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EFCC grills Sterling Bank CEO, Abubakar Suleiman, over N20bn ‘Kogi fund’

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The Economic and Financial Crimes Commission, EFCC, has grilled Abubakar Suleiman, the chief executive officer of Sterling Bank Plc and two other top officials of the lender over the controversial ‘hidden’ N20 billion said to allegedly belong to the Kogi State government.

Recall it was reported that the federal anti-graft agency, in August 2021, said that it had credible intelligence that funds suspected to be proceeds of unlawful activities were in an account domiciled in Sterling Bank Plc with the name of Kogi State Salary Account and account No. 0073572696. The money was a bailout fund to the state meant to pay workers’ salaries but allegedly diverted to an interest-yielding account. The state government, however, vehemently denied the allegation. But the EFCC insisted the diverted money had been recovered and transferred to the Central Bank of Nigeria (CBN), a transaction reportedly acknowledged by the apex bank.

The EFCC had said that the apex bank in a letter referenced, DFD/DIR/CON/EXT/01/099 and dated November 9, 2021 informed the executive chairman of EFCC, Abdulrasheed Bawa, that it had received the money.

“We refer to your letter dated November 5, 2021 with Ref. No: CR:3000/EFCC/LS/CMU/REC-STE/VOL.4/047 on the above subject and wish to confirm the details of the receipt of the amount as stated below: Bank: Sterling Bank Plc; Amount: N19, 333, 333,333.36; Date of receipt: 04 November, 2021,” The commission had said.

Even though the money is in the CBN coffers, the Kogi State government has continued to insist that it neither authorised the opening nor operated the bank account, an assertion confirmed by Sterling Bank. “Let it be known that the Kogi government has disbursed its bailout loans for the purpose of which it was granted as at October 2019,” said Kogi State commissioner for Information and Communication, Kingsley Fanwo. “There is, therefore, no hidden bailout funds/loan belonging to Kogi that is capable of being returned to the CBN or frozen by order of court. The EFCC knows this, which is why it withdrew the suit it filed in court on the bailout fund.”

The Kogi State House of Assembly had also summoned the CEO of the bank to appear before it in person for clarification on the N20 billion bailout fund.

However, Sterling Bank had admitted that Kogi State Bailout Account exists in its record and “categorised under the account type ‘Intervention Fund,’” even though it was not opened by the state government or at its instance.

According to inside source, rising from this development, the EFCC invited and interrogated the Sterling Bank boss alongside two other officials of the bank for several hours to get the true picture of the circumstances around the said account. The bank’s MD and other officials were released after intense interrogation and they were to return anytime the EFCC needed them on the matter.

THE WITNESS however gathered that the bank’s CEO has made a useful statement to the commission while investigation is still on.

“The bank’s officials were grilled for several hours by the EFCC on the matter and going by their statements, heads may roll soon,” a source said.

Speaking further, the source divulged, “If the bank says the account was not opened and operated by the Kogi State government, then something is fishy and the bank must answer to it.”

“Who authorized the opening of the fixed deposit account and when? Who are/were/was the signatory to the account? How much had been withdrawn from the account since 2019? And who is keeping the N666.7 million which made up the balance of N20 billion initially said to be deposited into the bailout account? These are some of the questions the EFCC is trying to unravel.”

Both EFCC spokesperson, Wilson Uwujaren, and Sterling Bank were yet to respond to THE WITNESS inquiries as at press time.

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ZENITH BANK REWARDED FOR EXCELLENCE IN THE 2026 EUROMONEY AWARDS, WINS “AFRICA’S BEST BANK” & “NIGERIA’S BEST BANK” AWARDS

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Zenith Bank Plc has been named “Africa’s Best Bank” and “Nigeria’s Best Bank”, the latter for the second consecutive year, at the prestigious Euromoney Awards for Excellence 2026, clinching the biggest and most coveted national and continental awards in banking. The awards were presented to the Bank on Thursday, 16 July 2026, at The Peninsula London Hotel, London. This dual recognition is a testament to the Bank’s sustained excellence in financial performance, customer service, digital innovation, and its contribution to economic development across Nigeria and the wider African continent.

