Business Post Nigeria

26/05/2025

Wema Bank Employees, Others Alter Customers Data to Move N8.5bn

By Modupe Gbadeyanka

Three employees of Wema Bank Plc have been accused of conniving with four other persons to tamper with accounts of customers in the bank to move about N8.5 billion.

They were last Friday brought before Justice Daniel Osiagor of the Federal High Court sitting in Ikoyi, Lagos, by the Economic and Financial Crimes Commission (EFCC) on an eight-count charge bordering on alleged conspiracy and obtaining under false pretence to the tune of N8.5 billion.

The bankers arraigned by the agency were Mr Samuel Ihechukwu, Mr Fabian Chizaram, and Mr Kingsley Kelechi Ejim, while their alleged accomplices are Hanna Okunlola Adesokan, Hamza Zakariya, Achionu Chukwuka Ubaku, and Sunday Osademe.

According to the EFCC, the suspects altered, erased and inputted data held in accounts domicile in Wema Bank’s computer for the purpose stealing from the company.

“That you Samuel Ihechukwu Asiegbu, Ejim Kingsley Kelechi, Hamza Zakaria, Onyeimachi Fabian, Achionu Chukwuka Ubaka, Adesokan, Hannah Okunlola, Nurudeen Ibrahim (at large). Alhaji Sulaiman (at large) and other persons at large sometime in January 2025, conspired amongst yourselves to cause loss of property to bank accounts domicile in Wema Bank Nigeria Plc in order to confer economic benefit to yourselves, and thereby committed an offence contrary to Section 27(1)(a) of the Cybercrimes (Prohibition, Prevention, etc.) Act, 2015 and punishable under the same act,” one of the charges read.

“That you Samuel Ihechukwu Asiegbu and other persons at large, sometime in January 2025, within the jurisdiction of this court knowingly and without authority caused the loss of an aggregate sum of N8,568,090,500 property of Wema Bank by altering, erasing and inputting data held in accounts domicile in Wema Bank computer for the purpose of conferring economic benefit on yourself and you thereby committed an offence contrary to Section 14(1) of the Cybercrimes (Prohibition, Prevention, etc.) Act, 2015 and punishable under the same act,” another count read.

After the charges were read to the accused persons, they pleaded not guilty, prompting the prosecution counsel, A*o Larrys Peters, to demand for a trial date and that the defendants be remanded in the Nigerian correctional facility.

Responding, the defence counsel prayed the court to remand his client, Hanna Okunlola, in the EFCC custody because of her ill health. This request was granted.

While adjourning the matter to June 6, 2025, for trial, Justice Osiagor remanded five of the defendants in the facility of the Nigerian Correctional Services (NCS), while Kingsley Ejim Kelechi was to continue on his existing bail.

By Modupe Gbadeyanka Three employees of Wema Bank Plc have been accused of conniving with four other persons

20/05/2025

CBN Retains Interest Rate Benchmark at 27.50%

By Adedapo Adesanya

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has left the interest rates unchanged as it awaits more data to determine the inflation outlook.

According to an announcement by the Governor of the apex bank, Mr Yemi Cardoso, at the end of the 300th MPC meeting on Tuesday, the committee retained the Monetary Policy Rate (MPR) at 27.50 per cent, the Cash Reserve Ratio (CRR) at 50 per cent, and the Liquidity Ratio (LR) at 30 per cent.

This was widely expected as inflation cooled to 23.71 per cent in April 2025, according to the latest report by the National Bureau of Statistics (NBS).

Although at 23.71 per cent, the inflation levels remain elevated and strains on the Naira have only recently abated after an initial selloff in April caused by a slump in the price of oil, the country’s main export.

Business Post reports that the World Bank had recently projected that Nigeria’s inflation may moderate to 22.1 per cent this year, higher than the 15 per cent targeted by the Bola Tinubu-led administration.

There are also indications that if inflation slows down in the next two months, Nigeria might start cutting rates in the next half of 2025.

Nigeria may see “some room for the CBN to cut rates” in the second half of the year as disinflation is expected, Mr Gbolahan Taiwo, an analyst at JPMorgan Chase & Co. said in a client note.

The MPC meeting is the first rate-setting meeting since the US imposed a 10 per cent universal tariff and slapped China, Africa’s largest trading partner — with a 145 per cent levy before reducing it to 30 per cent for 90 days.

