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Depositors Panic Over N40bn Fraud As First Bank Staff Tijani Muiz Adeyinka, Wife Escape Arrest 

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Some depositors of the Olusegun Alebiosu led First Bank of Nigeria Limited are stiff worried about the N40 billion fraud that rocked the bank.

 

They are perturbed that the staggering amount involved in the fraud might affect their deposits, we gathered that some of them have been tropping to the bank to withdraw their money or transfer to another bank.

 

The staff of the old generation bank, Tijani Muiz Adeyinka, who perpetrated the fraud and his wife have escaped according to findings.

 

 

When officials of the bank sent security men to arrest Adeyinka, they could not locate his whereabout, so they stormed his wife’s office but could not arrest her because she escaped through the back door of her office.

 

First Bank, which has a market capitalisation of ₦829 billion has begun legal action to recover “huge sums of money” allegedly diverted by Adeyinka, an employee at a head office team in Iganmu, Lagos.

 

Adeyinka allegedly diverted those funds to 98 bank accounts classified as first beneficiaries, including his wife’s account.

 

 

The bank reported the incident to the Nigerian Police Force on March 25, 2024, and obtained three court orders between April 4–8, 2024 to block hundreds of bank accounts believed to have received the stolen funds.

 

Gathered that while the initial amount discovered to be diverted was around ₦12 billion, it now stands at around ₦40 billion ($29 million).

 

Adeyinka, a manager on the electronic products team at First Bank, allegedly authorised the process of reversals for customers.

 

Adeyinka controlled an account with which he processed those reversals and could credit merchant accounts.

 

The banker allegedly used that authority to instead credit customer reversal requests to a merchant he controlled. As the last line of authorisation on the team, he allegedly did not need any further approvals, it allowed him to carry on diverting customer funds for almost two years without detection.

 

His scheme was eventually discovered when a customer made a complaint that was eventually escalated to the bank’s internal control unit. The control unit discovered several suspicious transactions and reported to the police.

 

“We hereby bring to your notice the discovery of fraudulent transactions into various transactions within and outside the bank and request your good offices to set up the machinery of investigation in place with a view to unravel the circumstances surrounding the said fraud and get the culprits arrested to face the wrath of the law,” read a letter dated May 10, 2024, from First bank to the Lagos State Commissioner of Police.

 

“I discovered that one Muiz Tijani Adeyinka, a former staff of First Bank was involved in the nefarious posting of fraudulent transactions,” read a statement from the investigating Police officer in charge of the case signed March 26, 2024.

 

“It was discovered that he made some fraudulent transactions to his wife’s account number (name withheld) domiciled with Zenith Bank, which in turn transferred to other beneficiaries totaling thirty-four accounts which also gave birth to second beneficiaries domiciled with other banks totaling 1,190 accounts,” the statement added.

 

 

First Bank obtained an order on April 8 to block the bank accounts of the first and second beneficiaries of the illegally obtained funds from a Federal High Court in Lagos. The bank also obtained additional orders dated April 8 and May 5 from a Jalingo and a Lagos high court to block additional accounts believed to be involved in the incident.

 

One first beneficiary account reportedly used some of the stolen funds to buy the stablecoin USDT from several crypto traders detailing their bank accounts.

 

 

Those traders claimed their only involvement was selling USDT and denied knowing the funds they received were proceeds of fraud. They have now been drawn into a legal battle with the bank with restrictions on their accounts at the time of this report.

 

Efforts to make Chinwe Bode-Akinwade of Corporate Communications department of First Bank, react to the development met a brickwall as she was yet to respond to our inquiry as at time of filing this report.

 

Stakeholder have been reacting since the fraud was reported in the media. They took to their X handle to reactvto the development.

 

 

In his comment on X, one Dr A. TuruMbe said the revelation brought to his memory a case 20 years ago when he worked with a bank on Ahmadu Bello way in Victoria Island, Lagos.

 

Another user of X claimed the money that was stolen “is from dispense error, it gets moved by the end of work day and transaction deleted. It has gone for about two years, what gave him away was the issue of submarine cable that affected telcos and banksd in April. The transaction piled up for those days.”

