Fraud & Scandals

Nigeria Banks at Risk From Corporate Governance Issues, S&P Says

Nigerian bank ratings are threatened by corporate governance issues and rapid loan growth as competition increases credit risk, said Standard & Poor’s. “We see a risk that the momentum behind regulatory improvements may slow after leadership changes at the central bank this year,” Samira Mensah, a Johannesburg-based credit analyst at […]

Document Shows NNPC’s Claims On Kerosene Subsidy A Massive Scam-PREMIUM TIMES

Claims by the Nigerian National Petroleum Corporation, NNPC, that over 80 per cent of the controversial $10.8billion (about N1.728trillion) was used for subsidy on kerosene may have been a scam after all. Multiple confidential memos exclusively obtained by PREMIUM TIMES showed that the purported subsidy on kerosene was actually in […]

MTN and Stanbic IBTC mentioned In $8b Money Laundering Petition

Sunday, February 09, 2014 16.21 PM / TheWill / National Daily Newspaper …MTN used as conduit pipe to deplete Nigeria’s external reserves Telecoms giant MTN Nigeria has been accused of engaging in large scale money laundering which has helped in not only depleting Nigeria’s Foreign Exchange (Forex) reserves but also […]