Business Archives - Page 3 of 84

Reps to probe green energy projects in MDAs

The House of Representatives is set to investigate the domiciliation of green energy projects in inappropriate government entities to prevent substandard implementation and loss of public funds.

This followed the adoption of a motion of urgent public importance at Wednesday’s plenary, sponsored by the member representing Oshodi/Isolo II Federal Constituency of Lagos State, Hon. Jesse Onuakalusi.

The Federal Government, through its Ministries, Departments, and Agencies, is currently funding numerous green and renewable energy projects aimed at promoting sustainable power generation, reducing carbon emissions, and improving access to clean energy, particularly in rural and underserved communities.

However, reports indicate that some of these projects, including solar mini-grids, wind farms, and other renewable energy initiatives, have been domiciled with entities and institutions that lack the technical expertise, professional competence, or statutory mandate to effectively execute or supervise them.

Speaking on the motion, the Labour Party lawmaker expressed concern over what he described as “the misplacement or inappropriate domiciliation of projects,” noting that it undermines the objectives of Nigeria’s Energy Transition Plan.

He said, “The House is concerned that this encourages duplication of efforts, delays implementation timelines, and often results in substandard or abandoned projects, thereby wasting public funds and eroding public trust.

“The House is worried that the lack of due diligence and proper inter-agency coordination in assigning such projects has led to inefficiency, poor monitoring, and loss of value in the delivery of renewable energy infrastructure, particularly in rural electrification and public sector energy efficiency programmes.

“The effective management and domiciliation of green energy projects with competent and appropriate agencies such as the Rural Electrification Agency, Energy Commission of Nigeria, and Nigerian Electricity Regulatory Commission, among others, are critical for ensuring technical quality, sustainability, and accountability in project delivery.”

Onuakalusi further warned that the continued mismanagement and misplacement of green energy projects could derail Nigeria’s commitment to the United Nations Sustainable Development Goal 7 (Affordable and Clean Energy) and the Paris Climate Agreement, with grave consequences for environmental sustainability and economic growth.

Following the adoption of the motion, the House mandated its Committee on Renewable Energy to investigate the reported domiciliation of green and renewable energy projects across MDAs to determine compliance with due process, capacity standards, and statutory mandates.

The Committee is also to identify cases where renewable energy projects have been misplaced, mismanaged, or underperformed due to domiciliation with inappropriate entities and recommend corrective measures, including sanctions where necessary.

Additionally, the House directed the Federal Government, through the Office of the Secretary to the Government of the Federation and the Bureau of Public Procurement, to ensure that future green energy projects are domiciled strictly with competent, legally mandated, and technically qualified institutions, as recommended by the Committee on Renewable Energy.

It also urged the Federal Ministry of Power and the Energy Commission of Nigeria to develop a clear framework for inter-agency coordination and delineation of responsibilities in implementing renewable and green energy initiatives, and to report back to the House Committee on Renewable Energy within four weeks.

Furthermore, the House proposed an urgent amendment to the Electric Power Sector Reform Act to align existing legislation with Nigeria’s renewable energy objectives.

NELFUND opens student loan portal for 2025/2026 academic session

The Nigerian Education Loan Fund has announced the official opening of its student loan application portal for the 2025/2026 academic session, providing access to financial support for students across tertiary institutions in the country.

The agency said the application window will run from Thursday, October 23, 2025, to Saturday, January 31, 2026.

This is contained a statement issued on Tuesday by NELFUND’s Director of Strategic Communications, Oseyemi Oluwatuyi.

NELFUND urged fresh students to apply using their Admission Number or JAMB Registration Number in place of a matriculation number.

It appealed to tertiary institutions to show understanding regarding registration and fee payment deadlines for applicants awaiting loan disbursement.

“Institutional Institutions are encouraged to show understanding in enforcing registration and fee Flexibility payment deadlines for students awaiting loan disbursement

“Institutions that have not yet commenced their 2025/2026 academic session should Special Notice formally write to NELFUND with their approved academic calendar for scheduling flexibility

“NELFUND appeals to all institutions to consider temporary registration measures for students whose loan applications are being processed to ensure that no student loses access to education due to financial constraints,” the statement said.

Reps to mediate in PENGASSAN, Dangote refinery dispute

The House of Representatives on Tuesday resolved to intervene in the recent face-off between members of the Petroleum and Natural Gas Senior Staff Association of Nigeria and the Dangote Refinery, which had disrupted petroleum product distribution nationwide.

