News
Top Officials In Some Banks Gambled, Stole Billions – EFCC
The Economic and Financial Crimes Commission (EFCC) on Wednesday said some banks failed as a result of mismanagement by top officials.
The chairman Abdulrasheed Bawa spoke in Lagos at a workshop themed “Effective Investigation and Prosecution of Banking Malpractices that Led to the Failure of Banks” organized by the Nigeria Deposit Insurance Corporation (NDIC).
The police officer called for collaborative measures by relevant stakeholders as a way of militating against bank failure.
Bawa said forensic analysis of the annual reports, statements and other financial documents of failed banks investigated by the EFCC showed a pattern.
Represented by Ahmed Ghali, EFCC Lagos Zonal Commander, he lamented that banks fell short of expectations due to fraud, mismanagement, inexperience and initial absence of regulatory laws and authorities.
Bawa recalled that failure in the industry was first experienced between 1930 and 1958, when some banks were liquidated.
He said over 20 cases – including Alpha Merchant Bank, Financial Merchant Bank, Republic Bank – were recorded within the period till the Central Bank of Nigeria (CBN) was established.
Bala said to save the sector, the CBN, in 2004, increased the minimum paid up capital of banks to N25billion from N2billion.
After the implementation of the policy caused the decrease of 89 banks that existed to 25, the CBN came up with another policy in 2010.
It was aimed at categorizing banks into tiers by function and allowing varying levels of capital as opposed to the single current minimum capital of N25billion.
Bawa said the policy exposed that a number of financial institutions did not just fail, but were destroyed by identifiable people.
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“The tragic collapse of some of the failed banks evidenced that the banking industry has been cajoled and manipulated by human beings and smart fraudsters.
“In some of the failed banks, the management stole billions of Naira in the name of borrowing, some even gambled with depositors funds to speculate on the stock market and manipulate share prices.
“Some banks granted loans to billionaires and captains of industries whose wealth actually was money belonging to the poor which they “borrowed” and refused or were not able to pay back”, he added.
Urging the NDIC to embrace technology to meet up with the investigative and prosecutorial challenges of the 21st Century, Bawa called for regular credible information on economic and financial crimes.
News
Transfer: Premier League Clubs Scramble For Dele-Bashiru
Lazio midfielder, Fisayo Dele-Bashiru is a subject of interest from three Premier League clubs, according to Sky Sports.
Lazio reportedly rejected offers from Nottingham Forest and Bournemouth for the Nigeria international in January.
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La Biancolesti are bracing for more interest in Dele-Bashiru ahead of the summer transfer window, according to Sky Sports.
The 24-year-old has two years left on his contract with the Serie A club.
The attacking midfielder joined the Rome-based club from Turkish Super Lig outfit Hatayspor in 2024.
He has been a regular feature for Lazio this season.
News
Xenophobic Attacks: Nigerian Students To Picket MTN, MultiChoice, Other Businesses
The leadership of the National Association of Nigerian Students, NANS South-West Zone D, has announced plans to picket South African companies in Nigeria following the ongoing xenophobic attacks in the country.
DAILY POST reports that some Nigerians were recently killed in South Africa over the violent attacks.
A statement issued to newsmen by Comrade Adeyemo Josiah Kayode, Coordinator, NANS South-West, Zone D, said that the association is mobilizing to take decisive and lawful action by organizing peaceful picketing and mass advocacy against South African business interests operating in Nigeria.
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“We categorically state that the continued targeting of Nigerians under any guise is unacceptable and must come to an immediate end.
“This will include major corporations such as MTN Group and MultiChoice Group. It is morally indefensible for businesses to thrive in an environment where the lives of Nigerians are protected, while Nigerians are subjected to fear and violence elsewhere.
“This contradiction will no longer be tolerated,” the statement said.
News
N5m, N10m Zero-interest Loans: SheVentures Opens Applications For Women Entrepreneurs
First City Monument Bank (FCMB) has opened a new round of applications for its SheVentures proposition, offering zero-interest loans of up to ₦10 million to women entrepreneurs to ease access to working capital and support business growth.
The facility provides loans ranging from ₦500,000 to ₦5 million under a general category, and ₦5 million to ₦10 million for sector-specific businesses, with funding capped at up to 50% of an applicant’s average monthly turnover.
At the centre of the offering is a 0% interest rate, with all charges embedded in a transparent structure.
Repayment is structured over four or six months, allowing businesses to match obligations with their cash flow cycles.
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Yemisi Edun, Managing Director and Chief Executive of First City Monument Bank (FCMB), said the initiative reflects a deliberate approach to inclusive growth.
“Inclusive growth requires access to capital and the right conditions for businesses to deploy that capital effectively.
“Women-led enterprises are critical to economic activity, yet they face structural barriers.
This intervention aims to help close that gap by providing financing that supports job creation, business expansion, and long-term sustainability for women entrepreneurs.”
“Access to affordable finance remains a major constraint for women entrepreneurs,” said Nnenna Jacob-Ogogo, Group Head, SheVentures and Impact Segments at First City Monument Bank (FCMB).
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“By removing the cost barrier and offering quick, flexible funding, this zero-interest loan is designed to safeguard existing jobs, enable businesses to invest in growth initiatives, and foster resilience in challenging economic conditions.”
Women-owned businesses account for a significant share of Nigeria’s small and medium-sized enterprises but continue to face high borrowing costs and limited access to credit.
Through these efforts, SheVentures tackles persistent financing gaps facing women-led businesses, combining targeted funding with broader support to empower women entrepreneurs, encourage business innovation, and enhance their ability to compete on a national scale.
Applications for the zero-interest loan are now open.Apply now.
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