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Unethical Banking Practice: Wema Bank Swims In Customer Data Abuse Scandal With “ALAT By Wema”

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Some customers of Wema Bank Plc (ALAT By Wema) have accused the deposit money bank of abuse of customers’ data and unethical banking practices in the country by using their data to open illegal ALAT by Wema accounts without their authorization or permission. We understands that Wema bank has been opening multiple accounts for some Nigerians on its much-hyped digital banking platform, ALAT by Wema, without their knowledge or permission in a bid to celebrate the platform’s 5th anniversary.

Wema Bank Reportedly Aiming ‘A Million Account In One Day’ – Thereby Using Customers’ Data To Illegally Populate ALAT By Wema Digital Platform

According to information reaching Society Reporters, while the actual number of such unauthorized bank accounts opened on behalf of unsuspecting or undiscerning Nigerians are unknown, Wema Bank was alleged to be aiming to achieve “a million accounts in one day”, thereby using Nigerian customers’ data to populate the digital platform.

They said they discovered that the bank and its agents had allegedly been opening unauthorized accounts for customers with information or data in the bank’s possession.
The financial institution, led by Ademola Adebise, is accused of allegedly opening accounts for some Nigerians on its digital banking platform, ALAT, without their knowledge or consent in a bid to celebrate its 5th anniversary.

Customers Accuse Wema Bank Of Illegally Using Their Data To Open ALAT By Wema Accounts

Adebayo Tayo, a mental health advocate, took to his Twitter account to publicly accuse Wema Bank of opening an account in his name without authorization from him.

Tayo lamented that he never knew he had a new Wema Bank account until his mother contacted him, because she received an alert that was intended for him – shocking, how come he owns an account he’s unaware of, and his mom receives the alert.

“I am concerned about how my info has been used by Wema Bank and I need detailed explanations about the account including every transaction it has performed before someone uses my details for an account to launder money or collect ransome, ” he stated.

Wema Bank, in response to the report, claimed the unauthorised accounts were opened for certain persons “to celebrate with us” despite not informing them ahead or receiving approval to create the accounts.

Wema Bank Illegal Banking Practice Similar To Wells Fargo Accused Of Opening 1.5m Accounts Ilegally

This illegal banking practice is similar to that of Wells Fargo, a United State bank, which was accused of opening 1.5 million accounts without authorisation, with over 565,000 credit cards applied for, allegedly without customers consent.

About 5,300 employees at Wells Fargo were sacked for opening the illegal accounts, and the company was fined $185 million by the Consumer Financial Protection Bureau in the United States.

The unauthorised Wells Fargo accounts were only uncovered by the affected persons when the accounts started accumulating debt from bank charges on the unsuspecting individuals.

Just as the sacked Wells Fargo employees were said to have indulged in fraudulently opening sham accounts to beat target, Wema Bank vendors and marketers may have used the same strategy to achieve the lender’s anniversary target.

That of Wema Bank is expected to also place a financial burden on the unsuspecting persons through account maintenance cost, from which the lender generated about N2.10 million last year, surpassing N1.24 million of 2020.

Affected Nigerians smell insider abuse

Recently, Mental Health Advocate, Adebayo Tayo, took to his Twitter account to publicly accuse Wema Bank of opening an account in his name without authorisation from him.

Tayo lamented that he never knew he had a new Wema Bank account until his mother contacted him, because she received an alert that was intended for him – shocking, how come he owns an account he’s unaware of, and his mom receives the alert.

“I am concerned about how my info had been used by Wema Bank and I need detailed explanations about the account including every transactions it has performed before someone uses my details for an account to launder money or collect ransome, he stated.

Following a probe into Tayo’s claim, an online publication, Ripples Nigeria discovered he was not the only one whose identity was used by the financial institution, to open accounts on its digital banking platform, ALAT by Wema, without the knowledge or consent of the individuals.

Another affected Nigerian is Oyenike Ojo, whose name was used to open an ALAT by Wema account. However, when money was sent to the account, the alert details showed another name, Oluseyi Bamgboyi as account owner – which means two different names seem to have been used to open one account.

