High Street

The Adam Nuru led management of First City Monument Bank (FCMB) is currently enmeshed in a financial scandal, that they have almost succeeded in getting majority of Nigeria’s prominent newspapers and online news platform from reporting the outcome of a suit slammed against them by Zumax Nigeria Limited, who dragged them before the Lagos State High Court, for diversion of their funds. FCMB according to court documents (LD/1668/2009 – Zumax Nigeria v FCMB) and FCMB own documents seen by Secret Reporters detailed how the bank diverted N250 million of Zumax, kept with them.  This prompted the company to petition the Economic and Financial Crimes Commission (EFCC) who invited the bank for questioning. Typical of a fraudsters lifestyle, FCMB lied to the anti graft body that Zumax was indebted to them by N465 million. Documents however revealed that contrary to FCMB claim, Zumax was owing only N321 million, which is exclusive of the N250 million diverted by the bank as well as over ...

Banks have placed their workers under close watch following intense pressure by ‘big’ customers on majority shareholders and directors to monitor overzealous staff eager to take advantage of the whistle blowing initiative of the federal government. Account Officers from different banks told our correspondent the development was to prevent them from squealing on classified accounts by perceived looters and corrupt government officials. One of them, who confirmed the