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Tag: FCMB

  • Appeal Court orders FCMB to deposit N540m damages in Prophet Omale’s libel suit

    Appeal Court orders FCMB to deposit N540m damages in Prophet Omale’s libel suit

    The Court of Appeal, Abuja has ordered the First City Monument Bank (FCMB) to pay the sum of N540 million damages awarded against it for alleged defamation of Prophet Emmanuel Omale and his wife, Deborah.

    Justice Yusuf Halilu of a Federal Capital Territory (FCT) High Court had, in a judgment on Oct. 4, 2022, awarded the sum against FCMB.

    Justice Halilu held that the bank recklessly breached the duty of care it owe to Omale of the Divine Hand of God Prophetic Ministry, his wife and the church.

    The judge agreed that the bank made a false claim that former Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu paid N573 million to the church’s account.

    Meanwhile, the Court of Appeal, in a ruling on Feb. 1, rejected FCMB’s request for a stay of execution of the judgment pending the determination of its appeal, as prayed in a motion on notice it filed.

    Instead, a three-member panel presided over by Justice Muhammed Shuaibu, granted a conditional stay of the execution of the judgment by ordering the bank to pay the judgment sum of N540 million into an interest yielding account in the name of the court’s chief registrar.

    In an enrolled copy of the ruling sighted on Sunday, the appellate court said: “The application is granted as prayed in terms of the first  prayer in the appellant’s  motion filed on March 3, 2022.

    “Consequently, conditional stay of execution of the judgment is hereby granted to the appellant.”

    According to the appellate court, the condition being that the judgment sum shall be deposited into an interest yielding bank account of the court to be opened by the chief registrar of this court within 48 hours of the grant of this order.

    The panel then adjourned further hearing till a date to be communicated to parties by the court’s registry.

    The conditional stay granted by the Court of Appeal was alternatively conceded by the respondents; Omale, his wife and the church, in their counter affidavit to the appellant’s motion, which  they had actually sought to be dismissed.

    The Oct. 4 judgment by Justice Halilu was on a defamation suit marked: FCT/HC/CV2541/2020 filed by Omale, his wife and the church against the bank.

    During the investigation of Magu by the Justice Isa Salami-led presidential investigation panel, it was reported that an investigation by the Nigerian Financial Intelligence Unit (NFIU) revealed that the ex-EFCC chairman paid N573 million into Omale’s church’s account with which a property was allegedly bought in Dubai, the United Arab Emirates (UAE).

    Justice Halilu, in the judgment noted that evidence before his court showed that the bank admitted error in its report, to the NFIU, of entries in Divine Hand of God Prophetic Ministry’s account.

    The judge further noted that the bank claimed that the purported N573 million was wrongly reflected as credit entry in Divine Hand of God Prophetic Ministry’s account by its reporting system, which it recently upgraded.

    The judge noted that the bank admitted the error, which occasioned incalculable damage to the reputation of the claimants both within and outside the country.

    He held that the claimants provided sufficient evidence to establish case of negligence against the bank.

    Justice Halilu proceeded to award N200 million as aggravated damages; N140,500,000 as specific damages and N200 million as general damages.

  • BREAKING: Founder of FCMB, Otunba Subomi Balogun is dead

    BREAKING: Founder of FCMB, Otunba Subomi Balogun is dead

    The founder of First City Monument Bank (FCMB), Otunba Subomi Balogun has passed away.

    In reports gathered by Tribune Online, the Olori Omoba of Ijebuland reportedly died in a London hospital on Friday morning.

    Balogun who was the chairman of First City Monument Bank (FCMB) celebrated his 89th year birthday on 9th March 2023.

    Details to follow…

  • Former banker jailed for diverting customer’s fixed deposit

    Former banker jailed for diverting customer’s fixed deposit

    Justice AT Mohammed  sentenced  Okafor to one-year imprisonment for forgery and uttering of documents.

    Okafor pleaded guilty to the two-count charges when arraigned by the Port Harcourt Zonal Command of the Economic and Financial Crimes Commission (EFCC).

