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Zenith Bank Blames Chiamaka Agim for Disappearance of N4m from Account

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Chiamaka Agim

By Modupe Gbadeyanka

The customer of Zenith Bank, Ms Chiamaka Agim, who posted a video on social media of the disappearance of about N4 million from her account, has been blamed for her ordeal.

The video posted by Ms Agim on Tuesday, January 13, 2023, generated reactions on the internet and prompted Zenith Bank to launch an investigation into the matter.

Revealing the outcome of its probe, Zenith Bank said Ms Agim, who claimed to be a former employee of the company, was careless with her phone as it was discovered that her funds were moved from her registered device, which indicates that she must have authorised the transactions or someone had access to her phone to carry out the transfers.

According to Zenith Bank, Ms Agim at no time reported to the bank or the police that her phone was stolen, showing that someone close to her had access to the device to move her funds.

In a two-page investigative report sent to her, it was revealed to the customer how her details were compromised using the same device she has used to carry out mobile banking transactions in the past, which was never repudiated by the complainant.

“Prior to the fraudulent withdrawals, we did not receive any information that you compromised your banking details.

“The bank has in place an emergency USSD Code *996*911# for customers to dial and restrict their account from any mobile phone when they suspect their account has been compromised or lose their phones.

“If your claim of that the transactions were not authorized by you is true, it means that somebody had unrestricted access to your phone,” a part of the report read.

It was further revealed that Ms Agim was assigned a token on November 21, 2021, at 01:38:21 pm, and 4-digit PIN was created by her (as revealed in the attached material) and that she has been using it to consummate several mobile banking in the past.

Furthermore, the response letter signed by the Internal Control Unit of Zenith Bank noted it could only recover a sum of N800,500 out of the missing sum and advised her on the need to get a court order to repatriate N800,500 from Access Bank Plc.

Zenith Bank has advised her to report the matter to the Special Fraud Unit (SFU) of the Nigeria Police Force to help apprehend the culprits.

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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.

Banking

Sterling Bank Plans $400m Capital for Expansion

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Sterling Bank

By Adedapo Adesanya

Sterling Financial Holdings Company is taking steps to raise $400 million in phases through multiple instruments and currencies as part of its expansion plans.

The move is also part of its broader strategy to expand operations and meet new regulatory requirements set by the Central Bank of Nigeria (CBN).

According to Bloomberg, the chief executive of Sterling Bank, Mr Abubakar Suleiman, confirmed the development in a phone interview on Wednesday.

The financial institution will use the proceeds for “long-term ambition to strengthen capital, deepen market presence and support sustainable growth,” Mr Suleiman said.

The capital raise will involve multiple currencies and be executed in stages, adding that separately, the bank is preparing to launch a public share offer within the current quarter to raise N100 billion.

Mr Suleiman described this as the final leg of its recapitalisation programme.

So far, Sterling Bank has secured N89.75 billion from earlier rights issues and private placements. With a remaining gap of N2.2 billion, the bank is intensifying efforts to close the shortfall by the end of the year.

Recall that Nigerian banks have less than a year to meet new capital requirements introduced by the CBN under the governorship of Mr Yemi Cardoso, part of a wider push to make Nigeria a $1 trillion economy by 2030.

The directive, which set a March 2026 deadline, mandates banks to bolster their capital bases in response to prolonged macroeconomic instability, including high inflation, weak economic growth, and repeated currency devaluations.

Bloomberg said while Mr Suleiman did not provide specifics, he disclosed that Sterling Bank plans to diversify beyond its two banking subsidiaries.

The company recently increased the capital base of its non-interest arm, The Alternative Bank, to meet the N20 billion regulatory requirement for standalone banks.

The company’s expansion plans, which align with its holding company structure adopted in recent years, mark another strategic response to an evolving regulatory landscape reshaping Nigeria’s financial services sector.

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Banking

Africa-China Trade: Stanbic IBTC Bank Gets CNY800m Loan for Nigerian Firms

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Stanbic IBTC Bank Logo white

By Modupe Gbadeyanka

A CNY800 million term loan agreement has been secured by Stanbic IBTC Bank Limited from China Development Bank to provide enhanced financing solutions to Nigerian corporates and institutions engaged in Africa-China trade and investment flows.

