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FCMB: EXPOSING NIGERIA’S MOST FRAUDULENT FINANCIAL INSTITUTION……….. How MILLIONS WAS FRAUDULENTLY MOVED FROM CUSTOMERS ACCOUNT! + INSIDER CONNECTION

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The management of First City Monument Bank, FCMB Plc., appears to have ignored recent directive from the Economic and Financial Crimes Commission, EFCC to banks to report suspicious activities of their customers to the commission.
The Central Bank of Nigeria, CBN has also recently warned Nigerian banks that they will be held responsible if they failed to notify the apex bank activities of fraudsters and hackers.
Financial analysts, however, insist that the new generation bank led by Mr. Adam Nuru have wittingly disregarded the directive neither has the bank done enough to build necessary firewalls capable enough to prevent criminal elements from using the bank to commit fraud.


This has become worrisome in the face of hackers that have now infiltrated the bank’s electronic system for the purpose of robbing unsuspecting Nigerian of their hard earned money. SOCIETY REPORTERS however discovered through investigations that the fraud is committed with insiders’ assistance in the bank.
The hackers and some employees of the bank, we learnt they have formed a well-organized syndicate that now threatens depositor’s fund in the bank and the financial system in the country.
The modus operandi of the ‘cartel’, according to some victims who have lost money to the well-organized syndicate, is very strong so much so that an unsuspecting individual would have fallen for the scam before knowing it.
On January 3, 2018 an FCMB customer (names withheld for security reasons) with account number 0289084011 received an alert on his mobile telephone line, that his account has been debited of N5,000,000.00 ( five million naira only). Shocked that the amount was removed from his account without his authorization, he quickly called one of his staff to find out what could have happened.
The employee, an accountant working in his office told him he received an email from him that day authorizing him to transfer the said amount to GTB account owned by one Aminu Steven H.
The GTB account number is 0160947512. The principal told the staff that he never sent the e-mail, more so when he had no transaction with the GTB customer, as such he had no reason to pay him such money.
Suspecting that he has been scammed, he quickly notified FCMB which in turn notified GTB. While this was still going on the recipient of the money at GTB had quickly moved the money, which he split into two different accounts in the same bank.
The transaction was done in a flash of lightning. The sum of N2,800,000.00 was transferred to the account of one Sanni Adeyemi Azeez, while N2,200,000.00 was moved to the account of Olamilekan Temitope Moses.
“There’s no way this could have happened without insider connection,” said Frank Enebeli, a financial analysts, adding that “FCMB has become notorious for such financial fraud.”
Before this particular case, some customers of FCMB have complained about the failure of FCMB management do something about some of its staff working hand-in-hand with hackers to commit fraud.
Some customers said they have had to close their accounts with FCMB because they felt that their money could be tampered with. Some of them said they felt their money was no longer safe with the bank, not because they have any bitter experience, but simply because their friends who at one time or the other had been defrauded warned them to do so.
FCMB, some analysts say has risked its reputation as one of the new generation banks in the country by allowing hackers and thieves to have a free reign.
An insider told SOCIETY REPORTERS that it’s difficult to weed out insiders in the bank perpetuating this fraud because they have backers among senior management of the bank. The source also said the cartel has become so much entrenched because of huge cash involved.
According to him, the mode of operation of the ‘thieving staff’ is two-way pronged. The first “ring’, he said focus on working with hackers to move money from other banks to FCMB. The basic work of these staff is to move such money to special or dedicated accounts opened for this purpose. “These accounts are opened using proxies who are promised cuts or percentage of whatever money is involved.
The owners of the accounts get up to 10 percent or more, depending on agreement. Once the money lands in the account the owner is quickly informed, so that he can withdraw it with immediate effect before the victim alerts the bank.” the source said.
“The transactions takes place in a flash, because once it’s discovered the bank can place a Lien of No Debit Transaction on the accounts involved making any withdrawer impossible,” he also stated.
The biggest ‘cartel’ involves staff who stole FCMB customers’ money. According to the same source, this group has festered for years in the bank and has become very entrenched in the evil practice.
“What they do is to monitor fat accounts for at least eight months. Once they discovered that the accounts witnessed no activity within this period, they will start moving the money bit by bit,” he said.
He explained that some customers have opened accounts with the bank without the knowledge of their family members or close relations. When such customers die, he said, nobody will be able recover the money in the accounts because nobody is aware of their existence.
“Though this particular situation is not common with GTB, but the one that happens in FCMB is worst. The cartel makes millions monthly from these fraudulent practices. Now imagine the billions that may have been stealing from customers in the last few years,” he said.
Some customers of FCMB who spoke with us, disclosed that on a number of occasions they had receive debit alert on their mobile phones without any transaction.
Whenever the bank is queried, the response is usually very unimpressive. In the case cited above, FCMB was very reluctant to return the N5 million stolen until the owner dragged the bank to court.
The efforts by SOCIETY REPORTERS to get the bank respond to the issue were not successful. Telephone calls made to its spokesperson one Mr. Louis Ibe were not responded to.
Whatch out for Part 2…… (Our Interview with some aggrieved customers of the bank)

