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Court freezes Opay, PalmPay, FairMoney accounts over N139.6m unlawful transfer

Published

7 months ago

August 14, 2024

Court freezes Opay, PalmPay, FairMoney accounts over N139.6m unlawful transfer

The Federal High Court in Abuja on Monday issued an interim freezing order against several accounts in Fair Money Microfinance Bank Ltd, Palm Pay Limited, and Opay Digital Services Limited, directing the organizations to reverse N139,630,000 credited to some of their customers and account holders as a result of a “system glitch” at TAJ Bank Ltd.

The order was made following a motion ex parte filed by Taj Bank Ltd and six of its customers on July 23, 2024, in suit number FHC/ABJ/CS/1018/2024 against the three organizations.

Nigerian Interbank Settlement System Plc was designated as the fourth respondent.

In their originating summons and motion ex parte, TAJ Bank’s legal team urged the court to hold that based on the Central Bank of Nigeria’s Regulatory Framework for Banking Verification (BVN) Operations and Watchlist for the Nigerian Banking Industry, October 2017, any money that illegally enters the accounts linked to the Bank Verification Numbers (BVN) of any institution’s account holders through suspicious debits and credits should be immediately returned to where the money was originally domiciled.

In his affidavit in support, Unit Head of the Investigation and Fraud Management Unit, Taj Bank Limited, Muhideen Olujinmi, stated that one of the goals of the aforementioned Central Bank of Nigeria Regulations is to, among other things, ensure the effectiveness of Know Your Customer (KYC) principles and the promotion of a reliable payment system, as well as the reduction of fraud incidences and the safeguarding of depositors’ funds to boost public confidence in the banking industry.

According to him, following a system glitch on Taj Bank’s server, certain individuals illegally initiated multiple successful debit transactions and withdrew and transferred funds from the 2nd to 7th Plaintiffs’ accounts into several accounts held by the 1st, 2nd, and 3rd Respondents.

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He argued that the cash had been unlawfully transferred into multiple accounts held by the first, second, and third respondents.

He stated further, “That certain individuals took advantage of this glitch to carry out several transactions exposing TAJ Bank and its customers to a humongous liability to the tune of N139,630,000.00 received in several accounts domiciled with FairMoney, Opay, and PalmPay.

“That upon realizing this glitch, an immediate complaint was made to the 1st to 4th Respondents, and the said Respondents placed a post-no-debit instruction (debit freeze) on the subject accounts to avoid further dissipation of the Plaintiffs’ money.”

He explained that if all of the accounts listed in its exhibits belonging to the perpetrators of the alleged fraud are not urgently blocked or placed on no debit restriction and the amount unlawfully obtained is reversed, they will continue on a spending spree and further dissipation of funds belonging to TAJ Bank customers.

He noted that, in accordance with relevant financial legislation, financial platforms have the authority to block, freeze, and impose a post-no-debit on all of the account numbers specified in order to protect and secure depositors’ funds.

“The Plaintiffs have been greatly affected by the resultant effect of the system glitch, and unless this application is granted, the Plaintiffs will be further subjected to untoward hardship and dire financial loss,” he added.

TAJ Bank subsequently asked the court to order FairMoney, Opay, and PalmPay to reverse and refund the sum of N139,630,000.00 wrongfully debited from six of its customers’ accounts due to its system glitch, adding that they are wrongful and illicit debits transferred into the 1st-3rd Defendants’ customers’ accounts.

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In its motion ex parte, TAJ Bank’s legal team sought an order of interim mareva injunction (freezing order) mandating the 1st, 2nd, and 3rd Respondents to comply with the CBN’s guidelines by restricting and reversing the sum illegally received and transferred from the account of its customers to the accounts of the identified beneficiaries respectively (following the system glitch in the 1st Plaintiff/Applicant’s server), pending the hearing and determination of the substantive suit.

On July 26, 2024, Justice Peter Lifu granted TAJ Bank’s interim request, indicating that the freezing order would remain in effect while the application was heard and decided.

As requested by TAJ, the judge further ordered the 1st, 2nd, and 3rd Respondents to disclose under oath to the Court the sums in the credit of the specified account holders of their institution within 7 days of the order’s service.

The court also ordered TAJ Bank to enter into a fresh undertaking to protect or insure FairMoney, Opay, and PalmPay against any loss in the event of any emerging facts as to the inappropriateness of the interim orders granted.

The court then adjourned to August 12, 2024, for a hearing.

FairMoney, Opay, and PalmPay did not have legal representation in court at the hearing on Monday.

TAJ Bank’s lawyer, Rilwan Idris, told the judge that in compliance with his order, his clients have filed an affidavit to insure the respondents from any damage.

That affidavit was filed on July 29, 2024, and I can confirm that all of the respondents have received both the originating processes and the orders,” he said.

Court freezes Opay, PalmPay, FairMoney accounts over N139.6m unlawful transfer

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‘We’re not hiring,’ NNPC denies viral recruitment adverts

Published

5 hours ago

March 21, 2025

Trends Admin

‘We’re not hiring,’ NNPC denies viral recruitment adverts

The Nigerian National Petroleum Company, (NNPC) Limited has warned the public to beware of fraudulent recruitment advertisements circulating online, stating that it is not conducting any hiring process at the moment.

