foreign reserves.”

The CBN also said that the audit process was fair, and every bank and client involved was given the opportunity to explain themselves. However, it stated that the process is now complete and that “the matter is closed and not subject to appeal.”

The CBN further warned that only forward contracts that are properly documented and follow all regulations will be considered valid. It stressed that it remains fully committed to “transparency, market integrity, and prudent management of the nation’s reserves.”

By Modupe Gbadeyanka

A popular commercial bank has been directed by Justice S. U. Bature of a High Court of the Federal Capital Territory (FCT) Abuja to pay one of its customers, Abhulimen & Co, the sum of N85 million as damages for an invalid post-no-debit (PND) order obtained from a Magistrate Court to freeze its account.

Delivering the judgement, the court held that it was wrong for the financial institution to freeze the account of its customer without notification, stressing that the order relied on to carry out the action was invalid as the Magistrate Court had no jurisdiction over the matter.

According to the judge, the legal department of the lender, manned by lawyers, should have advised the company on the legal implication of the action.

“The legal department of the first defendant, being lawyers, should have been aware of this position of the law and taken the appropriate action in this situation, as they ought not to have obeyed the court order in the first place.

“Thus, the first defendant was wrong to have placed a PND on the account of the claimant based on the order of a court lacking the requisite jurisdiction to do so. I so hold,” the judge held.

Justice Bature further ruled that, “It is the humble opinion of this court that, the 1st defendant owed the claimant a duty of care of duly informing her that her account had been frozen.

“The first defendant placed a Post-No-Debit on the account of the claimant’s firm, but same was not communicated to the claimant until she encountered difficulties in the use of the said account.

“It is the humble opinion of this court that, the first defendant owed the claimant a duty of care of duly informing her that her account had been frozen.

“The failure of the first defendant to inform the claimant of the state of affairs on her account amounts to negligence on the part of the first defendant and hence, a breach of duty of care and due diligence owed to the claimant. I so hold.”

As a result, the judge ordered the bank and the Nigeria Police Force (NPF), which was joined in the matter, to “pay the sum of N60 million to the claimant as general damages for the embarrassment, psychological trauma, financial distress, emotional stress and grave inconveniences suffered by the claimant due to the defendants’ actions.”

They are also to “jointly and severally pay the sum of N25 million to the claimant as cost of this action” and must the bank and must publish a public apology to the customer in two national newspapers and on its website.

It was gathered that Abhulimen & Co filed a suit marked FCT/HC/CV/2194/2024 before the court through Mr Paulyn Abhulimen (SAN), claiming that in March 2024, Zenith Bank froze the account domiciled in its Abuja branch based on an order the NPF secured from a Chief Magistrates Court in Mararaba Gurku, Nasarawa State.

By Modupe Gbadeyanka

The savings promo of Stanbic IBTC Bank Limited has produced about 148 winners who have shared N23 million in winnings.

A statement from the lender disclosed that the N23 billion was won by the customers in the May and June 2025 draws for the Reward4Saving Season 4 promo.

In the combined May and June monthly draws held at the head office of the organisation in Lagos, 140 customers each received N100,000, totalling N14 million in cash prizes.

Under the supervision of regulatory authorities including the Federal Competition and Consumer Protection Commission (FCCPC), the Advertising Regulatory Council of Nigeria (ARCON); and the Lagos State Lotteries and Gaming Authority (LSLGA), the draws were conducted transparently, rewarding savers who maintained a minimum balance of N10,000 in their Stanbic IBTC Savings Account or @ease Wallet for 30 consecutive days.

From market traders to students and retirees, these winners are now better equipped to pay school fees, grow small businesses, or meet family needs.

The excitement peaked with the emergence of eight additional winners from the first quarterly draw which took place on the same day.

It was disclosed that seven winners, one from each business zone, each claimed N1 million; while one grand quarterly winner took home N2 million, totalling N9 million. These draws show how Stanbic IBTC values every saver’s effort.

The recent draws build on the Reward4Saving promo’s strong start in May 2025, with N30 million already shared among 218 winners in this fourth season; and over N300 million awarded to more than 2,000 savers since the Reward4Saving promo began in 2021. Stanbic IBTC is making a lasting impact in the lives of Nigerians.

This campaign continues to transform everyday savings into substantial rewards and also inspires a growing saving culture among individuals.

“The combined draws of two monthly events, as well as the first quarterly draw of the Reward4Saving Season 4 promo celebrate our customers’ dedication.

“We are rewarding 148 savers with a total of N23 million to support their aspirations ranging from education to entrepreneurship.

“At Stanbic IBTC, we are committed to appreciating our loyal customers by providing meaningful opportunities that enhance their financial well-being and promote a culture of saving across Nigeria,” the Country Head of Personal Banking at Stanbic IBTC Bank, Mr Emmanuel Aihevba, said.

One of the winners, Mr Kesena Igben, a retiree who won a monthly prize, beamed, “My daughter came with me to receive my prize.

“On our way to Stanbic IBTC office, she said, Daddy, you are so excited. I said to her, Did you know that this has saved me money on petrol expenses for two weeks? So, for me to have money that Stanbic IBTC gave me, which took away the pain of spending on petrol for two weeks, is great to me.”