Efcc uncovers Major fixed Deposit Fraud in UBA,Cbn Reports says Bank is Exposed to Fraud

An Asaba high court in Delta State, southsouth Nigeria, has adjourned till next year for continuation, the trial of three senior managers of United Bank for Africa Plc, UBA Plc, Wilson Nwajei, Monday Ehiedu and Nwakaego Eka and two other accused persons, Habib Momah and Olakunle Abiodun, alleged to have been operating illegal loan business within the bank.

The arrangement and subsequent trial of the accused bank managers and their co-accused was sequel to a petition written by UBA Plc to the Economic and Financial Crime Commission, EFCC, to investigate three of their staff, Wilson Nwajei, the Business Manager, Monday Ehiedu, the Relationship Manager and Nwakaego Eka, Branch Operation Manager, all of Agbor branch of the bank for cash suppression and diversion of credit facilities availed on customers accounts.

According to the petition co-signed by Ojo Oladimeji and Bukola Joga, Investigation and head of Fraud Prevention and Investigation respectively, as at the time the petition was written, the bank had uncovered fraud of N55,157,977.53 as the accused were alleged to have converted several customers’ funds meant for fixed deposit and issued them with fake deposits certificate.

In an eight-count criminal charge number A/EFCC/4C/2012 filed before the court by an EFCC legal officer, Ali Yusuf, the three UBA Plc staff and their co-accused were alleged to have stolen and fraudulently converted N5 million in fixed deposit of a serving judge of Delta State, Justice F. O Ohwo, by fraudulently liquidating the account without her consent to grant an unauthorised loan to Ika North Local Government of Delta State, repayment of which they warehouse in a fraudulent account and withdrew same.

Other victims of the accused bankers who have been defrauded of about N55,157,977.53 are Dickom Petroleum Development, A.O. Paulson Enterprises, Buzugbe Bartholomew Enterprises, Cysonic Venture Services, Sun Ekah and Inis Ugoh Limited.
in another development the Cbn says the bank is one of the bank that his internal workings has allowed it to be a major conduit for fraud and so exposes it to fraudeters.