The Euromoney Awards for Excellence are among the most respected in the global financial industry, evaluating banks on criteria including strategy, profitability, risk management, digital transformation and impact on stakeholders. Victory at the awards is regarded as a mark of the highest distinction in global banking. This year’s edition attracted a record of over 770 entries from world-class financial institutions including HSBC, Morgan Stanley, Citibank, Barclays, Standard Bank and DBS Bank of Singapore.

Commenting on the awards, the Group Managing Director/CEO of Zenith Bank Plc, Dame Dr. Adaora Umeoji, OON, said, “We are deeply honoured by these recognitions from Euromoney. Being recognised as Africa’s Best Bank and Nigeria’s Best Bank reflects the trust of our customers, the dedication of our unicorn workforce, and our unwavering commitment to building a truly African global financial institution. These awards inspire us to do even more to deliver superior value, drive financial inclusion, and support the growth of businesses across Africa.”

The GMD commended the regulators across the various jurisdictions where the Bank has footprints for the enabling regulatory environment which has supported the Bank in achieving this feat.

She dedicated the award to the Founder of Zenith Bank Plc, Jim Ovia, CFR, thanking him for his vision and excellence which have been instrumental to the Bank’s success.

Zenith Bank has continued to deliver strong financial results while accelerating investments in technology, artificial intelligence, and digital banking solutions. In the 2025 financial year, the Bank grew gross earnings by six per cent year on year to ₦4.19 trillion and delivered profit after tax of ₦1.04 trillion, while reducing its non-performing loan ratio from 4.7 per cent to 3.8 per cent. In keeping with its dividend policy, Zenith Bank rewarded its investors with a record-breaking total dividend of N10.00 per share (totaling N410.69 billion) for the 2025 financial year. This represents a 100% increase over N5.00 per share paid in 2024. The Bank has also deepened its pan-African presence and expanded trade and transaction banking capabilities to connect businesses across key markets.

Euromoney is the leading authority for global banking and financial markets, and this latest recognition adds to Zenith Bank’s growing list of local and international accolades, and further cements its position as one of Africa’s leading financial institutions.

The Bank’s track record of excellent performance has continued to earn the brand numerous awards, including being recognised as the Number One Bank in Nigeria by Tier-1 Capital for the seventeenth consecutive year in the 2026 Top 1000 World Banks Ranking, published by The Banker and “Nigeria’s Best Bank” at the Euromoney Awards for Excellence 2025. The Bank was also awarded Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards for 2020, 2022, and 2024; Best Bank in Nigeria from 2020 to 2022, 2024 and 2025, in the Global Finance World’s Best Banks Awards; Best Bank for Digital Solutions in Nigeria in the Euromoney Awards 2023; and was listed in the World Finance Top 100 Global Companies in 2023.

Further recognitions include Best Commercial Bank, Nigeria for six consecutive years from 2021 to 2026 in the World Finance Banking Awards and Most Sustainable Bank, Nigeria in the International Banker 2023, 2024 and 2026 Banking Awards. Additionally, Zenith Bank has been acknowledged as the Best Corporate Governance Bank, Nigeria, in the World Finance Corporate Governance Awards for five consecutive years from 2022 to 2026 and ‘Best in Corporate Governance’ Financial Services’ Africa for four consecutive years from 2020 to 2023 by the Ethical Boardroom.

The Bank’s commitment to excellence led to Zenith being also named the Most Valuable Banking Brand in Nigeria in The Banker’s Top 500 Banking Brands for 2020 and 2021, Bank of the Year 2023 to 2025 at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards, and Retail Bank of the Year for three consecutive years from 2020 to 2022 and 2024 to 2025. The Bank also received the accolades of Best Commercial Bank, Nigeria and Best Innovation in Retail Banking, Nigeria, in the International Banker 2022 Banking Awards, Bank of the Year 2024 by ThisDay Newspaper; Bank of the Year 2024 by New Telegraph Newspaper; and Best in MSME Trade Finance, 2023 by Nairametrics. The Bank’s Hybrid Offer was also adjudged ‘Rights Issue/Public Offer of the Year’ at the Nairametrics Capital Market Choice Awards 2025.Zenith Bank has also earned several non-financial awards, including Most Responsible Organisation in Africa, Best Company in Transparency and Reporting and Best Company in Gender Equality and Women Empowerment at the SERAS CSR Awards Africa 2024.

