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KUDA Bank In Messy Missing Money Scandal

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A Kuda Microfinance bank customer has raised an alarm over sudden disappearance of her money from her account without making any withdrawal.

 

According to report gathered by the  thecolumnNG , the customer, a petty trader with the name Amajor Martha Marvelous lost her hard earned saving to the tune of almost two hundred thousand naira to Kuda microfinance bank on December 16, 2023 when an unauthorized transaction was made on her account without her consent.

 

 

In her words, “it was Saturday afternoon, I just heard my phone beeped and brought it out from my pocket. Surprisingly I got a debit alert of N199, 300.00 on my phone saying i made a transfer to one Chukwuebuka Ebereamah. I immediately dialed kuda bank’s customer care line to make complain that I didn’t make any transaction nor do I know any Chukwuebuka Ebereamah who the transaction claimed I made a transfer to. The customer care personnel said it might be an error that it will be refunded in as much as I didn’t make any transaction”

 

 

“The customer care attendant said if by Monday 18, December 2023 I didn’t get a refund I should make an official report” she added

 

 

According to Marvelous, after waiting endlessly without getting a refund, on Monday 18 she visited the bank headquarter, 151 Herbert Macaulay road, yaba, Lagos state to lodge the complain of her money disappearing from her account to one Chukwuebuka Ebereamah and she was told that the money was transferred to one Aku Microfinace bank account owned by Chukwuebuka Ebereamah with the account number 8162503500.

 

 

“I was at the office on the 18/12/2023, I got there exactly 10:23am and I was directed to the complaint desk where I met several people with one complain or the other. After waiting for hours, it got to my turn and I was attended to by one Mrs Amara who told me that my account was ‘comprised’. I also told her that few days before the fraudulent transaction I could not do any transaction on my account only to see a withdrawal of all my savings. The saddest part was for Mrs Amara to tell me that the bank does not know what happened to my account and cannot do anything.” Marvelous said.

 

 

She added “Mrs Amara told me that she has sent a mail to Aku microfinance bank that i should wait for their response but while waiting I should go and get a police report. She directed me to another staff of Kuda microfiance bank, Ayoade Abdulbasit who said I should drop my email address that I will get a response from him. The next day I got a mail from Ayoade only to be told that I should get valid court order before my money can be refunded”.

 

 

Marvelous divulged that she went on the official whatsapp number of Kuda bank to make her complain. After chatting for days on her she will get her money returned to her account, the bank on Wednesday 4, January 2024 deleted the thread of messages share with her. She added that Kuda bank has stopped responding to her email again and also deleted responses made to her as regards her complain.

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Trade Fair Board Backs NAFDAC Crackdown

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The Lagos International Trade Fair Complex Management Board (LITFCMB) has condemned the use of its facility for the production of counterfeit products and other illegal activities, pledging to work with regulatory and law enforcement agencies to rid the complex of such practice

 

The board also commended the National Agency for Food and Drug Administration and Control (NAFDAC) for its recent enforcement operation, which led to the arrest of two persons allegedly linked to the illegal revalidation of expired drinks and the production of counterfeit consumables within the complex.

In a statement issued on Wednesday, the Executive Director and Chief Executive Officer of LITFCMB, Veronica Safiya Ndanusa, said the activities were contrary to the board’s commitment to promoting legitimate trade and ethical business practices.

She disclosed that relevant authorities had commenced investigations to establish the facts surrounding the incident and identify measures to prevent a recurrence.

Ndanusa warned that individuals and businesses found culpable of engaging in activities that endanger public health or undermine the integrity of local manufacturing would face the full weight of the law.

“As a body rooted in the principles of ethical business practices, transparency and genuine trade, we strongly condemn any activity that threatens public safety or brings the reputation of the Lagos International Trade Fair Complex Management Board into disrepute,” she said.

“Our facility exists to provide a conducive environment for legitimate businesses to thrive, not to serve as a breeding ground for the production or distribution of counterfeit and substandard products.”

