According to Olayiwola in a statement he signed and which was released on his X handle on Monday, contrary to allegations by the bank, he did not hack customers’ accounts or steal their funds during his brief stay at the bank and after his resignation.

He said, “While working with Computer Warehouse Group (CWG) in January 2019, he was assigned the Globus Bank Core Banking Application Project.

“My team and I started the project in January 2019, and the bank went live with the Core Banking Application in November 2019. Upon completion of the project, Elias Igbinakenzua, the Managing Director of the bank, and other top executives of the bank approached me with an offer, which I accepted to oversee their Core Banking Application processes. I officially joined the bank in January 2021.

“Fearing for my career, I decided to leave the bank. I received an offer from KPMG as an Assistant Manager in the Technology and Enablement Department as a Project Manager. I accepted a pay cut to join KPMG in September 2021. My primary reason for leaving was simple: I feared for my life and career as a young man with all the things happening at Globus Bank.

“When the Managing Director of the bank received news of my departure, he was very angry and offered me a lucrative salary, which I declined. In September 2021, I joined KPMG, and my relationship with Globus Bank ended there. KPMG was the best place I worked in my entire career”.

Olayiwola said he later left Nigeria for the UK in May 2022. “During my stay in the UK, I continued to work with KPMG until I officially resigned in September 2022. Since then, I have been in the UK”, he said.

He described as false, an online reports accusing him of working with some staff at Globus Bank to perpetrate fraud.

“The bank claimed that a fraud occurred and that I was involved. How can this be possible when I have been in the UK since May 2022? My only relationship with Globus Bank since leaving was having a bank account like any other customer”, he stated.

He also said claims that he employed someone before leaving the bank were untrue as he was not the Human Resources Manager.

“Also, it was claimed that I took over a staff password to post transactions. Even at the bank branch level, access to the bank vault or to post transactions was given to two staff members.

“Not only that back-end servers behind the network firewalls but there are also operational procedures and guidelines to ensure no single staff or IT officer has access at any point in time.

“I am surprised at the manner of allegations coming from an organisation dealing with people’s assets. There is no financial institution anywhere in the world or Nigeria where a single individual will be given access to critical servers or applications in the bank.

“In December 2023, I noticed an unsolicited account being opened for me at Globus Bank. I received an email about the account opening and immediately informed the bank that I did not authorise it.

‘’As someone,   who has worked in the bank, I suspected there must be some malpractice going on wherein accounts can be opened for individuals without their authorization. I sent messages to the bank to inform them I did not authorise the opening of any account for me as I don’t need it.

“I was advised to instigate a lawsuit against them for such a scary act. I do not know the purpose behind these actions. I believe someone in the bank perpetrated fraud and looked for an exit plan.

‘’As of now, I have not received any call or invitation from the bank or any law enforcement agency regarding these accusations. All I have seen is that the professional reputation and career I am building are being ruined by some individuals who place no value on individual industries.

“Globus Bank may wish to hide some frauds and reckless unethical crises within their organisation, but implicating me is ungodly. Globus Bank was not the last organization I worked for in Nigeria. I left Globus Bank in 2021, as such the attempt to soil my time and reputation with the bank is evil.

“Lastly, it is essential to mention that the main reason I left Globus Bank was due to their shady and unethical transactions at the top level, which I and other top executives were exposed to. I did not threaten to expose these when I left. My goal was to work in a safe environment where I could grow in my career, which is why I moved to KPMG.

“These baseless accusations against me must be addressed with the truth. My professional journey has been one of dedication, integrity, and hard work. I refuse to be a scapegoat for the unethical practices of others.

‘’If necessary, I will expose the truth with concrete evidence, supported by testimonies from former top executives of Globus Bank who share my concerns.

‘’My reputation, built on years of honest work, will not be tarnished by these false claims. I stand ready to defend my name and set the record straight”, Olayiwola said.

Background

In June 2023, Techeconomy reported that Global Bank Limited, one of the new entrants into the Nigerian banking sector, was in the news for the wrong reason.

The bank is led by Peter Amangbo as chairman and Elias Igbinakenzua as its chief executive officer, at that time filed an application before a Lagos high court seeking an order for recovery of a total sum of N962,019,843.35 fraudulently transferred electronically from its vault into accounts domiciled in eight commercial banks… READ HERE.

