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Exclusive: Controversial First City Monument Bank In The Hand Of Yemisi Edun!

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2 years ago

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By: Sunday Adebayo 

 

First City Monument Bank (FCMB), a member of FCMB Group Plc, is a financial services holding company headquartered in Lagos. FCMB Group Plc has nine subsidiaries divided among three business groups: commercial and retail banking, investment banking, and asset and wealth management. As of December 2020, the Group’s total assets were valued at US $5 billion (NGN: 2 trillion).

The entity from which the bank was founded, City Securities Limited (CSL), was established in 1977 by Oloye Subomi Balogun, the Otunba Tunwashe of Ijebu, a Yoruba traditional aristocrat. First City Merchant Bank was established in 1982 with seed from CSL. It was incorporated as a private limited liability company on 20 April, 1982 and granted a banking license on 11 August, 1983. It was the first bank to be established in Nigeria without government or foreign support. In 2001, the name of the bank was changed from First City Merchant Bank to First City Monument Bank Limited following the bank’s transformation to a universal bank. A new subsidiary, FCMB Capital Market Limited, was formed to support it’s corporate finance activities. On 15 July,2004, FCMB changded its status from a private limited liability company to a public limited liability company.and was listed on the Nigeria Stock Exchange (NSE) by introduction on 21 December, 2004.

Inspite of the fact that the banking industry is the most controlled and regulated industry in Nigeria, fraud has continued to rear it ugly head in the industry. It has eaten deep into every unit and department in the banking sector. The level of fraud in the present day Nigeria has assumed an epidemic dimension. Today the very integrity and survivability of these laudable functions of Nigeria banks have been called into question in view of incessant fraud and accounting scandals. More money is stolen through banks by means of fraud committed with pen than through other means and the banking industry falls victim to fraudulent act suffers and bears the brunt.

The current Managing Director (MD) of FCMB Yemisi Edun, was named Acting Managing Director in January 2021 after the Managing Director at that time , Adam Nuru, stepped down due to an alleged paternity scandal. In July 2022, the appointment became official, making her FCMB’s first female CEO. Edun first joined the bank in the year 2000 as the Divisional Head of Internal Audit and Control.

Recent fraudulent and scandalous act under her watch as the Managing Director has brought up question about her competence and also about the integrity of FCMB group plc. Some of recent scandal and fraudulent act related to FCMB which has brought a set back under the management of Yemisi Edun will be discussed in this article.

 

Court Orders FCMB To Pay N540m To Pastor Wrongly Accused of Laundering Money For Magu

First City Monument Bank (FCMB) is in hot soup as the Federal Capital Territory High Court has ordered the bank to pay N540.5 million in damages to Pastor Emmanuel Omale of the Divine Hand of God Prophetic Ministry and his wife Deborah over false claim that they laundered N573 million for former chairman of the EFCC, Ibrahim Magu.

Delivering the judgement in the law suit, Yusuf Halilu, the judge held that the bank breached its “duty of care to the claimants”, the Omales and their church.

The judgement was on the suit marked:

FCT/HC/CV2541/2020 filed by Mr Omale, his wife and the church.

The judge held that the evidence before the court showed that the bank admitted error in its report to the NFIU of entries in the account of Divine Hand of God Prophetic Ministry which was accused of laundering money on Mr. Magu’s behalf.

Mr. Halilu also said the bank claimed that purported N573 million was wrongly reflected as credit in Divine Hand of God Prophetic Ministry’s account by its reporting system, which is recently upgraded.

The judge held that FCMB admitted the error, which brought incalculable damage to the reputation of the claimant both within and outside the Nigeria – depleting their church’s membership.

Mr. Halilu said the claimants provided sufficient evidence to establish case of negligence against FCMB.

Consequently the judge awarded N200 million as aggravated damages; N140.5 million as specific damage and N200 million as general damage.

 

‘N1.2B Fraud’: FCMB Manager, 2 Others Docked

The Ikeja GRA manager of First City Monument Bank was on Wednesday 30th March, 2022 docked before a Lagos High Court for allegedly aiding 1.2 billion fraud.

Munis was arrained on 15 counts amended charge alongside Dare Osamo and Ayoola Bisola who had earlier been arraigned before the court presided over by Justice Oyindamola Ogala.

At the resumption of trial, the Director, Lagos State Department of Public Prosecution, Dr Jide Martins, informed the court that the state had an amended charge to include the branch manager who allegedly connived with Dare Osamo to swindle star orirnt owned by a business man, Otunba Babatunde Akanbi Babalola.

According to the amended charge, Munis on the 15th day of February, 2016, while acting as branch manager First City Monument Bank Plc situated at No 48, Isaac John street, Government Residential (GRA) Branch, allegedly commited the offense.

The court further stated that Munis and Osamo, allegedly demonstrated intention to defrauding without lawful authority or excuses approved the opening of a new account for Star Orient Nig. Ltd when there were no Special Control unit against Money Laundering Certificate number on the account opening form.

