EFCC concludes ₦13 Million fraud case

The Economic and Financial Crimes Commission (EFCC) closed its case on Wednesday against Oluwole Olutimehin, who is on trial for allegedly misappropriating ₦13.29 million belonging to Sterling Bank Plc.

According to Punch Online, Olutimehin is being tried before Justice Rahman Oshodi at the Lagos State Special Offences Court in Ikeja on a single charge of fraudulent conversion of funds.

The EFCC accused him of unlawfully converting ₦13,290,000 of Sterling Bank’s funds for personal use on or around September 15, 2021, in Lagos.

The trial initially commenced on September 20, 2022, before Justice Oluwatoyin Taiwo but was reassigned to Justice Oshodi following Justice Taiwo’s retirement.

According to the EFCC, the alleged offense violates Section 280 of the Criminal Law of Lagos State, 2015, and is punishable under Section 287 of the same law.

During the resumed hearing on Wednesday, the EFCC presented its second prosecution witness, Olaniyi Olaleye, an internal auditor at Sterling Bank. Led by EFCC counsel S.I. Suleiman, Olaleye recounted the events leading to the case. He stated that in September 2021, Sterling Bank identified irregularities in its OneBank app, an internet banking platform that enables customers to open accounts and perform online transactions.

“We detected abnormalities in the app that allowed unauthorized withdrawals totaling ₦13.29 million across multiple banks, including GTBank, Wema Bank, and Access Bank,” Olaleye testified.

Sterling Bank subsequently filed a petition with the EFCC to investigate the breach, co-signed by Olaleye. He confirmed submitting the petition along with account statements linked to the fraudulent transactions as evidence. Exhibits A and B, containing the petition and the defendant’s account details (Account No. 0085006574), were admitted into evidence.

Explaining the app’s functionality, Olaleye noted that the OneBank app allows wallet account holders to perform transactions with a daily limit of ₦500,000. However, the security breach enabled transactions that far exceeded this limit, leading to the unauthorized withdrawals.

Read Original Article on Gistreel

Author: Gold Emmanuel

19 Dec 2024 @ 15:07pm

Category: NewsPoint - The News Aggregator

Comments: 0

Disclaimer: The information contained in this content is for general purpose only and is generated from different sources other than MenBills Colony. Kindly report any fake news or false statement to support@menbills.com.ng

Comments (0)

There are no comments yet.

Comment

Please Sign In to be able to post a comment.

How to Write a Strong Scholarship Recommendation Letter: A Guide for Recommenders

Scholarship Portal Comments: 0

When it comes to scholarship applications, a strong recommendation letter can be the secret ingredient that sets a candidate apart from the competition. This crucial document not only highlights a student’s accomplishments but also provides personal insights into their character and potential. Whether you’re a teacher, mentor, or community leader, your words can make a significant impact. Let’s dive into how you can craft an effective scholarship recommendation letter that resonates with selection committees and helps students secure the funding they deserve.

Understanding the Purpose of a Recommendation Letter

Before you put pen to paper (or fingers to keyboard), it’s essential to understand the purpose of a recommendation letter. These letters serve as endorsements of a student’s abilities, character, and accomplishments. They help scholarship committees gauge a candidate's potential beyond grades and test scores. By providing specific examples and personal anecdotes, you can paint a vivid picture of the applicant that sets them apart.

Key Elements of an Effective Recommendation Letter

1. Personal Connection
Start with a brief introduction that explains your relationship with the student. How long have you known them? In what capacity have you interacted? This context is crucial, as it establishes your credibility as a recommender.

2. Specific Examples
Provide concrete examples of the student's achievements, character, and contributions. Instead of vague compliments, detail specific projects or situations where the student demonstrated leadership, perseverance, or innovation. For instance, mention a time they led a team project or overcame a significant challenge.

3. Academic and Extracurricular Excellence
Highlight both academic achievements and involvement in extracurricular activities. This holistic view of the student shows their commitment to learning and personal growth. Discuss their academic performance, unique talents, or significant contributions to clubs or sports.

4. Character Traits
Discuss the personal qualities that make the student stand out. Are they a natural leader? Do they show empathy towards others? Use anecdotes to illustrate these traits, providing a richer understanding of who the student is beyond their academic performance.

5. Future Potential
Conclude with a strong statement about the student’s potential for success in their future endeavors. Whether it’s further education or a career, your endorsement of their capabilities will reinforce their eligibility for the scholarship.

Tips for Writing the Letter

Be Genuine: Authenticity resonates. Use a warm and sincere tone throughout the letter.
Keep it Concise: Aim for a one-page letter, focusing on quality over quantity. Ensure every word adds value.
Use Clear Structure: Organize your letter with clear paragraphs, making it easy for the reader to follow your points.
Proofread: Grammar and spelling errors can undermine your credibility. Review your letter for mistakes before sending it off.

Final Words 🤗

Writing a strong scholarship recommendation letter is both an honor and a responsibility. Your words can open doors for students, providing them with opportunities that may change their lives. By focusing on specific examples, being genuine, and showcasing their potential, you can create a compelling narrative that highlights why they deserve the scholarship. Remember, your insights are invaluable—make them count!

Gold Emmanuel Sep 26, 2024 @ 08:25pm

Quick Actions!

Interestings:

EFCC concludes ₦13 Million fraud case

Comments (0)