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Banking Shockwave: Lotus Bank Battles 45 Banks In Court Over ₦1.1bn Glitch Theft.

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Lotus Bank Limited has filed a lawsuit before the Federal High Court in Ikoyi, Lagos, seeking to recover over ₦1.1 billion allegedly withdrawn fraudulently by hundreds of its customers following a major system glitch in July 2024.....KINDLY READ THE FULL STORY HERE▶

According to Nivo News, the financial institution claimed that 718 customers unlawfully withdrew and transferred funds far beyond their actual account balances after the bank’s electronic payment platform malfunctioned on July 20, 2024. The bank said the glitch resulted from a rollback fix on its E-Bills Pay platform, which temporarily disabled its automatic debit processes.

In the suit filed before Justice Daniel Osiagor, Lotus Bank accused 45 commercial banks of holding the proceeds of the fraudulent transactions and asked the court to compel them to place restrictions on the affected accounts pending full recovery of the funds.

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The motion, brought under Order 3 Rules 1, 6, and 9 of the Federal High Court (Civil Procedure) Rules 2019, seeks several declaratory orders. The bank argued that under the Central Bank of Nigeria’s (CBN) guidelines and regulatory provisions, the defendant banks are obligated to safeguard the financial system by preventing the abuse of electronic payment channels and ensuring restitution in cases of fraudulent transactions.

Lotus Bank urged the court to declare that it is entitled to a refund of all funds illegally transferred into the customers’ accounts domiciled with the 45 banks, amounting to ₦1,133,808,604.31. It also asked the court to order the immediate reversal and repayment of the said funds, or any portion still available, to its accounts.

In a 19-paragraph affidavit deposed by its Fraud Investigation Officer, Gbenga Ojerinde, the bank detailed that the system failure allowed certain customers to initiate multiple transfers to accounts in other banks without corresponding debits to their Lotus Bank accounts. The bank said it reported the anomaly to the Nigeria Inter-Bank Settlement System (NIBSS), which oversees interbank transactions, but many beneficiaries retained the erroneously credited sums.

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Lotus Bank maintained that it is unjust for the customers to retain the funds, describing their actions as “unjust enrichment.” The institution insisted that the justice of the case demands immediate recovery of the erroneously retained credits.

Justice Daniel Osiagor has adjourned further hearing in the matter to December 2025, pending responses from the listed banks that have already filed their defense.

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Shock Delay: Supreme Court Pushes Kano Emirate Battle To 2027.

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The Supreme Court on Monday postponed further proceedings in the Kano Emirate dispute, fixing April 19, 2027, as the new date for continuation of the case.....KINDLY READ THE FULL STORY HERE▶

The long-standing legal battle involves the 15th Emir of Kano, Aminu Ado Bayero, and the 16th Emir, Muhammadu Sanusi Lamido, both of whom are contesting the legitimacy of the Kano Emirate throne.

At its first sitting on the matter, the apex court listened to preliminary submissions from the parties before deciding to adjourn the case to the 2027 date.

The suit was filed by Aminu Babba Dan Agundi, who is challenging the actions of the Kano State Government and the State House of Assembly, particularly the repeal of the 2019 Kano Emirates Law. The legal challenge also addresses the dissolution of the five emirates established during the administration of Abdullahi Ganduje, as well as the reinstatement of Sanusi, who was removed from the throne in 2020.

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Reacting after the court session, Dan Agundi expressed satisfaction with the proceedings so far, stating confidence in the judiciary’s fairness. However, he indicated that there may be a move to seek a review of the lengthy adjournment after consultations with legal counsel and key stakeholders, including members of the traditional council.

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He noted that while the court’s actions align with legal expectations, the timeline could still be reconsidered upon further deliberation.

It will be recalled that in 2024, Kano State Governor Abba Yusuf signed a new Emirate Council Law, which led to the removal of five emirs appointed under his predecessor. The decision also paved the way for Sanusi’s reinstatement as Emir of Kano, with the affected emirs directed to vacate their official residences within 48 hours.