Justice Emeka Nwite, in a decision on the ex-parte motion presented by the anti-graft agency’s lawyer, Ekele Iheanacho, also approved the commission’s request to complete the investigation within 90 days.

Though the verdict was issued on April 24, its certified true copy was granted on Monday.

The other offenses under investigation by the EFCC involve money laundering and terrorism financing.

Justice Nwite said:

“It is hereby ordered as follows: “That the applicant’s application is hereby granted as prayed.

“That an order of this honourable court is hereby made freezing the bank accounts stated in the schedule below which accounts are owned by various individuals who are currently being investigated in a case involving the offences of unauthorised dealing in foreign exchange, money laundering, and terrorism financing to the extent that the investigation will be for a period of 90 (Ninety) days.”

The EFCC, in the motion ex-parte labeled: FHC/ABJ/CS/543/2024 dated and filed on April 24 by Iheanacho, was presented before the judge the same day in the interest of national security.

The motion was filed under Section 44(2) and (k) of the 1999 Constitution; Section 34 of the EFCC Establishment Act 2004; Section 7(8) of the Money Laundering Prevention and Prohibition Act, 2022, and under the inherent jurisdiction of the court.

The agency had requested an order to freeze the bank accounts listed in the schedule attached to the motion until the investigation is completed.

Providing three reasons for seeking the reliefs, it said:

“The bank accounts in respect of which the reliefs are sought are subject matters of investigation by the EFCC in relation to money laundering and terrorism financing.

“That preliminary investigation conducted thus far reveals that the bank accounts are linked to persons who take advantage of the virtual crypto currency exchange platforms to illegally manipulate the value of Naira and launder proceeds of unlawful activities.

“That there is a need to preserve the funds in the identified bank accounts pending the conclusion of investigation and possible prosecution.”

Justice Nwite consequently adjourned the matter until July 23 for mention.

Some of the account names mentioned in the attached schedule are Akitoye Adeyemi Ayomide with GTBank account number; 0165110025; Clyp Trading Ltd, Titan Trust Bank account number: 0000331101; Clyp Consulting Ltd, Providous account number: 9401374554; and Toyetech Platforms Ltd, Titan Trust Bank account number: 0000134962.

They also include Winx International Platforms Ltd, Titan Trust Bank account number: 0000135055; Shutterscore Trading Platforms Ltd, Access Bank account number: 1532363954; Tradecillion Trading Ltd, Stanbic IBTC account number: 0045672922; and Nsofor Donald Nmamdi, GTBank account number: 0449088666

They equally include Kora Payments Network Ltd-Operations, UBA account number: 1022242089; Renderstack Technologies Ltd, Zenith Bank account number: 1210355120; Korex Payments Ltd, Globus account number: 5000007837; and Awe Microfinance Bank Ltd, Providous account number: 5400760781; and Victor Samuel Asuquo, Opay Digital Services Ltd account number: 9020132068.

Known as Project Radar, the platform built was an important step in safeguarding the integrity of the country’s thriving fintech ecosystem.

One year after its launch, the platform, now renamed Reporta, has successfully strengthened Nigeria’s financial sector in the fight against digital fraud.

Meant to serve as a joint fraud prevention network, the project has gained massive adoption, delivered noticeable impact and proved that collective action is need in securing the nation’s digital finance industry.

With the ever-increasing number of Nigeria’s fintech firms—home to over 217 startups and a sector that attracted nearly 50% of Africa’s total fintech funding between 2019 and mid-2023—the need for standard fraud prevention system has always been important.

Digital financial crimes have become technically advanced, with fraudsters taking advantage of any hole between isolated payment networks.

Reporta was developed as an industry-wide solution to counter these threats and protect millions of Nigerian users who rely on digital payments daily.

Today, Reporta is an independent, voluntary registry that is collectively owned by a group of financial and fintech organisations in Nigeria with board members rotated from various financial institutions.

The platform pulls together country-wide pockets of siloed information on suspicious digital behaviour. It proactively protects businesses from suspicious transactions by leveraging behavioural fingerprints.

Since its inception, Reporta has been accepted by over 25 leading banks, fintech companies, and verification platforms including Sterling Bank, Moniepoint, Busha, First Bank, Unity Bank, Wema Bank, Dojah, Flutterwave, Voyance, Preambly, Remita, Paddy Cover, Globus Bank, Herconomy, Kredi Bank, VFD, and the Nigeria Inter-Bank Settlement System (NIBSS).

