Buhari Led Govt Investigates Ademola Adebise Led Wema Bank Over Illegal Banking Activities

Published

4 years ago

June 7, 2022

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#Buhari Led Govt Investigates Ademola Adebise Led Wema Bank Over Illegal Banking Activities—The Cloud Nigeria reports that Federal Government through the Federal Competition and Consumer Protection Commission has opened enquiry into Illegal activities of Wema Bank.

It would be recalled that days back, ENigeria Newspaper published a report revealing how Ademola Adebise led Wema Bank engaged in illegal banking activities by opening unauthorized accounts for customers with information sources from their Bank Verification Number (BVN) details

This online Newspaper reports that in order to commemorate its 5th anniversary, Wema Bank under the watch of Ademola Adebise allegedly set a goal to have a million subscribers or more on its ALAT platform.

For this reason, Wema Bank has gone ahead to create unauthorized accounts for people after pulling out their sensitive information through their BVN details.

And more worrisome is the fact that most of these accounts are harnessed by criminals to defraud unsuspecting customers of the bank.

on its digital banking platform, ALAT, without their knowledge or agreement.

In what has been commended by many as a swift response, FCCP has also ordered that the bank be investigated and punished.

Although Wema Bank has tried to issue a press statement in an attempt to distract the attention of the public, the FCCP in a tweet seen by TCN Newspaper “Can Wema Bank comment publicly on the message that consumers without Wema Bank accounts are receiving across the country, allegedly from the bank? This situation is widespread and cannot be a DM issue anymore. Wema Bank has to come clean,” the tweet from the commission read.

Meanwhile, narrating his experience and how he was a victim of Wema Bank’s high handedness, a Nigerian journalist (names withheld) said, “I have contacted the bank to report the development but to no avail. They have continued to send same mail.

“This means someone is using my details for banking transactions. It’s fraud and I shall seek legal redress,” he said.

TGN Newspaper now has it on good authority that FCCPC has now opened investigation into Wema Bank’s activities especially as it concerns data breach and other illegal banking activities, after which appropriate sanctions will follow.

With events and happening s since he took over mantle of leadership, it has now become public knowledge that Wema Bank under the watch of Ademola Adebise seem to be submerged in endless controversies and this is not an exception.

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CBN Affirms Alpha Morgan Bank’s Capitalisation

Published

1 day ago

March 7, 2026

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CBN Affirms Alpha Morgan Bank’s Capitalisation

The Central Bank of Nigeria (CBN) has affirmed the capitalization of Alpha Morgan Bank, marking an important milestone in the Bank’s growth journey and reinforcing its commitment to building a strong, resilient, and future-ready financial institution.

This affirmation reflects the Bank’s adherence to regulatory requirements and its strategic focus on strengthening its capital base to support sustainable growth, innovation and improved service delivery to customers.

With this milestone, Alpha Morgan Bank is well positioned to continue expanding its footprint with its 14 approved branches across different states, while deepening inclusivity and enhancing the range of banking solutions available to individuals, businesses, and institutional clients nationwide.

Commenting on the development, The Managing Director, Mr. Ade Buraimo expressed the readiness of the bank in ensuring compliance with regulatory requirement, good governance framework while delivering satisfying banking along the long-term vision of the bank to become the best bank to work and strong financial institution to reckon with.

‘Capitalisation is more than a regulatory requirement; it is an opportunity to strengthen the institution for the future. The affirmation of Alpha Morgan Bank capitalisation reflects the work we have done to build a solid capital foundation that allows us to support businesses more effectively, expand financial access and continue delivering the level of service our customers expect,’’ he said.

Alpha Morgan Bank remains committed to maintaining strong corporate governance standards, sound risk management practices, and prudent financial management as it continues to support economic development and create long-term value for stakeholders.

As Alpha Morgan Bank enters the next phase of its journey, the institution will continue to scale its operation, invest in technology, expand its branch network and digital banking presence, whilst delivering reliable and satisfying banking experiences to its growing customer base.

About Alpha Morgan Bank

Alpha Morgan Bank is a Nigerian commercial bank, committed to delivering satisfying banking through innovative solutions, strong corporate governance, and customer-focused services that support economic growth and financial inclusion.

Learn more about Alpha Morgan Bank at www.alphamorganbank.com

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Alpha Morgan Bank Deepens Presence in Abuja with New Branch in Utako

Published

2 days ago

March 6, 2026

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Alpha Morgan Bank Deepens Presence in Abuja with New Branch in Utako

Marking another milestone in its expansion drive, Alpha Morgan Bank has opened a new branch in Utako, Abuja, reinforcing its strategy of building closer institutional ties within key business communities and bringing its financial expertise closer to individuals, and enterprises driving the city’s growth.

The new branch, located at Plot 1121 Obafemi Awolowo Way, Utako, Abuja is strategically positioned to serve individuals, entrepreneurs, and corporate clients within Utako and surrounding districts.

The expansion follows the Bank’s recently concluded Economic Review Webinar held in February 2026, as the bank continues to position as a thought-leader in the financial services industry.

Speaking on the opening, Ade Buraimo, Managing Director of Alpha Morgan Bank, said the move underscores the Bank’s commitment to accessibility and service excellence.

“Proximity matters in banking. As communities grow and commercial activity expands, financial institutions also evolve to meet customers where they are. The Utako Branch allows us to deliver our services to people in that community efficiently while maintaining the high standards our customers expect,”

The Utako location will provide a full suite of retail and corporate banking services, including account opening, deposits, transfers, business banking solutions, and financial advisory support.

Customers and members of the public are invited to visit the new Utako Branch to experience the Bank’s approach to satisfying banking.

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