    In December 2007, in Port Harcourt, Rivers, the ex-staff of First City Monument Bank (FCMB) produced a forged document to wit: Re: N2,500,000 Investment in Bankers Acceptance dated 5/12/2007 to Donatus Ogbonna.

    The offense contravened Section 1 (2) (c) of the Miscellaneous Offences Act M17 of the Revised Edition (Laws of the Federation of Nigeria) Act, 2007 and punishable under Section 1 (2) of the same Act.”

    Prosecution counsel, E. Abbiyesuku prayed the court to convict and sentence the defendant as charged.

    However, defense lawyer, Echozona Etiaba (SAN) appealed for justice with mercy, adding that Okafor was a first-time offender with no previous criminal records.

    Justice Mohammed convicted and sentenced the defendant to one year imprisonment without an option of fine.

    The judge ordered the former Relationship Officer, who diverted funds meant for fixed deposit, to restitute to the victim the sum of N4,868,625.

  • Court awards N540m damages to Prophet Omale against FCMB

    Court awards N540m damages to Prophet Omale against FCMB

     

    A High Court of the Federal Capital Territory in Abuja has awarded the sum of N540 million in damages to Prophet Emmanuel Omale against a commercial bank over alleged negligence and defamation.

    Justice Yusuf Halilu on Tuesday held that the First City Monument Bank (FCMB) breached its fiduciary duty of care to Prophet Omale, which caused him to be summoned by the Judicial Panel of Inquiry investigating a former acting chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, including defamation of his name.

    Omale, who is the General Overseer of Divine Hand of God Prophetic Ministries International, an inter-denominational deliverance and prophetic ministry, had filed the suit through his counsel, Gordy Uche (SAN) demanding the sum of N5 billion in damages against the bank.

    According to the Prophet, the judicial panel of inquiry summoned him in July 2020 after the bank sometime in 2016, negligently and falsely in its computer system generated weekly automated report to the Nigerian Financial Intelligence Unit (NFIU) of a “suspicious” credit inflow of N573, 228, 040. 41 (Five Hundred and Seventy Three Million Naira, Two Hundred and Twenty-Eight Thousand, Forty Naira and 41 kobo) into the church’s corporate account No: 1486743019 in line with the Money Laundering Prevention Act; the Economic and Financial Crimes Act and the Terrorism Prevention Act, which mandates it to report any suspicious financial transaction of its customers.

    He said the false alert and the summons caused his name to be dragged in the mud in the media which caused him untold hardship, trauma and great financial losses, which the bank owned up in its letter published in three national newspapers.

    The judge awarded an aggravated damage of N200 million, special damage of N140,500 million, and N200 million in general damages.

    “The conduct of the Defendant in this case, clearly from the evidence that have been made out, is certainly careless and negligent; it is certainly not careless and negligent but unprofessional”, the judge said.

  • [TNG Weekend Extra] Meet six women calling the shots in Nigeria’s banking industry

    [TNG Weekend Extra] Meet six women calling the shots in Nigeria’s banking industry

    The Nigerian banking industry has never had it this good in a long while having six women call the shots in a relatively male dominated industry.

    What started as a ‘one-off’ case is now gradually becoming the norm in the highly competitive industry.

    In just one week, two big industry players joined the list of commercial banks in Nigeria who have women in charge of affairs.

    TheNewsGuru.com, TNG in this report beam the lights on the women drivers in Nigeria’s banking industry from the newest entry to the last.

    Read on;

    1. Miriam Chidiebele Olusanya – MD/CEO GTBank

    Miriam Olusanya has over 23 years’ banking experience that cuts across Transaction Services, Asset and Liability Management, Financial Markets, Investment Banking and Investor Relations.

    She holds a Bachelor of Pharmacy (B. Pharm) degree from the University of Ibadan, Nigeria and a Master of Business Administration (Finance and Accounting) from the University of Liverpool, United Kingdom. She has also attended several executive management and banking specific developmental programs in leading educational institutions around the world.