SUNDAY ADEBAYO

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Organiser unveils speakers, panelists for the 2024 Industry Summit

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The organiser of the Industry Summit, an annual gathering for professionals and experts in brand marketing, finance, sustainability, and entertainment, has announced the speakers for the fifth edition of the summit in Lagos.

 

 

 

The event themed: Sustainable Marketing for Growth would feature the marketing director of Nigerian Breweries Plc, Mr. Emmanuel Oriakhi as keynote speaker while the head of unit, sustainability at Access Bank, Mrs. Omobolanle Victor-Laniyan and manager brand, strategy & communications at Stanbic IBTC, Ms. Rita Akao would feature as guest speakers.

 

 

 

The summit, which is scheduled to hold on Friday, May 3rd, 2024 at the Marcelina’s Place Ikeja GRA, Lagos would feature some exhilarating panel sessions with some of the contemporary professionals in the Nigerian brand and marketing industry.

 

 

 

The panelists include; Ms. Chioma Mbanugo, Head of Marketing PZWILMAR, Mr. Abiodun Coker, Team Member Media, UBA, Mrs. Mabel Adeteye, Head, Brand & Marketing Communications, Wema Bank PLC, Mr. Kevin Olumese, Marketing Communications Specialist, and Mr. Adeola Kayode, Head, Brands & Creative Services, 9mobile Nigeria.

 

 

 

Others who have confirmed participation are Ms. Aisha Anaekwe, Head, Brands & Comms, Coronation Group, Mrs. Victoria N’dee Uwadoka, Public Relations, Public Affairs & Sustainability Lead, Nestle Nigeria Plc, Mr. Samson Adeoye, Public Relations Manager, Airtel Nigeria, Mrs. Oluwatosin Odiagbe, Marketing Manager, Simba Solar and Ms. Arinola Shobande, Head of Marketing, Showmax.

 

 

 

While Oriakhi would be speaking to the topic, ““New Age Marketing – Catalyzing Transformation Through Value Chain Innovation, Technology, Analytics & Sustainability”, Victor-Laniyan and Akao would present papers on the topics; “Aligning organizational objectives with sustainable marketing for the good of the people, society and business, and “Reimagining Sustainable Growth Through Green Marketing” respectively.

 

 

 

In the press statement signed by the Publisher of The Industry Newspaper/Convener of The Industry Summit/Awards (TIES), Mr. Goddie Ofose, he said that “The 5th edition of the Industry Summit is focusing on sustainable marketing, which is a purpose-driven practice that works to orientate businesses, brands and society towards a sustainable future, influencing appropriate awareness, aspiration, adoption and action across economic and sociocultural systems by taking necessary accountability for its impacts and opportunities.”

 

 

 

“In today’s ever-evolving world, debating whether to incorporate sustainability into business strategy is no longer an option. Considering a values-driven approach when developing business strategies can be vital to long-term success” he said.

