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Following the startling discovery of a whopping N1.2bn fraud, allegedly committed by one Olayinka Sanni, a former staff of Access Bank, through illegal siphoning of customers’ money, the bank has now taken the bold step to prosecute the said former staff, through the anti-graft agency, Economic and Financial Crimes Commission (EFCC,) after intensive investigations confirmed Sanni’s culpability in the alleged fraud.

An employee of Access Bank, one Arthur Ezindu, narrated how Olayinka Sanni, then an Account General Manager, AGM, of several plum accounts, severally stole a sizeable amount of money to the tune of N1.2billion from several accounts belonging to customers of the bank. Some of these customers’ accounts include: the Falana & Falana Chambers; Babington Junior Seminary; Viju Industries; Mechano Nigeria, PWU Nigeria; Elizade Nigeria; Murhi International Group, to mention a few.

Sanni was reportedly arraigned alongside one Oyebode Oteyebi by the Economic and Financial Crimes Commission (EFCC) on an eight-count charge bordering on stealing, forgery and altering of forged documents. Ezindu, who gave his office address as Block 99C Damole, off Adeola Odeku, testified as a prosecution witness before an Ikeja High Court, Lagos.

While being led in evidence by the EFCC Lawyer, Rotimi Oyedepo, Ezindu said that Sanni withdrew the said huge sum of money from different customers’ accounts without their consent and thereafter issued them forged documents of confirmation which he purportedly claimed, emanated from the bank. In the course of interrogation, Arthur Ezindu told the Special Offences Court that, Olayinka, who was his boss at the time of the incident, was a regional Executive, Lagos Mainland North at Intercontinental bank, now Access Bank.

According to him, “The bank received several complaints from several customers whose accounts were debited without their consent. However, during the preliminary investigation, we noticed that all the complaints were centered on our staff, Olayinka Sanni. We then invited him to the head office for questioning, but he claimed that everything was under control. He told us not to bother investigating the matter on the ground, that there was more behind what was happening. So since he was our senior officer, being the AGM at that time, we decided to petition his case to the EFCC for proper investigation. When asked how much was involved as at the time the bank petitioned for EFCC, Ezindu replied, the total sum was about N1.2billion.

The prosecution thereafter tendered the petition dated September 2011 in evidence.
Meanwhile, the two defendants were also arraigned alongside a company, Sidaw Ventures Limited, which was allegedly used to transfer and cash out the stolen funds.
The employee further said that during the preliminary investigation, the bank discovered that the company, Sidaw had Adamu as its signatory, while Sanni indirectly managed the account. Some of the handwriting on the cheques belonged to Sanni.

He was the one indirectly signing and filling the cheques for Adamu. But in the wake of this unfolding scenario that is creeping into the good image of Access Bank, it was found out that the sleaze by Sanni was actually committed when he was still a staff of now defunct Intercontinental Bank, before it was acquire by Access Bank, thus with its assets and liabilities, as normally done in cases of acquisition.

Upon acquisition, Access Bank began a fresh look into the books and records of Intercontinental Bank; that was when the Olayimka Sanni’s lead was broken, as many atrocities and malfeasances were discovered, all pointing in the direction of Sanni, who by this time had resigned from Access Bank, apparently due to the fact, that it would not take long before his misdeed will be found, and he would go in for it.

Subsequently, he was invited by the bank and handed over to EFCC for further investigation, which now led to his present prosecution at the Ikeja High Court (Special Offences Unit.) The case was adjourned to a later date for further hearing, while the accused was refused bail, and still in the detention of EFCC.

The deduction from the case is that the implication being created is that the fraud was committed by Sanni as a staff of Access Bank, but the truth of the matter is that the fraud was committed by Sanni while he was a top official of defunct Intercontinental Bank, until it was eventually acquired by Access Bank with all its assets and liabilities, which now, in a fresh bid to regularize the acquisition, found out the sleaze committed by Sanni.