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“Sick Mentality!” – Iwobi Applauds Osimhen While Galatasaray Boss Drops Fitness Hint Ahead Of Derby

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Fulham midfielder Alex Iwobi has opened up about the intense competitive nature of his Super Eagles teammate Victor Osimhen, describing the forward’s drive to succeed as extraordinary.....KINDLY READ THE FULL STORY HERE▶

Speaking during an appearance on the Best Mode On podcast, Iwobi portrayed Osimhen as a relentless and fearless player who consistently pushes himself to the limit. He explained that the striker often risks injury in training due to his aggressive style, always willing to challenge for balls others might avoid, highlighting his unyielding fighting spirit.

Iwobi noted that Osimhen’s rise to the top is no surprise, emphasizing that while some critics may view his style as unrefined, his tireless work rate allows him to create numerous scoring opportunities through sheer determination and constant movement. He added that Osimhen shows no regard for an opponent’s reputation, approaching every match with the same intensity, whether facing elite defenders like Virgil van Dijk or lower-tier opposition.

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According to Iwobi, the striker’s obsession with winning defines his mentality, describing it as extreme and, at times, overwhelming even in training sessions, where he is known to go to great lengths to come out on top.

Osimhen’s fierce mindset has played a significant role in establishing him as one of the most dangerous strikers in the game, with an impressive goal tally for Nigeria further underlining his impact.

Meanwhile, Galatasaray manager Okan Buruk has provided a positive update on the forward’s fitness ahead of a crucial derby against Fenerbahçe. The coach indicated that Osimhen is expected to be available for the high-stakes encounter after missing a recent league fixture.

Although the striker travelled with the team to Ankara, he was not included in the matchday squad as the club carefully monitored his recovery from an arm injury sustained during a UEFA Champions League clash with Liverpool. He subsequently underwent surgery and has since been gradually reintegrated into training.

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Buruk explained that Osimhen participated in parts of training but experienced fatigue, prompting the technical team to rest him as a precaution. He added that the player’s condition will be reassessed ahead of the next fixture, with expectations high that he will be fit for the derby.

Galatasaray have found results difficult in his absence, managing just one win in five league matches and dropping points against sides such as Trabzonspor, Konyaspor, Gaziantep FK, and Kocaelispor. Despite the dip in form, the club remains narrowly at the top of the table with five games left to play.

Before his injury setback, Osimhen had recorded an impressive return of goals and assists across all competitions, and his anticipated comeback could see him form a key attacking partnership with Mauro Icardi in a derby that could prove decisive in the title race.

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“This Will Happen In Seven Days” – Oyedepo Issues Bold Prophecy On Insecurity Sponsors

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According to Nivo News, the General Overseer of the Living Faith Church Worldwide, Bishop David Oyedepo, has declared what he described as divine judgment on bandits and their alleged sponsors responsible for insecurity across parts of Nigeria.....KINDLY READ THE FULL STORY HERE▶

Speaking on Sunday at the church’s headquarters in Ota, Ogun State, during a sermon themed “Covenant Day of Vengeance,” Oyedepo stated that those behind killings, kidnappings, and violent attacks would face divine retribution. He further claimed that within the next seven days, consequences would begin to manifest against those he accused of fueling unrest in the country, assuring worshippers that the coming week would be marked by “testimonies of vengeance.”

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He was quoted as saying that judgment had been pronounced on individuals responsible for such acts and their supporters, adding that the outcome he referenced would unfold within a week.

In a related remark during a recent midweek service, Oyedepo also acknowledged the presence of fraudsters within and outside religious spaces, warning that his identity and images were being exploited for fraudulent schemes. He urged members of his congregation to remain vigilant and committed to truth to avoid falling victim to scams involving impersonation.

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He recounted a case where an individual allegedly posed as him in an attempt to defraud unsuspecting victims, noting that such incidents highlight the growing sophistication of fraudulent activities.

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