Business

Court set to hear suit on turf battle between ICAN, forensic fraud investigators institute

Published

59 minutes ago

September 22, 2026

Preport

Federal high court abuja e1694386328728.jpg.webp

The Federal High Court in Abuja on Tuesday fixed Nov. 24 for hearing in a suit filed by the Chartered Institute of Forensics and Certified Fraud Investigators of Nigeria (CIFCFIN) against the Institute of Chartered Accountants of Nigeria (ICAN).

CIFCFIN is challenging the power of ICAN to train and issue qualifying certificates to forensic professionals.

The matter, which is before Justice Joyce Abdulmalik, was initially scheduled for mention on Tuesday but the case was adjourned to enable parties appear properly before the court.

The News Agency of Nigeria (NAN) reports that CIFCFIN, through its counsel, Shaibu Aruwa, a Senior Advocate of Nigeria (SAN), sued ICAN as the sole defendant in the suit marked FHC/ABJ/CS/1559/2026.

CIFCFIN argued that ICAN cannot offer a “Certification Programme culminating in the award of Certified Forensic Accountant of Nigeria (CFAN).”

It submitted that this was in line with the combined interpretation of Sections 2(a) – (i),3(1)(a) and 4(a) – (c), 6(2), 12(2), 13, (1) () and (g), 17(1l) (a) and (b) and 22 of the Chartered Institute of Forensics and Certified Fraud Investigators of Nigeria (Establishment) Act No. 45, 2022,

Mohammed Arafat, the Head of Legal and Corporate Services of CIFCFIN, maintained in a supporting affidavit that ICAN’s invitation to applicants for a seven-day professional certification programme culminating in the award of Certified Forensic Accountant of Nigeria (CFAN), is outside its mandate and could confuse the general public.

The plaintiff alleged that ICAN had invited applicants in the fields of knowledge of chartered accountants, compliance managers, bankers, investment analysts, auditors, and anti-corruption agencies staff and other institutions to register for the programme.

CIFCFIN, therefore, prayed the court for an order setting aside and nullifying the award of the qualification or the CFAN certificate, or any other qualification or certificate in the field and practice of forensics in Nigeria by ICAN.

It urged the court to make an order for the defendant to withdraw, retract or cease any publication, gazette notice, or public representation asserting that it has power to certify or license.

CIFCFIN also sought an order of perpetual injunction restraining ICAN, its council, etc, from issuing, advertising or recognising CFAN qualification, designation, licence or certification or any title or award identical or similar to those created under the provisions of its Act.

It further sought a declaration that “by the combined provisions of Sections 2(a) -(i), 3(1)(a) and 4(a)- (c), 6(2), 12(2), 13, (1)(0) and (g), 17(1)(a) and (b) and 22 of the Chartered Institute of Forensics and Certified Fraud Investigators of Nigeria (Establishment) Act No. 45. 2022, the defendant cannot offer ‘Certification Programme’ culminating in the award of CFAN.”

(NAN)

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Business

How Bauchi Accountant-General Transferred State Funds to PrivateCompany – Witness

Published

9 hours ago

September 22, 2026

Preport

Trial of the Accountant-General of Bauchi State, Sirajo Muhammed Jaja continued on Monday, September 21, 2026 at the Federal High Court in Abuja presided over by Justice Obiora Egwuatu with a witness revealing how Jaja diverted state funds to a private company.