 

According to another commentator on X, “banks and other financial institutions need to have elevated risk management and fraud detection systems in place. The downside of evolving technology is that crooks will always want to exploit any vulnerability to their advantage.”

There have also been questions as to why this fraud went on for as long as it did. According to Nkwuda Chinedu, “there are much obvious questions begging for answers – is their system not automated? Is there no Maker-Checker in place as known traditionally in banking? Has the staff no supervisor and no audit for the period?”

 

Other commentators have also asked to know how one staff can be left solely in charge of reversal funds where he would have unchecked access to move funds unchecked?

 

 

Mr Victor Frank in a comment on X, said, “the problem with the Nigerian government is evident in the banking sector. I cannot imagine how a whooping N44bn will be scattered around without triggering an alert.”

 

One bank customer on X said because the alleged culprit was stealing bank customer reversal, it was hard for the bank to detect and that this is why bank customers wait endlessly to have

their transfers reversed and their bank accounts credited.

News and Report

Halt campaign against NNPC’s progress

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By: Emmanuel Akanni

 

The Nigerian National Petroleum Company Limited (NNPC Ltd.) has again been the target of a deliberate misinformation campaign aimed at tarnishing its reputation and undermining the remarkable strides it has made recently.

 

 

After failing to discredit the accomplishments of the Mele Kyari-led management—most notably the revitalisation of the 60,000-barrel-per-day Port Harcourt Refinery, which had been non-operational for over 30 years, and the successful restreaming of the Warri Refining & Petrochemicals Company on December 30, 2024—critics have turned to spreading false claims about the quality of fuel supplied by NNPC Ltd.

 

In a recent viral video, a content creator claimed to have bought a litre of Dangote petrol from the MRS filling station in Lagos at N925 and another litre of PMS from an NNPC station at N945. The video showed two new generators running the fuel, and according to him, the generator running the NNPCL fuel stopped after 17 minutes, while the Dangote petrol lasted for 33 minutes.

 

 

Of course, the controversial video was sponsored to damage the reputation of NNPC Ltd, having recorded major milestones under Kyari. The video, which was done in bad faith, portrayed the NNPC Ltd. as a supplier of substandard fuel, an allegation too weighty to be overlooked.

 

Dismissing the claims, Olufemi Soneye, the Chief Corporate Communications Officer at the NNPC Ltd., said, “The Nigerian National Petroleum Company (NNPC) Ltd strongly refutes the false and misleading allegations made in a viral video circulating online, which claims that NNPC fuel does not last. This assertion is baseless and entirely unfounded, originating from unverified and amateur research that lacks credibility, accuracy, and professional oversight.”

 

 

The NNPC Ltd reaffirmed that its fuel was carefully formulated with one of the best compositions, ensuring optimal efficiency, durability, and environmental sustainability for consumers.

 

 

“Furthermore, it is important to emphasize that a significant percentage of Premium Motor Spirit (PMS) sold at NNPC retail stations in Lagos—where this deceptive video was created—is sourced from the Dangote Refinery, a strategic partner in promoting local production and energy security. Dangote Refinery adheres to strict industry standards, guaranteeing the quality of petroleum products supplied to our consumers,” NNPC Ltd. added.

 

According to Soneye, the misleading video was another desperate attempt by economic saboteurs to misinform the public and tarnish NNPC Ltd’s reputation.

 

 

Vowing that the NNPC would no longer tolerate malicious and deliberate misinformation designed to undermine its operations and mislead Nigerians, the company warned of dire legal consequences for the merchants of misinformation and campaigners of calumny against it.

 

 

“Henceforth, NNPC Ltd will take firm legal action against individuals or groups who intentionally spread falsehoods about our brand and operations. Those engaged in such malicious activities will be held fully accountable under the law,” Soneye added.

 

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), after thorough testing, condemned the amateurish video and submitted that the fuel supplied by NNPC  Ltd. meets the highest industry standards.

 

 

“We urge content creators not to joke with sensitive matters that can collapse the economy,” said Billy Gillis-Harry, the PETROAN president.