The platform reported over 50,000 fraudulent transactions, thereby allowing financial institutions to detect and block suspicious activities faster than ever before.

There are now plans to extend the project to the insurance industry, which is also susceptible to fraud.

Before its introduction, fraud alerts were often shared informally via WhatsApp groups, making real-time detection chaotic and unreliable.

Now, with Reporta’s centralized intelligent database, banks and fintech firms can quickly search for flagged transactions using BVN, account numbers, or phone numbers—resulting in a 70% improvement in fraud detection accuracy.

A fraud analytics officer at a bank acknowledged the platform’s impact. “Before Reporta, fraud reports were scattered and often buried in long chat threads. Now, with a quick search, we can immediately see flagged transactions and take action—saving millions in potential losses.”

Apart from transaction monitoring, the system also gives fraud analysis, which helps banks understand new fraud patterns and tackle risks before they escalate.

According to a fraud and compliance officer at another bank, before Reporta, siloed information didn’t help in getting up to date analytics on new trends people are using.

“Now we can check the dashboard and see these types of data, significantly increasing our fraud detection capabilities.”

The impact is even more pervasive in Nigeria’s fintech companies, which are much younger than the banks.

According to a staff at one of the leading fintech firms, Reporta has opened up access to more important data, enabling them to upgrade their infrastructure.

“Due to better access to crucial data, we can now update our infrastructure to be more secure and can better educate customers on how to protect their accounts.”

Reporta’s impact goes beyond technology—it’s about collaboration. Over the past year, the platform has forged strategic partnerships with financial institutions, security agencies, and regulatory bodies.

These partnerships have led to fraud intelligence sharing across banks and fintechs, improved coordination with law enforcement agencies to track and prosecute fraudsters, and new regulatory standard that aligns with fraud prevention system.

One of the biggest achievements was the hassle-free integration with Nigeria’s top banking networks, giving the ground for coordinated fraud reporting and prevention efforts across multiple financial institutions.

This level of cooperation is very important in the fight against fraudsters, who sometimes take advantage of weak points and update their tactics. With all hands-on deck, fintechs and banks can close security gaps and stay ahead of cybercriminals.

Looking ahead, Reporta is working towards maximizing Artificial Intelligence (AI) and machine learning to detect fraud patterns before they happen. Instead of relying on manual reporting, AI-powered fraud prevention will analyze transactional behaviours to detect fraud before it occurs, which gives traditional banks and fintechs the edge to proactively prevent losses instead of just reacting after it occurs.

The introduction of predictive analytics will further increase fraud intelligence, which will reduce false positives while legitimate transactions remain hassle-free.

According to Lead project engineer, Wilson Adenuga, this next phase of creativity, stating that AI fraud detection system will improve security for Nigeria’s fintech firms.

Within just one year, Reporta has moved from being a promising idea to an important fraud- prevention weapon used by top banks and fintech firms. Its impact is undeniable with tens of thousands of fraud cases have been identified and blocked, and financial platforms now have a more coordinated and efficient approach to fraud detection.

The deceased, 32-year-old Amarachi Ugochukwu, was said to have drunk an insecticide.

Techeconomy gathered that the incident happened on Monday within the premises of the bank.

Ugochukwu had around 1pm made her way into the restroom, where she drank the insecticide, unknown to her colleagues.

Other members of staff had started looking for her when the phone she left on her table kept ringing and she was not around to pick the calls.

A police source confirmed to our correspondent that Ugochukwu was later found dead inside the toilet with the bottle of insecticide and her suicide note.

In the suicide note sighted by our correspondent, the female banker blamed hard economy for her decision to end her life, saying nothing was working well for her.

“Nothing is working in my life. My figures are low. My brain is clogged up. The economy is getting harder. My decisions are wrong. My mind is messed up. The future doesn’t seem bright at all. I see extreme hardship. I can’t bear the pain anymore,” she wrote in the suicide note.

Ugochukwu apologised to her parents and other members of her family in the suicide note.

“I’m sorry mum, I’m sorry dad, I’m sorry Nene, Okwe, Toto, Nazor, Chuchu, Ifunanya,” she added.