The resolution of the House followed the consideration and adoption of a motion of urgent public importance co-sponsored by Kano and Sokoto lawmakers, Alhassan Doguwa and Abdussamad Dasuki, respectively, at Tuesday’s plenary.

Titled: “Need to protect private investment from adversarial unionism,” the lawmakers drew the attention of their colleagues to the significance of the Dangote Refinery, describing it as the largest private petroleum refinery in Africa.

The face-off between PENGASSAN and the Dangote Refinery led to an industrial action which commenced on September 29, 2025, disrupting the operations at the $20bn refinery.

It also led to a disruption in Nigeria’s crude oil production, with a reported daily loss of approximately 200,000 barrels over three days.

The disruption worsened the petroleum supply situation across the country, resulting in scarcity and long queues at filling stations in several states, resulting in severe hardship for millions of Nigerians.

Speaking on the motion, Doguwa, who represents Doguwa/Tudun Wada Federal Constituency, Kano State, stressed the need to protect the Dangote Refinery given its strategic significance to the nation’s economy.

He said, “The House is aware that the Dangote Refinery is a strategic private investment of immense national importance, with the potential to guarantee energy security, reduce import dependency, generate employment, and conserve foreign exchange.

“We are aware that the Dangote Refinery operates within a Free Trade Zone, and therefore falls under the regulatory framework of the Nigeria Export Processing Zones Authority, particularly Section 18(5) of the Nigeria Export Processing Zones Act which clearly states that ‘Employment in the free zone shall be governed by rules and regulations made by the Authority and not subject to the provisions of any enactments relating to employment matters.’

“The House is concerned that actions by labour unions that disregard the legal protections conferred on Free Zones under the NEPZA Act not only constitute a breach of law but also create a hostile investment environment that may deter future local and foreign investors;

“We are worried that if private investments of strategic national importance are continually subjected to unlawful disruptions by adversarial unionism, Nigeria risks not only the failure of key economic assets but also the erosion of investor confidence necessary for national growth and development.”

In his contribution, the member representing Chibok/Damboa/Gwoza Federal Constituency, Ahmad Jaha, urged the House to tread carefully, adding that the call for a probe as prayed by the motion was ill-timed.

Following the adoption of the motion, the House urged its leadership to broker peace between the two parties in the interest of the nation.

It also urged the Federal Ministries of Labour and Employment, Industry, Trade and Investment, as well as Justice, to “Jointly develop and implement a national framework or set of policies to safeguard private investments of strategic national importance from adversarial and unlawful union actions.”

It further charged the Federal Ministry of Justice and NEPZA to ensure full enforcement and compliance with the provisions of Section 18(5) of the Nigeria Export Processing Zones Act in all relevant Free Zone operations.

Osinbajo leads ECOWAS team to monitor Côte d’Ivoire poll

Former Vice President Yemi Osinbajo (SAN) has been appointed by the Economic Community of West African States to head its Election Observation Mission for the forthcoming presidential election in Côte d’Ivoire.

According to a statement from ECOWAS, the election is scheduled to be held on October 25, 2025, while the observation mission will be deployed from October 19 to 29, 2025, in accordance with the provisions of the ECOWAS Supplementary Protocol on Democracy and Good Governance.

“As Head of Mission, Osinbajo will lead a delegation of eminent West Africans who will engage with key national stakeholders to encourage a peaceful and credible electoral process,” the statement said. “The team will also collaborate with international and domestic observer groups to assess the conduct of the polls.”

The regional body said the deployment of the mission underscores ECOWAS’ commitment to promoting peace, stability, and credible elections across West Africa.

The Côte d’Ivoire election comes at a critical time for the region, where several member states are preparing for key national polls amid efforts to consolidate democratic governance.

I regret buying it, Influencer GehGeh speaks on iPhone 17 drama

The ongoing controversy over the authenticity of the iPhone 17 Pro Max in Nigeria has taken a dramatic twist, after popular TikTok content creator GehGeh voiced deep regret over spending millions of naira on the device amid mounting confusion about which versions are genuine.

In a heartfelt video posted on TikTok on Saturday, the influencer opened up about his disappointment, saying he felt deceived by the conflicting narratives surrounding the phone’s originality.

“At this point in time, I don’t want to pretend again, I regret why I carry my millions go buy this phone. Every day I wake up, I cry, I weep deep inside me.”

GehGeh lamented that owners were now being forced to justify their purchases, as even experts could not clearly tell which iPhone 17s were authentic and which were rebranded older models.

