Finance
EFCC witness reveals how Ecobank committed $50,000, N9.2m fraud


BY: Sandra Ani
The Economic and Financial Crimes Commission, EFCC, has presented its first witness, Jones Oboh, in an alleged $50,000 and N9.2million fraud involving Ecobank Plc and one of its employees, Anieka Udoh, before Justice Saliu Seidu of the Federal High Court sitting in Ikoyi, Lagos State.
The first defendant, Ecobank Plc, was arraigned on March 12, 2019, while the second defendant, Udoh, was arraigned on March 7, 2019.
One of the counts reads: “That you, Ecobank Plc and one Anieka Udoh, whilst being an employee of Eco Bank Plc sometime in 2009, at Lagos within the jurisdiction of the Honourable court, negligently failed to exercise due diligence in relation to conduct of financial transactions with Major General Umaru Mohammed and fraudulently converted Major General Umaru Mohammed’s Ecobank MasterCard Account No. 0015052989 from debit card to credit card and consequently debited Major General Umaru Mohammed’s account in the sum of over $50,000 without the knowledge and authority of Major General Umaru Mohammed.”
At Wednesday sitting, the first prosecution witness, PW1, Oboh, a former Loan Recovery and Collection Officer with the bank, revealed to the court how the first defendant, Ecobank Plc, deliberately operated on the account of a customer, Maj.-Gen. Umaru Mohammed, for five years without his (the customer) knowledge.
Led in evidence by the prosecution counsel, Bilikisu Buhari, the PW1 told the court that, while he was a staff of the bank, it reflected on his system in the bank that one Maj.-Gen. Umaru Mohammed, who is a customer of the bank and also the complainant, owed the bank the sum of N9.2million.
In his further testimony, the witness said: “After checking the records of those owing the bank, I discovered that Maj.-Gen. Umaru Mohammed was one of those granted loans by Ecobank Plc.
“Sometime in March, 2018, I called Maj.-Gen. Umaru Mohammed on the phone to find out when he was going to pay back his loan.
“But to my surprise, he said he did not owe the bank and that there was no time he applied for any form of loan from the bank.
“Thereafter, a meeting was set up between the bank and Maj.-Gen. Umaru Mohammed through me.
“It was in the meeting that Maj.- Gen. Umaru Mohammed was told that his account was in the debit of N9.2million, showing that he utilized his Master Credit Card over a period of time.
“Maj.-Gen. Umaru Mohammed informed the bank that there was no time he applied for a Master Credit Card from Ecobank and that the only transaction he had with the bank was that he applied to open a domiciliary account in which a debit card was issued to him so as to use it whenever he travels out of the country.”
The witness told the court that he investigated the matter and found out that in April 2013, the sum of $38,725 was recorded against the complainant.
He further told the court that “In July, 2014, a reversal of $32,887 was made on the account of Maj.-Gen. Mohammed, leaving a debit of $6,125 in 2014.
“Afterwards, the bank opened a Naira account in Maj.-Gen. Umaru Mohammed’s name without his knowledge and Dollars were converted to N261 to a Dollar from his domiciliary account, leaving a debit balance of N3.1million on the Naira account.”
The witness also revealed to the court that the bank never wrote or invited Mohammed to bring to his notice all the “eventualities” on his accounts for five years until he took a step to do that.
“The bank left the account to grow in debit from N3.1million to N9.2million without informing the account owner.
“The second defendant, Anieka Udoh, was the account officer of the complainant,” he further stated.
Justice Seidu adjourned the case to April 18, 2019 for continuation of trial.
Finance
Tinubu Launches Personal Income Tax Calculator to Improve Compliance, Fairness
By ORJI ISRAEL


President Bola Tinubu has launched a Personal Income Tax Calculator to help Nigerians work out their tax obligations under the new tax law.
The tool is expected to make compliance easier and improve transparency in the system.
In a post on his X page, the president said the calculator shows how the recent reforms protect low-income earners while ensuring fairness.
“A fair tax system must never punish poverty or weigh down the most vulnerable. With the new tax laws I recently signed, taking effect from January 2026, we have lifted this burden and created a path of equity, fairness, and true redistribution in our economy,” Tinubu said.
Some months ago, he signed four major tax bills into law to bring Nigeria’s scattered tax system under one framework. These include the Nigeria Tax Administration Law, which sets out a uniform process for tax administration across federal, state, and local governments; the Nigeria Revenue Service (Establishment) Bill, which replaces the current Federal Inland Revenue Service Act with a stronger, more independent revenue agency; and the Nigeria Revenue Service (NRS) and Joint Revenue Board (Establishment) Bill, which creates a formal structure for cooperation between revenue bodies at all levels.
The introduction of the tax calculator, together with these reforms, is expected to reduce confusion for both individuals and businesses, while also making it easier for them to meet their obligations and contribute to national growth.
Tinubu added that the reforms are part of building renewed hope for the economy and urged Nigerians to trust in the country’s future for themselves and their families.


