Business

Air Peace CEO indicted in bank fraud, money laundering

Published

6 years ago

November 23, 2019

Editor

Allegation is false – Onyema

The United States Department of Justice had charged the Chairman and Chief Executive Officer of Air Peace , Mr . Allen Onyema , with bank fraud and money laundering for moving more than $20m from Nigeria through United States bank accounts in a scheme involving false documents based on the purchase of airplanes .

The American government in a statement said the airline’ s Chief of Administration and Finance, Ejiroghene Eghagha , has also been charged with bank fraud and “aggravated identity theft ” in connection with the scheme.

US Attorney Byung Pak , was quoted to have said “Onyema allegedly leveraged his status as a prominent business leader and airline executive while using falsified documents to commit fraud.

“We will diligently protect the integrity of our banking system from being corrupted by criminals , even when they disguise themselves in a cloak of international business , ” he added .

According to Pak , the indictment , and other information presented in court , beginning in 2010 , Onyema began travelling frequently to Atlanta , where he opened several personal and business bank accounts. Between 2010 and 2018 , over $44 . 9m was allegedly transferred into his Atlanta -based accounts from foreign sources.

the statement reads in part, “Beginning in approximately May 2016 , Onyema, together with Eghagha , allegedly used a series of export letters of credit to cause banks to transfer more than $ 20 m into Atlanta – based bank accounts controlled by Onyema .

“The letters of credit were purportedly to fund the purchase of five separate Boeing 737 passenger planes by Air Peace . The letters were supported by documents such as purchase agreements , bills of sale , and appraisals proving that Air Peace was purchasing the aircraft from Springfield Aviation Company LLC, a business registered in Georgia.”

It stated that , however , the supporting documents were fake as Springfield Aviation Company LLC, which is owned by Onyema and managed by a person with no connection to the aviation business , never owned the aircraft , and the company that allegedly drafted the appraisals did not exist .

“ Eghagha allegedly participated in this scheme as well, directing the Springfield Aviation manager to sign and send false documents to banks and even using the manager ’ s identity to further the fraud.
“ After Onyema received the money in the United States , he allegedly laundered over $ 16 m of the proceeds of the fraud by transferring it to other accounts, ” it added .

The Chairman and CEO of Air Peace has however denied the allegation, describing it as false, saying it has “no way in line with my character as a person and as a business man whose only aim has been to build Nigeria and improve wellbeing.”

He said he “has never laundered any money whatsoever as every aircraft bought was transacted through the Central Bank of Nigeria (CBN).

“As the press statement clearly stated, these are indictment that only contains charges. I am innocent of all charges and the US government will find NO dirt on me because I have never conducted business with any illegalities.

“Be rest assured that I also have my lawyers on this and these mere allegations will be refuted.

“I never laundered money in my life, neither have I committed bank fraud anywhere in the world. Every Kobo I transferred to the US for aircraft purchase went through the Central Bank of Nigeria LC regime and all were used for the same purpose. The American companies that received the funds are still in business. I never took a penny from any US bank or Nigerian bank. I am willing to defend my innocence in the US courts,” he added

Business

CBN Directs Banks To Refund Failed ATM Transactions Within 48hrs

Published

18 hours ago

October 11, 2025

Editor

The Central Bank of Nigeria has directed Deposit Money Banks and other financial institutions to refund customers for failed Automated Teller Machine transactions within 48 hours, in a sweeping reform aimed at protecting consumers and restoring confidence in the banking system.

The directive is contained in a draft guideline released by the apex bank on Saturday, titled “Exposure of the Draft Guidelines on the Operations of Automated Teller Machines in Nigeria.”

The document, signed by Musa I. Jimoh, Director of Payments System Policy Department, was circulated to banks, payment service providers, card schemes, and independent ATM deployers, with a call for stakeholder feedback by October 31, 2025.

Under the draft, failed “on-us” transactions, where customers use their own bank’s ATM, must be reversed instantly. If technical glitches prevent immediate reversal, the bank is required to manually refund the customer within 24 hours.

For “not-on-us” transactions, involving other banks’ ATMs, refunds must be processed within 48 hours.

“Customers must not be made to suffer for failed transactions caused by system errors or network failures,” the circular stressed.

In a significant shift, the CBN mandated banks and ATM acquirers to deploy technology that automatically reverses failed or partial transactions, removing the need for customers to lodge complaints.

Institutions holding customer funds due to failed disbursements must reconcile and return balances immediately.

According to the apex bank, these measures respond to widespread frustration over delayed refunds and poor customer service and form part of a broader effort to enhance consumer protection, improve reliability, and modernise Nigeria’s payment infrastructure in line with global standards.

