Business
Marriage scandal: FCMB under pressure to sack MD, 1,500 sign petition
- Bank dismisses allegation as baseless
First City Monument Bank has come under intense pressure to sack its Managing Director, Adam Nuhu, accused of twice impregnating his subordinate in the office, Moyo Thomas, a wife of another FCMB worker, Tunde Thomas.
The discovery by Tunde Thomas that he is not the father of his two children was said to have led to depression and his eventual death. Some are accusing the FCMB MD of being responsible for his death.
Although about 1,500 people have signed a petition sent to the Central Bank of Nigeria (CBN) calling for the sack of Nuru for alleged unethical behavior, the bank’s authorities currently investigating the matter may find him blameless under its rules.
The bank in its latest reaction dismissed the allegation as baseless and cooked up by some people.
The petition, initiated last week Wednesday, alleged that Nuru was responsible for the demise of Tunde Thomas on December 16.
According to the petition, the FCMB MD allegedly had an affair with Moyo Thomas, the deceased’s wife, resulting in two children.
It alleged that Moyo had informed her husband that she was leaving Nigeria for the United States with the kids only to call him upon arrival there that the children were not his.
The petition claimed the news initially caused Thomas to be down with a stroke but later recovered and thereafter met another lady whom he planned to marry.
Thomas was, however, said to have suffered a cardiac arrest after returning from work — about two days before his introduction to his already pregnant girlfriend.
The petition, addressed to the CBN Governor, Godwin Emefiele, and the FCMB’s board, described the case as “an unjustifiable economic oppression by the elite” against the underprivileged.
It called for a holistic investigation into the matter, alleging that the MD had been trying to sweep the issue under the carpet.
The petition read in part, “This is a case of gross misconduct based on ethical grounds and an unjustifiable economic oppression by the elites (Adam Nuru) against the less privileged in the society.
“The MD has been doing everything possible to sweep this case under the carpet. We implore the Central Bank of Nigeria as the apex regulator and the board of FCMB to investigate this for the integrity of the bank and Nigerian banking industry.”
But reacting on Thursday, an employee of the bank, Rafiu Mohammed, who spoke on behalf of the FCMB’s spokesman, Diran Olojo, dismissed the petition as a “mere allegation”.
Mohammed told TheCable that it was unfortunate that people would come up with unsubstantiated claims which the deceased never raised when he was alive.
He also said the fact that Thomas had impregnated another lady and was on the verge of remarrying before his death showed that he had already moved on from what transpired during his marriage to Moyo.
“Assuming there was a DNA report that said there was indeed an affair between them and the children belong to the MD, that’s an evidence. But so far, there’s none. Also, has any evidence established his (Thomas’s) death was caused by our MD? Anyone can suffer cardiac arrest,” he said.
Olojo had earlier said the bank was aware of the allegations against its MD and that bank’s board of directors had already commenced a review into the matter, adding that its findings would be disclosed in due course.
He had said, “We are aware of several stories circulating across several media platforms about our bank’s Managing Director, Adam Nuru, a former employee Ms Moyo Thomas and her deceased ex-husband, Mr Tunde Thomas.”
“While this is a personal matter, the tragedy of the death of Mr Tunde Thomas and the allegations of unethical conduct require the bank’s board to conduct a review of what transpired, any violations of our code of ethics and the adequacy of this code of conduct ethics.
“We enjoin all our stakeholders to bear with us as we conduct this review and to please respect the various families involved. Our Board of Directors is reviewing all aspects of this report and once they are done with their review, we will revert to you.”
Railway
Lagos Rail Mass Transit part of FG free train ride – NRC
Lagos Rail Mass Transit part of FG free train ride – NRC
The Nigerian Railway Corporation (NRC) has disclosed that the Lagos Rail Mass Transit (LRMT) trains are included in the Federal Government’s free train ride initiative for the Christmas and New Year celebrations.
The LRMT, which currently includes the Phase 1 Blue Line Rail and the Phase 1 of the Red Line Rail, operates under the Lagos Metropolitan Area Transport Authority (LAMATA).
This announcement was made by Ben Iloanusi, the Acting Managing Director of the NRC, during an interview on NTA News TV on Friday, following the launch of the initiative earlier that day.