A statement from the Nigerian lender disclosed that the partnership between the two organisations is expected to play a vital role in supporting Nigerian businesses, facilitating trade transactions, and encouraging foreign direct investment.

It also represents a significant step in Stanbic IBTC’s broader Africa-China strategy, which seeks to position the bank as the partner of choice for businesses seeking to participate in the growing economic corridor between Africa and China.

Also, the three-year loan, executed under the strategic collaboration framework between Standard Bank Group (SBG) and CDB, marks a significant milestone in deepening financial cooperation between Africa and China, underscoring Stanbic IBTC Bank’s direct access to Chinese Renminbi (CNY) liquidity from the Chinese market.

“We are delighted to announce this landmark agreement with China Development Bank, which reflects the strength of our strategic partnership and our collective commitment to Africa’s economic development.

“This facility provides us with direct access to much-needed Renminbi liquidity, enabling us to better serve our clients involved in Africa-China trade and investment.

“It is a significant step in advancing our Africa-China strategy, which is focused on unlocking growth opportunities, promoting cross-border trade, and driving sustainable development for Nigerian businesses,” the chief executive of Stanbic IBTC Bank, Mr Wole Adeniyi, stated.

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Ecobank Unveils Innovative Financial Solutions for Sustainable Education Ecosystem

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Ecobank Innovative Financial Solutions

By Modupe Gbadeyanka

A comprehensive suite of innovative financial solutions tailored for all key stakeholders within the education ecosystem has been introduced by Ecobank Nigeria Limted.

According to the affiliate of the leading pan-African banking group, Ecobank Group, these offerings will drive financial inclusion, operational efficiency, and sustainable growth across the sector.

At the unveiling of the solutions in Lagos, the Executive Director for Commercial and Consumer Banking at Ecobank Nigeria, Mr Kola Adeleke, disclosed that the products would address real-world challenges, enabling all participants, from institutions and educators to families and partners, to thrive.

For school owners and educational leaders, Ecobank offers cash-backed loans to support both operational and capital expenditures.

These are complemented by treasury management tools that enhance financial oversight, along with digital collection platforms that ensure seamless and efficient school fee processing.

Teachers and non-teaching staff also stand to benefit significantly, as the lender provides salary access tools that enable timely and flexible income management, career development programs to support continuous professional growth, and financial wellness plans designed to promote long-term financial stability.

As for suppliers and partners within the education value chain, they will benefit from tailored financial solutions such as invoice factoring for improved cash flow, inventory financing to maintain operational continuity, and marketplace visibility to expand their reach and business opportunities within the sector.

“Our integrated financial and non-financial propositions form part of a broader strategy to strengthen our leadership in the education financing space, while contributing meaningfully to national and continental goals around access, equity, and excellence in learning.

“We have designed these solutions to meet the diverse needs of school proprietors, teaching and non-teaching staff, students, and parents. Ecobank is committed to empowering the education sector through seamless collections, access to credit, and a suite of sustainability-focused offerings.

“Education is a pillar of national development, and we recognize the sector as an integrated system of needs and opportunities. Our goal is to support this system not just with financing but also with digital tools, career development programs, and sustainability initiatives,” Mr Adeleke said.

Also, the Head of Education, Faith, and Social Services at Ecobank Nigeria, Ms Adebukola Ademiluyi, noted that by integrating smart financing with sustainability, digital infrastructure, and inclusive participation, Ecobank is pioneering a full-service banking model tailored to the realities of Africa’s education sector.

“More than just funding, we are enabling seamless school management systems through API partnerships that digitize operations such as student registration, staff payroll, inventory management, and parental communication.

“We also place strong emphasis on supporting parents and guardians, providing financial planning tools, access to student loans, merit-based scholarships, and child progress monitoring systems. These innovations are designed to ease financial burdens and deepen parental involvement in their children’s academic journeys,” she said.

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