    Miriam served as a Non-Executive Director on the Board of Guaranty Trust Bank (Gambia) Limited. She is also a member of the Financial Markets Sub-Committee of the Bankers’ Committee, the primary interactive policy platform made up of the Central Bank of Nigeria and banks.

    She joined the Bank as an Executive Trainee in 1998 and rose through the ranks until her appointment as Executive Director in 2018.

    Until her appointment as MD/CEO, she was the Group Treasurer and Head, Wholesale Banking Division, responsible for balance sheet and financial markets activities of the Bank and its African subsidiaries, Corporate Finance as well as Investor Relations.

    2. Yemisi Edun – MD/CEO FCMB

    Yemisi Edun holds a Bachelor’s degree in Chemistry from the University of Ife, Ile-Ife and a Master’s degree in International Accounting and Finance from the University of Liverpool, United Kingdom.

    She is a Fellow of the Institute of Chartered Accountants of Nigeria and a CFA® Charter holder. She is also an Associate Member of the Chartered Institute of Stockbrokers; an Associate Member of the Institute of Taxation of Nigeria; a Member of Information Systems Audit and Control, U.S.A; and a Certified Information Systems Auditor.

    She began her career with Akintola Williams Deloitte (member firm of Deloitte Touché Tohmatsu) in 1987, with main focus in Corporate Finance activities. She was also involved in audit of Banks and Other Financial Institutions. She joined FCMB in year 2000 as Divisional Head of Internal Audit and Control before assuming the role of Chief Financial Officer of the Bank.

    She is now the Managing Director of FCMB.

    3. Nneka Onyeali-Ikpe – MD/CEO Fidelity Bank

    Nneka Onyeali-Ikpe has been an integral part of the transformation team at Fidelity Bank in the last six years. She was formerly Executive Director, Lagos and South West, overseeing the bank’s business in the six states that make up the South West region of the bank. She led the transformation of the Directorate to profitability and sustained its impressive year-on-year growth, across key performance metrics, including contributing over 28% of the Bank’s PBT, Deposits and Loans.

    She is a consummate professional of over 30 years’ experience across various banks including Standard Chartered Bank Plc, Zenith Bank Plc and Citizens International Bank Limited, where she held several management positions in Legal, Treasury, Investment Banking, Retail/Commercial Banking, Corporate Banking. She has been involved in the structuring of transactions in various sectors including oil & gas, manufacturing, aviation, real estate and exports.

    As an Executive Director at Enterprise Bank Plc, she received formal commendation from the Asset Management Corporation of Nigeria (AMCON) as a member of the management team that successfully turned around Enterprise Bank Plc.

    Onyeali-Ikpe holds Bachelor of Laws (LLB) and Master of Laws (LLM) degrees from the University of Nigeria, Nsukka and Kings College, London, respectively. She has attended executive training programs at Harvard Business School, The Wharton School University of Pennsylvania, INSEAD School of Business, Chicago Booth School of Business, London Business School and IMD amongst others.

    She is also an Honorary Senior Member (HCIB) of The Chartered Institute of Bankers of Nigeria (CIBN).

    4. Halima Buba – MD/CEO SunTrust Bank

    Halima is a seasoned Banker with over 20 years cognate experience obtained from working in Allstates Trust Bank, Zenith Bank, Inland Bank Plc, Oceanic Bank Plc and Ecobank Nigeria Limited.

    She holds a Bachelor of Science (B.Sc.) degree in Business Management from the University of Maiduguri and an MBA from the same University.

    Halima is an Alumnus of the Lagos Business School Senior management programme. She is a senior Honorary Member of the Chartered Institute of Bankers and a Fellow of the Institute of Management Consultants.

    She sits on the Board of several reputable Institutions, including those of the Nigerian Sovereign Investment Authority (NSIA) as a Non-Executive Director and Anchoria Asset Management Company Limited.

