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1.7 Billion Naira Electronic Transfer Fraud Trails Globus Bank

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Globus Bank Limited has filed an application before a Lagos high court, asking the court to order the reversal of the funds from the accounts of the fraudulent beneficiaries, who are based in eight commercial banks, in an effort to recover a total of N1,755,376,156.34 fraudulently transferred electronically from its vault.

According to an affidavit sworn to by the legal officer of Globus bank Limited, Kosisochukwu Ngene and filed before the court by a Legal practitioner, Barrister V.K.Banjo, the deponent made oath and stated as follows:

  • That Globus bank is a commercial bank with the registered office at No 6 Adeyemo Alakija street, Victoria Island, Lagos and licensed under the laws of Nigeria to carry out banking business in Nigeria.
  • That between Monday 6th and Saturday 11th of June 2022, there was a system glitch in the Globus bank’s Unstructured Supplementary Service Data (USSD) application, which led to the processing of several fraudulent and unauthorized electronic transfer in the sum of N1,755,376,156.34 (One Billion, Seven Hundred and Fifty-Five Million, Three Hundred and Seventy-Six Thousand, One Hundred Fifty-Six Naira thirty four kobo.

It was gathered that seven hundred and nine (709) Globus bank customers’ who were Involved in the fraudulent transfer to the various accounts domiciled with the 8 commercial banks are contained in the Excel sheet filed before the court.

Immediately the Globus bank discovered the glitch, the bank instantaneously notified all the banks involved and requested that the beneficiary accounts be restricted in line with Central bank of Nigeria regulation to avoid dissipation of the funds fraudulently transferred into the accounts domiciled with the banks.

Subsequently, Globus bank immediately approached the Magistrate Court, in the Yaba Magisterial District and obtained an order directing the banks to freeze and reverse the amount fraudulently transferred into various accounts domiciled in the banks.

“That in response to the order served on the respondents some of the respondents were able to salvage certain sum wherein the total sum of N817,998,969.85 were returned to the bank while the total sum of N962,019,843.35 is still outstanding and yet to be returned to the bank by the respondents banks.

“The Excel sheet which contains the names of the respondents the total amount fraudulently transfered from Globus bank,the total amount salvaged and returned to the Globus and the total amount outstanding is analyze is filed before the court.

“That the parties in this suit are also financial institutions; therefore the order of this honourable court is also required, to enable the Respondents reverse the salvaged fund back to the Applicant.
Although, the Applicant obtained an order of restriction on the accounts domiciled with the Respondent banks from the Magistrate court, as exhibited before the court, Globus bank Limited still requires the order of the high court to enable the Respondents reverse and remit the salvaged funds to the bank”, the suit reads.

Meanwhile, some of the Respondent banks were ready and willing to reverse and remit the salvaged sum to the Globus bank when the order of the court was served on them, and had further requested an order of the high court, to enable them reverse and remit the salvaged funds.

The court noted that “the requirement for formal proceedings has resulted in the apparent delay between the date of the transaction and the filing of the instant application.

“Therefore it would be unjust and inequitable for the Respondents to refuse to reverse and recall the transfer of the sum fraudulently transferred in the unauthorized transaction, as that would amount to unjust enrichment on the part of the Respondent banks’ customers.

“The Respondents are not contesting the facts stated in this case but require Court order of the high court to compel the Respondents to reverse the amounts to the Applicant. It will be in the interest of justice for the reliefs sought in the Originating Summons to be granted as prayed, as the Respondent would not be prejudiced.

“That the Rules of this Honourable court empower this Court to hear an urgent matter such as this”.

It was gathered that Globus bank Limited is willing to give an undertaking as to damages if the order ought not to have been made. Consequently, Globus bank Limited is seeking the following reliefs from the court.

  • An Order of the Court directing all the eight banks to immediately reverse and remit to, Globus bank Limited the total sum of N962,019,843.35 (Nine hundred and sixty two million, nineteen thousand , eight hundred and forty three naira, thirty five kobo), being the outstanding sum yet to be salvaged from the fraudulent transfer into several accounts domiciled with the eight Respondents from the Globus bank 709 customers’ accounts, less depleted sum.
  • An order directing the eight commercial banks to release all account information in respect of the destination accounts and the beneficiaries of the transfer funds and for such further order(s) as the court may deem fit to make in the circumstances of this case.

BIG STORY

Aare Abisoye Fagade Joyously Celebrates The Coronation Of The 43rd Olubadan Of Ibadan, Oba Akinloye Owolabi Olakulehin

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In a momentous celebration that echoes through the vibrant streets of Ibadan, Aare Abisoye Fagade extends his exuberant congratulations to Oba Akinloye Owolabi Olakulehin on his enthronement as the 43rd Olubadan of Ibadan. This landmark coronation ushers in a new era of leadership, heritage, and progress for the illustrious city of Ibadan.