“Now, you know the pain of buying something, you go come dey explain bro na the original be this one, because nobody knows the difference between the original one and the fake one.”

He explained that his decision to buy the phone had been driven by its perceived prestige.

“The reason why I buy this phone is because as you see am for my hand, you go know say bro — na millions dey him hand,” he said, adding that the name alone carried weight.

The influencer then compared his new purchase with his older device, admitting he preferred the comfort of his previous iPhone 16.

“But at this point, my brother, I regret buying the 17 Pro Max. The phone, it’s not even comfortable for hand,” he said, lifting his older iPhone 16. “See how it’s flexible for my hand, even with pouch. But see the television that I carry for hand.”

The iPhone 17 debate began trending on October 13, 2025, after businessman and tech investor Blord (Linus Williams Ifejika) shared a video unboxing what he described as a “modified iPhone 17 Pro” priced between ₦400,000 and ₦450,000.

The device, however, was later revealed to be a refurbished iPhone XR encased to look like Apple’s latest flagship, sparking confusion and outrage across social media.

Geh Geh went on to express his frustration that even after spending millions, there was still no concrete proof that his version was authentic.

“Because even this one, it’s not even enough evidence say okay, now the original one be this one,” he said. “I will carry millions of Naira go buy something. Now, I go dey explain to people, I go carry my money go buy material things.”

On X, users had a field day reacting to the saga, #edkel250 wrote, “You go buy iPhone 17 Pro Max for Nigeria and you go begin explain say nor be fake. Dem use that 17 Pro Max tire person.”

Another, #TheManAfricano, added, “Nigeria has to be the only country in the world selling these repackaged fake iPhone 17s. It really says a lot about us.”

The banter extended to Instagram, where users took turns to poke fun at the situation, #bestdeal_appliances joked, “This iPhone 17xr come be like Labubu everyday price dey reduce,” while #chef_ivyjones1 teased, “Before next week, the phone go be 2,500″

Another, #diamondjearny, quipped, “If I don’t walk into Apple Store, I don’t want.”

Others weighed in more seriously, calling it a lesson for Nigerian buyers chasing luxury trends. “People reject real prices because they want shortcuts,” one user wrote. “Then they complain online when the cheap version doesn’t match up.”

The official launch of the iPhone 17 series took place on September 9, 2025, when Apple unveiled the new lineup—iPhone 17, iPhone 17 Air, iPhone 17 Pro, and iPhone 17 Pro Max.

However, prices differ depending on the vendor. According to Apple, the official prices for the iPhone 17 series are as follows: iPhone 17 (base model) — $799 (approximately ₦1,210,485), iPhone 17 Air — $999, iPhone 17 Pro — $1,099 (around ₦1,664,385), iPhone 17 Pro Max — $1,199 (around ₦1,815,285)

Despite the online uproar, Apple Inc. has not issued any statement on the alleged presence of fake or “modified” iPhone 17 models in Nigeria. For now, the debate rages on — and many, like Geh Geh, are left wondering whether their million-naira gadgets are truly what they seem.

Tracking Tinubu’s five major economic pledges

As 2025 enters its final quarter, President Bola Tinubu’s administration faces mounting public expectations to deliver on major economic and social pledges that define its reform agenda.

From tackling inflation and boosting growth to driving infrastructure and food security, several commitments made over the past year have set clear benchmarks for performance.

Below are five of the most critical promises that Nigerians should be tracking closely in Q4 2025:

Reduce inflation to 15 per cent by the end of 2025

Tinubu first made this pledge on December 18, 2024, during the presentation of the ₦49.7 trillion 2025 Budget to the National Assembly.

He assured Nigerians that his administration would bring inflation down to around 15 per cent and stabilise the exchange rate.

The target, reaffirmed by the Finance Ministry in early 2025, aims to ease the cost-of-living crisis.

With inflation currently at 18 per cent, the administration has recorded modest progress, but the goal remains challenging. Tracking this promise requires close monitoring of monthly inflation figures from the National Bureau of Statistics and changes in the prices of essential goods such as food, transport, and fuel.

Achieve 7 per cent economic growth by 2027

On August 14, 2025, at a Federal Executive Meeting in Abuja, President Tinubu announced his administration’s goal of achieving at least 7 per cent annual economic growth by 2027. https://punchng.com/nigerias-economy-growing-consistently-due-to-tinubus-reforms-edun/ He said bold reforms, improved investment flows, and infrastructure expansion would drive the recovery.