The charge also state that the duo of Munis and Osamo, allegedly ran foul of banking rule when they opened the account without full details of the directors of Star Orient Nigeria Limited, no means of identification or BVN (Bank Verification Number) of the directors Star Orient Nigeria Limitedand upon a forged resolution purportedly signed by Dare Osamo as sole signatory when there are two directors who are signatories to star Orient Nigeria Limited’s account.

Dr. Martins announced to the court of the existence of the amended charge and urged the court to take his plea over the allegation levelled against him.

Consequently Munis pleaded not guilty to four-count charge relating to him out of the fifteenth count charges.

The state prosecutor, thereafter, asked the court for a trial date and ramand order pending the determination of his bail application.

In a counter reaction, J.O Olushade, who represented Dr. Wale Olawoyin, SAN, as councel to the branch manager, informed the court of his bail application while praying for liberal terms.

The defense counsel moved the bail application by adopting it as he prayed the court to admit the defendant to bail because the offense allegedly committed by the defendants are bailable.

Opposing the bail, the state DPP said the court must consider the severity of the offense.

Delivering ruling on the bail application, Justice Ogala granted the 3rd defendant bail in the sum of N20million with two sureties.

The court ordered that the sureties must be residents in the state and have title to landed property.

She said they must provide evidence of tax payment to the state government as well as their residential address which must be verified.

She further ordered the defendant to submit his international passport.

 

 

‘N900m fraud’: How Hacker Linked ATMs To FCMB Customer’s Account

The printed document showing how scammers hacked into the computer database of First City Monument Bank (FCMB) and stole over N900 million belonging to customers were brought before Justice Oluwatoyin Taiwo of the special offenses court sitting in Lekki, Lagos State.

Also brought before the court were the suspects – Gideon Oluwatimilehin, Abiodun Aina, Samuel Adenitiri, Oluwasegun Daliu, Olaitan Ajibola Shehu, Moyosore Sulaimon and Adeyinka Akinji.

The Economic and Financial Crime Commission (EFCC) had earlier arraigned the severity suspects for allegedly defrauding FCMB of over N900 million.

The suspects were accused of conspiracy to defraud and unauthorized access to FCMB computer materials and software.

The EFCC alleged that the seven defendants did steal by unauthorized transfers and withdrawal from various FCMB points nationwide of the sum of 900 million, property of the owners of and various customers of FCMB from their accounts to various accounts outside the bank via POS and ATM.

Tendering t the certified documents showing how the scammers hacked into the computer database of the bank before the special offenses court on Friday, an investigation officer in the Group Internal Audit Division of FCMB, Olayinka Olaleye disclosed that the fraudulent act was carried out between March 9 and 10, 2018.

Olaleye, who was introduced as a witness to the court by the prosecuting counsel, B.C Bennett, revealed that the Automated Teller Machine (ATM) card details of one Abdullahi Kazeem was linked to the corporate account of Eko Hotel Limited as if the hotel has an a card on it’s bank account, nothing that the ATM card belonging to Kazeem was used to withdraw a large sum of money by the defendants.

He said: “The defendants and other perpetrators still at large gained unauthorized access into the system of FCMB. They fraudulently conspired together and deleted information and hacked into the password of some users in the bank to increase transaction limit on the corporate accounts, increased the transaction amount and they increased the transaction frequencies and linked their ATM card into these corporate accounts to make huge withdrals.

“The fraud did not take the usual pattern where you can easily narrate how money moves from one account to another.

“The transaction limit and amount on the Eko Hotel account was fraudulently enhanced as our system was hacked otherwise one shouldn’t have been able to withdraw N150,000 or N500,000 daily.

“On the same day March 9, 2018, various ATM withdrawals of N20000 each was carried out because the transaction limit and account been enhanced and the suspects were able to make limitless withdrawal. That was how the ATM card of Abdullahi Kazeem that was fraudulently collected by Gideon Oluwatimilehin and later handed over to Osita Martin’s who is currently at large was used.

“If not for forensic investigation, there is no way one will be able to trace the withdrawal to the account of Kazeem. By the time we conducted a forensic investigation on the account of Eko Hotel Limited, we were able to see the card linked to the account and cash withdrawals were made”.

He further stated that the transactions on the Eko Hotel’s account were fraudulently executed via transfers and cash withdrawals using the ATM.

The investigation officer further told the court that ATM card of another defendant Adeyinka Akinji, was linked to the account of MTN to withdrawal millions of naira.

“The card of Adeyinka Akinji was linked to the account of MTN. His own card was handed over to Oluwasegun Daliu and the pattern used was cash withdrawal through ATM.

“The transaction took place on the same day because the transaction limit at account of MTN were fraudulently enhanced; the transaction count was increased as well,” he stated.

Olaleye added that the defendants and others still at large also defrauded FCMB by linking the ATM card belonging to Olaitan Ajibola Sheu to the corporate account of Multichoice Nigeria Limited.

He stated that the defendants made huge withdrawal from Multichoice’s account via ATM and POS.

However, during cross examination by the Defense counsel, Lekan Egberonbe, the witness said he has worked with FCMB for eight years.