With a heartfelt connection that spans decades, Aare Fagade has cherished the guidance and wisdom of Oba Olamilehin, whom he has revered not only as an esteemed uncle but also as a distinguished entrepreneur and an astute politician, a legacy passed down through his father, the late Elder David Oladokun Fagade. The bond between their families is woven into the very fabric of Ibadan’s history, making this occasion deeply personal and profoundly significant.

“Today, we celebrate not just a coronation but the dawn of a new chapter in the storied history of Ibadan,” proclaimed Aare Abisoye Fagade. “Oba Akinloye Owolabi Olakulehin embodies the virtues of wisdom, integrity, and visionary leadership. His ascent to the throne heralds a future filled with promise and prosperity for our beloved city.”

Aare Fagade’s jubilant praise for the new Olubadan is accompanied by fervent prayers for his reign. “May the reign of Oba Akinloye Owolabi Olamilehin be showered with divine blessings, peace, and unprecedented growth. May his leadership unite us and inspire us to reach new heights of excellence and harmony.

The coronation of Oba Olakulehin is not merely a ceremonial event but a rallying cry for all Ibadan indigenes to come together in support of their new monarch. Aare Fagade calls upon every son and daughter of Ibadan to embrace this momentous occasion with unity and enthusiasm, pledging their support to a reign that promises to uphold the grandeur and legacy of Ibadan.

As the city of Ibadan rejoices in this historic event, the air is filled with anticipation and hope for a future sculpted by the vision and guidance of Oba Akinloye Owolabi Olamilehin. Aare Abisoye Fagade stands proudly with his fellow Ibadan natives, celebrating the dawn of a new era.

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JUST IN: President Tinubu Renames National Theatre After Wole Soyinka

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Nigeria’s President, Asiwaju Bola Ahmed Tinubu, has renamed the national theatre in Lagos after Wole Soyinka.

Tinubu made the pronouncement in a birthday message to the Nobel laureate who turns 90 on July 13.

“It is also fitting we celebrate this national treasure while he is still with us,” Tinubu said.

“I am, accordingly, delighted to announce the decision of the Federal Government to rename the National Theatre in Iganmu, Surulere, as the Wole Soyinka Centre for Culture and the Creative Arts.

“We do not only celebrate Soyinka’s remarkable literary achievements but also his unwavering dedication to the values of human dignity and justice.”

 

More to come…

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HEALTH: FG Inaugurates Committee To End Mother-To-Child Transmission Of HIV

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The federal government has established a multidisciplinary committee to eliminate the transmission of HIV from mothers to children in Nigeria.

Minister of State for Health and Social Welfare, Tunji Alausa, launched the Prevention of Mother-to-Child Transmission (PMTCT) and Pediatric HIV Programme Committee in Abuja on Thursday.

Alausa highlighted that Nigeria accounts for 25% of global mother-to-child HIV transmission and emphasized the ministry’s commitment to collaborating with the National Agency for the Control of AIDS (NACA) and the National AIDS and STIs Control Programme (NASCP) to ensure that no child is born with HIV, thereby eradicating vertical transmission.

“As you are aware, Nigeria contributes 25% of the global burden of HIV transmission between mothers and their children,” Alausa said.

“Despite testing approximately 4 million pregnant women in 2023, our PMTCT (prevention of mother-to-child transmission) and pediatric HIV coverage remain at about 35%, falling significantly short of the 95% target.

“Through the National Agency for the Control of AIDS (NACA) and the National AIDS and STIs Control Programme (NASCP), we will provide effective governance for this programme.

“Eliminating mother-to-child transmission of HIV and ensuring care for all persons living with HIV, especially our children, aligns with the renewed hope agenda of Mr President.”

Also speaking, Temitope Ilori, the director-general of NACA, expressed concern over the low coverage of PMTCT and pediatric HIV in Nigeria.

Ilori said about 140,000 children below 14 years old are living with HIV as of 2023, with 22,000 new infections and 15,000 AIDS-related deaths occurring among underage people.

The NACA DG noted that the newly constituted committee will drive the implementation of the initiative, in line with the sector-wide approach to health care in Nigeria.

“Nigeria faces a critical challenge in preventing mother-to-child transmission (PMTCT) of HIV and ensuring access to care for children living with HIV,” Ilori said.

“The objective of today’s meeting is to formally inaugurate the acceleration plan committee to provide oversight to the PMTCT and pediatric HIV programme implementation in line with the three-one principle of one coordinating agency, one strategic framework, and one M&E system.”

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