Ojo’s husband was quoted as saying that something was shady about the account, “What I said is, the current name on the account number in my screenshots is not my wife’s name. If you look at that screenshot, the account was opened with my wife’s name and a new account number.

“She also got a credit alert notification via sms with the new account number. This shows that her details were used to open that account. However I tried to do a transfer to that account this morning when I read the news only to see that the account name is Oluseyi Bamgboye and not Oyenike Ojo (which is my wife’s name). Something is definitely fishy”, he explained to Ripples Nigeria.

Ojo said his wife has an account with Wema Bank which she hasn’t used for about seven years, and the new account created in her name doesn’t seem to carry the same number with her old account.

He stressed that the unauthorised accounts opened is “definitely an inside job.”, stating , “Customer’s details are compromised and they are being used to open new accounts. Whether by marketers so as to meet targets of number of accounts opened, or for money laundering, I can’t tell.”

Ojo asked for an investigation into the illegal accounts opened by Wema Bank, saying the situation is questionable, “How Oyenike Ojo’s savings account opened without her permission has now become Oluseyi Bamgboye’s account is definitely questionable.” Ojo said, expressing his worry.

Another name used to open unauthorised account, Abimbola Fakoyejo, disclosed that he was still wondering about his unused account on ALAT by Wema, when he saw a message notifying him that an account has been opened in his name.

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Mike Adenuga-led Conoil rewards shareholders with N1.73 billion dividend

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  • Conoil Plc declares a substantial $2.2 million dividend for fiscal year 2022. 
  • Shareholders to receive N2.5 per share in recognition of Conoil’s outstanding financial performance. 
  • Mike Adenuga’s leadership drives Conoil’s profit before tax up by 60% in 2022.

Leading petroleum marketing firm Conoil Plc, headed by the third-richest man in Nigeria and multibillionaire businessman Mike Adenuga, has declared a sizeable dividend distribution to shareholders of N1.73 billion ($2.2 million).

The $2.2-million payment, which is the last dividend for Conoil’s fiscal year 2022, is equivalent to N2.5 ($0.00319) per share for all 693,952,117 of the company’s outstanding common shares.

At Conoil’s 53rd Annual General Meeting, which took place on September 22, 2023, in Uyo, Akwa Ibom State, shareholders accepted this choice.

According to the information reaching us, the final dividend, which recognizes Conoil’s outstanding financial performance in its 2022 fiscal year, will be deposited to shareholders’ accounts on September 29, 2023.

Conoil’s profit before tax increased dramatically under Adenuga’s direction, rising from N3.83 billion ($4.9 million) in 2021 to N6.13 billion ($7.84 million) in 2022 while confronting various obstacles and a challenging working environment. During the same period, earnings after tax rose by an equally astounding 60%, from N3.08 billion ($3.94 million) to N4.96 billion ($6.35 million).

The increasing profitability of the petroleum-marketing subsector boosted Conoil’s profits per share to N7.14 ($0.0091), a stunning 60.8 percent rise over the N4.44 ($0.00568) generated in 2021.

The company’s board of directors decided to approve a final dividend of $2.2 million, or N2.5 ($0.00319) per share, as a result of this exceptional achievement.

Conoil has strengthened its position as a major player in Nigeria’s petroleum marketing sector under the shrewd leadership of Adenuga. The business is well known for its proficiency in the marketing of a variety of lubricants sold under the “Quarto” brand, including diesel, kerosene, gasoline, aviation fuel, and other liquids.

Adenuga, a well-known telecom tycoon and one of Africa’s wealthiest billionaires, continues to have majority ownership in the oil marketing firm of 74.4 percent, or 516,298,603 shares, further solidifying his position as a key player in the continent’s oil sector.

Conoil’s dedication to providing value to its shareholders and its tenacity in overcoming obstacles in the Nigerian market are both shown by this dividend payment.

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Popular Lagos Family Battles Wema Bank Over Illegal Use Of Property….

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Bolade, a popular Oshodi-based Lagos family and owners of Bolade House, located in Oshodi, Lagos State have dragged Wema Bank Plc to court for using their property without paying for it.

