NewStats: 3,263,777 , 8,181,371 topics. Date: Saturday, 07 June 2025 at 09:15 PM 3c4o6l

By Dipo Olowookere

An employee of Diamond Bank Plc, Mr Babatunde Fato, has been arraigned by the Economic and Financial Crimes Commission (EFCC) on allegation bordering on, false declaration of assets and fraud to the tune of $1 million.

Mr Faro was brought before Justice Nnamdi Dimgba of the Federal High Court sitting in Maitama, Abuja on a 4-count charge on Friday.

He was arraigned alongside another suspect, Mr Sada Adamu.

The EFCC accused Mr Adamu of making cash payment of the said sum being an amount exceeding the stipulated N5 million threshold payable cash by an individual according to law, to Faro.

The offence, the anti-graft explained, was a breach of Section 1(a) of the Money Laundering Act, 2011 as amended and punishable under Section 15(2)(b) of the same Act.

But the accused persons pleaded not guilty when the charges were read to them.

In view of their plea, counsel to EFCC, S. A. Ugwuebulam, asked the court for a date to commence trial.

However, W. Y. Maman and W. T. Iorshe representing Mr Adamu and Mr Faro respectively prayed the court to grant the accused persons bail pending trial.

Opposing the motion, Ugwuebulam stated that, “the offences border on money laundering and other financial transactions without licenses. I urge the court to discountenance the motion for bail and order speedy trial of the case”.

Justice Dimgba, thereafter, adjourned to November 14, 2016 for ruling on the bail application and ordered the accused persons to be remanded in Kuje prison.

http://www.businesspost.ng/2016/11/12/diamond-bank-staff-court-1m-fraud/

After rushing to comment on the second page of this post... I then settled to read the post properly, only to discover I had already commented before it hit front page,and it is even FTC...

Banks are really losing a lot of money to some fraudulent staff in this period of economic recession.

The bank , it's self need to be sued... What's a bank doing in an uncompleted build... No standard

trishapal:
Banks are really losing a lot of money to some fraudulent staff in this period of economic recession.

The banking industry In Nigeria itself is the biggest fraud. Wonder why they declare billions in profit after tax despite economic recession? They buy the dollars at official rate and sell at neck stiff prices. So many hidden charges u didn't bargain for. Deposit N10,000 today, before 24hrs your balance will be N9,970.25k. Irresponsible rates on fixed deposit which equates to cheating and so on.

Despite this they keep paying peanuts. Why their staff no go steal?

Some staffs eh



Anyways



[size=20pt]E kú rècéssìon èní ooo [/size]

Na ordinary Nigerians Efcc de get power but jail top corrupt politicians, they can't. Wat a bully agency.

Good

When I return from church I go talk my mind...

I was absent from here for weeks. I was busy with Donald and Ivanka Trump on Instagram. I wish a mod would ban me so that I can go back to Instagram and continue to dine with the high and mighty all over the world. Nairaland is becoming too local for me. You guys gotta find a way of globalizing this shit. I am tired of all the tribal bashing here. Even Aisha Buhari is my good friend on insta. Her young photographer daughter even follows me back. Bye local champs. See you all next year I feel like it. I am outta here.

amtaken:
I was absent from here for weeks. I was busy with Donald and Ivanka Trump on Instagram. I wish a mod would ban me so that I can go back to Instagram and continue to dine with the high and mighty all over the world. Nairaland is becoming too local for me. You guys gotta find a way of globalizing this shit. I am tired of all the tribal bashing here. Even Aisha Buhari is my good friend on insta. Her young photographer daughter even follows me back. Bye local champs. See you all next yearkf I feel like it. I am outta here.

Carry your wahala and go

trishapal:
Banks are really losing a lot of money to some fraudulent staff in this period of economic recession.

case of ole ji ole gba. thief stealing from Thief

You will some Bankers in nice cars and well ironed suits, you'll think they're earning more than some farmers. Make them handle this man well, others go learn

Double Wahala!

The guy don sell FX.

amtaken:
I was absent from here for weeks. I was busy with Donald and Ivanka Trump on Instagram. I wish a mod would ban me so that I can go back to Instagram and continue to dine with the high and mighty all over the world. Nairaland is becoming too local for me. You guys gotta find a way of globalizing this shit. I am tired of all the tribal bashing here. Even Aisha Buhari is my good friend on insta. Her young photographer daughter even follows me back. Bye local champs. See you all next year I feel like it. I am outta here.

congratulations. now, everybody can rest.

Hmmm fraudsters every were even in the banks na wa o if doing MMM is @ your own risk then doing business with banks also is @ ur own risk with this kind of persons there.



everybody involved should be dealt with

Mr. Faro was not charged for fraud Mr. Man. He was charged for receiving money exceeding 5,000,000 not using financial institution and receiving gratification which was against the Bank employee law.


