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FCMB OF FRAUD: How The Bank Defrauded A Sports Bet Company of N1billion (Part 1)

Published

3 years ago

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If you’re investing on a mega business project and First City Monument Bank (FCMB) is your banker, you would reasonably have a rethink after reading this exclusive piece. It is a story of how the bank and its desperate crooked senior staff almost ruined a foremost sports betting company in Nigeria.

It all started late in 2018 when the owner of the betting company (names withheld) gave the Allen Avenue, Ikeja branch of FCMB an instruction to buy dollars equivalent to N1billion for his domiciliary account with the bank. It is standard practice for the bankers to ensure that the foreign currency (dollars) appears in the customer’s domiciliary account before debiting him of the naira equivalent, and the customer made no mistake by emphasizing this when he instructed Mrs Uki, his account officer at the bank to make the deal.

But out of greed, the senior officers of FCMB were sourcing for cheap dollars in order to make a huge profit, and in the process threw the ethics of their profession to the winds. Mrs Joanne Oyenike was Allen Branch Manager of the bank then. She would later be sacked as a result of the scam and drama that trailed the transaction.

Another key figure in the scam is Mr Adeoye Adeyemo, who was FCMB’s Head of Commercial Banking as at then. His department would later be disengaged for lack of results. It was the Allen Branch Manager, Mrs Oyenike and Adeyemo who led this shocking scam you’re about to read.

Note that when the Allen branch of the bank’s Customer Service Officer (CSO), Mr Gboyega Johnson and Customer Service Manager (CSM), Mr Julius Ugwu got the notification for the transaction, they refused to treat it because the dollars have not reflected on the customer’s account accordingly. They declined to debit the customer’s account of N1billion as a result.

However, some crooked senior staff of the bank thereby moved the customer’s instruction to the Oba-Akran branch of FCMB, where the sum of N1billion was fraudulently deducted from the customer’s account without the dollar equivalent credited to his domiciliary account.

Meanwhile, the Sports Betting Company MD was seriously ill. Perhaps, he anticipated using the money for his treatment abroad but was denied the privilege by the crooked FCMB senior staff. It was until 2019 when he returned from his medical trip abroad that he decided to write the bank officially, and trouble started.

The bankers said the dollar equivalent of the N1billion was hanging (it could not be traced to date), and the customer threatened to withdraw all his company’s accounts from FCMB – that was when the management of the bank started begging him and proposed compensating him with N500million.

In fact, a prominent Southwest monarch was also approached by FCMB’s management to help in appealing to the cheated customer because he is one of the bank’s biggest customers.

More Details Will be revealed in the next part of the story……..

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Former Governor Ifeanyi Okowa, Spends Second Night In EFCC’s Cell Over N1.3 Trillion Alleged Fraud

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12 hours ago

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November 7, 2024

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Immediate past governor of Delta State, Ifeanyi Okowa, who was arrested and detained by the Economic and Financial Crimes Commission (EFCC) has spent second night in the custody of the anti-graft commission.

 

Okowa is currently being investigated and detained over the alleged diversion of N1.3 trillion.

 

The N1.3 trillion reportedly represents the 13% derivation fund from the federation account between 2015 and 2023.

 

According to sources within the commission, Okowa was invited to the EFCC office in Port Harcourt, Rivers State, where he’s subsequently detained by officials.

 

One of the sources stated, “Okowa was at our Port Harcourt office following an invitation from investigators probing the allegations against him. He was then arrested. The commission is investigating him regarding the N1.3 trillion 13% derivation fund from the federation account between 2015 and 2023.

 

“He is also accused of failing to account for the funds, as well as another N40 billion he allegedly claimed was used to acquire shares in UTM Floating Liquefied Natural Gas. He reportedly bought shares worth N40 billion in one of the country’s major banks, representing an 8% equity stake, to support the offshore LNG project. The funds are alleged to have been misappropriated for other purposes.