In a statement issued on its official X handle on Friday, the state-owned oil company cautioned job seekers against falling victim to fake recruitment schemes, emphasizing that all legitimate job openings would only be announced through its official channels.

“The general public is hereby informed that NNPC Limited is not recruiting.

“Official recruitment announcements will only be made through our website and verified social media platforms,” the statement read.

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The company reiterated that its recruitment process is “transparent, merit-based, and requires no external assistance.”

The company urged Nigerians to disregard any unofficial job advertisements that claim to be from NNPC Ltd., as they could be attempts to defraud unsuspecting applicants.

The management further assured the public that it remains committed to upholding the integrity of its hiring process and would notify Nigerians whenever recruitment officially commences.

“We advise the public to always verify information directly from our official platforms to avoid being misled by scammers,” the company stated.

The company urged individuals to report any suspicious recruitment advertisements falsely linked to NNPC Ltd. to the appropriate authorities.

‘We’re not hiring,’ NNPC denies viral recruitment adverts

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Communal Clash: Gov Adeleke imposes new curfew on Ifon, Ilobu communities

Published

5 hours ago

March 21, 2025

Trends Admin

Governor Ademola Adeleke

Communal Clash: Gov Adeleke imposes new curfew on Ifon, Ilobu communities

In response to the resurgence of hostilities between Ifon and Ilobu communities, Osun State Governor Ademola Adeleke has imposed curfew on Ifon and Ilobu communities in Orolu and Irepodun Local Government Areas, respectively.

Kolapo Alimi, the Commissioner for Information and Public Enlightenment, announced the new directive in a statement issued in Osogbo on Friday, emphasizing the government’s determination to prevent further escalation of the crisis.

“Following a resurgence of the crisis between Ifon and Ilobu communities, Gov. Ademola Adeleke, in a move to curb its further spread, has announced a new curfew time frame from 6:00 p.m. to 6:00 a.m. daily, until lasting peace is restored,” he said.

Expressing deep concern over the renewed violence, the governor condemned the fresh outbreak of communal clashes.

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“Gov. Ademola expressed unhappiness and dissatisfaction with the breakout of fresh communal crises in Ilobu and Ifon.

“To this end, the governor has directed that the initial 10:00 p.m. to 4:00 a.m. curfew on the communities now be extended to 6:00 p.m. to 6:00 a.m., effective today, Friday, March 21, until further notice,” Alimi stated.

The commissioner further revealed that a joint security team, comprising the Nigerian Army, Police, and Civil Defence, had been instructed to sustain 24-hour surveillance in the affected areas to uphold law and order.

“In addition, the governor directed that an immediate stakeholders’ meeting, including the Olufon of Ifon, the Olobu of Ilobu, and other stakeholders from both communities, be held tomorrow, Saturday, to discuss further resolutions of the conflict,” he added.

Governor Adeleke called on residents, traditional rulers, and all stakeholders to embrace peace.

Communal Clash: Gov Adeleke imposes new curfew on Ifon, Ilobu communities

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BREAKING: IGP redeploys 38 police commissioners

Published

5 hours ago

March 21, 2025

Trends Admin

Inspector-General of Police Kayode Egbetokun

BREAKING: IGP redeploys 38 police commissioners

The Inspector-General of Police (IGP), Kayode Adeolu Inspector-General of Police Kayode Egbetokun, has ordered the immediate posting of 38 Commissioners of Police to various State Commands and Police Formations.

The deployment comprises 9 commissioners of police to key state commands and an additional 29 CPs to various police formations across the country.

A statement signed by Force Public Relations Officer, Olumuyiwa Adejobi, on Friday, said the commissioners of Police deployed to state commands include CP Ibrahim Balarabe Maikaba to Zamfara State, CP Bretet Emmanuel Simon to Taraba State, CP Christopher Ado Emmanuel to Yobe State, CP Olusegun Eyitayo Omosayin to Cross-River State, CP Adamu Abdullahi Elleman to Niger State, CP Sani Omolori Aliyu to Bauchi State, CP Bello Shehu to Katsina State, CP Saka Adewale Ajao as Commissioner of Police, Federal Capital Territory (FCT), and CP Ojo Adekimi to Kwara State.

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“In addition to these State Command appointments, the deployment also includes the posting of 29 CPs to various police formations as part of a broader effort to address rising security challenges and ensure effective policing that is responsive to community needs. Each CP will be tasked with implementing tailored strategies that reflect the unique requirements of their respective formations, ensuring that policing is both proactive and effective.

“The IGP charges the newly deployed CPs to prioritize their responsibilities in curbing insecurity and misconduct, reinforcing the commitment of the Nigeria Police Force to uphold law and order through robust intelligence-led policing. This deployment reflects the dedication of the new Police leadership to ensure that the Nigeria Police Force is well-equipped to address the challenges of maintaining peace and security in the country,” the statement said.