By Adedapo Adesanya The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has left the

17/05/2025

FG, States, LGAs Get N1.681trn from April Revenue from FAAC

By Aduragbemi Omiyale

The sum of N1.681 trillion has been disbursed to the federal government, the 36 states and the 774 local government areas of the federation from the N2.849 trillion generated in April 2025 by the nation, higher than the N1.719 trillion earned in March 2025.

The money was given to the three tiers of government by the Federation Account Allocation Committee (FAAC) after its meeting for this month.

A statement issued after the meeting held in Abuja disclosed that last month, Petroleum Profit Tax (PPT), Oil and Gas Royalty, Electronic Money Transfer Levy (EMTL), Value Added Tax (VAT), Excise Duty, Import Duty and CET Levies increased significantly, while Companies Income Tax (CIT) decreased considerably.

It was revealed that the N1.681 trillion shared in May 2025 comprised distributable statutory revenue of N962.882 billion, distributable VAT revenue of N598.077 billion, EMTL revenue of N38.862 billion and exchange difference of N81.407 billion.

From the N1.681 trillion, the federal government got N565.307 billion, the states received N556.741 billion, the local councils were given N406.627 billion, and the oil-producing states took N152.553 billion as 13 per cent of mineral revenue.

From the N962.882 billion distributable statutory revenue, the national government was given N431.307 billion, N218.765 billion was disbursed to the states, N168.659 billion went to the local councils, and N144. 151 billion was distributed among the oil-generating states as 13 per cent of mineral revenue.

In addition, from the N598.077 billion distributable VAT revenue, FAAC gave the central government N89.712 billion, N299.039 billion to the state government, and N209.327 billion to the local governments.

Further, from the N38.862 billion generated from EMTL, the federal government got N5.829 billion, the state governments received N19.431 billion, and the local councils went away with N13.602 billion.

Also, from the N81.407 billion exchange difference, the federal government took N38.459 billion, the state governments went with N19.507 billion, the local governments received N15.039 billion, and the oil-producing states shared N8.402 billion as 13 per cent of mineral revenue.

By Aduragbemi Omiyale The sum of N1.681 trillion has been disbursed to the federal government, the 36 states

17/05/2025

NGX All-Share Index Grows 0.22% to 109,710.37 points

By Dipo Olowookere

The last trading session of this week ended a positive note with a 0.22 per cent leap on Friday, influenced by continued demand for local equities.

During the session, the All-Share Index (ASI) gained 242.73 points to close at 109,710.37 points compared with the 109,467.64 points it ended in the preceding trading day, and the market capitalisation expanded by N152 billion to finish at N68.953 trillion versus Thursday’s closing value of N68.801 trillion.

Business Post reports that the consumer goods lost its momentum yesterday, going down by 0.26 per cent at the close of transactions.

However, the commodity index gained 2.08 per cent, the insurance counter appreciated by 1.10 per cent, the energy sector improved by 0.52 per cent, the industrial goods industry jumped by 0.27 per cent, and the banking sector grew by 0.10 per cent.

A total of 36 stocks ended on the gainers' table and 21 stocks finished on the losers' chart, implying a positive market breadth index and strong investor sentiment.

Four shares chalked up the maximum 10.00 per cent price appreciation on Friday and they were Northern Nigeria Flour Mills, Trans-Nationwide Express, Champion Breweries, and Honeywell Flour, quoting at N119.90, N2.20, N6.82, and N18.15, respectively, as Beta Glass gained 9.99 per cent to finish at N235.05.

On the flip side, International Energy Insurance depreciated by 9.57 per cent to N1.70, Multiverse slumped by 9.55 per cent to N8.05, The Initiates tumbled by 7.86 per cent to N6.80, University Press crashed by 7.37 per cent to N4.40, and Regency Alliance lost 6.78 per cent to sell for 55 Kobo.

Investors traded 431.8 million equities worth N8.6 billion in 16,400 deals during the session compared with the 716.1 million equities valued at N13.7 billion exchanged in 14,559 deals in the previous day, showing an increase in the number of deals by 12.65 per cent and a fall in the trading volume and value by 39.70 per cent and 37.23 per cent apiece.

The busiest stock was Access Holdings with 32.1 million units valued at N739.7 million, GTCO transacted 30.9 million units for N2.1 billion, AIICO Insurance traded 28.9 million units worth N46.5 million, Universal Insurance exchanged 25.0 million units valued at N13.0 million, and Chams sold 23.8 million units worth N54.2 million.

By Dipo Olowookere The last trading session of this week ended a positive note with a 0.22 per cent leap on

10/05/2025

Nigerian Exchange Tumbles 0.46% on Profit-Taking

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited suffered its first loss this week with a 0.46 per cent decline on Friday, influenced by profit-taking.

