Business
Alleged N8bn Fraud: Ex-Skye Bank Chiefs Return to Dock
The Economic and Financial Crimes Commission (EFCC) has re-arraigned a former Chairman, Board of Directors of Skye Bank Plc (now Polaris Bank), Tunde Ayeni, and its former Managing Director, Timothy Oguntayo, for an alleged N8 billion fraud.
The commission disclosed this on Tuesday in a statement by its spokesperson, Tony Orilade.
It said the duo were arraigned before Justice Ijeoma Ojukwu of a Federal High Court, Abuja, on an eight-count charge bordering on money laundering.
The agency said their alleged offence is contrary to section 16, 18 of the Money Laundering Prohibition Act 2011 as amended.
The anti-graft agency on December 17, 2018, arraigned both defendants before Justice Nnamdi Dimgba of the Federal High Court, Abuja.
The judge later granted them 36 hours to meet their bail conditions or be remanded in Kuje prison. They were later asked to go home.
Following the transfer of Mr Dimgba to the Delta Division of the Court, the case was re-assigned to Justice Ojukwu, necessitating their re-arraignment.
According to the charges, the duo was accused of committing the crime between 2014 and 2015.
They were also accused of conspiring to launder N4,750 billion and $5 million belonging to the bank.
According to the statement, they pleaded “not guilty” to the charges.
The defence counsel, Wole Olanipekun, urged the court to allow the defendants to continue on the bail terms earlier granted them by Justice Dimgba.
“We have no objection to deny them bail on the condition imposed by Justice Dimgba,” Mr Saeda said.
Justice Dimgba had admitted them to bail in the sum of N50 million with two sureties each in like sum. The sureties may be either civil servants of not less than the rank of Assistant Director or be private businessmen or professionals, provided that one of the sureties is a civil servant.
The other surety being a private businessman or a professional must be the owner of a landed property of sufficient value within Abuja metropolis, excluding the satellite towns,
“Where the two sureties are private businessmen or professionals, they must show evidence of landed properties of sufficient value within Abuja metropolis excluding the satellite towns”.
Justice Ojukwu, thereafter granted them bail as requested and adjourned to July 2.
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Business
Naira Gains Against Dollar, Trades at N1,453/$1
The Naira continued its appreciation at the official market on Thursday, March 21, 2024 to close at N1,453.28/$1, according to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM).
This represents an appreciation of N39.33 when compared to the N1,492.61/$1 it closed on Wednesday, March 20, 2024.
The intraday high was N1,598/$1, while the intraday low was N1,300/$1, representing a wide spread of N298/$1.
Similarly, the Naira appreciated against the dollar at the parallel window to trade at N1,500/$1, this represents an appreciation of N20.00 as against the N1,520 /$1 it traded the previous day.
The Naira also appreciated slightly against the British Pound to trade at N2,000/£1 as against the previous trading day’s price of N2,020/£1 representing a gain of N20 for the local currency.
The Canadian dollar, however, closed flat against the naira to trade at N1,270/CA$1 same as the N1,270/CA$1 it traded the previous day representing a decline of N20 in the local currency.
The Naira gained N30 against the Euro to trade at N1,670/€1 as against the previous closing price of N1,700/€1.
Business
Global Money Week: MoneyMaster PSB Trains Students on Savings Culture
2024 Global Money Week: MoneyMaster PSB trains students on savings culture
MoneyMaster Payment Service Bank Limited (MMPSB), Nigeria’s leading payment service bank, is poised to train 5,000 students on the need to embrace savings and investment culture in commemoration of the 2024 Global Money Week.
Tagged “Catch them Young” experiential campaign, the programme aims to have the students drawn from schools in Nigeria participating in the week-long financial literacy training in the bank’s coordinating centres across 10 participating states of the Federation.
In the same vein, MMPSB will equally engage teachers and enlighten them on basic knowledge of savings and investment for future purposes.
The 2024 Global Money Week with the theme “Protect your money, secure your future,” is billed for March 18 to 24, 2024.
MMPSB disclosed in a press release that it was committed to the provision of top-notch banking services to its customers at all times, including payment services through wallets, savings, individual and business accounts, as well as provision of a platform for customers to buy airtime/data, pay bills and subscribe to cable television, amongst others.
“As part of the week-long celebration, MoneyMaster PSB will also be releasing thought leadership videos on safety and security on how banking customers can protect themselves. These videos will be shared to its customers via direct email and also on its social media handles for the benefit of the general public,” the bank further said.
Global Money Week is an annual event which creates global awareness-raising campaign on the importance of ensuring that young people, from an early age, are financially aware, and are gradually acquiring the knowledge, skills, attitudes and behaviours pivotal to making sound financial decisions and ultimately achieve financial well-being.
This year’s edition is focused on safe money management, and the importance of adopting a responsible and informed approach to personal finance, by being aware of potential risks in the financial sector and protecting one’s hard-earned money.
Business
Fidelity Bank Shares 3000 Food Packs Among Residents of Zamfara Community
Leading Financial Institution, Fidelity Bank Plc has distributed over 3000 food items to vulnerable households and less privileged families in Gusau, Zamfara State.