 

The viral video lacks scientific proof, inappropriate, offensive and unethical. The content creator should have opted for laboratory analysis and not a social media stunt aimed at discrediting a particular brand against the other. It was a bad comparative and combative advertising dangerous to both brands.

 

The sustained campaign to demarket the NNPC Ltd started after the company, under Kyari’s sound leadership, reopened the Old Port Harcourt Refinery on Tuesday, November 26, 2024, apparently to the disappointment of forces against the revival of the country’s four refineries.

 

Attempts by sceptics to rubbish the achievement recorded with the Port Harcourt refinery were roundly repudiated by the NNPCL, workers at the refinery, experts, and delegates from the Presidency, Nigeria Labour Congress, Trade Union Congress, Petroleum and Natural Gas Senior Staff Association of Nigeria, and Nigeria Union of Petroleum and Natural Gas Workers. However, traducers will stop at nothing to carry out their nefarious agenda.

 

Let it be known that those fabricating lies to destroy NNPC’s reputation are fighting a lost war. Nobody can demarket a company that is doing well and consistently breaking new ground. From what was believed to be a cesspool of corruption to an organisation guided by sound management, transparency and corporate governance, Kyari and his team are doing a good job. The NNPC Ltd remains steadfast in its mission to ensure fuel availability, affordability, and quality for all Nigerians while maintaining global industry standards.

 

Of course, the coming of the $23 billion Dangote Refinery has changed the Nigerian downstream landscape igniting competition and a recent price war; such development is welcome and the expectation is that demand and supply forces would continue to drive the market. It is, however, important to keep the competition healthy and virile. No need to demarket one another. The downstream market should be a level playing field for all.

 

Recall that Kyari played a pivotal role in supporting the Dangote Refinery by securing a $1 billion loan backed by NNPC’s crude reserves. The strategic move not only addressed liquidity challenges but also ensured the successful completion of Dangote Refinery.

 

This, according to NNPC Ltd., underscores Kyari’s commitment to fostering public-private partnerships that deliver long-term value to the nation.

 

The NNPCL boss was said to have considered the investment in the Dangote Refinery as a strategic move aimed at strengthening domestic fuel supply.

 

“A strategic decision to secure a $1 billion loan backed by NNPC’s crude was instrumental in supporting the 650,000-barrel-per-day Dangote Refinery during liquidity challenges, paving the way for the establishment of Nigeria’s first private refinery. This initiative underscores NNPC’s dedication to fostering public-private partnerships that drive national development,” Soneye, the NNPC spokesman, had said at a recent Energy Relations Stakeholder Engagement in Abuja.

 

The Kyari-must-go campaigners have also joined the smear campaign against NNPC Ltd., sponsoring opinion pieces and media publications in an attempt to undermine the company’s progress. However, no amount of negative rhetoric can diminish the achievements NNPC Ltd. has made under Kyari’s leadership.

 

Apart from the refineries, NNPC Ltd. under Kyari declared N3.297 trillion profit for the 2023 financial year, the highest in its 46-year history and an increase of over N700 billion (28%) when compared to the 2022 profit of N2.548 trillion. This, of course, has been credited to the stringent financial management strategies deployed by Kyari and his team.

 

In 2021, NNPC declared profit in its operations for the first time.  From a loss position of N803 billion in 2018, it reduced the loss further down to N1.7 billion in 2019.

 

However, in 2020, it posted its ‘first-ever’ profit of N287 billion, then in 2021, it recorded an N674.1 billion profit and in 2022, the profit grew to N2.548, an unprecedented achievement in its financial performance. In a company where profitability was like an anathema, Kyari has bucked the trend and changed the narrative by posting profit year-on-year.

 

Efforts to discredit NNPC Ltd. are futile in the face of the company’s impressive performance. While constructive criticism is welcomed, malicious campaigns to harm the company’s reputation are unacceptable. NNPC Ltd. should continue to fight against such attacks and stand firm in its commitment to serving the nation.

 

Emmanuel Akanni, an energy analyst, writes from Lagos.