The current GDP growth rate is 4.23 per cent. Tracking this will depend on quarterly GDP reports and foreign investment data over the next two years.

Boost local agricultural production for food security

The Federal Government declared a national emergency on food security on April 15, 2025, following renewed spikes in food prices.

According to the Federal Ministry of Information, there was a rollout of 2,000 tractors for mechanised farming, fertiliser distribution, and irrigation expansion in June. Tinubu said the move was aimed at reducing Nigeria’s heavy dependence on food imports and strengthening local production. The announcement followed an earlier declaration made in July 2023 when the administration first recognised food insecurity as a national crisis.

Accelerate major infrastructure projects nationwide

On June 6, 2025, President Bola Tinubu flagged off a series of major infrastructure projects across the country, including federal highways, bridges, and transport corridors. The initiative forms part of his administration’s broader plan to modernise Nigeria’s road network and enhance regional connectivity.

He reaffirmed this commitment on October 12, 2025, pledging equitable infrastructure development across all regions and promising that no part of the country would be left behind. According to The Guardian, the projects are aligned with the Federal Government’s drive to improve transportation links and stimulate economic growth.

Tracking this promise will involve monitoring the progress of key national projects such as the Lagos–Calabar Coastal Highway, the Sokoto–Badagry Superhighway, the Abuja–Kaduna–Kano Road, and ongoing rail expansion programmes.

Implement Comprehensive Tax and Revenue Reforms

On June 26, 2025, President Bola Tinubu signed into law four major tax reform bills — the Nigeria Tax Act 2025, Nigeria Tax Administration Act 2025, Nigeria Revenue Service (Establishment) Act 2025, and Joint Revenue Board (Establishment) Act 2025.

The reforms, earlier passed by the National Assembly between March and May 2025, are expected to raise Nigeria’s tax-to-GDP ratio, enhance fiscal transparency, and curb revenue leakages.

The laws will take effect from January 1, 2026. Tracking progress will involve monitoring quarterly federal revenue reports, budget performance data, and improvements in tax collection efficiency.

These five promises, made between December 2024 and October 2025, define the Federal Government’s reform agenda heading into Q4. They cover inflation, growth, food production, infrastructure, and fiscal reforms. They are areas that directly impact Nigerians’ livelihoods and the overall economy.

As 2025 winds down, the delivery of these promises will shape public confidence in the Tinubu administration’s ability to translate policy goals into tangible progress.

Adeleke hails Ooni at 51 as beacon of peace, progress

Osun State Governor, Senator Ademola Adeleke, has extended warm felicitations to the Ooni of Ife, Oba Adeyeye Ogunwusi, on the occasion of his 51st birthday.

This is as he described the revered monarch as “a beacon of peace, cultural rebirth, and national inspiration.”

In a Friday statement signed by his spokesperson, Olawale Rasheed, Adeleke lauded the enduring legacy of the Arole Oduduwa.

He also noted that the Ooni’s reign has become synonymous with “transformational traditional leadership, youth empowerment, and cultural diplomacy.”

“It gives me immense pleasure to celebrate our royal father, His Imperial Majesty, Oba Adeyeye Enitan Ogunwusi, Ojaja II, on the occasion of his 51st birthday.

“Kabiyesi’s life and reign continue to exemplify vision, courage, and compassion, attributes that define great leaders and enduring legacies,” Adeleke stated in his congratulatory message.

The governor praised the monarch’s contributions to the social and economic rejuvenation of Ile-Ife and his efforts in promoting unity among Nigeria’s diverse peoples and faiths.

“Kabiyesi has continued to project the glory of Yoruba culture and tradition on the world stage, advancing values of peace, unity, and progress.

“His consistent advocacy for youth inclusion and community development reflects a deep understanding of leadership as service to humanity,” the governor added.

Adeleke also highlighted the Ooni’s pivotal role as Chairman of the Osun State Council of Traditional Rulers, commending his commitment to fostering collaboration among royal fathers and strengthening traditional institutions across the state and beyond.

“As Kabiyesi marks this new age in good health and divine favour, I pray to Almighty God and Eledumare to continue to grant him wisdom, long life, and renewed strength to guide his people and contribute to the prosperity of Osun State and Nigeria,” Adeleke concluded.

PUNCH Online reports that the monarch is the 51st traditional ruler of the ancient and historic town. He became the Ooni after his predecessor HRM Okunade Sijuwade in August 2015.

