Banking
Zenith Bank Staff Steals N3m from Customers’ Accounts
By Dipo Olowookere
An employee of Zenith Bank Plc in Lagos simply identified as Bunmi has been accused of stealing N3 million from accounts of customers with the bank.
The suspect, who has now been declared wanted by the police, allegedly works with a syndicate, who supplies him with account details of other unsuspecting customers, where the stolen money are transferred into.
Spokesperson of the Nigerian Police Force in Zone 2, Lagos, CSP Dolapo Badmos, disclosed that accomplices of the main suspect, Bunmi, have been arrested. She gave the names of those arrested as Babalola Akinyele, aka Olumba; and Adeshina Adenekan, aka Oluwo Ake.
She noted that the two men tricked the account owners into releasing the numbers, adding that the duo shared the proceeds of the fraud with the prime suspect, who was at large.
Akinyele, 35, an indigene of Ondo State who claimed to be working for a bet company, said he met Bunmi at a car wash.
“Bunmi helped me to unblock my ATM card. I did not know that he worked in a bank until then. He later said I should get some account numbers for him and I called my friend, Adenekan, to assist me, which he did. Bunmi simply said he wanted to transfer money into the accounts.
“I don’t know how the man used to do it, but whenever he transferred money into the accounts, he would call us and we would use ATM cards to withdraw the money. He took 70 per cent, while we shared 30 per cent.
“Bunmi later called me and said he had left the bank and I should throw away the SIM card we had been using to communicate,” the apprehended accomplice said.
The second suspect, Adenekan, a land agent, said he had tricked a woman into providing the account numbers used for the fraud.
He said, “I met Akinyele in Lagos in November 2017. He called me in December and said he needed some account numbers. I then approached a female customer of mine, telling her I needed three account numbers for my land business. I told her someone wanted to pay me and the money could not be paid into a single account. After she was arrested, she brought the police to me. I then led the cops to Adenekan.”
According to a report by Punch, the fraud was uncovered after owners of the accounts complained about their disappearing funds, which made the bank to institute a probe.
The bank management reportedly blocked the accounts into which the funds were transferred.
Owners of the blocked accounts, who were reportedly unaware that their accounts were being used for fraud, were said to have reported at their various branches and complained of the development.
The bank management was said to have handed them over to the police.
“Between November 2017 and January 2018, the Zone 2 Police Command, through its Zonal Intervention Squad, arrested two suspects who were members of a fraud syndicate. They specialised in hacking into bank accounts.
“One of the suspects, Babalola Akinyele, operated with one Bunmi, a worker at Zenith Bank. Bunmi’s role is to hack into customers’ accounts and transfer money into different bank accounts supplied by Adeshina Adenekan, who thereafter withdraws the money with different Automated Teller Machine cards and returns same to the syndicate.
“Akinyele and Adenekan receive 10 per cent each of the proceeds from Bunmi, the arrowhead of the fraud. They withdrew the money with ATM cards because they did not want to enter into banking halls and be caught. So far, N3m has been traced to them.
“We urge members of the public to be careful and not disclose their Bank Verification Numbers and phone numbers to strangers because these are the things they use to access funds. The case is under investigation and effort is on to arrest the bank worker, who is at large,” CSP Badmos said.
By Modupe Gbadeyanka
The women-focused initiative by Sterling Bank, OneWoman, is already yielding positive results, especially in promoting financial inclusion and empowering female-led enterprises in Nigeria.
Business Post reports that the programme was created to support women through three key pillars of capital, capacity, and community.
In 2025, according to the Head of the OneWoman Initiative, Ms Ezinne Nwokafor, the initiative gave out N43.9 billion loans to 2,450 female entrepreneurs, trained 6,000 of them, served about 380,000 women across three sectors of career women, women in business and freshers, and their vision 2030 is to give out N500 billion loans to one million women across their three sectors.
She noted that a significant majority of Nigerian women remain excluded from formal credit, with only a small percentage able to access structured financing. Despite improvements in financial inclusion, women continue to face systemic barriers that limit their ability to secure funding.