The market was under selling pressure yesterday, with all the key sectors of the bourse closing in red when the gong was struck by 2:30 pm.

The commodity index was down by 1.94 per cent, the insurance sector depreciated by 0.22 per cent, the industrial goods space lost 0.18 per cent, the consumer goods counter went down by 0.05 per cent, the energy industry tumbled by 0.02 per cent, and the banking sector fell by 0.01 per cent.

As a result, the All-Share Index (ASI) contracted by 498.56 points to 108,733.40 points from 109,231.96 points and the market capitalisation retreated by N314 billion to N68.339 trillion from N68.653 trillion.

The market participants traded 459.2 million equities valued at N11.2 billion in 15,723 deals on Friday versus the 554.1 million equities worth N14.4 billion traded 16,704 deals in the preceding session, implying a decrease in the trading volume, value, and number of deals by 17.13 per cent, 22.22 per cent, and 5.87 per cent apiece.

Tantalizers traded 101.4 million shares for N237.3 million, GTCO exchanged 51.3 million equities worth N3.5 billion, Access Holdings transacted 45.2 million stocks valued at N975.3 million, Zenith Bank sold 21.8 million shares worth N1.1 billion, and Sterling Holdings transacted 15.5 million equities valued at N91.8 million.

The heaviest price loser was Transcorp Power with a decline of 9.98 per cent to settle at N328.50, Haldane McCall fell by 9.57 per cent to N4.25, Meyer lost 9.09 per cent to trade at N8.00, Regency Alliance dropped 6.78 per cent to finish at 55 Kobo, and Sunu Assurances crumbled by 6.73 per cent to N4.99.

On the flip side, ABC Transport chalked up 10.00 per cent to quote at N2.86, Sterling Holdings also expanded by 10.00 per cent to close at N6.05, Chellarams improved by 9.94 per cent to N10.40, Academy Press gained 9.92 per cent to finish at N4.32, and Red Star Express appreciated by 9.90 per cent to N5.55.

Business Post reports that a total of 34 stocks appreciated, while 32 stocks depreciated, indicating a positive market breadth index and bullish investor sentiment despite the loss recorded by Customs Street during the session.

07/05/2025

US Safety Board Blames Pilot Error for Wigwe Helicopter Crash

By Aduragbemi Omiyale

The pilot of the helicopter crash that led to the death of the chief executive of Access Holdings Plc, Mr Herbert Wigwe, and two other members of his nuclear family and a friend on February 9, 2024, in the United States has been blamed for the incident.

In its report, the United States National Transportation Safety Board (NTSB) also blamed the company for “inadequate oversight of its safety management processes.”

Mr Wigwe died in the air mishap alongside his wife, Mrs Doreen, his son, Mr Chizi, and a friend, Mr Abimbola Ogunbanjo, who chaired the Nigerian Exchange (NGX) Group Plc.

They died after the small aircraft with registration number N130CZ carrying six persons crashed near the Nevada border in California. They were going for a match in the US when the unfortunate incident happened.

In the report released on Wednesday, the safety board noted that the crash occurred due to the pilot’s inability to navigate effectively in some conditions.

“The probable cause of this accident [was] the pilot’s decision to continue the visual flight rules flight into instrument meteorological conditions, which resulted in the pilot’s spatial disorientation and loss of control,” a part of the report stated.

It was observed that during the flight, the pilot had communicated with the company’s Director of Maintenance (DOM) about an issue with the radar altimeter, which remained non-functional despite attempts to fix it.

The NTSB further revealed that after arriving at the airport to pick up the passengers, the pilot and a company flight follower engaged in a phone conversation but failed to discuss the status of the radar altimeter or the current weather conditions, both of which could have impacted the flight’s safety.

11/04/2025

By Adedapo Adesanya The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has called

11/04/2025

By Modupe Gbadeyanka The chairman of Ifo Local Government Area of Ogun State, Mr Idris Olalekan Kusimo, has

11/04/2025

By Adedapo Adesanya The Lagos State government has sealed 13 markets across the state for persistent

11/04/2025

In continuation of its 2025 Annual National Food Intervention Programme, the Aliko Dangote Foundation (ADF),

11/04/2025

By Adedapo Adesanya Temile Development Company Limited (TDC) has secured a landmark contract with Hyundai

11/04/2025

By Modupe Gbadeyanka A former staff of First Bank of Nigeria Limited, Mr Muiz Tijani Adeyinka, has forfeiture