China defends Russian oil imports, slams US ‘bullying’

China said Thursday that its purchases of Russian oil were “legitimate” and decried recent “unilateral bullying” measures by the United States as the trade row between the two countries continues to intensify.

Trump said Wednesday that Indian Prime Minister Narendra Modi had promised him New Delhi would stop buying Russian oil, and that he would get China to follow suit.

Trump has accused both China and India of funding the three-year Ukraine war through the purchases, and has also demanded that European allies immediately stop buying oil from Russia.

India neither confirmed or denied it was shifting its policy.

Asked on Thursday about Trump’s intention to pressure China further, Beijing’s foreign ministry defended its “normal, legitimate economic, trade, and energy cooperation with countries around the world, including Russia”.

“The actions of the United States are a typical example of unilateral bullying and economic coercion,” ministry spokesman Lin Jian said at a press briefing.

If China’s interests are harmed, it will “take firm countermeasures and resolutely safeguard its sovereignty”, he warned.

Beijing and Moscow are key trading partners, and China has never denounced Russia’s war, nor called for it to withdraw its troops.

Kyiv and Western governments have long accused Beijing of providing political and economic support for Moscow.

– ‘Profoundly detrimental’ –

Beijing on Thursday also criticised recent US moves to expand export controls and impose new port fees on Chinese ships, saying the measures had a “profoundly detrimental” impact on trade talks between the two superpowers.

While tensions between Washington and Beijing have de-escalated from their peak, the truce remains shaky.

After Beijing imposed fresh controls on the export of rare earth technologies and items, Trump said he would roll out an additional 100 per cent tariff on the country’s goods from November 1.

The United States announced in April it would begin applying fees to all arriving Chinese-built and operated ships after a “Section 301” investigation found Beijing’s dominance in the industry was unreasonable.

Section 301 of the US Trade Act of 1974 enables Washington to impose trade penalties on countries whose practices are deemed unfair or harmful to American commerce.

Beijing responded last week by announcing “special port fees” on American ships arriving at Chinese ports. Both sets of fees took effect Tuesday.

Commerce ministry spokeswoman He Yongqian said Thursday the US moved ahead with the measures while “disregarding China’s sincerity in consultations”, causing “severe damage to China’s interests… (and) a profoundly detrimental impact”.

“The Chinese side expresses strong dissatisfaction with and resolutely opposes the series of actions taken by the US side,” He Yongqian said.

She urged Washington to “immediately rectify its erroneous practices” and respect the outcomes of recent trade talks.

AFP

How Nigeria can achieve sustainable, renewable energy — EU

As Nigeria moves to strengthen renewable energy manufacturing and champion local content, the European Union on Thursday said that creative partnerships between the public and private sectors, including research and innovation ecosystems, are key to achieving the country’s clean energy goals.

Describing how innovative breakthroughs are reshaping the global energy landscape, the EU praised Nigeria’s abundant and exceptional human talent and natural resources, describing them as critical ingredients for building innovation ecosystems.

The EU Ambassador to Nigeria and ECOWAS, Gautier Mignot, who was represented by the Deputy Ambassador, EU Delegation to Nigeria and ECOWAS, Zissimos Vergos, disclosed this during the Nigeria Renewable Energy Innovation Forum in Abuja, according to a statement by the EU.

He highlighted how over €200 million in grants from the EU has continued to strengthen the country’s power sector since 2008.

He said, “Our most recent energy sector programme, launched in 2021 with a €100 million (₦175 billion) budget, is aimed at adding 400 megawatts of new renewable capacity by 2027, directly benefitting more than five million Nigerians.”

Mignot noted that innovation that accelerates inclusive energy and digital transformation processes has become an essential intergenerational process and an integral part of political legacies that will be duly recognised by future generations.

Explaining how proper synergy between the public and private sectors and research and innovation ecosystems works, he said, “The public sector brings the policy frameworks; the private sector brings agility and technical expertise; research institutions bring insight and innovation.”

Further stating that effective policies and regulations, together with strengthened capacity building, are essential to scale energy solutions sustainably, he added, “Across rural Nigeria, off-grid renewable solutions are transforming lives. Mini-grids and solar home systems, powered by creative public–private partnerships, are lighting homes, energising small businesses, and expanding opportunity.

“Research institutions must continue providing evidence-based insights on energy demand, consumer behaviour, and resilient business models to ensure that innovation truly serves local communities.”

