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N23Bn Scandal: MTN’s MoMo Request Refund From 18 Commercial Banks

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N23Bn Scandal: MTN’s MoMo Request Refund From 18 Commercial Banks

MTN Nigeria’s banking subsidiary, Momo Payment Service Bank Limited (MPSBL), has filed a suit, requesting customer refunds from 18 commercial banks.

The suit which was filed by the mobile money bank’s lawyer, Lotana Okoli SAN) stated that the 700,00 transactions performed were all fraudulent.

Adding further, Momo also requested that customer information into whose accounts were funded should be revealed.

“Under the Central Bank of Nigeria (CBN) Regulation on Instant (Inter-Bank) Electronic Funds Transfer Services, made pursuant to sections 2(D), 33(1)6) and 47(2) of the CBN Act 2007, it is incumbent on the banks to make refunds and provide the required information. He revealed.

READ ALSO: Apple Preparing to Release a “Flood” of New Products this Fall

The Chief Executive Officer (CEO) of MPSBL’, Anthony Usoro Anthony said in a supporting affidavit that his bank suffered “a system exploitation” on May 24, 2022, during which 700,000 transactions were processed with credits being made into about 8,000 accounts in the 18 banks being requested to make the refunds.

“Upon becoming aware of the incident, the service was shut down, to limit the impact and triggered engagements with the defendants (the 18 banks) through the Nigeria Inter-Bank Settlement System (NIBSS) for the commencement of recovery activities from the accounts of the various beneficiaries in the various banks. He said.

“We were able, through system checks, to confirm the banks and accounts into which the various sums of money were transferred into.

“We were also able to confirm how much was paid into each bank account in total. The said list of accounts that received the funds was made available to the respective banks as a preliminary step to mitigate the applicant’s losses.

“The transfers were due to the fact that the plaintiff suffered system exploitation which led to the said debits.

“There is no transaction between the plaintiff and the recipient account holders that warranted the transfer of the funds to that account.”

Anthony added that his organization’s resort to the court was informed by the bank’s insistence that they needed to be ordered by the court before they could act.

The MPSBL CEO stated that the organization was “carrying out investigations internally and externally to ascertain the actual cause of the debits”.

“The defendant banks have requested an order of court mandating the defendant banks to reverse the credits made into their customers’ accounts before the defendants can do so. “

“The plaintiff is entitled to a return of its money and has demanded the return of the money into its settlement account in the name MOMO PSB settlement account number: 2041379385 held in First Bank Plc, Samuel Asabia House, 35 Marina, Lagos.

“It is the understanding of the plaintiff that prior to the defendant banks being informed of the fact that the credits into their customer accounts were unauthorized that some withdrawal transactions had already been carried out by some of the customers.

“This has necessitated the application for information regarding these customers and the banks and accounts to which they transferred the said funds in order to enable the plaintiff to trace the funds to those banks.

“By virtue of the provisions of the CBN Regulation on Instant (Inter-Bank) Electronic Funds Transfer Services, made pursuant to sections 2(D), 33(1)6) And 47(2) of the CBN Act 2007 the plaintiff is entitled to a return of its money and the provision of the information which it requires from the defendants.

“The plaintiff is also entitled to the support of the defendants in the recovery of any sums which have been removed from the customer accounts in the defendant banks the reliefs it is aiming in this action.”

The plaintiff is praying to the court for the following reliefs:

* A declaration that the deposits of an aggregate sum of N22,300,000,000.00 erroneously transferred by the plaintiff to the accounts of the customers of the defendant banks, having been done in error, belongs to the plaintiff and not the customers of the defendant banks.

* An order directing the defendant banks to each, individually, account for the sums available in their customers’ accounts and the sums which have been removed by the customers and are no longer available.

* An order directing the defendant’s banks to immediately return the aggregate sum of N22,300,000,000.00, less those funds that are no longer available, to the plaintiff’s settlement account in the name MOMO PSB settlement account number: 2041379385 at First Bank Plc Samuel Asabia House 35 Marina, Lagos, from where the funds originated.

* An order directing the defendant banks to release all information, including account name information in respect of the accounts from which the plaintiff’s funds have been transferred to third parties, including the destination accounts and the banks in which they are held to assist in the tracing and recovery of those funds.

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Why Emirates Airlines Suspended Its Operations In Nigeria

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Why Emirates Airlines Suspended Its Operations In Nigeria

Emirates Airlines, on Thursday, August 18, 2022, disclosed the suspension of all of its flights in Nigeria.

In a statement in which the airline made this announcement, Emirates said the flight suspension would take effect from Thursday, September 1.