Investigators are also examining the alleged diversion of funds by the former governor to acquire estates in Abuja and Asaba, Delta State. He is currently being held at the EFCC facility in Port Harcourt.

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Lagos Government Shuts Down Redeemed Church, Celestial Church, Clubs, Event Centres Over Noise Pollution

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1 day ago

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November 6, 2024

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The Lagos State government has shut down a branch of Pastor E. A. Adeboye’s Redeemed Christian Church of God, a Celestial church, nightclubs and event centres over noise pollution.

The Commissioner for Environment and Water Resources, Tokunbo Wahab, who made this known on Wednesday, said the churches, clubs and event centres were sealed on Tuesday by the Lagos State Environmental Protection Agency (LASEPA) in the Ogudu, Gbagada, Iyana Ejigbo, Isolo, Ajao Estate, Oshodi, Ilasamaja, and Okota areas of the state.

The sealed establishments include: Redeemed Christian Church of God, Celestial Church of God, OMA Nightclub and Lounge, Lounge & Lodging, Bridge Spot Bar, Okiki Event Center and Hall, Emota Paradise Hotel (Phase 2), CF Hotel & Suites, House 27 Hotel & Suites, Echo Spring Hotel, and Smile T Continental Hotel.

The commissioner in a post on X said, “In a bid to address noise pollution and other environmental violations, the Lagos State Environmental Protection Agency (LASEPA) took action yesterday, closing down several establishments across different parts of the state.

“This enforcement drive, focusing on areas like Ogudu, Gbagada, Iyana Ejigbo, Isolo, Ajao Estate, Oshodi, Ilasamaja, and Okota, is part of LASEPA’s continuous efforts to uphold environmental standards and safeguard public health.

“The affected establishments include Honourable Lounge & Lodging, Redeemed Christian Church of God, Celestial Church of God, OMA Nightclub and Lounge, Bridge Spot Bar, Okiki Event Center and Hall, Emota Paradise Hotel (Phase 2), CF Hotel & Suites, House 27 Hotel & Suites, Echo Spring Hotel, and Smile T Continental Hotel.”

 

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Gen. Taoreed Lagbaja: Tinubu directs flags be flown at half-mast

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1 day ago

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November 6, 2024

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President Bola Tinubu has directed that Nigeria’s national flags be flown at half mast for seven days across the country to mourn the passing of the late Chief of Army Staff, Lt. Gen. Taoreed Lagbaja.

The late Army chief, who was appointed by Tinubu on 19 June 2023, was said to have passed away on Tuesday night after a prolonged illness.

The Secretary to the Government of the Federation, George Akume, in a statement on Wednesday by his office Director of Information & Public Relations, Segun Imohiosen, said the president expressed regret over Lagbaja’s death.

Akume said, “President Bola Tinubu has expressed regret following the death of the Chief of Army Staff, Lieutenant General Taoreed Abiodun Lagbaja, after a brief illness at the age of 56.

“The President has directed that national flags be flown at half mast throughout the country for seven days in honour of the departed Army chief.

“He profoundly appreciates the services of the departed to the nation and wishes the family the fortitude to bear the great loss.”

Meanwhile, the Ministers of Defence, Mohammed Badaru and Bello Matawalle, have commiserated with the president, the military, and Lagbaja’s family over his death.

In a statement by the Ministry’s spokesperson, Henshaw Ogubike, the ministers described Lagbaja’s death as a great loss to his family, the Army, and the nation at large.

“The passing on to eternal glory shocked us at the Ministry of Defence, as our working relationship with him was commendable; he exhibited the spirit of camaraderie and cooperation with us in the discharge of our mandate.

“The late Chief of Army Staff contributed significantly to internal security operations across Nigeria and also exhibited a high level of professionalism.

“He will be greatly missed by the family, the military, and the nation, as he served the nation with commitment and dedication,” the statement added.

 

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