    Halima is a Champion of youth and women empowerment, and consistently makes philanthropic contributions towards the girl child Education.

    5. Ireti Samuel-Ogbu – MD/CEO Citibank

    In August 2020, Citigroup announced Ireti Samuel-Ogbu as its first female Country Officer for Nigeria i.e MD/CEO Citibank Nigeria. Prior to assuming office in Nigeria, she served as managing director of payments and receivables, treasury and trade solutions for Europe, Middle East and Africa at the group’s office in London.

    She had been on the Board of Citibank Nigeria Limited since 2015 as a non-Executive Director.

    In the last 32 years, Samuel-Ogbu has held various roles across Citi’s businesses in the UK, Nigeria and South Africa, having worked in each of these countries twice. Previous roles have included Relationship Management with Global Subsidiaries Group and the Public Sector Banking Team, as well as TTS Sales, Corporate Finance and leading Citi’s TTS business in two of the largest markets in Africa.

    As a champion of diversity and inclusion, Samuel-Ogbu co-founded two impactful mentorship initiatives within Citi – the Sapphire Leadership Program for Middle East and Africa, and the Momentum Program in the UK. She is currently the EMEA co-Chair for Citi Women’s Affinity group and represents EMEA on the Global Affinity Steering Committee at Citi.

    She obtained a BA Hons Accounting and Finance from Middlesex University, UK and has an MBA from the University of Bradford, UK.

    6. Tomi Somefun – MD/CEO Unity Bank

    Prior to her appointment as MD/CEO in August 2015, Tomi Somefun served as the Executive Director overseeing the Lagos and South-West Business Directorates, the Financial Institution Division and Treasury Department of the Bank. She is a Member of the Board Finance & General Purpose Committee, Board Risk Management Committee, Board Credit Committee, amongst others.

    She a career professional with 35 years post qualification experience, over 26 of which were in the banking sector, spanning key segments including Treasury & Investment Banking, Corporate Banking, Retail, and Commercial Banking Operations. Tomi had a distinguished career with UBA group where she led 2 major subsidiaries of UBA as MD/CEO including a start-up company, UBA Pensions Custodian where she was the pioneer Managing Director.

    Prior to UBA, Tomi worked with two leading consulting firms: KPMG and Arthur Andersen (now KPMG). A Fellow of the Institute of Chartered Accountants of Nigeria and Chartered Institute of Bankers of Nigeria (CIBN), she graduated with a Second Class Upper degree from the Obafemi Awolowo University (formerly University of Ife) in 1981 with a Bachelor of Education in English Language. She was recently conferred an Honorary Degree of Doctor of Business Administration (D.BA) by the Redeemer’s University Nigeria (RUN).

    Tomi has extensive Executive Education in leading change and organization renewal, strategy formulation & execution, business analytics and development, and financial management from various esteemed business schools. She is an alumnus of the Columbia Business School, United States of America, and INSEAD, Fontainebleau, France, and holds a Certificate of Management Excellence from Harvard Business School (HBS). She is a member of various professional bodies including the Institute of Directors (IOD), Bank Directors Association of Nigeria (BDAN) and Chartered Institute of Bankers of Nigeria (CIBN). In addition, she has served on the board of several quoted and unquoted companies, and Non-Governmental Organizations (NGOs).

     

  • FCMB appoints new MD/CEO as Adam Nuhu retires

    FCMB appoints new MD/CEO as Adam Nuhu retires

    The Board of Directors of FCMB Group Plc have announced the appointment of Yemisi Edun as the Managing Director of First City Monument Bank (FCMB) Limited.

    This announcement is subsequent to the end of service of the bank’s former Managing Director, Adam Nuru.

    The Board had earlier reviewed media allegations made in late 2020 against the former MD and did not establish any contravention of its policies. The Board of Directors of FCMB thanks Mr Nuru for his years of dedicated service and wishes him all the best in his future endeavours.