The guidelines will also overhaul ATM operations nationwide. Banks and card issuers are now required to deploy at least one ATM for every 5,000 active cards, with phased targets of 30% compliance in 2026, 60% in 2027, and full compliance by 2028. Any future deployment, relocation, or decommissioning of ATMs must receive prior approval from the CBN.

To ensure safety, ATMs must be fitted with anti-skimming devices, CCTV cameras, and placed in enclosed or well-lit areas.

Machines are expected to comply with Payment Card Industry Data Security Standards, maintain audit logs, and display functional helpdesk contacts. At least 2% of all ATMs must feature tactile symbols for visually impaired customers.

ATMs are also required to dispense cash before returning cards, allow free PIN changes, issue receipts for all transactions except balance inquiries, display clear transaction fees, dispense only clean banknotes, and provide backup power to reduce downtime.

Downtime must not exceed 72 consecutive hours, after which operators must inform the public of the cause and expected restoration time.

The CBN will enforce compliance through regular audits, on-site inspections, and monthly reports from ATM operators detailing deployments and locations. Defaulting institutions risk sanctions, though fines were not specified.

The apex bank explained that the overhaul was necessary due to rising complaints about failed transactions, cyber fraud, and declining service quality, noting that “the goal is to build a payments system that works seamlessly for everyone, urban and rural users alike.”

Nigeria’s electronic payments landscape has grown rapidly in recent years, with 200 million cardholders and rising reliance on digital banking, but network failures, poor infrastructure, and delayed reversals have continued to undermine confidence.

The fresh guidelines, coming eight months after a revision of ATM fees, are expected to streamline service delivery, enhance transaction security, and hold banks accountable. Stakeholders are invited to submit feedback ahead of the final policy adoption, which could take effect before the end of the year.

Business

Nigerian Stock Market Hits 10th Consecutive Uptrend As investors Gain N308bn

Published

2 days ago

October 10, 2025

Editor

The Nigerian Stock Market recorded its 10th consecutive uptrend as investors raked in N308 billion gain on Thursday.

This comes as the Nigerian Exchange Limited, NGX, market capitalisation, which opened at N92.490 trillion, appreciated by 0.33 per cent to close at N92.798 trillion on Thursday.

Also, the All-Share Index added 0.33 per cent, or 485.25 points, to close at 146,204.34, compared with 145,719.09 recorded on Wednesday.

Increased trading in Eunisell Interlinked, Caverton Offshore Support Group, Sunu Assurances, Industrial and Medical Gases, Mecure, and 27 other advancing stocks boosted market performance on Thursday.

To this end, the market breadth also closed positive with 32 gainers and 21 losers.

Further analysis showed that Eunisell Interlinked and Caverton Offshore Support Group led the gainers’ chart by 10 per cent each, closing at N44 and N6.93 per share, respectively, while FTN Cocoa Processors led the losers’ table by 6.67 per cent, closing at N5.60 per share.

Market activity showed a decline in the number of deals and volume traded but an improvement in trade value.

Accordingly, a total of 346.99 million shares worth N27.43 billion were traded in 24,691 deals, compared with 525.72 million shares worth N13.61 billion exchanged in 25,597 deals on Wednesday.

Fidelity Bank topped the activity chart with 42.01 million shares valued at N861.54 million.

According to DAILY POST, NGX has continued its bullish run from last month’s end to date.

Business

CBN Sets POS Maximum Transactions In Fresh Guidelines

Published

4 days ago

October 8, 2025

Editor

The Central Bank of Nigeria has rolled out fresh guidelines for agent banking, known as Point of Sales, across the country.

The apex also in the guidelines pegged daily POS transactions at N1.2 million per agent and N100,000 per individual.

CBN disclosed this in a circular signed by its Director of the Payments System Management Department, Musa Jimoh.

The guidelines further mandate all financial institutions to publish the list of all their POS agents on their website and to display it in their branches.

CBN noted that the guidelines would take effect from April 1, 2026.

“The Guidelines aim to establish minimum standards for operating agent banking in Nigeria, enhancing agent banking to provide financial services and promoting financial inclusion, encouraging responsible market conduct and improving service quality in agent banking operations.

“This circular takes effect from the date of release, while the implementation of agent location and agent exclusivity shall be in effect from April 1, 2026.

“POS agents are restricted to a maximum of N1.2 million per day. Individual customers are limited to N100,000 in daily transactions.

“These limits are intended to curb misuse, enhance financial integrity, and protect consumers within the agent banking framework,” it stated.