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ZENITH BANK, CANADA-AFRICA CHAMBER CONVENE BUSINESS LEADERS TO ADVANCE TRADE AND INVESTMENT

(L-R) The Deputy High Commissioner of Canada to Nigeria, Mr. Carlos Rojas-Arbulú; Chair of the Board, Canada-Africa Chamber of Business, Paula Caldwell St-Onge; Executive Director, Zenith Bank Plc, Mr. Akin Ogunranti; Permanent Secretary, Ministry of Commerce, Cooperatives, Trade and Investment, Mr. Babatunde Onigbanjo; the Asalu-Elemo of Ilemo Land, Alhaji Adedayo Thomas, Ph.D; DG/CEO Lagos Chamber of Commerce and Industry, Dr. Chinyere Almona; and President, Canada-Africa Chamber of Business, Garreth Bloor; at the 6th Canada-Africa Business Conference held at the Grand Ball Room, Eko Hotel & Suites, VI, Lagos

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Zenith Bank Plc reaffirmed its commitment to advancing trade, investment and economic cooperation between Canada and Africa as the Headline Conference Sponsor of the 6th Canada-Africa Business Conference, held on Wednesday, 24 June 2026 at Eko Hotel & Suites, Victoria Island, Lagos.

Organised by the Canada-Africa Chamber of Business, the conference brought together a high-level Canadian business delegation representing 31 companies, alongside senior government officials, business leaders, investors, policymakers, diplomats and development partners. The gathering set out to strengthen commercial relations between Canada and Africa and to position Nigeria as a strategic gateway for Canadian businesses seeking opportunities across the continent.

The Canadian delegation comprised companies and institutions operating across financial services, security, mining and critical minerals, legal and professional services, infrastructure, technology, healthcare, education and clean energy. Among those present were GardaWorld, Dentons, Baywood Group, Element, Trilliant and other leading Canadian enterprises exploring commercial opportunities and strategic partnerships in Nigeria.

The Executive Director of Zenith Bank Plc, Mr. Akin Ogunranti, who delivered the keynote address on behalf of the Group Managing Director/CEO, Dame Dr. Adaora Umeoji, OON, described the conference as a timely platform for deepening commercial partnerships between Canada and Africa amid shifting global economic realities. He underscored Africa’s readiness to lead the next phase of global economic growth, stressing that the continent now possesses the institutions, policy frameworks and partnerships required to turn its immense potential into shared prosperity.

“The question is not whether Africa is rich in potential. It is whether we can turn that potential into prosperity our people can feel. For the first time, the answer is yes, because of the machinery we are now building,” he said.

Representing the Governor of Lagos State, His Excellency Mr. Babajide Sanwo-Olu, the Permanent Secretary, Ministry of Commerce, Cooperatives, Trade and Investment, Mr. Babatunde Onigbanjo, reaffirmed the State Government’s commitment to fostering an enabling environment for investment and international partnerships, and highlighted Lagos’ position as Nigeria’s commercial hub and gateway to African markets.

“Canada brings to the table considerable expertise, capital, innovation, and a strong tradition of institution building. Africa, and indeed Lagos, offer scale. We offer talent, creativity, market opportunities and an increasingly sophisticated business environment. Together, these strengths create a compelling foundation for transformative partnership,” he said.

Speaking at the event, the Deputy High Commissioner of Canada to Nigeria, Mr. Carlos Rojas-Arbulú, noted that the conference reflects the growing momentum in bilateral commercial collaboration between both countries. He said: “The relationship between Canada and Nigeria is not new. It is rooted in diplomacy, trade, education, culture, migration, and shared democratic values. But today, I believe we are entering a new chapter: one that is more ambitious, more practical, and more human.”

The Chair of the Board of the Canada-Africa Chamber of Business, Paula Caldwell St-Onge, highlighted Nigeria’s growing economic significance, saying: “Nigeria’s growth is not theoretical. It is already being built by Nigerian entrepreneurs, investors, financial institutions, innovators and companies whose ambition reaches across Africa and around the world.”

