Nigeria’s Foremost Investigative and Controversial Journalist, David Hundeyin, has made a shocking revelation about Nigeria’s banking system.
David Hundeyin in his weekly publication on West Africa Weekly titled: Fraud, Ponzi Schemes and Terror Financing: A Story About Banking In Nigeria has uncover some fraudulent activities being perpetrated by some Nigerian banks and also their illegal role in aiding and abetting Ponzi Schemes that has defraud millions of Nigerians of their hard earned money over time.
In his word, he said ” In May 2022, shortly after my story about Chinese loan sharks in West Africa went up, a number of new tips and leads started trickling in. It looked at first, as though a follow-up story would emerge, focusing on how some Nigerian banks still offer banking services to illegal loan sharks despite CBN regulations expressly forbidding this. Wema Bank – unsurprisingly – was the most regular offender in this category, lending its support to multiple illegal loan sharks up until as recently as the time stamps in the images below. “
He also accused Nigeria banks of opening unsolicited accounts using customers data withour their consent
” Apparently, to celebrate the 5th anniversary of Wema Bank’s digital banking division ALAT, the bank had set a target for its sales team that could either be described as quite ambitious or entirely insane, depending on which side of the fence you stand on. The target, the bank said, was to open 1 million new accounts in one day. For reference, Nigeria had about 134 million bank accounts in 2021, which meant that Wema wished to increase this number by almost 1 percent in just 24 hours. Even more incredibly, when the bank would later go on to announce that it actually somehow achieved this target, it somehow did not raise an eyebrow. ” Read More Here
He also accused Other banks of unauthorised account openings including UBA, Polaris and Access bank with the MBA forex inside story. To back this Up, he also shared a case file between one Mr Chiebuka Nworah the Complainant Versus UBA the Respondent. In which Nworah was awarded N2,500,000 in damages against UBA, which was ordered to pay a further N100,000 in costs. Read More Here
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