While Iloanusi stated that Phase 1 of both the Blue Line and Red Line Rail projects are part of the program, LAMATA has yet to confirm this inclusion.
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Iloanusi outlined the other routes benefiting from the scheme, which include the Lagos-Ibadan Train Service, Kaduna-Abuja Train Service, Warri-Itakpe Train Service, Port Harcourt-Aba Train Service, and the Bola Ahmed Tinubu Mass Transit in Lagos. Notably, little was previously known about the Bola Ahmed Tinubu Mass Transit service until this disclosure.
“Let me mention the routes where this free train service is happening. We have the Lagos-Ibadan Train Service, we have the Kaduna-Abuja Train Service, we have the Warri-Itakpe Train Service, we have the Lagos Rail Mass Transit trains, we have the Port Harcourt-Aba Train Service, and we have what we call the Bola Ahmed Tinubu Mass Transit, which is also in Lagos,” he stated.
Iloanusi provided operational updates, stating that passengers nationwide can access free tickets online or, for those unable to do so, at train stations where they will be profiled and validated.
He noted that passengers using NRC-managed services (excluding the Lagos Rail Mass Transit) should reserve tickets via the official website, www.nrc.gov.ng, with a valid ID required. He also advised travelers to plan, arrive on time, and bring valid identification.
Lagos Rail Mass Transit part of FG free train ride – NRC
Business
NNPC denies claim of Port Harcourt refinery shutdown
NNPC denies claim of Port Harcourt refinery shutdown
The Nigerian National Petroleum Company Limited (NNPCL) has denied claims in media reports that the newly refurbished Port Harcourt refinery has shut down.
The national oil company denied the claim in a press release issued by its Chief Corporate Communications Officer, Olufemi Soneye, on Saturday.
Soneye said the claim was false and urged Nigerians to disregard it. He stressed that the Port-Harcourt Refinery is fully operational.
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The statement read, “The attention of the Nigerian National Petroleum Company Limited (NNPC Ltd.) has been drawn to reports in a section of the media alleging that the Old Port Harcourt Refinery which was re-streamed two months ago has been shut down.
“We wish to clarify that such reports are totally false as the refinery is fully operational as verified a few days ago by former Group Managing Directors of NNPC.”
He noted that preparation for the day’s loading operation is currently ongoing, and added that claims of the shutdown are “figments of the imagination of those who want to create artificial scarcity and rip-off Nigerians.”
NNPC denies claim of Port Harcourt refinery shutdown
Business
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
This move, detailed in a circular dated December 19, 2024, is designed to meet seasonal retail demand for FX during the holiday period.
The circular was signed by T.G. Allu, on behalf of the Acting Director of the Trade and Exchange Department.
The arrangement will be in effect from December 19, 2024, to January 30, 2025.
Under the directive, BDCs may purchase FX from a single Authorized Dealer of their choice, provided they fully fund their accounts before accessing the market.
Transactions to occur at the prevailing NFEM rate
The transactions will occur at the prevailing NFEM rate, and BDCs are required to adhere to a maximum 1% spread when pricing FX for retail end-users.
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All transactions conducted under this scheme must be reported to the CBN’s Trade and Exchange Department.
The circular read in part:
“In order to meet expected seasonal demand for foreign exchange, the CBN is allowing a temporary access for all existing BDCs to the NFEM for the purchase of FX from Authorised Dealers, subject to a weekly cap of USD 25,000.00 (Twenty-five thousand dollars only).
This window will be open between December 19, 2024 to January 30, 2025.
“BDC operators can purchase FX under this arrangement from only one Authorized Dealer of their choice and will be required to fully fund their account before accessing the market at the prevailing NFEM rate. All transactions with BDCs should be reported to the Trade and Exchange department, and a maximum spread of 1% is allowed on the pricing offered by BDCs to retail end-users.”
The CBN assured the general public that PTA (Personal Travel Allowance) and BTA (Business Travel Allowance) remain available through banks for legitimate travel and business needs.”
These transactions are to be conducted at “market-determined exchange rates” within the NFEM framework.
This initiative reflects the CBN’s strategy to stabilize the FX market and manage seasonal surges in demand.
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
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