The board chief assured members of the public that the management would collaborate with relevant regulatory and law enforcement agencies to ensure that the complex remained free of illegal activities.

She also urged traders and business operators within the facility to comply with established standards, stressing that the pursuit of profit must never come at the expense of consumers’ health and safety.

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Not The Right Time To Impose New Taxes , Oyedele Warns Governments

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Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has cautioned governments against introducing new taxes or increasing existing tax burdens on vulnerable citizens and productive sectors, warning that such measures could deepen economic hardship.

 

Oyedele spoke on the sidelines of the 2026 annual meetings of the International Monetary Fund (IMF) and World Bank in Bangkok, Thailand, where he presented a communiqué on behalf of the Intergovernmental Group of Twenty-Four (G24), which he chairs.

“This is the wrong time to impose new taxes or increase the burden of tax, particularly on the vulnerable population and productive sectors of the economy,” he said.

Responding to questions on how developing countries could reduce debt-servicing costs without cutting essential public spending,report quoted Oyedele as urging governments to identify waste, find savings and improve revenue collection before placing additional financial pressure on citizens and businesses.

He said borrowing remained necessary to finance economic growth but stressed that governments must ensure that debt supports job creation and inclusive development.

“Borrowing and debt financing is a necessary condition for growth, and every country emerging, developing must be able to apply debt financing in a way that is overall of positive impact, particularly to stimulate job-rich and inclusive growth,” he said.

The minister also called for available public funds to be prioritised for essential services, including healthcare and education, while private capital could help finance other areas of investment.

On the choice between taxation and borrowing, Oyedele said both options carried consequences and should be considered in the context of their impact on household welfare.

“If you collect taxes, you raise the money now, and that itself has a lot of trade-offs. What taxes are you collecting? You collect taxes from the most vulnerable, and this will deprive them of money to provide food, health, education,” he said.

He argued that excessive taxation could leave low-income households with less money for basic needs, while borrowing also carried future obligations.

“Debt is future taxes, so it’s not one or the other. It’s to strike a balance, bearing in mind ultimately that the essence of tax and of debts is to cater for the people,” Oyedele said.in the report.

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Fayemi Explains Why America Must Have Nigeria As Partner

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Former Governor of Ekiti State and ex-Minister of Mines and Steel Development, Dr Kayode Fayemi, has warned the United States against slipping into isolationism in its engagement with Africa, insisting that Nigeria remains a must-have strategic partner in the evolving global order.

 

Fayemi maintained this position in Lagos while speaking as a panelist at the Nigeria Moment, a Nigeria–United States Strategic Dialogue organised by the American Business Council in collaboration with the Heritage Foundation.

In his presentation, which focused on why Nigeria is a must-have partner in the changing world order, Fayemi,former chairman of the Nigeria Governors’ Forum (NGF) stressed the need for a more holistic relationship between both countries grounded in transparency, mutual benefit and shared prosperity.

He insisted that Nigeria must be treated as a strategic partner in the emerging world order.

“While welcoming the growing American interest in Nigeria’s vast mineral endowment, Fayemi warned that the partnership must go beyond resource extraction.

“Nigeria must be engaged as a strategic actor and a co-creator in shaping the future of global energy and resource governance, rather than as a testing ground for experiments. A partnership built on mutual respect, shared interests and long-term cooperation offers the strongest foundation for an enduring relationship between Nigeria and the United States,” Fayemi said.

Describing the engagement as a pleasure, Fayemi said the dialogue brought together a distinguished group of policymakers, business leaders and strategic thinkers to reflect on the future of Nigeria-US relations.

He commended the convener of the dialogue, Mr Ayo Otuyalo,for an excellent convening and for bringing together such high-level participants for the important strategic conversation.

The conference featured Governor Babajide Sanwo-Olu of Lagos State as keynote speaker, alongside senior representatives of the Federal Government, including the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole; Minister of Power,

Also st the event were : Engr Joseph Tegbe; Minister of Solid Minerals Development, Mr Dele Alake, represented by Engr Simon Nkom; and the Head of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mrs Oritsemeyinwa Eyesan among others.

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