UBA Managers steal customer’s N260 million

…Phillips Odouza troubled 

Incessant Bank Fraud by Officers and Managers in UBA assumed another dimension last week, as new swindling trick was exposed for customers to be vigilant and beware. The United Bank for Africa (UBA) has given a vivid account of how its erstwhile Oke-Arin II branch manager of the bank, Prince Okay Aroh, and his alleged accomplice Abimbola Oluwaniyi, helped themselves to funds from accounts of two customers: Mr. Emmanuel Chukwuemeka and Petroz Nigeria Limited. 

The bank, through a petition addressed to the Head of Operations of the Economic and Financial Crimes Commission (EFCC), alleged that Prince Aroh alongside Abimbola Oluwaniyi, the Relationship Manager of the branch, fraudulently converted a total of N265 million. Giving details of how the alleged fraud was perpetuated, the bank stated that a report was received by Group Audit of the bank on a suspicious transaction involving the duo. According to the bank, Mr. Chukwuemeka had alleged he had fixed deposit investments totaling N265 million with the bank. The bank said after detailed investigation a number of revelations came to light. 

One of them was that Mr. Chukwuemeka maintains three accounts with Oke Arin branch of the bank, namely Emmanuel Chukwuemeka, Chalton Nigeria Limited and Chanko Investment Nigeria Limited. The bank further pointed out that the customer presented deposit certificates for four fixed tie deposits totalling N265 million which were found not to exist in the system. The bank maintained that upon the customer’s insistence that he had deposits with the bank, his accounts were reviewed and it was discovered that he had two fixed time deposits with the bank totaling N120 million (N60 million each booked on his account on 8th and 11th 2010in favour of Chalton Nigeria Limited and Emmanuel Chukwuemeka respectively). 

“It was however discovered that upon maturity of one of the fixed time deposit on 8th December, 2010; its proceeds were used to liquidate two cash collaterised facilities belonging to Eeribe Ikenna and Evacyil Nigeria Enterprises, while the second fixed tie deposit was partly used to liquidate the cash collaterised facility of Petroz Nigeria Limited”, the petition read in part. While noting that Mr. Chukwuemeka denied the consent to use his investment as collaterals for the facilities for these customers, the bank told the anti-graft agency that the operator of Evacyil Nigeria Limited, one of the beneficiaries of the alleged fraud is faceless. 

“The petitioner now seeks the assistance of your good office to institute an investigation into the above fraudulent activities and ensure that the culprits face the maximum punishment provided under Nigerian laws for the offences, as well as prevent the culprits from enjoying the fruit of their fraud at the expense of the petitioner, its depositors and investors”, the petition read in part. 

Prince Aroh and Mrs Oluwaniyi have since been slammed with a six count charge of conspiracy, stealing by fraudulent conversion, forgery and uttering before a Lagos High Court presided over by Justice Oluwatoyin Ipaye. They pleaded not guilty to the charges.

Source: Daily Voice NG


…Promotes loyalty above competence…Staffers Resign enmasse

If anyone is still wondering why top banker, Tony Elumelu, the former Managing Director of United Bank for Africa, (UBA) made a shocking come back as the bank Chairman; such can be put to rest as DAILY VOICE NG has uncovered why he made a u-turn to the Nigerian financial institution that comfortably houses many fraudsters as staff.

DAILY VOICE NG investigations spanning three weeks led by head of Business Desk, Godspower Imoni can authoritatively report that the real reason why Elumelu returned was for him to continue to remain a dictator; while continuing to exert power and control in the bank.
DAILY VOICE NG can report that this is causing serious ripples among high ranking staffers of the bank, especially the Vice Chairman of the Bank, Amb. Joseph Chiedu Keshi , and according to our source, Elumelu’s action has limited the level of control exercised by members of the bank’s Board of Directors, bringing to a halt major banking activities.
This much we gathered if not well managed may lead to the dissolution of the bank’s board as even the Managing Director, Mr. Phillips Odouza may have no other option than to leave the bank.
As you read this, about eight top staffers of the bank have resigned; two in the Media, Marketing & Corporate Relations department, three in Legal, one in IT and two in Performance Management unit.
We also discovered that all Elumelu’s loyalists were promoted and given top clearances to enable them access classified information, so as to feed him with reports regularly, but whoever is not loyal to Elumelu doesn’t get promotion when due.
For instance, for example, two of the Media, Marketing & Corporate Relations department members who resigned recently, Ebi Akpeti and Abdul Imoyo have been in the Unit for over 8 years with no promotion but others who are loyal to Elumelu were promoted early this year.
Also, during his exit, Elumelu upon noticing his loyalty dictatorially made sure that Mr. Charles Aigbe, who was in Corporate Affairs Department under Mr. Martins Anyanwu was promoted and made the Corporate Affairs Manager, which eventually gives him access to vital management information. Till date, not only is Charles loyal to Elumelu, he adores him like a tin god and will do anything to please him.
Then Charles is only one of the many people, whom Elumelu extended that preferential treatment.
That Tony Elumelu is an astute banker and a good business man is not in contention, but we learned that even while away, he has been seriously interfering into the day-to-day activities of the bank from management level to floor level, a development that sees him manipulating things from the outside.
Not hundred percent satisfied, he (Elumelu) decided to come in fully to achieve his secret unfulfilled ambition.
Our private checks revealed that the current MD of the bank, Philips Oduoza has little or no say in decision making, but was installed there as a figure head. “Oduoza at the verge of any strategic decision first consults Elumelu secretly to get his side before anything is done. Not that it goes down well with him, but he seems to have been compelled to sign a binding agreement with Elumelu to run the bank according to Elumelu’s wish”, stated our source.
DAILY VOICE NG contacted Charles Aigbe to enable him respond to our enquiries but there was no response as at press time.
Keep a date with us as we unravel more hidden facts to this development.

Source: Daily Voice NG