She concluded by writing, “Dear Lord, have mercy on me!”

The bank manager had reportedly told the police that Ugochukwu locked herself up in the toilet to commit suicide, and she was found dead when the door was forced open.

Payment is an important driver of commerce and socio-economic development. The evolution of payment is today revolutionizing society. 

Across the African continent, technology intertwines with tradition forging a path toward financial inclusion. As digital payment infrastructure expands, businesses flourish and communities thrive. The once-insurmountable challenges of accessing financial services are being overcome, opening doors of opportunity for individuals and enterprises alike.

From the bustling streets of Nairobi to the vibrant cities of Johannesburg, and the ancient wonders of Egypt to the thriving markets of Nigeria, a transformative wave is sweeping across Africa. In this digital age, the continent is witnessing a revolution in the realm of financial connectivity, propelled by the remarkable rise of digital payment systems. 

Indeed, digital payment adoption is rapidly gaining momentum, reshaping the way transactions take place. Today, digital payment solutions are weaving their way into the fabric of everyday life, revolutionizing the economic landscape.

With a growing population embracing the convenience of mobile wallets and contactless transactions, Africa is charting a course toward a cashless future.

The continent has moved quickly from cards to the latest emerging digital solutions. Now that Contactless is on the board how prepared is Africa to engage, mingle and progress?

Is Africa ready to step into a realm where innovation intertwines with progress, and where the potential for a more inclusive and prosperous future takes centre stage?

The Digital PayExpo 2023, where visionaries, regulators, and industry experts converged to chart Africa’s transformative journey into the contactless revolution provided a scintillating insight into the future.

Adeyinka Adeyemi, Managing Director/CEO, INTERMARC Consulting, organiser of the forum in his welcome address revealed that the theme of this year’s event The Future is Contactless was chosen in recognition of the trajectory of digital payment. 

According to him, “We are here to further our understanding of the impact, implications and direction of financial technologies, particularly to glean into the future of contactless payments.”

Right off the bat, the speakers conceded that financial inclusion has improved across the country with digital payment as the catalyst driving it. They argued that the regulators continue to play a crucial role in fostering confidence in the financial industry, particularly the Nigeria Deposit Insurance Corporation (NDIC) through the insurance of deposits and the Central Bank of Nigeria (CBN) proactive and forward-looking policy.

Bello Hassan, Managing Director and Chief Executive Officer, NDIC, delivering his keynote address emphasized the importance of financial inclusion and highlighted the significant progress made in recent years.

He urged regulators to leverage innovation and digitalization to further enhance the function of the emerging digital economy. He pointed out that the introduction of eNaira and insurance for deposits in the financial sector were among the strategies discussed to foster confidence in digital payments and improve financial inclusion.

Musa Jimoh, Director, Payment Systems, CBN, highlighted the fact that regulators face a dilemma of keeping up with the speed of technological advancements.

He stressed that risk mitigation and consumer protection should be top priorities to build trust in the digital payment ecosystem. He noted that it is important that issues around restitution and chargeback mechanisms are addressed effectively to allay consumer concerns.

Elias Igbinakenzua, MD, Globus Bank, provided insights into the future of banking, which is rapidly evolving towards a digital-first approach. He revealed that the transition from cards to digital payments was driven by smartphone adoption, increased internet penetration, and technological advancements.

According to Igbinakenzua, “Efficiency, enhanced personalization, mobile banking dominance, open banking, and collaboration with fintech companies are crucial factors for future success.” 

Experts, during the panel sessions, discussed the transformative potential of blockchain technology in the financial sector.

They emphasized the need for banks to collaborate with fintech companies, leveraging big data analytics to offer personalized services and seamless customer experiences across various touchpoints. The consensus was that collaboration rather than competition between banks and fintechs was the key to success.

Education and awareness campaigns were deemed essential to address the lack of awareness and device limitations that hinder the adoption of contactless payments. The need for greater collaboration between tech entrepreneurs and the government, as well as the establishment of common regulatory frameworks for AI, was equally highlighted.

Experts equally emphasized the need for robust security measures, employee education, strong customer authentication, and the creation of alternative credit scores to minimize risks. Collaboration among industry players and the implementation of safety nets such as SIM PINs were identified as crucial steps in ensuring the integrity of digital transactions.