Jaja is facing prosecution by the Economic and Financial Crimes Commission, EFCC , alongside Aliyu Abubakar, Abubakar Muhammed Hafiz, Ari Manga and Muhammed Aminu Bose, for alleged corruption.
The defendants are being prosecuted by the EFCC on an amended five-count charge ofmoney laundering, diversion of public funds, and criminal misappropriation of funds to the tune of N1,635,270,350.9 (One Billion, Six Hundred and Thirty-five Million, Two Hundred and Seventy Thousand, Three Hundred and Fifty Naira, Nine Kobo).
Prosecution counsel, Ekele E. Iheanacho, SAN told the court that the matter was for trial before calling in the first witness, PW1to testify in the court. The prosecution witness, Williams Abimbola, a compliance officer with the United Bank for Africa, UBA, said her line of duty include among others receiving requests from law enforcement agencies, responding to enquiries and any other duty assigned to her by the bank’s Chief compliance officer.
The EFCC produced the state account statement and written statement of the bank to support its claim in the court.
It is alleged that the defendants, as signatories to Bauchi State sub-treasury accounts transferred monies from the state Sub-Treasury Accounts to JASFAD Resources Enterprises managed by the first defendant, Aliyu Abubakar.
When the prosecution counsel asked the witness to explain the transaction that happened on 29 October 2024, as well as further transactions, she said, “My Lord, on the 29 of October 2024, we have three credit transfers into the account of JASFAD from the Sub-treasury Bauchi Account. We have a transfer of N13,144,500, we also had a transfer of N17,169,300, and there is a transfer of N46,030,500.
Providing details of the transactions in the account, the UBA staff said: “On the seventh of November 2024, we had a credit transfer of N17,886,250, but the teller’s details were not captured. It just showed that transfers were made. On 15 November, we had two credit transfers transferred by order of the Sub-treasury, Bauchi Account the amount is N12,215,000 and N16,919,750 respectively.
“ On 19 November, 2024, we had another transfer by order of the sub-treasury Bauchi account for N90,373,550. On November 22,2024, we had a credit transfer from sub-treasury Bauchi account for N140,087,500. Then on 24 December, 2024, we had two credit transfers by order of sub-treasury Bauchi Account, the first one is for N24,192,000 and the second transfer is N48,892,500. On 27 December, 2024, we had two credit transfers by order of sub-treasury Bauchi account into JASFAD, the first is N335,040,000 and the second transfer is for N300,000,000.
“On the 31 December, we had two transfers by order of the Sub-treasury Bauchi Account of N14,285,527.20k. The second transfer is for N26,975,000.
On 25 February, 2025 we had a credit transfer by order of sub-treasury, Bauchi Account to JASFAD Resources of N19,840,000, and N13,020,000. On March 3, 2025, we had a credit transfer by order of sub-treasury, Bauchi account for N16,105,223.70k. On March 5, 2025, we had a credit transfer of N56,642,500. On March 7, 2025, we had a credit transfer of N45,923,790, on March 10, 2025, we had a transfer of N11,253,500. On March 12 2025, we had two credit transfer from sub-treasury Bauchi account to JASFAD Resources Enterprises, the first transfer is for N49,280,000, the second transfer is for N30,720,000, while on March 14, 2025, we had a credit transfer by order of sub-treasury, Bauchi account of N28,262,500.
The witness informed the court that on 25 February, 2025, there were two credits from the Subtreasury Bauchi account to JASFAD Resources account

The post How Bauchi Accountant-General Transferred State Funds to PrivateCompany – Witness appeared first on Business Today NG.

Business

GCR upgrades Fidelity Bank rating on stronger capital position

Published

17 hours ago

September 22, 2026

Preport

GCR Ratings has upgraded Fidelity Bank Plc‘s national-scale long-term issuer rating to A Plus (NG) from A (NG), while affirming its short-term issuer rating at A1 (NG). The outlook remains stable.

The upgrade reflects Fidelity Bank’s significantly strengthened capital position following the addition of NGN227.0 billion to its total core capital. GCR also recognised the bank’s strong domestic market position, stable funding base and healthy liquidity profile.

Fidelity Bank’s competitive position remains a key rating strength, supported by its strong domestic franchise and nearly four decades of operating experience. With total assets of NGN10.5 trillion and an estimated 8.0 per cent share of the banking industry’s gross loans as of December 2025, the bank ranks as Nigeria’s sixth-largest bank.

The bank also plans to leverage its international banking licence to enter three additional African markets over the medium term. The expansion is expected to diversify its country exposure and further strengthen its competitiveness among rated peers.

Fidelity Bank raised NGN227.0 billion in additional equity capital in 2025, enabling it to fully comply with the revised capital requirement for its licence category. The capital was officially recognised as the core capital in 2026.

Consequently, the bank’s GCR core capital ratio increased substantially to 29.4 per cent at the end of March 2026, from 17.2 per cent in December 2025. Its stage three loan loss reserve coverage also remained strong at more than 100.0 per cent.

GCR expects the bank’s core capital ratio to remain above 20.0 per cent over the outlook period, supported by good earnings retention. The rating agency also noted that Fidelity Bank’s exposure to the oil and gas sector is diversified across the upstream, downstream and services segments. Foreign currency exposure is further moderated through natural hedging.

Fidelity Bank’s funding profile remains positive, underpinned by a large and stable deposit base. Customer deposits grew by 16.1 per cent as of December 2025 and by a further 7.1 per cent as of March 2026, reaching NGN7.4 trillion.

Customer deposits accounted for 89.5 per cent of the bank’s total funding base in March 2026. Approximately 90 per cent of these deposits were held in relatively inexpensive current and savings accounts, providing a strong foundation for sustainable funding.

READ ALSO: Fidelity Bank gets extension to publish H1 2026 audited results

The bank also maintained a robust liquidity position, supported by a substantial portfolio of liquid assets. Its liquid assets-to-customer deposits ratio stood at 56.9 per cent in March 2026, while liquid assets covered wholesale funding by 4.8 times.

The stable outlook reflects GCR’s expectation that Fidelity Bank will maintain a strong financial profile, with its core capital ratio remaining above 20.0 per cent, supported by stable funding, strong liquidity and resilient asset quality indicators.