    Prior to this appointment, the new Managing Director, Yemisi Edun was the Executive Director/ Chief Financial Officer of the bank and previously served as the acting Managing Director.

    With a work experience spanning nearly 35 years, Yemisi Edun holds a Bachelor’s degree in Chemistry from the University of Ife, Ile-Ife and a Master’s degree in International Accounting and Finance from the University of Liverpool, United Kingdom.

    She is a Fellow of the Institute of Chartered Accountants of Nigeria and a Certified Financial Analyst, CFA®️ Charter holder. She is also an Associate Member of the Chartered Institute of Stockbrokers; an Associate Member of the Institute of Taxation of Nigeria; a Member of Information Systems Audit and Control, U.S.A; and a Certified Information Systems Auditor.

  • FCMB staff bags 4 years imprisonment for stealing customers’ fund

    FCMB staff bags 4 years imprisonment for stealing customers’ fund

    A staff of First City Monument Bank (FCMB), Felix David Diete has been convicted and sentenced to four years imprisonment for stealing the sum of N2,000,000,00 (two million naira only).

    TheNewsGuru.com (TNG) reports Justice Jane Inyang of the Federal High Court sitting in Yenagoa, Bayelsa State convicted and sentenced Diete.

    He was jailed on Monday, January 11, 2021 after four years of prosecution by the Port Harcourt zonal office of The Economic and Financial Crimes Commission (EFCC).

    TNG gathers the convict was arraigned in January, 2017 on three-count charges bordering on stealing, contrary to Section 383 and punishable under 390 (6)(b)(8) and (9) of Criminal code CAP C-38 of the revised edition (Laws of the Federation of Nigeria) 2007 read along with Section 1(1)(d) of the Failed Bank (Recovery of Debts) and Financial Malpractices in Bank Act CAP B3 of the revised edition (Laws of the Federal Republic of Nigeria) 2007.

    One of the three counts read: “That you Felix Diete sometime in September 2016 at Port Harcourt within the judicial division of this Honorable Court being an employee of First City Monument Bank did fraudulently steal the sum of Two Million Naira (N2,000,000.00) only property of Ukenna Ngozi Godswill, a customer of First City Monument Bank and thereby committed an offence contrary to Section 383 and punishable under 390 (6)(b)(8) and 9 of Criminal Code CAP C-38 of the revised edition (Laws of the Federation of Nigeria) 2007 read along with Section 1(1)(d) of the Failed Bank (Recovery of Debts) and Financial Malpractices in Bank Act CAP B3 of the revised edition (Laws of the Federal Republic of Nigeria) 2007.

    The defendant pleaded not guilty to the charges. His plea prompted the prosecuting counsel, Adebayo Soares to prepare a ground for trial which lasted four years, resulting in his conviction.

    In his judgment on Monday, Justice Inyang said the prosecution proved its case beyond reasonable doubt on count one and convicted and sentenced Diete to four years imprisonment on the count.

    The judge, however, discharged him on count 2 and 3 on the grounds that he denied ever seeing the other two customers who came and testified as pw2 and pw3.

    Diete’s journey to the Correctional Centre started sometimes on September, 2, 2016, when three customers of FCMB complained that they gave the convict the sum of N6 million to deposit into their accounts but only deposited N4 million and made away with N2 million.

  • Probe: FCMB tenders public apology to Magu’s ‘spiritual father’

    Probe: FCMB tenders public apology to Magu’s ‘spiritual father’

    First City Monument Bank (FCMB) has tendered a public apology to Emmanuel Omale, general overseer of Divine Hand of God Prophetic Ministries International.

    Prophet Emmanuel Omale, who claims to be the spiritual guide of the suspended acting Chairman of the Economic and Financial Crimes Commission, Ibrahim Magu, had sued First City Monument Bank Plc for N5bn.

    In the suit marked FCT/HC/CV/2020, Omale stated that FCMB falsely reported to the Nigerian Financial Intelligence Unit that N570m was paid into his church account.

    He said the allegations led to accusations that the money was used in purchasing a house in Dubai for Magu.