The Digital PayExpo 2023 highlighted the transformative power of contactless payments and the importance of collaboration, education, and innovation to achieve financial inclusion in Nigeria.

As the digital banking landscape continues to evolve, industry players must embrace technology, strengthen security measures, and provide seamless customer experiences.

With concerted efforts from regulators, banks, fintech companies, and consumers, Nigeria’s digital payment ecosystem is poised for significant growth, shaping the future of the nation’s and indeed Africa’s economy.

Contactless payment refers to a method of making secure and convenient transactions without the need for physical contact between a payment card or mobile device and a payment terminal. It enables users to make payments by simply tapping their contactless-enabled cards or devices, such as smartphones or smartwatches, near a contactless payment terminal.

With the popularity of mobile payments, contactless credit cards and other payment systems taking off in recent years, it is clear that this trend will not be slowing down anytime soon.

The consensus is that contactless payment will spurn a tale of innovation and progress in Africa’s transformative journey.

As more and more people tap into the potential of this technology, unlocking new possibilities and paving the way for a more inclusive and prosperous future. The stage is set, the momentum is building, and Africa is ready to embrace the contactless revolution.

The transformative payment journey for the entire African continent has begun! 

Elvis Eromosele, a Corporate Communication professional and public affairs analyst lives in Lagos.

The bank is led by Peter Amangbo as chairman and Elias Igbinakenzua as its chief executive officer,

Globus Bank recently filed an application before a Lagos high court seeking an order for recovery of a total sum of N962,019,843.35 fraudulently transferred electronically from its vault into accounts domiciled in eight commercial banks.

The N962m is part of the total N1,755,376,156.34 transferred from the bank between Monday 6th and Saturday 11th of June 2022. The bank, according to this report, has already recovered the sum of N817,998,969.85 from the accounts of the fraudsters.

 The development has however raised concerns as financial analysts say that the bank’s security system may be either weak, poor or not up to industry standard.

In an affidavit sworn to by the legal officer, Kosisochukwu Ngene, Globus bank said fraudsters took advantage of system glitch in its USSD application between Monday 6th and Saturday 11th of June 2022 to process several fraudulent and unauthorized electronic transfer totalling N1,755,376,156.34 (One Billion, Seven Hundred and Fifty-Five Million, Three Hundred and Seventy-Six Thousand, One Hundred Fifty-Six Naira thirty four kobo.

The bank said 709 people who were its customers were involved in the fraudulent transfer of the funds to accounts domiciled in eight commercial banks.

It added that immediately it discovered the glitch, it instantaneously notified all the banks involved and requested that the beneficiary accounts be restricted.

This, Globus Bank said was in line with Central bank of Nigeria regulation to avoid dissipation of the funds fraudulently transferred into the accounts domiciled with the banks.

“Subsequently, Globus bank immediately approached the Magistrate Court, in the Yaba Magisterial District and obtained an order directing the banks to freeze and reverse the amount fraudulently transferred into various accounts domiciled in the banks.

“That in response to the order served on the respondents some of the respondents were able to salvage certain sum wherein the total sum of N817,998,969.85 were returned to the bank while the total sum of N962,019,843.35 is still outstanding and yet to be returned to the bank by the respondents banks.

The Excel sheet which contains the names of the respondents the total amount fraudulently transfered from Globus bank,the total amount salvaged and returned to the Globus and the total amount outstanding is analyze was also filed before the court.

Globus Bank said it still requires the order of the high court to enable the other banks to reverse and remit the salvaged funds to it.

It added that the other banks have requested an order of the high court, to enable them reverse and remit the salvaged funds.

“Consequently,Globus bank Limited is seeking the following reliefs from the court.

“An Order of the Court directing all the eight banks to immediately reverse and remit to, Globus bank Limited the total sum of N962,019,843.35 (Nine hundred and sixty two million, nineteen thousand , eight hundred and forty three naira, thirty five kobo), being the outstanding sum yet to be salvaged from the fraudulent transfer into several accounts domiciled with the eight Respondents from the Globus bank 709 customers’ accounts, less depleted sum.

“An order directing the eight commercial banks to release all account information in respect of the destination accounts and the beneficiaries of the transfer funds

“And for such further order(s) as the court may deem fit to make in the circumstances of this case.”