She also acknowledged Zenith Bank’s role in advancing the conference’s objectives, stating: “Zenith Bank is not only one of Africa’s leading financial institutions, it is the capital behind what you see here today, and it represents the skill, ambition, discipline, innovation and excellence that this conference seeks to showcase.”

The conference featured high-level panel discussions on Canada-Africa commercial relations, investment opportunities across priority sectors, and the implementation of the African Continental Free Trade Area (AfCFTA). The sessions brought together policymakers, business executives and industry experts to identify practical pathways for strengthening commercial partnerships and accelerating sustainable economic development.The conference is expected to strengthen Nigeria’s attractiveness as a destination for Canadian investment, while opening new opportunities for technology transfer, private sector collaboration, job creation and long-term economic growth. It also reinforces Nigeria’s position as a strategic hub for businesses seeking to access opportunities across Africa under the AfCFTA, supporting the country’s ambition to expand its role in regional and global trade

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ZENITH BANK OPENS OSUBI BRANCH, REINFORCING CONFIDENCE IN DELTA STATE’S ECONOMIC POTENTIAL

(L-R) DGM-Zonal Head, Delta 2 Zone, Zenith Bank Plc, Mr. Daniel Imani; Commissioner for Finance, Delta State, Hon Fidelis Tilije; The Executive Governor of Delta State, His Excellency Rt. Hon. Elder Sheriff Oborevwori; GMD/CEO of Zenith Bank Plc, Dame Dr. Adaora Umeoji OON; Prime Minister of Okpe Kingdom, Okakuro Mike Affe; Member, Delta State House of Assembly – Representing Okpe State Constituency, Hon James Augoye; at the Opening Ceremony of Zenith Bank Osubi Branch in Delta State on Wednesday, June 24, 2026.

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Zenith Bank Plc has expanded its presence in Delta State with the official opening of a new branch in Osubi, Okpe Local Government Area, becoming the first commercial bank to establish a presence in the Osubi community. The move reaffirms the Bank’s commitment to financial inclusion by bringing world-class financial services closer to communities and businesses.

The commissioning ceremony, held on Wednesday, 24 June 2026 in Osubi, was attended by the Governor of Delta State, Rt. Hon. Sheriff Oborevwori, alongside senior government officials, traditional rulers, members of the business community, customers, and other stakeholders.

In his remarks, Governor Oborevwori described the new branch as “a clear vote of confidence in the economic potential of our state. It shows that the investments we have made in infrastructure, economic development, and ease of doing business are producing tangible results. When a leading financial institution such as Zenith Bank expands its presence in Delta State, it sends a powerful message that Delta State is open for business and ready for greater investment.”

The Governor also underscored the branch’s significance to the host community, noting that “this branch is the only bank in the whole of Okpe Local Government as it is today. The significance of this bank to our people cannot be overemphasised, because of the impact it will have on the economy of this local government.”

Speaking at the event, the Group Managing Director/Chief Executive Officer of Zenith Bank, Dame Dr. Adaora Umeoji, OON, commended the Governor for his support of private sector growth, noting that the establishment of the branch reflects the conducive environment for investment and economic development being fostered in Delta State.

She said: “We are deeply grateful to His Excellency, Rt. Hon. Sheriff Oborevwori, Governor of Delta State, for his unwavering support and partnership, and for finding time to personally commission the branch today. His generous donation of the land on which this branch is built is a testament to his administration’s commitment to fostering private sector investment and creating an enabling environment for businesses to thrive. Since assuming office, the Governor has driven significant infrastructure and socio-economic development across the state, and Zenith Bank is proud to contribute to that progress through this new branch in Osubi.”

The GMD described the Osubi branch, the Bank’s 19th in Delta State, as a milestone in Zenith Bank’s enduring relationship with the State. She reiterated the Bank’s commitment to serving underserved communities and to empowering individuals, businesses, women entrepreneurs, and SMEs through innovative banking solutions, access to finance, and capacity-building initiatives.She added that the new branch would serve as a catalyst for economic activity in Osubi and its surrounding communities, supporting the broader development of Delta State and Nigeria at large.

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