Court throws out EFCC’s appeal on Fayose’s bank account

The Federal High Court, Ado-Ekiti division, has dismissed an appeal filed by the Economic and Financial Crimes Commission, EFCC, for a stay of the judgment delivered on December 13, 2016, ordering the agency to unfreeze the accounts of Governor Ayo Fayose.

The EFCC had on June 21, 2016 placed restrictions on two accounts of Mr. Fayose with Zenith Bank in connection with funds traced to former National Security Adviser, Sambo Dansuki.

Mr. Fayose challenged the action in court, insisting that the accounts had nothing to do with funds from the former NSA’s office.

The judge, Taiwo Taiwo, on December 13, 2016 had ruled against the EFCC on grounds that the EFCC’s actions contravened Section 308 of the 1999 Nigerian Constitution as amended.

Subsequently, the court ordered the agency to unfreeze the governor’s accounts “with immediate effect.”

Mr. Fayose later withdrew N5 million from the accounts on the strength of the judgment.
But the EFCC’s lead counsel, Rotimi Oyedepo, opposed the ruling, and filed a motion for stay of execution of judgment to among other reasons, allow the anti-graft agency preserve the funds in the accounts.

But Justice Taiwo, while dismissing the appeal on Monday, held that the appeal was made in bad faith.

“The ruling is functus officio, so the EFCC application was instituted in bad faith. Initially, there was a suppression of facts particularly in the way the plaintiff brought in judgment of other courts on the issue,” he said.

“If you examined critically, no proof of facts that appeal has been entered, and again, proceed of crime not a subject matter in the substantive suit, coupled with the fact that the matter was not instituted as a criminal suit.

“The court can’t go on voyage of discovery to fish for fact to grant equitable remedy when the respondent averred that he has defendants and ready to refund the money if found liable at trial after his tenure.

“The court can’t stay a judgment already executed and the whole exercise in freezing the governor’s accounts amounts is a breach of the provisions of Section 308, 1999 CFRN (amended),” he ruled.


Source: Premium Times

Skye Bank Sacks 175 Workers

The recent trend of retrenchment of workers in the financial services sector on Monday extended to Skye Bank Plc, which sent 175 of its employees into the labour market.

The bank confirmed the development in a statement through which it explained that the affected workers failed the year 2015 appraisal exercise.

The statement explained that a combination of factors was taken into consideration in the annual exercise, which ranged from low productivity to disciplinary issues, adding that the affected employees were duly exited in line with the bank’s staff exit policy.

The statement read in part, “The staff disengagement exercise is coming a year after the bank’s successful integration with the erstwhile Mainstreet Bank, which it acquired in October 2014; the integration exercise described by analysts as a landmark in Nigeria’s banking industry has significantly improved Skye Bank’s ICT capacity and helped strengthen the bank’s service delivery.

“The bank extended its appreciation to the affected staff for serving the bank, describing them as members of the family who will always be accorded deserving respect in their future dealings with the bank.”

According to the statement, Skye Bank is adjudged by the Central Bank of Nigeria as one of the systemically important banks with over N1.3tn balance sheet, and has over 400 branches.

Diamond Bank Plc retrenched over 200 members of its workforce, while Ecobank Nigeria sacked over 1,040 of its employees, in response to the difficulties in the economy.

FBN Holdings, the parent company of First Bank of Nigeria Limited, had recently said it would cut down the number of its employees by 1,000.

As a result of the development, the Minister of Labour and Productivity, Dr. Chris Ngige, on Friday directed the banks to stop the retrenchment exercise.

The minister further directed that all the retrenchments done in the past four months should be put on hold pending the outcome of a proposed stakeholders’ summit for employers and employees of the banking, insurance and financial institutions scheduled for the first week of July.

“Following the high spate of petitions and complaints from stakeholders in the banking, insurance and financial institutions, I hereby direct the suspension of the ongoing retrenchment in the sector pending the outcome of the conciliatory meetings in the industry,” Ngige had said.

Credit: Punch

Ecobank Explains Sack Of Workers

Ecobank Nigeria on Thursday said that the recent reorganisation that affected some senior staff was designed to strengthen the bank’s business across all markets.


This is contained in a statement issued by the bank which said that the recent restructuring came after a review of senior staff bench strength and industry standards.


It explained that it was necessary for the bank to realign its work force for better efficiency in line with best practices, adding that those who were affected by the exercise were adequately compensated.


The statement said that the bank was committed to cost efficiency and investment in key initiatives in its transactions, banking, cards and e-banking businesses.


It stated that the bank would continue to simplify its operations to better serve customers to be ahead of the competition in the industry.


“The bank only recently promoted 300 staff, representing 10 per cent of the employees based on the bank’s commitment to recognising and rewarding excellence and exceptional performance,” it said.


The statement said that the bank had commenced a selection process of converting qualified non-core staff to permanent staff.


It will be recalled that Ecobank recently sacked about 50 senior staff to reduce cost. The sack affected general managers, among others.




50 Cent Turns His Fridge To Money Bank (PHOTO)

This guy does the unthinkable with stacks of dollars and I believe many of us will be quite careful with such amount of currency than being playful with it as 50 does.

He is either spelling broke with plenty money or making sandwich with them. Now look at what he is doing… smh. If only I can get just one bundle. *Sigh*

See pic below and notice that the money is more than the food stocked.

Ikorodu Bank Robbery: Police Arrests Four Suspects

Four members of the robbery gang, which unleashed terror on two commercial banks in the Ipakodo, Ikorodu area of Lagos two weeks ago, have been arrested by the police.

Our correspondent learnt that the suspected robbers were arrested from Okitipupa, Ondo State, and Ikorodu, Lagos State, while three Sport Utility Vehicles allegedly bought from the proceeds of the robbery were recovered.

The suspects’ names were given as Monday Akpan, Bright Agbojule, the third identified simply as Jafaru, and one Baba Ibeji.

Read Morepunchng

Bank Worker Crushed To Death By BRT Bus At Palmgrove, Lagos

A banker with one of the new generation banks was this morning crushed to death by a BRT bus at Palmgrove bus stop, Ikorodu on his way to work around 6am. He was said to have wanted to cross the express lane when the bus crushed him down and ran over him.

Segun Ajisebutu was there lying dead after the incident, which caused heavy traffic on the road, as people made to watch and try to identify him. Law enforcement agencies who however came on time brought back normalcy to the road and searched his body to identify who he really was. It was at this point that they got to know he worked with one of the new generation banks and contacted his relations afterwards. His body has been deposited at a Lagos mortuary.

One of his family members who spoke to press said he was a promising guy and was married with two kids. Segun was in his 30’s.

Lekki Shooting: Many Feared Dead As Armed Men Rob FCMB

An unknown number of people have been killed following a bank robbery operation in Lagos. Eye witness say that a large number of men dressed in army uniform stormed the First City Monument Bank in Lekki late in the afternoon shooting sporadically.

Policemen on duty in a bullion van were said to have been shot dead as commuters scamper for safety, abandoning their vehicles. The bank is said to be located around the Lekki/Ikoyi bridge. The robbers are said to have fled on speedboat.

Credit: news24