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
About N2 billion is expected to be used to finance renewable energy products for customers by the end of 2026 in an effort to accelerate Nigeria’s clean energy transition.
To meet this goal, Sterling Bank is launching Sterling Solar Financing Hubs inside StarTimes retail outlets to embed on-the-spot solar financing at the point of purchase.
From the N2 billion earmarked for this initiative, N600 million has already been used up.
Under this programme, customers can now walk into participating outlets, select their preferred solar solution, receive financial guidance from dedicated Sterling Solar Financing Advisors, and begin the financing process immediately, subject to the bank’s credit assessment.
The first phase of the rollout commenced this July with five Solar Financing Hubs across Lagos, located in Lekki, Ikeja, Festac, Surulere, and Victoria Island.
The network will expand rapidly to 46 StarTimes outlets nationwide before the end of the third quarter of 2026, with a view to extending the model to more than 200 StarTimes locations nationwide.
Both parties have promised to continue working together to democratise access to clean energy financing, empowering more Nigerians to solarise their homes and businesses while contributing to a greener future.
“Sterling exists to enrich lives, and we believe that access to clean, reliable energy should be within everyone’s reach. Through this partnership with StarTimes, we are democratising access to solar by bringing financing directly to the point of need, enabling more families and businesses to transition to sustainable energy without the burden of prohibitive upfront costs. This is about unlocking opportunity, improving livelihoods, and powering Nigeria’s future,” the Divisional Head of Renewable Energy and Mobility at Sterling Bank, Mr Darlington Nwankwo, said.
Also commenting, the Vice President of StarTimes Nigeria, Mr Eric Xiao, said, “With the rollout of the Sterling Solar Financing Hubs, we are doing more than just selling solar products; we are building a sustainable energy ecosystem. By integrating StarTimes’ extensive service network with Sterling Bank’s professional financial services, we are significantly lowering the barrier for Nigerian households and small businesses to access clean energy.
“Moving forward, we will continue to deepen this partnership, ensuring that more Nigerians can enjoy reliable, affordable, and smart energy solutions, ultimately turning our vision of energy accessibility into a reality for all.”
By Modupe Gbadeyanka
The Nigeria Business Summit Regional Tour of Stanbic IBTC Bank made a detour to Jogor Centre, Ibadan, Oyo State, on Wednesday, July 15, 2026, to empower Micro, Small, and Medium Enterprises (MSMEs).
The event brought together business leaders, development partners and government representatives to discuss pathways for sustainable enterprise development across the South-West.
Participants engaged in practical masterclasses on export opportunities; access to finance and business growth strategies; gaining actionable insights into market expansion; trade documentation; credit readiness; financial record-keeping; and structured financing solutions designed to support long-term business success.
The Head of Enterprise Banking at Stanbic IBTC Bank, Ms Olajumoke Bello, informed participants that the programme is part of the lender’s commitments to supporting MSMEs through practical business education, strategic partnerships and improved access to growth opportunities.
The Executive Director of Business and Commercial Banking at Stanbic IBTC Bank, Mr Remy Osuagwu, on his part, said, “Our ambition is to be more than a financial institution to Nigerian businesses. We want to be a trusted growth partner, providing the financing, business insights and advisory support entrepreneurs need to build sustainable enterprises and unlock new opportunities.”
Similarly, the chief executive of Stanbic IBTC Bank, Mr Wole Adeniyi, who reinforced the company’s commitment to enterprise development, highlighted the importance of providing businesses with the right support structures to enable sustainable growth and long-term competitiveness.
“At Stanbic IBTC, we believe that sustainable economic growth depends on the success of small and growing businesses. That is why we are focused on providing access to finance, practical advisory support and the connections businesses need to move from ambition to scale,” he stated.
The Oyo State Commissioner for Investment, Trade, Cooperatives, and Industry, Professor Soliu Adelabu, said the initiative was designed to support businesses and strengthen the state’s entrepreneurship ecosystem, praising the bank for its support for traders, entrepreneurs, and artisans in the state.
The Permanent Secretary in the Oyo State Ministry of Women Affairs and Social Inclusion, Mrs O.M. Shotonwa-Roagess, highlighted the importance of strategic partnerships in expanding economic opportunities for women and vulnerable groups across Oyo State. She noted that the ministry remains open to collaborating with organisations such as Stanbic IBTC, development partners and the private sector to drive financial inclusion, entrepreneurship and sustainable economic empowerment.
The Nigeria Business Summit Regional Tour forms part of Stanbic IBTC’s broader commitment to empowering entrepreneurs through capacity building, financial inclusion and strategic business support, helping enterprises unlock new opportunities for growth and long-term success.
The Ibadan leg built on the momentum of previous tour stops in Katsina and Aba.
By Adedapo Adesanya
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, says Nigeria anticipates remittances from citizens living abroad to increase by two-thirds in 2026 as it seeks to bolster its foreign-exchange reserves to $1 billion monthly.
“We are expecting that by the end of the year, we will hit about a billion Dollars a month from diaspora remittances,” he said at the 14th Annual BusinessDay CEO Forum in Lagos on Thursday, themed From Stability to Shared Prosperity.
Mr Cardoso said remittances are expected to be boosted from more than $600 million currently, banking on the CBN’s deliberate target at remittances to diversify reserve sources beyond oil earnings.
According to him, the apex bank engaged Nigerians abroad, banks and international partners to identify barriers to official remittance flows.
He said the lender subsequently reviewed policies to ensure easier movement of funds into and out of the country.
Mr Cardoso described the approach as providing free entry and free exit for foreign exchange.
He said the reforms helped double diaspora inflows within one year and exceeded initial expectations, also projecting annual remittances could reach about $8 billion if the current momentum was sustained, adding that the development reflected growing confidence in Nigeria’s financial system and foreign exchange market.
Mr Cardoso said reforms introduced by the apex bank had restored stability in the foreign exchange market and improved investors’ confidence.
He identified exchange rate unification as one of the central bank’s major achievements under the reforms programme.
According to him, replacing multiple exchange rate windows with a market-driven system eliminated distortions and improved transparency.
Mr Cardoso said improved foreign exchange liquidity and stronger reserves were among the gains from the reforms.
He said Nigeria’s net external reserves had risen from about $3 billion at the start of the reforms to above $40 billion currently, noting that gross external reserves had grown to about $52 billion, representing about 10 months of import cover.
According to him, the reserves are designed to shield the economy from external shocks and excessive market volatility.
He said the reserves were not meant for routine interventions or day-to-day exchange rate management.