Ms Nwokafor pointed out that women account for a substantial share of micro, small, and medium enterprises and contribute meaningfully to the economy, yet face a financing gap estimated at $42 billion annually, according to the International Finance Corporation.
She also referenced data showing that more than half of women-led businesses identify access to finance as a major constraint, while rejection rates for loan applications remain significantly higher for women than for men.
According to her, these challenges are often linked to structural issues such as gaps in asset ownership, social norms, and limited access to financial data and visibility.
“Sterling’s OneWoman initiative is positioned to bridge this gap by combining financial solutions, mentorship, capacity building, and community support for women across different stages of their journey,” she said at the Funding Her Future Breakfast Dialogue in Lagos.
The session brought together voices from across sectors for a focused and necessary conversation on how to unlock more inclusive and effective financing pathways for women-led businesses in Nigeria.
On his part, the chief executive of Sterling Bank, Mr Abubakar Suleiman, said, “Women-led businesses need the right support systems, the right networks, and the right ecosystem to grow with confidence and scale with resilience.”
By Modupe Gbadeyanka
Alpha Morgan Bank has reaffirmed its commitment to supporting institutions that drive intellectual growth and national development.
The lender gave this reassurance at the commissioning of the Redeemer’s University Business School by Pastor (Mrs) Folu Adeboye, the wife of the General Overseer of the Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye.
Speaking at the event, the Managing Director of Alpha Morgan Bank, Mr Ade Buraimo, said the company was proud to be associated with the school, noting its commitment to education and institutional development.
As part of its broader focus on knowledge sharing and thought leadership, Alpha Morgan Bank will host its Economic Review Webinar in May 2026, bringing together experts to share insights on key economic trends and opportunities.
The commissioning of the business school was witnessed by distinguished guests, including the Pro-Chancellor and Chairman of the Governing Council of Redeemers University, Professor Oluwatoyin Ogundipe; the Vice Chancellor, Professor Shadrach Olufemi Akindele; Mrs Bola Obasanjo; and other notable dignitaries.
By Adedapo Adesanya
Zenith Bank Plc has announced the successful completion of its acquisition of the entire issued share capital of Paramount Bank Kenya Limited (PBL), following the receipt of all necessary regulatory approvals in both Nigeria and Kenya.
The development marks a significant milestone in the bank’s regional expansion strategy, reinforcing its ambition to deepen its presence across Sub-Saharan Africa.
The acquisition provides Zenith Bank with a strategic entry into the East African market, positioning it to better support cross-border trade and serve its growing base of regional and international clients.
“This acquisition marks a significant step towards our long-term strategic growth agenda and a strong inroad into the East African markets. It further reinforces the Bank’s position as a leading financial institution in Sub-Saharan Africa and affirms the Bank’s mantra of following our customers’ businesses,” the lender said in a statement.
The development comes after Zenith Bank previously refuted recent media reports and online commentary in November 2025, claiming that the bank is in the process of acquiring Paramount Bank in Kenya as part of its expansion into the East African market.
The move also strengthens Zenith Bank’s competitive positioning within Africa’s banking landscape, as Nigerian tier-one banks continue to pursue regional expansion to unlock new growth opportunities. Others like Access Bank and GT Bank have expanded reach in the last few years.
It will be recalled that the management of Zenith Bank, led by Ms Adara Umeoji, at the Nigeria Exchange (NGX), assured shareholders during the recapitalisation exercise that proceeds from the rights issue and public offer would be allocated to the global expansion of Zenith Bank operations, alongside increased funding for the real sector and upgrading technology infrastructure.
According to her, “35 per cent of the proceeds will fund the bank’s global expansion strategy, increasing its footprint in Africa and other parts of the world. 45 per cent will be deployed as working capital to support the real sector of the economy, and 20 per cent will be used to enhance the bank’s IT infrastructure and digital capabilities.”
Last month, Zenith Bank also expanded its operations to the United Kingdom by opening its Manchester branch office. It also unveiled plans to secure a full listing on the London Stock Exchange, one of the world’s leading stock exchanges.
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