Bank
Providus Bank In N559M Fraud Mess As Customers Money Disappears
Providus Bank In N559M Fraud Mess As Customers Money Disappears
The Federal High Court that sat in Lagos has ordered one of the new generation banks, Providus Bank Limited to transfer back the remaining balance of N329,454,650.28 alleged to have been fraudulently transferred from the account of one of the bank’s customer Aqua 10 Nigeria Limited awarding the cost of N100,000 against the bank and in favour of the plantiff.
The judgment of the court was sequel to a suit filed brought before the it by Barrister Kelechi Chukwu on behalf of Aqua 10 Nigeria Limited against Providus Bank Limited and seven others namely, Jethra Designs Investment Limited, Vacubeg Group of companies limited, Heroes Heights construction company Limited, Vacubeg Investment Limited, North Alta Trading Limited, Abiodun Shoyombo Trading under the name and style of Seatea Enterprises, Abiodun Afeez Adeyemi Trading under the name and style of Adeyemi Digital Enterprises.
In an affidavit sworn to by the Managing Director of the company, Oladipo Okuntola, he alleged that sometime around 9th and 12th of July, 2021, the total sum of N558,569,000 were removed from the account of his company in Providus bank Limited to the account of Jethra Designs Investment Limited in another bank, the funds were moved in 8 tranches.
He said the funds were meant for the payment for goods to be purchased from HG Honkong Company Limited and new silver industry company Limited in China, adding that the funds were again moved from the account of Jethra Designs Investment Limited to Vacubeg Group of companies limited.
Okuntola said thereafter, Vacubeg in turn moved the funds to the account of Heroes Heights construction company Limited, and that the funds were again moved by Heroes Heights construction company Limited account to Vacubeg Investment Limited.
He explained that Vacubeg Investment Limited, upon receiving the funds moved same back to the account of Vacubeg Group of companies limited and then Vacubeg Group of companies limited move the funds to the account of North Alta Trading Limited.
He said the total sum of N329,454,650,296.28 were moved to the three accounts, stated below domicile in Providus bank: North Altappq Trading Limited -N93,361,828.97; Abiodun Shoyombo Trading under the name and style of Seatea Enterprises- N185,133,525,.08 and Abiodun Afeez Adeyemi Trading under the name and style of Adeyemi Digital Enterprises-N50,959,296.23.
“Subsequently, it was discovered that internet fraudster were behind the companies and business names sued as 2nd to 8th defendants in this suit, and that the persons behind the companies had fled from Nigeria.
“The matter was reported to the Interpol, and through Interpol, the movement of the plaintiff’s funds and the persons involved in the fraud were traced. The Plaintiff has requested that its funds traced to the 6th, 7th and 8th Defendants accounts in the Providus Bank who is also the Plaintiff’s bankers be returned, but the bank is insisting that without the court’s directive or order, the bank will not return the Plaintiff’s funds traced to the 6th, 7th and 8th Defendants’ accounts in the Providus bank.
“That unless the Court intervenes, the Providus bank will not return the Plaintiff’s money traced by Interpol into the accounts of the 6th, 7th and 8th Defendants domiciled in the bank. That it is in the interest of justice to grant this application.
“That the Defendants will not be prejudiced by the grant of this Originating Summons, more so, when the individuals behind the 2nd to 8th Defendants are on the run,” he said.
The bank’s counsel Ifeoluwa Badejo submitted that the bank reversed the sum of N50,700,000, from the account of the 6th defendant to the Economic and Financial Crimes Commission following the order issued by Justice Chukwujekwu Aneke, and that same was not done with intention of interfering with justice in this case.
Justice Lifu in his judgement, ordered as follows: that the first defendant, that is Providus bank limited “is hereby ordered or directed to move or transfer the plaintiff’s fund in the account of the 6th, 7th and 8th defendants to the plaintiff’s account kept with her.
“Since the sum of N50,700,000 has so far been reversed, the remaining balance in the total sum of N329,454,650.28 that is, less the N50,700,000 should be transferred to the plaintiff’s account forthwith.
“A cost of N100,000 is hereby awarded against Providus Bank Limited but in favour of Aqua 10 Nigeria Limited.”
