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N64.4m: Court Jails Cashier Five Years 

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N64.4m: Court Jails Cashier Five Years 

N64.4m: Court Jails Cashier Five Years 

 

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The Lagos State High Court sitting in Ikeja has sentenced cashier, Tunde Abdulramon, to five years imprisonment for stealing his employer’s N64,420,900 to marry a new wife and also for opening the same kind of his employer’s business for his new wife.

 

 

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Justice Raliat Adebiyi who handed down the sentence also ordered the convict to make restitution by returning all the properties he bought while in his employer’s establishment and also the money that he stole.

 

 

 

 

The convict was arraigned on August 19, 2013, on 11 counts which bordered on stealing and fraudulent false accounting, preferred against him by the Economic and Financial Crimes Commission.

 

N64.4m: Court Jails Cashier Five Years 

 

 

The offences committed contravened Sections 390 and 335 (d) of the criminal laws of Lagos State 2003.

 

 

Abdulramon’s duty as the cashier of Prime Grocers International Limited, a company selling wholesale and retail consumer goods located in the Oke Arin area of Lagos State, was to collect payments for invoices raised by sales representatives from customers, document them in his cash register and then lodge monies collected into the company’s designated bank account.

 

 

 

The convict, instead, was accused of deleting the invoices and diverting large sums of money paid by customers and lodgers until the company’s managing director discovered the fraud in 2012 after an audit of the computer software was collected following a tip-off that the convict had been deleting invoices.

 

 

 

Abdulramon committed the offences between January 2009 and 2012, when he was discovered to be defrauding his employer.
During the trial, the prosecution called six witnesses, including the complainant, Constance Obi, who told the court that she met the convict in 2002 when the company started importing goods for distribution.

 

 

 

 

She told Justice Adebiyi that Abdulramon was one of the casual labourers who discharged goods from the container, but that in 2004, he approached her for assistance and then he was permanently employed at the company.

 

 

 

 

The witness testified that the convict’s duty in 2004 included picking and packing goods for customers before he was promoted to a cashier.

 

 

 

Obi further testified that she received an anonymous call in November 2012, telling her to check the cashier in her store, Tunde Abdulrahmon, as he is a criminal because of some properties that he recently acquired, vehicles, and a new wife.

 

 

 

She also told the court that three days after she received the call, the convict came to her office to tender a resignation letter, which she refused to collect.

 

 

 

 

The complainant stated that it was thereafter that she checked the computer’s audit trail that filtered the convict’s identification and printed out a report that showed that he had been deleting invoices.

 

 

But the convict in his defence denied the allegations against him. Delivering her judgment, Justice Adebiyi found the convict guilty.

 

 

She held that the evidence was that the complainant was unshaken and the prosecution was able to prove beyond reasonable doubt that the convict altered the company’s record.

 

The judge held that the convict was the mastermind in the deleting of all the invoices and diverting payments made by customers to both his personal and business accounts.

 

 

 

“Abdulramon took advantage of the level of the trust reposed by the chief executive officer of the company (complainant), the offence was also committed continuously and repeatedly for over a period of four years.

 

 

 

“The court finds the level of culpability of the convict to be high; as regards the harm caused, the court finds that the acts of the convict ought to have caused a degree of significant economic loss to his employer although the employer appeared not to have realised this for four years.

 

 

 

“The amount stolen was of significant value and the convict was also involved in conducting a similar kind of business to that of his employer, whilst still in employment therefore creating a conflict of interest,” the judge held.

 

 

 

 

“Tunde Abdulramon is hereby sentenced on counts one to nine, to two and half years and counts 10 and 11 two and half years, to run concurrently,“The court hereby orders the disposal of properties acquired by the convict that was acquired with proceeds of the offence and payment of proceeds to the complainant,” Justice Adebiyi held.

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FIRSTBANK PARTNERS WITH PROPARCO ON CLIMATE PERFORMANCE

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FIRSTBANK PARTNERS WITH PROPARCO ON CLIMATE PERFORMANCE

 

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First Bank of Nigeria Limited, in partnership with Proparco, a Development Finance Institution is mainstreaming climate initiatives into its business operations and strategy. This is aimed at achieving a holistic integration of climate action on Greenhouse Gas (GHG) emissions reduction through an articulated strategic pathway to position the Bank as an African Climate Bank.