It was gathered that at last count, Emirates had at least $85 million trapped in Nigeria in spite of its efforts to repatriate the funds.

The statement read: “Emirates has tried every avenue to address our ongoing challenges in repatriating funds from Nigeria, and we have made considerable efforts to initiate dialogue with the relevant authorities for their urgent intervention to help find a viable solution.

Regrettably, there has been no progress. Therefore, Emirates has taken the difficult decision to suspend all flights to and from Nigeria, effective September 1 2022, to limit further losses and impact on our operational costs that continue to accumulate in the market.

”We sincerely regret the inconvenience caused to our customers, however the circumstances are beyond our control at this stage.

We will be working to help impacted customers make alternative travel arrangements wherever possible.

Should there be any positive developments in the coming days regarding Emirates’ blocked funds in Nigeria, we will of course re-evaluate our decision.

We remain keen to serve Nigeria, and our operations provide much-needed connectivity for Nigerian travellers, providing access to trade and tourism opportunities to Dubai and to our broader network of over 130 destinations.”

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GTCO Autism Conference Holds on August 29th and 30th at MUSON Centre, Onikan, Lagos

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GTCO

The 12th edition of the annual GTCO Autism Conference themed “Creating a Community of Awe-Tism Advocates” will hold on Monday and Tuesday, August 29th and 30th, 2022, at MUSON Center, Onikan, Lagos. 

The annual Autism Conference is a pivotal component of GTCO’s Orange Ribbon initiative and serves as a key advocacy platform for people living with autism and other developmental disorders. In recent years, the GTCO Autism Conference has gained wider acclaim for bringing together some of the world’s leading experts in Autism, especially with the successful coordination of a fully virtual autism conference in 2020 at the height of the Covid-19 pandemic. For this year, the GTCO Autism Conference will feature keynote addresses and panel discussions by experienced specialists from renowned institutions in Nigeria and abroad in a hybrid set-up to allow for both in-person and virtual participation. Some of the partnering organisations include Federal Neuropsychiatric Hospital, Enugu, Autism Compassion Africa, Ghana, The Color of Autism Foundation, USA, Meharry Medical College, USA, and Behaviorprise Consulting Inc., Canada.  

One-on-one consultations and Q&A sessions during the conference will provide opportunities for parents and other stakeholders to further engage on best practices for proper diagnosis and treatment of persons on the autism spectrum with the experts. As a special feature and to ensure more persons with developmental disorders can benefit from professional help, provision has been made to offer specialist care to autistic children in the areas of speech and behaviour therapy, child psychology and psychiatry, as well as occupational development for adults living with autism via in-person consultations at the Chapel of Light, Alausa, Ikeja, starting from Tuesday, August 23rd to Saturday, August 27th between the hours of 10am and 5pm. 

Commenting on the 2022 Autism Conference, Segun Agbaje, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc said, “While much has been done over the years to increase the social consciousness around Autism and to improve the available support systems for managing developmental disorders, we strongly believe that we can do more individually and collectively to create and uphold a culture of inclusion towards people with ASD to enable them reach their full potential.” 

Mr Agbaje further stated; “The Orange Ribbon initiative was created to support children and adults with developmental disabilities with a focus on those with autism spectrum disorders. Now in its 2nd decade, the annual Autism Conference has over the years created a community of people with a shared commitment to create better outcomes for those who find themselves in the margins of society simply because they are different from the rest.” 

Guaranty Trust Holding Company Plc (GTCO) is a leading financial services company providing banking and non-banking services across eleven countries spanning West Africa, East Africa, and the United Kingdom. The Group operates a diversified, proudly African franchise and is renowned for its innovative approach to customer service and stakeholder engagement which has endeared the brand to millions of people across Africa and beyond.  

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Dangote Major Driver of Real Estate Development – Builders

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Dangote

The Nigerian Institute of Building (NIOB) and other stakeholders in the housing industry have described the Dangote Group as the main driver of real estate development in the country.

According to a statement from the Dangote Group, President of the Nigerian Institute of Building (NIOB), Prof. Yohana Izam, disclosed this at a recent African International Housing Show in Abuja. Coordinator of the AIHS, Barr. Festus Adebayo told newsmen that the housing deficit in the country can be mitigated through Public Private Partnership (PPP). Adebayo said he was optimistic that the partnership with the Dangote Group would yield a fruitful result. The Group Head, Sales and Marketing, Dangote Cement Plc, Mr. Rabiu Umar said Dangote was not resting on its oars, as it has already been investing hugely in the development of infrastructure through the tax credit scheme and its numerous social programmes.

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