    The statement of claim read in part, “Sometime on or about the 6th day of July 2020 the former acting Chairman of the EFCC, Mr. Ibrahim Magu was arrested and summoned to the Presidential Villa, Abuja, to appear before the Presidential Investigation Committee on the Alleged Mismanagement of the EFCC, Federal Government Recovered Assets and Finances From May 2015 to May 2020.

    “That one of the key allegations leveled at the Presidential Investigation Committee against Mr. Ibrahim Magu, was that the 2nd Claimant (Prophet Omale) fraudulently and corruptly purchased a real estate property for Mr. Ibrahim Magu in Dubai, the United Arab Emirates with the said sum of N573, 228, 04 allegedly credited as an inflow into the 1st Claimant’s (church’s) Corporate Current Account No: 1486743019 in the year 2016.”

    Omale stated that due to the investigation and negative media reports, his family was exposed to public ridicule and their spiritual calling was insulted.

    However, the bank has now tendered a public apology to Omale.

    In a letter dated September 11, and titled “Re: Bank Negligence Occasioning Unique Investigation and Defamation to our Client” with copies of the public apology attached, the bank explained that the sum of N573 million was mistakenly paid into Omale’s account and also denied that the error was intentionally done to tarnish the image of the cleric.

    The apology was published in three national newspapers: The Guardian, Daily Trust, and BusinessDay.

    Adewale Fati and Olugbenga Elemide, the bank’s legal counsel who signed the letter, stated that the bank regrets the error.

    “Please be informed that in line with the undertaking contained in our aforementioned letter, we have published in three national newspapers (The Guardian newspaper, Daily Trust newspaper and BusinessDay newspaper) on September 11, 2020. Please find attached herewith copies of our public apology to Divine Hand of God Ministries,” the letter reads.

    “It is our hope that the public apology has assuaged the grievances of your client, having seen that the error was indeed not borne out of any malice towards them.

    “Kindly extend our good wishes to your client, whilst assuring you of our warm professional regards”

  • Magu’s ‘spiritual father’ sues FCMB for N5b over alleged false report

    Magu’s ‘spiritual father’ sues FCMB for N5b over alleged false report

    For reporting a false report about his financial transactions to the Nigerian Financial Intelligence Unit (NFIU), the General Overseer, Divine Hand of God Prophetic Ministry, Prophet Emmanuel Omale, has sued First City Monument Bank Plc (FMCB) for N5bn.

    Omale, who claims to be the spiritual guide of the suspended acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, said FCMB told the NFIU that the sum of N570m was paid into his church account, thereby, leading to accusations that the money was used in purchasing a house in Dubai for Magu.

    The suit marked FCT/HC/CV/2020, was instituted by Omale; his wife, Deborah Omale; and the church, the Incorporated Trustees of the Divine Hand of God Prophetic Ministry.

    The claimant stated that in 2016, the FCMB falsely reported to the NFIU that N570m was paid into the church’s bank account marked 1486743019 which caused security agents to put the account under surveillance for four years.

    The statement of claim read in part, “Sometime on or about the 6th day of July 2020 the former acting Chairman of the EFCC, Mr. Ibrahim Magu, was arrested and summoned to the Presidential Villa, Abuja, to appear before the Presidential Investigation Committee on the Alleged Mismanagement of the EFCC, Federal Government Recovered Assets and Finances From May 2015 to May 2020.

    “That one of the key allegations levelled at the Presidential Investigation Committee against Mr. Ibrahim Magu, was that the 2nd Claimant (Prophet Omale) fraudulently and corruptly purchased a real estate property for Mr. Ibrahim Magu in Dubai, the United Arab Emirates with the said sum of N573, 228, 04 allegedly credited as an inflow into the 1st Claimant’s (church’s) Corporate Current Account No: 1486743019 in the year 2016.”

    The claimant stated that due to the investigation and negative media reports, they were exposed to public hatred and contempt and injured in their religious calling.