Alpha Morgan Bank Rolls Out Mobile App for Android & iOS — Instant Account Opening on Alpha Morgan Bank Mobile App
Alpha Morgan Bank officially launched its mobile banking application, marking a major milestone in the Bank’s mission to simplify banking experiences for individuals and businesses across Nigeria. The Alpha Morgan Banking App is available for download on both Goole Play Store and iOS App Store.
Built around the principles of simplicity and user-centric innovation, the Alpha Morgan App allows customers to take full control of their finances from the palm of their hand anytime and anywhere. With features that meet the evolving needs of modern banking users, the app provides a secure, intuitive, and efficient digital banking experience, designed to make everyday banking fast, simple, and secure.
Users can enjoy instant onboarding and account access, seamless fund transfers both within and outside Alpha Morgan Bank network and effortless bill payments. The app also offers real-time transaction history for easy tracking, secure login options including biometric authentication, and round-the-clock access to customer service support, all tailored to delivering Satisfying Banking at your fingertips.
According to Mr. Ade Buraimo, Managing Director/CEO of Alpha Morgan Bank, “The launch of the Alpha Morgan App is a digital convenience and a significant step forward in our broader mission of delivering satisfying banking to every customer.”
This digital rollout also complements Alpha Morgan Bank’s commitment to flexible and accessible banking across Nigeria’s diverse population.
Customers can now download the Alpha Morgan App on Google Play Store and iOS App store.
Scan to download Alpha Morgan Bank App
FirstBank Agric and Export Conference: Charting a New Course for Non-Oil Exports
Lagos, 11 August 2025 – FirstBank, the premier West African financial institution and financial inclusion service provider is proud to announce the 2025 edition of the FirstBank Agric and Export Conference themed “The Fundamentals of Building a Non-Oil Export Driven Economy“, which will take place on Tuesday, August 19, 2025, at the Eko Convention Centre. Building on the momentum of previous successful editions, this year’s Expo reaffirms the Bank’s commitment to supporting Nigeria’s agricultural and non-oil export sectors as key drivers of economic development.
The FirstBank Agric and Export Conference aims to keep Nigerians abreast of emerging trends in the agricultural and non- oil export sector, whilst providing them insights into how innovative solutions can contribute to the overall development of the economy, and the nation at large. The conference will adopt a hybrid format, allowing most participants to join virtually while principal stakeholders attend in person. Attendees will have the opportunity to explore exhibition booths featuring major organizations and associations from industry. The event will feature a keynote speech, Goodwill messages, Plenary discussions, where select Speakers will expound on the theme and technical sessions to be handled by subject matter Specialists in the Agriculture and Export Value Chain.
Expected guest speakers include the Honourable Minister of Agriculture & Food Security, Senator Abubakar Kyari as the keynote speaker while the plenary and technical sessions will be enriched by insights from industry leaders like the MD Bank of Agriculture (BOA), Mr. Jafar Abubakar Umar; MD/CEO Nigerian Export-Import Bank (NEXIM), Mr. Abba Bello; National Action Committee on AfCFTA, Mr. Segun Awolowo; President, All Farmers Association of Nigeria, Architect Kabir Ibrahim, CEO Nigerian Export Promotion Council (NEPC), Mrs. Nonye Ayeni and a host of others. These renowned speakers will contribute their expertise and perspectives throughout the various sessions, ensuring participants gain valuable knowledge to enhance their roles within the agricultural and export value chain
Speaking on the Conference, Olusegun Alebiosu, Managing Director, FirstBank Group stated, “The FirstBank Agric and Export Conference is a strategic platform for stakeholders to converge, share knowledge, and drive strategies that can unlock the full potential of Nigeria’s agricultural sector and non-oil export industry. Through this platform, FirstBank is empowering customers and stakeholders by providing them with actionable insights, innovative solutions, and valuable connections that can help them navigate the complexities of the agricultural and nonoil export sectors. In addition, we aim to deliver tangible benefits to our customers, enhance their business prospects, and create lasting value for our stakeholders, while contributing to the growth and development of Nigeria’s economy.”