Reiterating the EU’s commitment to Nigeria’s energy security and economic resilience, especially through programmes like GET.invest Nigeria and the EU’s Global Gateway, he said, “The EU remains deeply committed to supporting these efforts through direct research grants, local capacity development, and mobilising private investment, demonstrating a shared vision for sustainable energy access, clean industry, and inclusive growth.

“Whether for large grid-connected solar farms or small decentralised systems, our shared path depends on harnessing Nigerian ingenuity, industrial potential, and entrepreneurial spirit.”

Hailing Nigeria’s advancement in the era of the green and circular economy, Amb. Mignot added, “The pace of this journey toward sustainable, accessible energy will depend on how successfully the public sector, private sector, and innovation ecosystem work together.”

PUNCH Online reports that Nigeria is currently working towards making significant strides in renewable energy, driven by government initiatives and international investments. The country aims to become Africa’s renewable energy hub, with a projected investment of over $410 billion by 2060.

Nigeria’s energy transition plan includes developing nearly 4 GW of local solar factory capacity, reducing reliance on imports, and creating jobs. The government has signed agreements worth over $400 million for renewable energy manufacturing and infrastructure deals, including solar panels, smart meters, and battery storage.

Additionally, Nigeria is promoting distributed renewable energy, with projects like mini-grids expected to reach 1.5-2 million rural customers.

The country has significant potential for solar and wind energy, with notable projects like the 140 MW Qua Iboe Power Plant and the 10 MW Katsina Wind Farm. Despite challenges like inadequate infrastructure and high costs, Nigeria’s renewable energy capacity is expected to grow, with projections indicating a compound annual growth of 9.88% from 2024 to 2034.

Olusegun Alebiosu’s Leadership Questioned as Fraud Scandals Rock First Bank

…Cases of Customers’ Funds Illegally Accessed Become Worryingly Frequent in First Bank

Banking thrives on trust — depositors rely on their banks to safeguard their money, while banks are expected to put robust measures in place to uphold that trust. However, in the case of First Bank under the leadership of Managing Director Olusegun Alebiosu, that trust appears to be eroding fast.

Once regarded as a financial fortress, First Bank is now facing allegations of rampant fraud, with both internal and external perpetrators reportedly having unfettered access to customer accounts. The situation has raised alarm across the industry, as fraud incidents within the bank have become increasingly frequent since 2024 — the very year Mr. Alebiosu took over.

First Bank, Nigeria’s oldest bank, has historically enjoyed a reputation built on customer loyalty and decades of reliability. But that image has been badly tarnished in recent months. According to industry watchers, the level of fraudulent activity is unprecedented, with some linking the escalation directly to lapses in the bank’s current management structure while some were of the notion that it is due to the incompetence of those at the helms of the bank affairs.

There has been so many issues with unauthorised transfer of deposit and withdrawal associated with the bank in recent times. This write up will be mentioning two of such incidents; one of such is the case of a customer whose video was posted on social media sometimes in July when she stormed a branch of First bank in Ibadan, Oyo State after her savings of N949,000 vanished from her account. In the video the distraught depositor was heard saying that her account was emptied without any form of notification like sms alert or email and while they were told to exercise patience the branch manager invited policemen to come and arrest them.

Similar incident is that of Charles Mary, a struggling entrepreneur, who is a customer of the bank. According to her a client paid a certain amount into her account on Friday 18th July, meant to execute the supply of certain materials, she decided to withdraw some money to pay for some of the materials needed through the First Bank ATM machine in Opebi around 5pm of the same day.

She explained that the ATM machine of First Bank at that branch did not dispense and she removed her card after few seconds and to her surprise she started receiving alerts while still in the vicinity of the bank.

To her surprise her account was not debited the amount she hope to withdraw from the ATM, instead debit alerts of five hundred thousand (500,000), two hundred thousand (200,000), ninety nine thousand (99,000) and fifty thousand (50,000) naira were received, without her compromising her account details in any form.

Findings revealed, it has become a pattern in First Bank, as customers details are exposed to activities of fraudsters, going by recent occurrence, many staffs of the bank are found to be working with these set of people.

Investigation shows two patterns that the fraudsters have been employing, the first style is that where alerts are not sent during and after the act, while the second is the illegal transfers and deduction being effected after closing of work on Friday so any action will wait till Monday since financial institutions don’t work on weekends.

While some customers are abandoning their account after transferring to other banks, some believed the bank will soon get it right. For many customers that are still holding on, the question on their minds remains: Can First Bank under Olusegun Alebiosu still guarantee the safety of their money?