The Federal Inland Revenue Service (FIRS) says that no fewer than 1,000 companies, representing 20% of total eligible firms, have begun integrating its newly launched electronic invoicing (e-invoicing) system less than two weeks after it went live.
The FIRS e-invoicing platform, which went live on August 1, 2025, after a successful pilot phase that began in November 2024, was designed to modernise Nigeria’s tax administration, curb evasion, and enhance transparency in revenue generation. It also provides the FIRS with real-time visibility into commercial transactions, ensuring authenticity and completeness of invoices.
According to a statement by Dare Adekanmbi, special adviser on Media to FIRS Chairman Zacch Adedeji, at least 1,000 companies, representing 20% of more than 5,000 eligible firms, have already adopted the system and begun integrating with the FIRS platform.
Adekanmbi noted that the initiative, also known as the Merchant-Buyer Model, will be rolled out in phases. “Large taxpayers, which are companies with annual turnover of N5 billion and more, are expected to be the first to be onboarded on the platform,” he said.
FIRS revealed that MTN Nigeria was the first taxpayer to transmit live electronic invoices to the platform, while Huawei Nigeria and IHS Nigeria have concluded test transmissions and are expected to go live soon.
The agency added that the initial compliance deadline of August 1, 2025, has been extended by three months to accommodate companies currently facing onboarding challenges. The new deadline is now November 1, 2025.
Finance
NGX Boss, Umaru Kwairanga, to Chair Business Journal Fintech Roundtable 2025
By Our Correspondent


Dr. Umaru Kwairanga, Group Chairman, Nigerian Exchange Group (NGX) will Chair the 2nd Business Journal Fintech & Financial Inclusion Roundtable 2025 scheduled for Friday, August 29, 2025 at Oriental Hotel, Lekki, Lagos. Time is 10-am prompt.
The theme of the Roundtable is: Fintech & Financial Inclusion: The Opportunities & Challenges for Nigeria.
In a statement, Prince Cookey, Publisher/Editor-in-Chief of Business Journal Media Group said the choice of Umaru Kwairanga to chair the event is a reflection of his immense and chequered journey in the Nigerian economic system over the years.
“Dr. Umaru Kwairanga is a noted player in the Nigerian economy and financial services sector. Over the years, he has carved a positive niche in driving the narrative in national policy formulation, implementation and review. He remains a worthy point of reference and role model to current and future players in the Nigerian economy.”
Alhaji (Dr.) Umaru Kwairanga, Sarkin Fulani Gombe and Group Chairman, Nigerian Exchange Group (NGX), is a notable player in the Nigerian corporate world, a thorough-bred professional and a prominent community leader in Gombe State and the North East region.
He has served at the highest levels of the banking, pension, investment, manufacturing and commercial sectors of Nigeria’s economy. He is the current Chairman of the Nigerian Exchange Group Plc, Nigeria’ oldest stock exchange and also Chairman of Tangerine General Insurance Limited.
The NGX Chairman is also a Director on the Boards of First Bank Senegal Limited, Tangerine Apt Pensions Limited and the Group Managing Director of Finmal Finance Services Limited.
He is a past Chairman of Ashaka Cement plc and previously served on the Boards of Jaiz Bank Plc, Central Securities Clearing System Plc, Lafarge Africa Plc and First Bank Mortgages Limited to mention a few.
Professionally, Alhaji Kwairanga is a Fellow of the Chartered Institute of Stockbrokers, Chartered Institute of Directors of Nigeria, the Certified Pension Institute of Nigeria and the Abuja Commodities and Securities Exchange.
He is also a Council Member of the Chartered Institute of Stockbrokers; the Chartered Institute of Directors and he is the current President of the Certified Pensions Institute of Nigeria.
Kwairanga is a holder of the prominent traditional title of Sarkin Fulani Gombe and has led several initiatives for peace and development in Gombe State and the North East region in general.
He has also been involved in policy and strategy formulation in the public sector as a Member of the Vision 2020 Committee, the Presidential Advisory Committee on the Nigerian Industrial Revolution Plan and several committees of the Securities and Exchange Commission (SEC).
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