    The cleric said he and his wife were summoned to appear on August 10, 2020, before a Presidential Investigation Committee at the Presidential Villa, Abuja.

    Omale and his wife, accompanied by their lead Senior Counsel, Gordy Uche (SAN), and a team of four senior lawyers appeared before the panel on August 10, 11, and 12 and were grilled for hours on their alleged roles in respect of the sum of N573m used in fraudulently and corruptly purchasing a real estate property for Magu in Dubai.

    The cleric said they paid Uche (SAN) & Co., the sum of N15m to appear and represent them for three days before the said Presidential Investigation Committee and attached a copy of the receipt to the statement of claim.

    He said they all denied the allegations of fraud, adding that he never bought any property for Magu when grilled by the panel.

    Omale said the Salami panel in the course of its hearing also invited the Managing Director/Chief Executive Officer of FCMB, Adam Nuru, who appeared before the committee and testified.

    “That Mr. Adam Nuru in his testimony informed the Presidential Investigation Committee that the said N573M was credited to the bank account of the 1st claimant (church) in error and that the error was not discovered by the defendant for over four years,” the cleric said.

    Omale said they paid the law firm of Gordy Uche (SAN) & Co., the sum of N75m to institute the suit against FCMB and attached a copy of the receipt for the said professional fees to the statement of claim. He said in all, he had lost N180.5m due to payment of legal fees and personal losses.

    Omale, therefore, sought a declaration of the court that the FCMB negligently breached the fiduciary duty of care it owes the claimants by its false automated report to the NFIU of a suspicious credit inflow of N573m into the church account.

    The statement of claim further read, “The sum of N5,000,000, 000.00 (Five Billion Naira) being exemplary, aggravated, special and general damages against the defendant for the negligent breach of its fiduciary duty of care to the claimants by its false automated report to the NFIU of a suspicious credit inflow of N573, 228, 040. 41 into the 1st claimant’s corporate current account number1486743019 with the defendant, which has occasioned grave damages to the claimants.”

  • Magu probe: We mistakenly transferred N573m to Prophet Omale, says FCMB MD, Adam Nuru

    Magu probe: We mistakenly transferred N573m to Prophet Omale, says FCMB MD, Adam Nuru

    Managing Director of First City Monument Bank (FCMB), Adam Nuru said the bank made an error of posting N573 million into the church account of Emmanuel Omale.

    The Presidential Committee on Audit of Recovered Assets (PCARA) had accused Ibrahim Magu, suspended acting chairman of the Economic and Financial Crimes Commission (EFCC), of allegedly using Omale, founder of the Divine Hand of God Prophetic Ministry, to launder funds abroad.

    The committee said the former acting chairman purchased a property in Dubai using Omale’s name — an allegation the pastor has denied.

    Magu is currently being investigated by the committee headed by Ayo Salami, former president of the appeal court, for allegedly mismanaging loot recovered by the anti-graft agency.

    Testifying before the committee on Thursday, Nuru said the bank just discovered the mistake upon invitation by the committee — four years after the money was posted.

    “On January 16, 2016, we made a return to NFIU which indicated that there was a transaction of an inflow of well over N573million. (N573,228,40),” the bank MD said.

    “This return was said to be in favour of Divine Hand of God Prophetic Ministries Account No 1486743019.

    “After that report, we conducted an investigation and discovered that the lodgement which we reported to NFIU was an error.

    “The error was as a result of the fact that we were using a bank application called Pinnacle-7. However, we migrated from that application to a newer version called Pinnacle-10.

    “Usually, when the bank intends to migrate from one application to another, we utilize weekends to carry out the exercise. The migration involves moving all the balances of customers from the previous application to the new application. The account of the Divine Hand Ministries was moved during that migration.

    “It was that balance of N573million that was wrongly posted as an inflow into Divine Hand Ministries as reported to NFIU. This error was not peculiar to Divine Hand of God Prophetic Ministries alone but was also ascribed to 27 other accounts.”