Frauds & Scandals

Fraud, forgery, theft in banks fall by 48% – NDIC

August 4, 2017/Punch ’Femi Asu The banking industry recorded a decline of 48.12 per cent in the rate of successful fraud incidences, forgery and theft last year, compared to 2015, according to the Nigeria Deposit Insurance Corporation. The Managing Director/Chief Executive, NDIC, Alhaji Umaru Ibrahim, disclosed this while delivering a […]

Stock Exchange slams N582.4m fine, expulsion on fraudulent dealer

August 2, 2017/The Nation Taofik Salako The Nigerian Stock Exchange (NSE) has revoked the operating licence of a stockbroking firm-Bytofel Securities and Investment Limited, for allegedly engaging in fraudulent activities. In addition, the firm was fine N582.37 million. A circular obtained  by The Nation stated that Bytofel Securities was expelled […]

Innoson sues GTBank for N400billion over defamation

July 31, 2017/The Nation Our Reporter The chairman/chief executive of Innoson Nigeria Limited, Chief Innocent Chukwuma and the  company have filed a fresh lawsuit against Guaranty Trust Bank PLC in the High Court of Federal Capital Territory, Abuja claiming a total sum of N400billion damages for injury to their reputation, […]