All these media people.

free them jare

confused system....even nairaland no get beta talk self...but d banker greedy sha...

Omo this guy no get joy. But that name Babatunde Fato sha. Very adept in pilfering.

Eeya!

amtaken:
I was absent from here for weeks. I was busy with Donald and Ivanka Trump on Instagram. I wish a mod would ban me so that I can go back to Instagram and continue to dine with the high and mighty all over the world. Nairaland is becoming too local for me. You guys gotta find a way of globalizing this shit. I am tired of all the tribal bashing here. Even Aisha Buhari is my good friend on insta. Her young photographer daughter even follows me back. Bye local champs. See you all next year I feel like it. I am outta here.

[size=25pt]I'M HERE JUST TO THE NAME.... WELL, I WASN'T DISSAPOINTED [/size]

Let me educate some ignorant minds before you try these two and sentence them in your mind as always.

FX racketeering is done by all banks in Nigeria and CBN is the chief in this business.

Going by what they are charged for on deposits. We have the NFIU, Nigeria Financial Intelligence Unit. All banks are to install this tracker on their system to notify EFCC of any amount exceeding 10, 000 USD.

Did Diamond bank install that on their system?
Did it notify EFCC?

Babatunde being a marketer I know goes out to bring in money for the bank.

It's not his duty to know how much a customer paid into that . Arresting him now for being an officer is bad on the part of EFCC.

EFCC should go after Diamond bank that accepted the money and not a bloody marketer.

I am sure when Tunde informed his boss that a million dollars has been brought in by one if his customers. Adamu. They must have celebrated him and called him a performer. Now things have gone sour and it's the officer managing the you see EFCC harassing. .

I write this because many bank staff looking for daily bread are in EFCC net for simply being marketers.

I approach you to open with the bank not me. You open with 30k. ..Two weeks after you deposit or wire 1 million dollars into the . The officer who went to open is pushed to face EFCC. Instead of the bank enjoying the float and interest on the to face EFCC. They push the marketers to face the music.

Who broke the law quoted above? is it not the bank? This law is displayed boldly ib the banking hall of every bank. Why did Diamond bank accept the money in the first place? This is why I left banking

.

This guy is just a front to some corrupt politician. He better starts naming names.

kings09:
Na ordinary Nigerians Efcc de get power but jail top corrupt politicians, they can't. Wat a bully agency.

SO they should have let him go with the $1million fraud then because he is an ordinary Nigeria?

tooltip:
Is it now illegal to lodge funds of that magnitude in one's s ?

I agree, the public do not have that law. The bank has the law. my question is. .why accept the deposit in the first place if not their unwanten desires and unabated appetite for interest floats on deposits.

Why is the bank not taking the heat.

Built2last:
Let me educate some ignorant minds before you try these two and sentence them in your mind as always.

FX racketeering is done by all banks in Nigeria and CBN is the chief in this business.

Going by what they are charged for on deposits. We have the NFIU, Nigeria Financial Intelligence Unit. All banks are to install this tracker on their system to notify EFCC of any amount exceeding 10, 000 USD.

Did Diamond bank install that on their system?
Did it notify EFCC?

Babatunde being a marketer I know goes out to bring in money for the bank.

It's not his duty to know how much a customer paid into that . Arresting him now for being an officer is bad on the part of EFCC.

EFCC should go after Diamond bank that accepted the money and not a bloody marketer.

I am sure when Tunde informed his boss that a million dollars has been brought in by one if his customers. Adamu. They must have celebrated him and called him a performer. Now things have gone sour and it's the officer managing the you see EFCC harassing. .

I write this because many bank staff looking for daily bread are in EFCC net for simply being marketers.

I approach you to open with the bank not me. You open with 30k. ..Two weeks after you deposit or wire 1 million dollars into the . The officer who went to open is pushed to face EFCC. Instead of the bank enjoying the float and interest on the to face EFCC. They push the marketers to face the music.

Who broke the law quoted above? is it not the bank? This law is displayed boldly ib the banking hall of every bank. Why did Diamond bank accept the money in the first place? This is why I left banking

I read the story and I was still searching for what can actually be termed as "money laundering". This is just wretched journalism.
I would term these banks as callous if this is what they actually do. Hope the poor innocent man doesn't go behind bars. Shame on the opposing counsel for wanting to wrap this case up as soon as possible. Big shame. If only they can speedily go after the proper criminals (politicians) cos na for poor man body them dey sabi law.

nawa

trishapal:
Banks are really losing a lot of money to some fraudulent staff in this period of economic recession.

my dear,u can say that again.