Category: BUSINESS

The Police Special Fraud Unit (PSFU), Ikoyi, Lagos has nabbed three men and two women for allegedly compromising Sterling Bank PLC’s banking platform and Bance Application and stealing N1, 257, 536, 572.50 billion. According to a report by Nigerian Current, the suspects had been arraigned. They reportedly committed the alleged crime between November 3 and 4, 2024, in connivance with some of the bank’s officers. The police docked them on Friday, January 17, 2024, at the Federal High Court sitting in Lagos, presided over by Justice Ambrose Lewis-Allagoa. They were…

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Diezani Alison-Madueke, former Minister of Petroleum Resources, has distanced herself from the $52. 8m recently repatriated to Nigeria from the United States of America (USA). Contrary to reports, the ex-minister, who has been in the United Kingdom (UK) since she left Nigeria, said the money does not belong to her. In a statement titled “There is no such thing as Diezani Loot, Alison-Madueke claimed the money that was reportedly linked to her belongs to a Nigeria’s oil magnate, Kola Aluko. In the statement released through her counsel, Prof. Mike Ozekhome…

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• App Goes Offline Hours Before Ban Comes Into Effect TikTok’s app was removed from prominent app stores on Saturday just before a federal law that would have banned the popular social media platform was scheduled to go into effect. By 10:50pm Eastern Standard Time, the app was not found on Apple and Google’s app stores, which are prohibited from offering the platform under a law that required TikTok’s China-based parent company, ByteDance, to sell the platform or face a U.S. ban. When users opened the TikTok app on Saturday…

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President-elect Donald Trump launched his own cryptocurrency on Friday, sparking a feverish buying that apparently sent its market capitalization soaring to several billion dollars. In a message posted on his Truth Social platform and X, Trump unveiled the meme coin, which is designed to capitalize on the popularity of a certain personality, movement or viral internet trend. “My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING!” he wrote. Meme coins have no economic or transactional value and are often seen as a means…

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Facts have emerged that the total debts of Sir Johnson Arumem-Ikhide, the owner of Arik Air, is still indebted to the Asset Management Corporation of Nigeria AAMCON) whopping N455, 171, 764, 772.80 as of December 31, 2024, in all his investments, the Asset Management Corporation of Nigeria (AMCON) has said. AMCON also said that its intervention in the troubled Arik Air in February 2017, saved the carrier from liquidation, but vowed that it would ensure the recovery of the total debts owed to the corporation by various business organisations including…

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The Nigerian Communications Commission (NCC) has ordered telecommunication companies to disconnect the Unstructured Supplementary Service Data (USSD) codes assigned to nine banks due to unpaid debts. This was made known in a public notice signed by NCC’s Director of Public Affairs, Reuben Muoka, on Wednesday. Muoka said the affected banks must settle their outstanding debts by January 27, 2025, or risk losing access to their USSD codes. The banks are Fidelity Bank (770), First City Monument Bank (329), Jaiz Bank (773), Polaris Bank Limited (833), Sterling Bank Limited (832), United…

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First Bank of Nigeria Limited has described media reports alleging that it abused court processes in its legal battle with General Hydrocarbons Limited (GHL) as false and misleading. In a statement released on Tuesday, the bank clarified that it had fulfilled its obligations under the loan agreements. However, the dispute began when First Bank demanded good governance and transparency in the transactions—demands that GHL allegedly rejected. The statement emphasized that, as a responsible and law-abiding corporate entity with deep respect for the judiciary, First Bank will not comment on matters…

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The Central Bank of Nigeria (CBN) has sanctioned nine Deposit Money Banks (DMBs) for failing to make Naira notes available through automated teller machines (ATMs), during the yuletide season. The affected banks include Fidelity Bank Plc, First Bank Plc, Keystone Bank Plc, Union Bank Plc, Globus Bank Plc, Providus Bank Plc, Zenith Bank Plc, United Bank for Africa Plc, and Sterling Bank Plc. Each of the banks was fined ₦150 million for non-compliance, in line with the CBN’s cash distribution guidelines, following spot checks on their branches. According to the…

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