Connect with us


GTBank, Zenith Bank Under Investigation For Data Breach



The Nigeria Data Protection Commission (NDPC) says it is investigating three banks, a university and other suspects over alleged data breach.

The commission listed Zenith, Fidelity, Guarantee Trust Banks, Babcock University, Leadway Insurance, and others for the breach.

NDPC national commissioner Vincent Olatunji disclosed this in a statement on Thursday.

Mr Olatunji said the investigation came following complaints from data subjects. He explained that with the new Nigerian Data Protection Act (NDPA), the commission had been empowered with a legal framework to address issues of citizens’ data breaches.

“In the last few weeks, the NDPC has received complaints bordering on unlawful data processing, unauthorised access to personal data and violation of data subjects’ rights,” stated the NDPC chief. “Under Part 10 of the newly signed NDPA 2023, a data controller with a turnover of N200 billion yearly may pay as high as N2 billion, which represents two per cent of the gross revenue.”

He added, “Not only that, offenders also risk up to one-year jail term. We are currently investigating Guarantee Trust Bank, Fidelity, Unity, Zenith banks, Leadway Insurance and Babcock University, among others, for data breach.”

According to him, many micro-finance banks have yet to align their operations with data privacy and protection requirements.

He further revealed that loaning organisations would face the law with the new mandate of the Federal Competition and Consumer Protection Commission.

Mr Olatunji said the mandate required loan organisations to seek compliance and clearance from NDPC before approving online lenders.

“The commission is investigating over 400 complaints in the online lending sector. Soko Loan is already working on a comeback to the digital lending market, but yet to be approved,” said the commissioner.

He, however, said that the commission was engaging in sensitisation exercises to ensure that data controllers understood the implications of a data breach.

According to the national commissioner, the NDPC prioritises awareness more than the scorched earth enforcement process.



Why Adeduntan Was Sacked By the Board Of First Bank (insiders revealed)




The abrupt resignation of Adesola Adeduntan as the Managing Director of First Bank is what many cannot understand.

The news created a frenzy which was controlled by the frontline financial institution by appointing a new Managing Director, Olusegun Alebiosu exactly a day after Adeduntan’s exit to instil hopes in the bank and douse the fears of investors.


Sources within the bank hinted papermacheonline that Adeduntan who was meant to retire in December, 2024 was asked to step aside by the board of the bank as a result of a directive from the CBN.


The board was said to have lost total confidence in the manner he was running the bank and he couldn’t be saved when the directive came from CBN.


The decision to pull the rug under Adeduntan’s feet was hinged to different circumstances.


Papermacheonline can only confirm that one of the allegations was linked to his lifestyle which is said not to be too good for the bank’s image.


There were other allegations which led to disagreement among the board, but the side who wanted Adeduntan out of the bank prevailed after presenting damning evidences.


Adeduntan was on an official assignment in the United States when he tendered his resignation.


He served the bank for 9 years as the CEO.


There were also details of an unconfirmed celebration among the staffers when his resignation was announced.


The First Bank MD is said not to have a budding relationship with his associates and there was also a question of ego.





Continue Reading


Amidst Controversy, Ibrahim Dende To Celebrate 54th Birthday




Ibrahim Egungbohun popularly known as ‘IBD Dende’  is 54 today Sunday, March 3, 2024.


The celebration comes amid intense scrutiny about the source of  wealth of the socialite whose 50th birthday celebration in March 2020 remains the talk of the town.


Dende is presently fighting to save himself from what he termed ‘malicious attack against my personalty’ after an expose from investigative journalist, Fisayo Soyombo who shed light into his claim to fame, linking it with smuggling and arms dealing.

Soyombo’s reports have magnified quiet talks about Ibrahim Dende to the status of national consciousness.


The reports play up assertions that Dende is a legend of the behind-the-scene importation business (smuggling) with top-level collaborators in government quarters.

“The talks were there about Dende but his massive giving dwarfed them” according to those in the know.

Formerly known as a carpenter in Ebute-Igbooro – Yewa North Local Government, Ogun state – Dende hit wealth after he left the trade to embrace the “Freight Forwarding Business” according to those defending accusations of smuggling against him

Married to Lara – an indigene of Ondo state and businesswoman – Dende’s chieftaincy title of the Oluomo of Yewa land ( his wife is the Yeye Oluomo) speaks volumes of how much influence he wields in his base.

Usually celebrated lavishly, even in absentia, those who should know say there are talks about downplaying his birthday celebration this year – to avoid amplifying the allegations raised by Soyombo with a seemingly “I don’t care attitude”.

His friends and fans have, however, started showering him with birthday wishes in a strong show of solidarity.

Away from allegations against him, Dende is officially a licensed clearing and forwarding agent and Chairman of IBD Impex Limited.

Continue Reading


FG To Ban Lamonade Finance, Others For Illegal Money Operations In Nigeria




In a move to control forex the Federal Government of Nigeria is planning to suspend the operations of Lamonade Bank and some other IMTOs in and outside Nigeria.


Lamonade Finance allows people outside Nigeria to send money home instantly and for free, an operation the Government is considering its legality and posed to suspend.


The Central Bank has accused Lamonade and others of of aiding and abetting criminals to transfer their proceeds in and outside the country.


The CBN has directed all commercial banks in Nigeria to close any suspicious account belonging to the organizations while also warning the public not to have any transaction with them.


The CBN claimed it has been having fears of their activities as it disrupts markets dynamics.


Apart from the suspicion of an economic sabotage, the apex bank is also concerned of national security as the platforms are also patronized by kidnappers for the payments of ransom.


A similar platform, Binance has been banned and fined by the Federal Government in a bid to rein in speculation on the naira.


There is growing concerns regarding the move to also put Lamonade and others on the ban list.


Lamonade was founded in 2020 by a Nigerian Ridwan Olalere, Rian Cochran, and Dayo Koleowo.


The businessmen joined resources to float Lamonade and built a borderless money app for Afrcans in the diaspora.





Continue Reading