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How To Prevent Unauthorised Transactions On Your Zenith Card Or Token If Stolen [MUST READ]

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Has your mobile phone, Zenith Bank Card or Token been stolen or misplaced?

You can prevent any unauthorized transactions on your account by simply dialing 966911#.

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Heirs Holdings Signs $600 million Loans With Afrexim Bank, To Scale Its Energy Investments

Gbemileke Ajayi

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As a further demonstration of the African Export-Import Bank’s (“Afrexim”) mandate to facilitate the growth of intra-Africa trade and support the development of African businesses, Afrexim today, signed financing facilities totalling US$600 million with the Heirs Holdings Group, a pan-African proprietary investment holding company.

Heirs Holdings has significant investments across Africa, in the financial services, resources, real estate and hospitality and power sectors. The facilities will further support the Group’s power, oil and gas strategy, as it positions itself as an African leader in integrated natural resources. The signing ceremony took place at the Afrexim Intra-Africa Trade Conference taking place in Cairo, Egypt.

The proceeds of the facilities will assist the Heirs Holdings Group vision of creating a dynamic resource based division, focused on ensuring value creation occurs on the African continent and that value chains are developed, that directly benefit the broader African economy and consumer.

Commenting at the ceremony, Dr. Benedict Oramah, President of Afrexim who signed on behalf of the Bank, stated that the investment by Heirs Holdings would play a key role in addressing some of the fundamental challenges that have affected the power and energy sectors in Africa. He stated that “A world class energy sector is fundamental to the sustainable growth of businesses in Africa. If we do not deal with these basic matters, growth of trade and exports will always be limited”.

Mr. Tony Elumelu, the Chairman of Heirs Holdings, commented that “We are delighted to be partnering with Afrexim. The Bank continues to play a critical role in the economic and social development of the continent. Together, we illustrate that Africa can create world class institutions, which are capable of successfully making the long-term investments necessary for Africa’s economic transformation and catalyse the enabling environment that will unleash Africa’s potential”.

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UBA Academy Gets CIBN Accreditation for Excellence in Training, Capacity Building

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In recognition of its high standard, quality of human resources development, training and capacity building, The Chartered Institute of Bankers of Nigeria(CIBN) has certified and awarded UBA Academy the certificate of accreditation in line with the Central Bank of Nigeria’s Competency Framework for the banking industry .

UBA Academy, the dedicated learning and development centre of the Pan African financial institution, United Bank for Africa (UBA) Plc, was accorded the new recognition of excellence at a ceremony presided over by the President/Chairman of Council of the institute, Dr. Uche Olowu in Lagos on Thursday.

According to the president of the institute, UBA Academy was conferred with the new status having met the rigorous standards set for the delivery of their suites of programmes by the Institute.

The certification follows rigorous assessment exercise carried out by the institute’s Capacity Building Committee, the accreditation agency under the competency framework for the country’s banking and finance industry instituted by the Central Bank of Nigeria.

“This Accreditation is an affirmation that UBA Academy has adopted and complied with the minimum assessment standards for programmes run by the organisation, which have gained a label of recognition and distinction,” Olowu said.

According to him the accreditation of UBA Academy would enable its graduates to be eligible for exemptions from various subjects in the banking professional examinations thereby facilitating their completion of the Chartered Banker examination. “This will not only enable them comply with the provisions of the Competency Framework for the banking industry, it will go a long way in the strengthening of the intellectual resources and capabilities available in their institutions,” he concluded.

Speaking at the ceremony, the Bank’s Group Head Human Resources, Mrs Patricia Aderibigbe, while appreciating the recognition conferred on the UBA Academy, said the academy has already embarked on training for the future with digitisation of its training programmes and modules.

“With Ignite, UBA has taken training into the future as we believe that the only way to get the best results and continually stay ahead of the curve is to continually sharpen our most important asset – our people, using mobile technology,” Aderibigbe said.

Aderibigbe promised that UBA Academy will continuously seek improvement in ensuring that it serves the needs of industry in a changing banking industry.

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