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How Fidelity Bank Staff Absconded with N250m Depositor’s Money

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  • How Fidelity Bank Staff Absconded with N250m Depositor’s Money

Full scale investigation into the N250million fraud rocking the Allen Avenue, Ikeja branch of Fidelity Bank Plc has commenced, with a view to ascertaining whether any other staff member was involved in the theft of about N250million belonging to a customer of the bank.

A staff of the bank now on the run was said to have used forged documents to secure approval to liquidate a fixed deposit account operated by the customer, whose identity was not immediately known.

It was gathered that the fraud was detected after the fraudster, said be one of the oldest staff members absconded. The bank was initially contacted that he had been kidnapped but only to discover that he faked his own kidnap after perpetrating the fraud.

In the course of investigation, it was discovered that the documents purportedly issued by the customer did not emanate from her but were forged by the runaway staff.

Investigations revealed that top management of the bank has queried the staff members that played one role or the other in the fraudulent transaction. It was also gathered that the runaway staff might have fled the country soon after he collected the money as he was said to have bought forex from a bureau de change.

A top source at the bank, who confirmed the incident, attributed it to angst over what he described as “unfavourable policy by the bank on the condition of service”.

He explained that the bank dumped payment of retirement benefits after it embraced the Contributory Pension Scheme (CPS), a development, which pitched the staff against the bank management.

However, another staff member who also confirmed the incident, debunked the allegation of unfavourable policy, insisting that Fidelity was not the only bank that embraced the CPS.

When contacted the bank’s corporate communication’s department, a staff attached to the department promised that the Divisional Head, Brand and Communications, Mr. Charles Aigbe will contact on the matter. But at the time of going to press, there was no official statement from the bank.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market.

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Finance

Remove Face Mask When Using ATM, Banks Tell Customers

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Face Mask May Cause ATM Transaction Failure, Banks Tell Customers

Deposit Money Banks have said due to their face recognition technology, customers wearing face masks may experience service failure while using the Automated Teller Machines (ATMs).

In an email issued to customers by Fidelity Bank, the bank said why the use of face masks is important to curb the spread of COVID-19 pandemic, customers should remove when performing ATM transactions.

The bank said “Wearing of face masks is a safety and precautionary measure we must all adhere to in this period of the COVID-19 pandemic.

“However, we advise that you remove your face mask while making withdrawals or carrying out ATM transactions to allow our ATM properly recognise you.

“Fidelity Bank ATM machines have face detection features installed to curb incidences of fraudulent ATM withdrawals.

“Consequently, you may not be able to carry out any transaction if our ATMs are not able to properly recognise you. We apologise for the inconvenience that this may cause you.”

Meanwhile, Guaranty Trust Bank plc continues to ease accessibility for all customers and advised customers to protect themselves.

GTBank said, “When visiting any of our branches, kindly protect yourself by wearing a face mask at all times. It is also very important that you keep a safe distance when in a queue inside or outside the branch.

“Before visiting any of our branches, please remember that you can withdraw up to N150,000 at all our ATMs and that you can do most of your banking from the safety of your home.”

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Finance

Access Bank in Talks to Acquire Cavmont Bank

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Access Bank to Acquire Cavmont Bank in Zambia

Access Bank Plc on Wednesday announced that its wholly-owned subsidiary in Zambia, Access Bank Zambia Limited (Access Bank Zambia) is in talks to acquire Cavmont Bank Limited, a subsidiary of Cavmont Capital.

According to the statement signed by Mr. Sunday Ekwochi, Company Secretary, Access Bank and released on the Nigerian Stock Exchange website on Wednesday, the ongoing discussions is to acquire 100 percent of Cavmont Capital’s interest in Cavmont Bank.

However, the lender said “there can be no certainty that a transaction will be agreed, nor as to the terms of any such agreement.

“The completion of a transaction would be subject to formal regulatory approvals. Access Bank will be updating the market as appropriate and in accordance with its disclosure obligations.”

The lender, therefore, advised shareholders to exercise caution when dealing in Access Bank’s securities.

Investors King Ltd note: This announcement further threw more lights on the recent purchases of Access Bank’s shares by Herbert Wigwe, the Chief Executive Officer and Managing Director, Access Bank.

The CEO/MD purchased 7.532 million of Access Bank‘s shares in the last one month.

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Mohammed Umar is the New Acting Chairman of EFCC

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Buhari Appoints Mohammed Umar as EFCC Acting Chairman

President Muhammadu Buhari has appointed, Mohammed Umar, the director of operations at the Economic and Financial Crimes Commission (EFCC), as the new Acting Chairman of the agency, according to the NAN.

A top official of the commission confirmed to NAN that Umar has taken charge of the agency following the suspension of Ibrahim Magu, the former acting Chairman.

Ibrahim Magu was suspended by the President on Tuesday following series of allegations bordering on frauds, financial misappropriations and abuse of power.

 

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