EXCLUSIVE: Police Indict Unity Bank Cooperative Officials in ₦85 Million Fraud Investigation

Secrets Reporters

In an official police investigation report obtained by SecretsReporters, detectives of the Edo State Police Command have laid out a trail of statements, financial transactions and investigative findings surrounding an ₦85 million agricultural investment that the police say culminated in a prima facie case of conspiracy and fraud.

The report, dated August 12, 2025, was issued by the State Criminal Investigation Department (SCID), Edo State Police Command, Benin City, under the title “Police Investigation Report: Re: Case of Conspiracy and Fraud.” It identifies Obinna Igwe Obuba as the complainant, while Kolawale Coker, 39, and Mercy Tandiwi Luwa, 38, are listed as suspects. The investigation was conducted by ASP George and team, with one tractor machine recorded as an exhibit.

According to the report, the matter originated from a petition submitted to the Commissioner of Police, Edo State Command, by B.O. Iluobe & Associates on behalf of the Unity Bank Cooperative against two members of staff, Mercy Luwa and Kolawale Coker. The petition was subsequently referred to the monitoring unit of the Criminal Investigation Department for discreet investigation and report.

The report states that the complainant, Obinna Igwe Obuba, told investigators he serves as Chairman of the Unity Bank Cooperative. He explained that Kolawale Coker served as the cooperative’s Financial Secretary and Auditor, while Mercy Luwa was the Welfare Officer, operating from Abuja and Lagos offices respectively.

According to the report, Obuba stated that sometime in February 2023, Kolawale Coker presented an investment proposal said to have originated from Mercy Luwa. The proposal involved an agricultural investment valued at ₦85 million. Following the presentation, the Board of Trustees appointed Coker as the credit officer and entrusted him with managing the investment.

The report says Coker assured the Board that the proposal had satisfied all necessary conditions. It further states that he informed the Board that both he and Mercy Luwa would supervise the investment, while Mercy Luwa would also act as guarantor.

Based on those assurances, the cooperative reportedly released the funds in tranches. However, the report says that after approximately two months, members of the Board began suspecting foul play and demanded the return of the investment. According to the report, by April 2024, neither Kolawale Coker nor Mercy Luwa had refunded the money, leading to the petition to the police.

The investigation report states that after receiving the petition, investigators obtained voluntary statements from the complainant and other cooperative officials before inviting Kolawale Coker, who also made a statement under caution.

The report states that an invitation was equally extended to Mercy Luwa, but that she did not initially honour it. According to the document, investigators later travelled to Lagos State, where she was arrested and questioned.

During interrogation, the report says Mercy Luwa informed investigators that the ₦85 million had been given to Alhaji Umoru Mohammed in Gombe State for the purchase of seven tractors and other agricultural implements. The report further states that investigators later extended their investigation to Gombe State and invited Alhaji Umoru Mohammed for questioning. According to the police, he fled after being contacted by telephone. Investigators, however, reported recovering one tractor machine, which was deposited at the Gombe Area Command for safekeeping pending further investigation.

The report also states that investigators sought access to bank accounts associated with Alhaji Umoru Mohammed, Kolawale Coker and Mercy Luwa in an effort to trace the movement of funds and determine whether repayments had been made.

According to the statement attributed to Obinna Igwe Obuba, he became Chairman of the Unity Bank Cooperative on October 28, 2024, and was informed during his inauguration about the unresolved ₦85 million investment. He stated that Kolawale Coker failed to conduct proper due diligence on the loan request and did not verify Mercy Luwa’s financial capacity, collateral or guarantorship before recommending disbursement of the funds. He further alleged that Coker acted outside the cooperative’s established procedures and misled approving authorities before the money was released.

Also, in a summarised statement of Obi Success, identified as Chairman of the Board of Trustees and President of the Union of Senior Staff of Unity Bank and the Unity Bank Cooperative. According to the report, Obi Success confirmed that the proposal was presented by Kolawale Coker in February 2023 and that the Board directed Coker to ensure proper due diligence before releasing the investment funds. The report states that Obi Success maintained Coker later assured the Board that all conditions had been satisfied before the funds were eventually released.

The report records that Kolawale Coker told investigators he joined the cooperative in September 2021 and served as auditor until his suspension in April 2024. According to his statement, Mercy Luwa introduced the investment proposal through an individual identified as Alhaji Umoru Mohammed, whom she described as a farmer seeking funding to purchase tractors and agricultural equipment.

The report states that Coker maintained the Board approved the transaction, that Mercy Luwa stood as guarantor, and that Alhaji Umoru Mohammed used the money to purchase seven tractors and agricultural implements. He further stated that Alhaji Umoru Mohammed had repaid ₦30 million, leaving an outstanding balance of ₦55 million.

The report also summarises the statement of Mercy Tandiwi Luwa, who informed investigators that she worked in Unity Bank’s Recovery Department in Lagos and had served as Assistant Financial Secretary of the cooperative since 2020. According to the report, she stated that she, Kolawale Coker and Obi Success jointly discussed the financing arrangement involving Alhaji Umoru Mohammed for the purchase of tractors and farm implements.

She reportedly told investigators that between November 16, 2023, and March 2024, the total sum of ₦85 million was approved and disbursed to Alhaji Umoru Mohammed. According to her statement, the customer later experienced financial challenges and had repaid ₦30.5 million, leaving an outstanding balance of ₦54.5 million. She further stated that several recovery visits were made to Gombe State but yielded no success.

The report states that investigators established that Obi Success served as Chairman of the Board of Trustees, President of the Union and Chairman of the Unity Bank Cooperative, while Kolawale Coker and Mercy Luwa were executive members serving respectively as Financial Secretary/Auditor and Assistant Financial Secretary.

The report further states that investigators found that both Kolawale Coker and Mercy Luwa presented the agricultural investment proposal to the cooperative, leading to an investment of ₦85 million. According to the report, the funds were released in tranches to Mercy Luwa and subsequently transferred to Alhaji Umoru Mohammed through his Unity Bank account. Investigators also reported that Mercy Luwa received ₦19 million through her First Bank and Unity Bank accounts on behalf of Alhaji Umoru Mohammed before remitting the funds.

According to the police findings, Alhaji Umoru Mohammed directly received ₦66 million in tranches from the Unity Bank Cooperative account between January 22 and January 26, 2024, while the investment involved the purchase of seven tractors and ten fieldking tippers and fieldking ridgers. The report also states that the disbursement occurred between November 2023 and March 2024, with a repayment period of six months.

Investigators further concluded that the loan ought to have been granted only to cooperative members but was instead extended to Alhaji Umoru Mohammed, whom the report identifies as neither a member nor an employee of Unity Bank. The report also states that before defaulting, Alhaji Umoru Mohammed had repaid ₦43.5 million, including interest, and that under the cooperative’s rules he was not qualified to receive the loan because he was not a member.

In its conclusion, the police stated that the investigation disclosed what it described as a prima facie case of conspiracy and fraud against Kolawale Coker and Mercy Luwa. The report also noted that Alhaji Umoru Mohammed remained at large.

However, investigators stated that they lacked jurisdiction to prosecute the matter in Edo State because, according to the report, the transaction took place in Lagos State while the disbursement was made in Abuja, Federal Capital Territory. The report therefore recommended that the complainant seek legal redress in either Lagos State or the Federal Capital Territory, where the transaction and disbursement occurred.

The report was signed by DCP Issah Onize Lawal, Deputy Commissioner of Police, State Criminal Investigations Department (SCID), Edo State Police Command, Benin City.