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News and Report

Re: Alleged Defection of 27 Lagos Assembly Members to Labour Party

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The Lagos State House of Assembly wishes to categorically debunk the malicious and unfounded publication alleging that twenty-seven members of the Assembly are planning to defect from the ruling party to the opposition Labour Party (LP). This publication is entirely false, misleading, and a deliberate attempt to misinform the public.

 

We find this report not only offensive but also riddled with inaccuracies and outright falsehoods that serves no purpose other than to sow discord and confusion within the Assembly and among the good people of Lagos State.

 

The recent developments in the House, including the removal of the erstwhile Speaker, Hon. Mudashiru Obasa, and the election of Rt. Hon. Mojisola Lasbat Meranda as the new Speaker, are purely internal matters. These actions were carried out in accordance with the constitution of the federal republic of Nigeria as Ammended.

 

These events in no way suggest any intention by members to leave the party. We emphasize, without any ambiguity, that no member of the Assembly is contemplating defection.

 

We were elected under the Leadership of the Ruling Party, The ruling party remains united and focused on delivering its mandate to the people of Lagos State. The falsehood being spread originates from agents of destabilization who seek to create unnecessary tension and division within the Assembly.

 

To our party leaders and supporters across the state, we assure you that all members remain committed to the party.

 

Furthermore, we reaffirm that any internal disagreements within the House will be resolved amicably through peaceful and democratic mechanisms. There is no crisis that warrants any member considering defection.

 

We also call on all media partners to uphold the ethics of journalism by verifying facts before publication and refraining from spreading unverified reports that could mislead the public.

 

E- Signed

 

Hon. (Otunba) Ogundipe Stephen Olukayode

Chairman, House Committee on Information, Strategy and Security

Lagos State House of Assembly

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NIHOTOUR Nigeria and South African High Commission Deepen Collaboration on Hospitality, Tourism, and Cultural Exchange. 

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The national Institute for Hospitality and Tourism (NIHOTOUR) has taken a significant step towards strengthening the bilateral relations between Nigeria and South Africa in the areas of hospitality, tourism, and travel. This follows a strategic visit by Professor Bobby J. Monroe The Consul General of the Republic of South Africa in Lagos Nigeria to NIHOTOUR headquarters abuja, where he engaged with the Director General/CEO of NIHOTOUR, Aare (Dr.) Abisoye Fagade, FIMC, on fostering deeper collaborations between Nigeria and South Africa.

 

Speaking during the meeting, Aare Abisoye Fagade emphasized the importance of using the tourism potentials of nigeria and the viral Nigerian hospitality sector as seen with the recent surge in Lagos Nigeria’s Detty December, as a tool for enhancing security perceptions in Nigeria and for promoting peaceful coexistence between both nations. He highlighted how a robust cultural and training exchange between Nigeria and South Africa could contribute to eradicating xenophobia and strengthening ties between South Africans and their Nigerian counterparts.

“Tourism is not just about travel and hospitality; it is a bridge that connects cultures, fosters understanding, and drives economic growth. Through structured training, knowledge exchange, and mutual collaboration, we can dispel misconceptions, improve security narratives, and build a future where Nigerians and South Africans see each other as partners, not rivals,” he stated.

 

Key Areas of Collaboration:

1. Hospitality & Tourism Training Exchange: Enhancing capacity building through joint training programs and certification initiatives between NIHOTOUR and South African institutions.

2. Cultural Diplomacy: Leveraging cultural tourism to promote stronger people-to-people connections and combat stereotypes.

3. Security and Perception Management: Showcasing Nigeria’s ongoing improvements in tourism security to attract South African tourists and investors.

4. Joint Tourism Development Projects: Encouraging cross-border investments in hospitality and tourism infrastructure.

 

Professor Monroe reaffirmed South Africa’s commitment to working closely with NIHOTOUR, stressing the need for Africa to unite through tourism and leverage its cultural diversity for economic prosperity.

 

NIHOTOUR remains dedicated to positioning Nigeria as a leader in tourism education, regulation, and sustainable development while fostering international partnerships that drive growth in the sector.

 

Both parties resolved to pursue vigorously the opportunities presented by this collaboration between NIHOTOUR and the South African mission in Nigeria.

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