Egberonbe further asked the witness of the footage that showed when the defendant made use of the ATM, while the investigation officer said the footage, which was unavailable as of the time he appeared in court, can be provided.

Justice Oluwatoyin Taiwo, thereafter, adjourned the matter till February 14, 2022, for further hearing.

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AIR PEACE ADDRESSES IN-FLIGHT THEFT INCIDENT ON FLIGHT P47190

Published

18 hours ago

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February 22, 2025

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We confirm an incident of in-flight theft onboard Flight P47190 on February 19, 2025. The airline reiterates its unwavering commitment to passenger safety and security and has taken decisive action in response to the situation.

During the flight, a passenger was found in possession of a missing item following a thorough search conducted upon landing at Port Harcourt International Airport (PHC). The suspect was subsequently handed over to the airport police for further investigation and necessary action.

Air Peace is deeply concerned by the rising trend of in-flight thefts observed in recent weeks. To curb this menace, the airline is implementing enhanced surveillance measures onboard its flights. Cabin crew members have been advised to heighten their vigilance throughout the journey, and in-flight announcements will be intensified to sensitize passengers on the importance of securing their belongings and reporting any suspicious activities immediately.

Furthermore, the airline is taking a firm stance against such criminal acts by recommending the blacklisting of the identified suspect, reinforcing its zero-tolerance policy for any misconduct that compromises the safety and comfort of passengers.

Air Peace remains committed to delivering a safe, secure, and world-class travel experience for all passengers. The airline urges the public to cooperate with its security protocols and report any suspicious behaviour to ensure a seamless and enjoyable journey for everyone.

 

 

SIGNED

Dr. Ejike Ndiulo

Head, Corporate Communications

Air Peace Limited

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Court orders final forfeiture of Emefiele’s $4.7m, N830m, properties

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2 days ago

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February 21, 2025

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A federal high court in Lagos has ordered the permanent forfeiture of $4.7 million, N830 million, and properties linked to Godwin Emefiele, former governor of the Central Bank of Nigeria (CBN).

 

Yellim Bogoro, the presiding judge, granted the final forfeiture application brought by the Economic and Financial Crimes Commission (EFCC), in a judgement delivered on Friday.

 

The funds, now forfeited to the federal government, were held in First Bank, Titan Trust Bank, and Zenith Bank accounts managed by individuals and entities including Omoile Anita Joy, Deep Blue Energy Service Limited, Exactquote Bureau De Change Ltd, Lipam Investment Services Limited, Tatler Services Limited, Rosajul Global Resources Ltd, and TIL Communication Nigeria Ltd.

 

 

Properties affected by the interim forfeiture include 94 units of an 11-floor building under construction at 2 Otunba Elegushi 2nd Avenue, Ikoyi, Lagos; AM Plaza, an 11-floor office space on Otunba Adedoyin Crescent, Lekki Peninsula Scheme 1, Lagos; Imore Industrial Park 1 on Esa Street, Imoore Land, Amuwo Odofin LGA, Lagos; Mitrewood and Tatler Warehouse (Furniture Plant at Bogije) near Elemoro, Owolomi Village, Ibeju-Lekki LGA, Lagos; and two properties purchased from Chevron Nigeria, located in Lakes Estate, Lekki, Lagos.

 

 

Additional properties include a plot at Lekki Foreshore Estate Scheme, Foreshore Estate, Eti-Osa, LGA; an estate at 100 Cottonwood Coppel Texas Drive, Coppel, Texas, owned by Lipam Investment Services; land at 1 Bunmi Owulude Street, Lekki Phase 1, Lagos; and a property at 8 Bayo Kuku Road, Ikoyi, Lagos.

 

Justice Bogoro held that all these properties and funds are proceeds of unlawful activities which are bound to be forfeited to the Federal Government of Nigeria.

 

 

The judge held: “I find that the activities of the respondents here were unlawful. Why should they have a problem of dollars immediately Godwin Emefiele left CBN as a governor of the Bank and salary could not be made?

 

“I hold that they are not legitimate business activities.

 

“I hold that Anita Omoile is a close crony of the former CBN governor Godwin Emefiele who has been given undue influence to unlawfully sway dollars from CBN.

 

 

Consequently, I find that all the monies and properties in the schedule are finally forfeited to the Federal Government of Nigeria.”

 

The EFCC through its counsel Rotimi Oyedepo SAN had cited Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and Section 44(2)(b) of the Nigerian Constitution in its application, seeking an interim forfeiture on the grounds that the funds and properties were suspected to be proceeds of unlawful activities.

 

Justice Bogoro, finding merit in the EFCC’s application, ordered the interim forfeiture and mandated the publication of the order in a national newspaper.

 

 

Following the failure of the defendants or anyone else to prove that the funds legitimately belonged to them, the judge then made the interim order permanent.

 

Today’s order is another testament to the EFCC’s commendable assets recovery and anti-corruption efforts under its Executive Chairman Mr Ola Olukoyede.

 

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Halt campaign against NNPC’s progress

Published

4 days ago

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February 19, 2025

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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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