The 130-year-old financial institution is currently implementing a mechanism to calculate its operational emissions across all its branches and offices. This includes calculating data on electricity use, diesel use, water consumption, waste management approach, fuel consumption, business travels, etcetera to determine the Bank’s emission baseline and innovative opportunities for operational emissions reduction. FirstBank is developing the required capabilities and competencies by investing in its employees and the right infrastructure for integrating climate action in the Bank.

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In a two-day partnership strategy workshop sessions with IPC and Valoris, consultants from Austria engaged by Proparco in the climate mainstreaming project, FirstBank’s climate journey across all areas of implementation was reviewed to determine progress and empower strategic departments across the Bank’s operations, including: the Credit Risk teams; Human Capital Management & Development (HCMD); FirstAcademy, the Bank’s  learning institute; Corporate Banking; Personal Banking; SME Banking; Procurement; Branch Operations and General Services teams to deepen the understanding of climate risks in their processes.

The six workstreams for the implementation include: Identification of financed and avoided emissions to support reporting; supporting the measurement and analysis of operating emissions; integration of physical climate risk assessment; opportunity analysis; climate strategy and policy development; capacity building amongst staff to support strategy implementation.

Dr Martin Steindl, Managing Director, Valoris, Austria, said, “Amongst our various engagements with financial institutions on climate mainstreaming, FirstBank is the only organization that has been able to provide data both on the assets’ location of their portfolio and head offices of their clients. I am impressed with the progress we have collectively achieved.”

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Reinforcing the Bank’s commitment to mainstreaming climate initiatives, the Ag. Chief Risk Officer, FirstBank, Patrick Akhidenor said ‘’FirstBank is intentional about redefining its climate footprint. We are identifying opportunities in climate finance to improve our portfolio and reduce the carbon emissions associated with our processes and operations. The Bank is executing a financed emissions calculation mechanism as well as creating climate finance opportunities, such as renewable energy and energy efficiency products for our customers.”

Nigeria has committed to reducing its GHG emissions to 20 percent by 2030 and net zero emissions by 2060. While this is ambitious, it sets the tone for businesses in Nigeria to at least support their GHG emissions reduction strategy with national plans and target. FirstBank is committed to achieving this goal and this is evident as the bank is a signatory to the Africa Business Leaders’ Climate Statement released in 2022 at COP 27 in Sharm El Sheikh, Egypt by the Africa Business Leaders Coalition (ABLC).

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Realtormax Announces Sallah Promo, Other Developments

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Realtormax Announces Sallah Promo, Other Developments

 

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Dr. Michael Adeyemi, CEO of Realtormax International Nigeria Limited, said the company will offer various incentives to customers who buy land from any of its two top real estate property – Urbanmax Estate, Obafemi Owode, Ogun State and Aje – The Wealthy Residence, Ibeju Lekki, Lagos, ahead of the Id el kabir Sallah celebrations in June.

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He noted that the exciting offers began on Monday.

Dr Adeyemi explained that while a limited-time 50% discount applies for every purchase at Aje – The Wealthy Residence, household items such as ram, rice, groundnut oil, noodles, and semovita would be available on Urbanmax Estate purchase.

According to him, the gesture was designed to reward Muslim clients and others ahead of the Sallah celebrations.

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The CEO also listed other developments in the company to include installment payments options, partners appraisals event, official launch of Urbanmax Estate in October and Lagos office relocation.

He further restated the real estate firm’s commitment to building sustainable, eco-friendly cities across Africa, adding that it was poised to deliver on its promises and exceed expectations.

Urbanmax Promo
As the Ileya festival approaches, Realtormax introduces the Urbanmax Promo, a gesture of appreciation to Muslim clients. Special offers include household items such as rice, groundnut oil, noodles, semovita, and rams, alongside a 15% commission for realtors and exciting prizes.

The official launch of Urbanmax, the Dream City, is scheduled for October 26th, offering a luxurious blend of lifestyle and serenity at an unbeatable price. Urbanmax currently sells at 1.3 million Naira, which includes survey and deed of assignment. However, post-launch, the price will rise to 2.5 million Naira or more.

Aje – The Wealthy Residence
Realtors are invited to an exclusive inspection of Aje – The Wealthy Residence, followed by the allocation of plots to clients on June 29. With a limited-time offer of 50% discount for the Ileya festival, clients can secure a piece of Aje for just N16 million Naira, inclusive of documentation.

Installment Payments
Realtormax offers opportunities for 3-month, 6-month, and 1-year payment plans and urges clients to prioritise monthly installment payments to avoid penalties and ensure smooth project execution.