 

 

 

Therefore, we have carefully selected these professionals and experts to deliberate on the subject matter, highlight challenges and proffer solutions where private and public sectors could take lessons from and improve upon whatever they have been doing,’ Ofose added.

 

 

 

The Industry Summit/Awards is a brainchild of The Industry Newspaper Limited, publishers of The Industry Newspaper (theindustry.ng) and 789marketing.ng.

 

 

 

The summit is designed to bring together industry leaders across the continent in all sectors in the quest to rev up conversations that will move the Nigeria business, economy and communication industry forward.

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IBEDC records 1,459 energy theft cases in January, February

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The Ibadan Electricity Distribution Company said it has recorded 1,459 cases of energy theft by its subscribers between January and February 2024.

This was disclosed in a press statement signed by the firm’s Chief Key Accounts Officer, Mr. Johnson Tinuoye, on Tuesday.

IBEDC added that it is actively pursuing investigations and legal actions against individuals and businesses involved in the theft in collaboration with the Federal Government Special Investigation and Prosecution Task Force on Electricity Offences.

Identifying the cases, IBEDC said they included various offences such as meter bypass and illegal meter tampering, which resulted in significant financial losses amounting to hundreds of millions of naira for the company.

The statement read, “We want to send a clear message to our customers that energy theft will not be tolerated. Our collaboration with the Federal Government Special Investigation and Prosecution Task Force on Electricity Offences underscores our commitment to ensuring a fair and just electricity distribution system.

“Energy theft not only undermines the integrity of our operations but also deprives IBEDC of the revenue necessary to provide quality services to our customers.”

Tinuoye emphasised that under the Electricity Act, energy theft is now recognised as a criminal offense, carrying severe penalties including imprisonment stressing, “In the Osun region, two individuals were apprehended for stealing energy through meter bypass and illegal connections. Their cases have been formally charged in court for prosecution.”

IBEDC further urged customers to refrain from engaging in any form of energy theft, emphasising that the consequences can be severe, as there is no room for negotiation with the SIPTEO Task Force team, which is actively patrolling and investigating instances of energy theft for prosecution.

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Copyright Breach: NCC Drags MTN, Others To Court Over Musician’s Works

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The Nigerian Copyright Commission (NCC) has filed criminal charges against MTN Nigeria Communications Ltd. and four others over alleged copyright infringement.

The charge with number FHC/ABJ/CR/111/2024 filed in the Abuja Division of the Federal High Court was obtained by journalists on Monday.

News Agency of Nigeria (NAN) reported that the four other defendants in the case include the chief executive officer of MTN Nigeria, Karl Toriola; Nkeakam Abhulimen, Fun Mobile Ltd.; and Yahaya Maibe.

In the three-count charge, NCC alleged that the defendants, between 2010 and 2017, “offered for sale, sold and traded for business’’, infringed the musical works of an artiste, Maleke Idowu Moye, without his consent and authorisation.

The commission alleged that the defendants used musical works and sound recordings of Mr Maleke with subsisting copyright as caller ringback tunes without the authorisation of the artiste.

The musician’s musical works and sound recordings allegedly infringed upon included 911, Minimini-wanawana, Stop Racism, Ewole, 911 instrumental, Radio, Low Waist, and No Bother.

The defendants were also alleged to have distributed the musical works to their subscribers without authorisation, thereby infringing on the rights of the artiste.

In the third count, the defendants were alleged to have in their possession, other than for their private or domestic use, the artiste’s musical works and sound recordings.

According to NCC, the alleged offences are contrary to and punishable under section 20 (2) (a) (b) and (c) of the Copyright Act, Cap. C28, Laws of the Federation of Nigeria, 2004.

The case has yet to be assigned to any judge, and no date has been fixed for the mention.

Meanwhile, no official statement has been released by any of the defendants as at the time of filing this report, while all efforts to get reactions from MTN by New Telegraph proved abortive.

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