 

According to a report, the bank continues to occupy the property despite an ejection notice served on it by the family, as the management of the financial institution flagrantly refused to vacate the premises.

 

 

Document spotted by our correspondent revealed that the family leased the property to Wema Bank in 1995 for 25 years, an agreement which expired on April 30, 2020.

 

 

However, when the lease expired, the bank was said to have pleaded for time to relocate, causing the bank a three-year tenancy, which was said to have run from May 1, 2020, and expired on April 30, 2023, at a rate of N6m per annum.

 

Interestingly, when the new short term agreement expired, the family’s lawyer and the bank re-entered another round of negotiation, leading to a five-year tenancy rent of N8m per annum, which was later rejected by the family, who believed the property was worth more than the money the bank intended to pay.

 

 

According to the head of the family, Madam Helen Kupoluyi, they could not accept the offer because the apartment was valued at over N50m by a property valuer the family employed.

 

Kupoluyi said, “When the bank leased out the middle floor and was collecting rent on it without our consent, we never complained. We told them to employ their valuation of the building to get an appropriate rent for the building, but they refused. We charged them in court, but they refused to show up. We want them out of our building premises.”

 

 

On his part, the lawyer for the family, Abraham Adeoye, said, “We wrote a letter to Wema Bank, putting further negotiations on hold until a valuation is conducted. They refused.

 

 

“They insisted the rent be the N8m agreed to with the solicitors when no agreement had been signed. The family further reached out to Wema Bank and proposed that a joint valuation be carried out by a team of valuers from the bank and the family; they refused.

 

“We have not signed any tenancy agreement with Wema Bank, and no money was ever received from Wema Bank. As such, Wema Bank has been occupying the property free of charge since April 30, 2023, when its tenancy expired.”

 

Reacting to the allegation, spokesperson for the bank, Mabel Adeteye, said the feedback from the legal team was that the information provided by the family was incorrect.

 

 

“The information was completely wrong and false. All the information shared with you is wrong. We didn’t receive any letters to that effect. I don’t know what the motive is for the people; I know there is a conversation around the property.

 

 

“We had agreed on a certain amount for renewal, and the next thing they were waiting for from the family was for them to send a bank account number for payment. If they said they had gone to court, why not wait for the court to hear the two parties? Let them put their demands on a document; the bank can then look at it and respond.”

 

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HOW ACCESS BANK STRUGGLES TO ATTRACT FRENCH COMPANIES…

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Nigerian Access Bank has been very outspoken about strengthening ties with France, but has not yet made much progress.

On the 10th floor of the Access Tower on Victoria Island in Lagos, the only sign that Access Bank has what it calls a “French Desk” is a tiny French flag in a corner. It has been nearly four months since the bank’s main shareholder and non-executive director, Herbert Wigwe, opened the Desk, but it has not yet done anything.

The Desk has been set up to help French companies work in Nigeria and vice versa. To this end, a partnership with the Business France office in Lagos is currently being finalised. However, its efforts will first focus on Ghana. Access Bank’s branch in Accra handles accounts for several major French companies, including TotalEnergies and the consultancy Mazars.

Presence in Paris

In May, Minister Delegate for Development, Francophonie and International Partnerships Chrysoula Zacharopoulou attended the inauguration of the new French Desk, intended to mark a new step forward in Access Bank’s French strategy. Two weeks before, on 15 May, Wigwe became chairman of the French-Nigeria Business Council, replacing Abdulsamad Rabiu of BUA and then inaugurated a Paris branch at the Petit Palais with French Foreign Trade Minister Olivier Becht in attendance

Like the French Desk in Lagos, the Paris office, a branch of Access Bank’s London and run by Justin Maria, cannot do much. It currently cannot open an account for any clients, discussions are still on going with the French Prudential Supervision and Resolution Authority.

 

Westward bound

The Paris branch of Access Bank and the French Desk in Lagos, which will also benefit from an office in Paris in the coming months, indicate its interest in the West African Economic and Monetary Union. The Nigerian bank acquired Standard Chartered Bank’s assets in Angola, Cameroon, The Gambia, Tanzania and Sierra Leone, and now intends to break into the markets in Senegal and Ivory Coast.

 

  • The Capital

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