Office Relocation
Following a recent fire incident at the Allen office, Realtormax is relocating its head office. Details of the new address will be announced soon, reflecting the company’s resilience and commitment to its vision.

Realtors Appraisal
An upcoming Realtors (partners) Appraisal promises to recognise and reward hard work, coinciding with the grand opening of the new office.

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FIRSTBANK’S FIRSTADVANCE – FINANCIAL EMPOWERMENT FOR GOOD REASONS

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FIRSTBANK’S FIRSTADVANCE – FINANCIAL EMPOWERMENT FOR GOOD REASONS

Ade is a hardworking father in Lagos. Recently, fate dealt him a heavy blow when his young son, Tunde, fell scarily ill. Tunde’s illness struck suddenly, sending shockwaves through Ade’s world. As he watched his son grow weaker on a hospital bed with each passing hour, Ade felt an overwhelming sense of helplessness. The medical bills pushed to him only added to his despair, threatening to drown him. Ade found himself grappling not only with the fear of losing his beloved son but also with the burden of financial strain.

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Desperate, Ade turned to FirstAdvance, a lifeline in his time of need. With its swift and convenient loan service, Ade was able to access the funds he so desperately required to pay for Tunde’s medical bills. Amid his darkest hour, FirstAdvance offered that lifeline, the ray of light that pierced through his despair.

Slowly but surely, Tunde improved; his emaciated body grew stronger with each passing day. And as he watched his son’s health gradually return, Ade knew that FirstAdvance had not only helped save Tunde’s life but had also given him permanent hope in times of financial challenges.

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In diverse situations of need, a growing number of FirstBank account holders are finding solace in FirstAdvance, and for good reason – financial empowerment.

In the dynamic landscape of finance, digital lending has emerged as a vital tool for economic empowerment, especially in developing economies. Recognising this, First Bank of Nigeria Limited, a pioneer in financial inclusion services, has introduced FirstAdvance, a groundbreaking digital lending solution aimed at providing convenient and swift access to cash for salary earners awaiting payment of their salaries.

FirstAdvance caters to the needs of salary earners whose accounts are domiciled with FirstBank and have received regular salaries for the past two months or more. This innovative product ensures quick access to funds with maximum amounts varying based on the chosen variant. For the 30-day variant, customers can access up to 50% of their net monthly income, with a maximum limit of N1,000,000, while the 3-month variant allows for up to N2,000,000, subject to 75% of the net monthly salary.

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The process of availing FirstAdvance is seamless and can be initiated via the bank’s digital channels, either by dialing *894*11# and selecting FirstAdvance on USSD or through the user-friendly FirstMobile App. What sets FirstAdvance apart is its user-centric features such as:

Swift Processing: With FirstAdvance, obtaining a loan is as quick as a minute, ensuring timely assistance during financial emergencies.

Flexible Tenor: Customers can choose between a 30-day or 3-month repayment period, aligning with their pay cycle for added convenience.

Transparent Fees: FirstBank ensures transparency by collecting all fees, including interest rates, upfront upon loan disbursement, empowering customers with clarity and predictability in their financial transactions.

Automated Risk Acceptance: The Risk Acceptance Criteria for FirstAdvance is automated, streamlining the process and ensuring fair assessment without unnecessary delays.

Continuous Support: Beyond FirstAdvance, FirstBank extends its support to customers across all income bands with offers like Personal Loan Against Salary (PLAS), providing long-term loan solutions with convenient repayment plans of up to 60 months. The maximum amount a customer can get on PLAS is N100m.

Since its inception, FirstAdvance has witnessed remarkable success, with over 450 thousand unique customers benefiting from over 9.4 million successful transactions, totaling over 225 billion naira in disbursed loans.

Although digital lending has become ubiquitous, FirstAdvance stands out to be among the most competitive in the industry.

In an era marked by digital transformation, FirstBank remains at the forefront, leveraging technology to deepen financial inclusion and empower individuals and households across Nigeria. Whether it’s addressing immediate financial needs or providing long-term financial solutions, FirstBank continues to be a trusted partner in the journey toward economic prosperity.

For salary account holders with FirstBank seeking quick and hassle-free access to loans, FirstAdvance stands as a reliable solution. Dial *894*11# or initiate your loan request via the FirstMobile App today and transform your financial goals into reality with FirstBank.

In times like these, when inflation is eroding Nigerians’ wealth daily, there will always be an increasing need for that lifeline. FirstAdvance, powered by FirstBank, stands ready to continually meet its customers’ financial needs during that time of need, literally within one minute.

Culled from Nairametrics.

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