To participate in the FirstBank Agric and Export Conference, interested participants can click on https://firstbanknigeria.zoom.us/webinar/register/WN_Lit8tD6KSm6kzLMcyHwo8Q to register.
The FirstBank Agric and Export Conference is one of the Bank’s key initiatives to promote collaboration and innovation within the agricultural and non- oil export sectors. By providing a strategic platform for stakeholders, the conference aims to enhance the competitiveness of customers and partners in the global market. With agriculture identified as the most viable alternative to oil for generating foreign exchange earnings, this initiative supports economic diversification and is poised to accelerate national growth and development.
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Wema Bank Releases unaudited results for H1 2025, Profit Before Tax climbs 231% to N101.2billion
Wema Bank Releases unaudited results for H1 2025, Profit Before Tax climbs 231% to N101.2billion.
Wema Bank Plc, Nigeria’s oldest indigenous bank, most resilient and pioneer of Africa’s first fully digital bank, ALAT, has released its unaudited consolidated financial statements for the half-year period ended June 30, 2025, to the Nigerian Exchange Group (NGX).
On track to set an unprecedented benchmark, Wema Bank’s H1 2025 Unaudited Financial Results reported remarkable financial upturns including a Profit Before Tax (PBT) of ₦101.2 billion, representing a 231% increase compared to ₦30.55 billion recorded in the corresponding period of H1 2024. The Bank’s Gross Earnings also rose to ₦303.20 billion, reflecting a 70% increase from H1 2024’s ₦178.63 billion. Interest Income grew by 65% year-on-year to ₦240.12 billion (H1 2024: ₦145.53 billion), while Non-Interest Income surged by 91% year-on-year to ₦63.08 billion (H1 2024: ₦33.10 billion).
Wema Bank’s balance sheet remained robust and well-structured, with total assets rising from ₦3.585 trillion in HI 2024 to ₦3.963 trillion in H1 2025; deposit base growing by 3% from ₦2.523 trillion in FY 2024 to ₦2.60trillion, and Loans and Advances growing by 19% to ₦1.426 trillion in H1 2025, compared to ₦1.201trillion reported in FY 2024. The Bank’s Non-Performing Loan (NPL) ratio stood at 3.17% as at H1 2025, reflecting the Bank’s continued focus on maintaining asset quality. These indicators not only reflect Wema Bank’s resilience and efficiency, but also its strong capacity to sustain its growth momentum and continue to deliver optimum value to its stakeholders.
Commenting on the outstanding results, Wema Bank’s Managing Director/CEO, Moruf Oseni, affirmed the Bank’s commitment to maintaining the upward growth trajectory in its financials and delivering optimum value to every stakeholder of Wema Bank. According to him, “For 80 years, Wema Bank has redefined impossible, consistently breaking new ground and raising the bar in delivering positive impact. 3 years ago, we took our Profit Before Tax from ₦14.75 billion in 2022 to ₦43.59 billion in 2023, and in 2024, our PBT stood at an impressive ₦102 billion. Now, just halfway through 2025, we have achieved over 99% of our 2024 full-year PBT in just H1, and for us, this is just a starting point”.
“As a Bank, we have remained committed to surpassing expectations and redefining limitations and this is a standard we are prepared to uphold relentlessly. Wema Bank is the Bank that works for all and we will continue to pull all stops in delivering optimum value to every stakeholder, from our shareholders to customers, employees, partners, regulators, and every person and institution who has played a part in our 80-year journey and beyond,” Oseni concluded.
For 8 decades, Wema Bank has built a legacy of empowering lives, breaking untapped ground, setting industry standards, proving unmatched resilience and delivering unparalleled value to Nigerians of all ages, from all walks of life and across diverse verticals and industries. These Unaudited Financial Results further reflect the Bank’s strength and capacity to sustain its legacy in the decades to come.
Other key profitability and efficiency metrics that further underscore the Bank’s performance, as recorded in the H1 2025 Unaudited Results, include a 60.40% growth in Return on Average Equity (ROAE), 4.64% growth in Return on Average Assets (ROAA), 13.68% growth in Capital Adequacy Ratio (CAR) and 47.55% growth in Cost-to-Income Ratio.
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