Unity Bank Cooperative In Over ₦700 Million Financial Irregularities As Attorney General Fagbemi Gets Call To Investigate

Secrets Reporters

They say when the drumbeat changes, the dance must also change. In Nigeria’s organised labour movement, a petition now before the Office of the Attorney-General of the Federation is calling for a change not of rhythm, but of scrutiny.

The Pan-African Society for Social and Economic Change (PASSEC) has petitioned the Honourable Attorney-General of the Federation and Minister of Justice, requesting the immediate constitution of a high-level multi-agency investigative panel to examine what it described as constitutional violations, alleged forgery, possible fraudulent misrepresentation, financial irregularities estimated at about ₦700 million, alleged unlawful exercise of trade union authority, corporate interference in the affairs of the Unity Bank Staff Cooperative Society, and the alleged victimisation of Comrade Obi Success Chukwunalo in relation to the administration of the Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI).

The petition, dated July 15, 2026, was submitted by PASSEC through its Executive Director, Comrade Basah Mohammed. Copies were also addressed to the Honourable Minister of Labour and Employment, the Governor of the Central Bank of Nigeria (CBN), the Inspector-General of Police, the President of the Trade Union Congress of Nigeria (TUC), and the Commissioner for Insurance (NAICOM).

According to PASSEC, the petition was filed in the discharge of its public-interest mandate to promote constitutional governance, accountability, transparency and the rule of law. The organisation stated that it was not asking authorities to presume the liability of any individual but rather to independently examine available documentary evidence, establish the facts and take actions in accordance with Nigerian law.

PASSEC said the petition followed several months of engagement with relevant institutions and an extensive review of documentary materials. It listed among the documents reviewed official correspondence from Sterling Bank Plc confirming that Mr. Olusoji Oluwole retired from the bank on December 24, 2024, and subsequently served under a consultancy arrangement. It also referenced correspondence relating to the employment status of Mrs. Adenike Joseph, the ASSBIFI Constitution, exchanges with the Federal Ministry of Labour and Employment, the Registrar of Trade Unions, the Trade Union Congress (TUC), UNI Global Union, the Economic and Financial Crimes Commission (EFCC), the Department of State Services (DSS), the Central Bank of Nigeria (CBN), the Nigeria Police Force and other stakeholders.

The organisation further stated that it examined documents relating to ASSBIFI’s governance, records of the Unity Bank Staff Cooperative Society, internal audit reports, audio and video recordings, disciplinary records concerning Comrade Obi Success Chukwunalo, management memoranda relating to operational conditions at Unity Bank’s Jabi Branch and other supporting documentary materials. PASSEC maintained that these materials disclosed sufficient grounds for an independent investigation.

In the petition, PASSEC identified several issues requiring investigation. These include whether executive authority within ASSBIFI continued to be exercised after changes in the employment status of certain principal officers and whether such actions complied with the union’s constitution governing eligibility to hold executive office. It also requested investigators to determine whether changes in the employment status of principal officers were properly disclosed to ASSBIFI members, the Registrar of Trade Unions and other relevant authorities, and whether any failure of disclosure affected the lawful administration of the union.

On financial governance, PASSEC called for an examination of financial decisions, expenditure, contracts, investments, budgets, rental income, grants and the administration of union assets during the relevant period to determine whether they complied with the ASSBIFI Constitution, fiduciary obligations and applicable Nigerian law. It also requested that investigators consider carrying out a forensic audit of ASSBIFI’s finances where appropriate.

The petition also sought an investigation into what it described as possible improper interference in the governance of the Unity Bank Staff Cooperative Society. According to PASSEC, investigators should determine whether restrictions placed on the cooperative’s accounts, the administration of members’ funds and other actions affected the lawful operation of the cooperative.

Regarding Comrade Obi Success Chukwunalo, PASSEC requested investigators to determine whether disciplinary proceedings and his eventual dismissal were influenced by his lawful trade union activities, his advocacy for constitutional compliance within ASSBIFI, his role in the Unity Bank Staff Cooperative Society, complaints concerning workplace practices or any other improper considerations. The organisation also requested investigators to examine his transfer to Unity Bank’s Jabi Branch, operational deficiencies reportedly identified at the branch, management escalation memoranda submitted by him, the internal audit report relied upon during disciplinary proceedings, the disciplinary process adopted, whether due process and fair labour practices were observed, and whether there was any connection between the disciplinary action and constitutional issues within ASSBIFI.

PASSEC further called for regulatory authorities to review their responses to complaints previously submitted by the organisation, asking investigators to determine whether those responses were timely, adequate and consistent with statutory responsibilities, including claims of institutional compromise and ethnic leadership.

In a section titled “Forgery Allegation,” PASSEC requested that Mr. Olusoji Oluwole and Mrs. Adenike Joseph present to investigators documents obtained from Sterling Bank and Africa Alliance or NAICOM, which it said were used during screening processes leading to the positions of TUC National Deputy President and ASSBIFI National Deputy President/Acting President, respectively.

Among the reliefs sought, PASSEC asked for the immediate establishment of a high-level multi-agency investigative panel coordinated by the Office of the Attorney-General of the Federation. It also requested a comprehensive investigation into ASSBIFI’s governance from December 24, 2024, to date, a forensic audit of the union’s finances, investments, assets, contracts, budgets and expenditures, and an investigation into the constitutional eligibility of persons who exercised executive authority during the relevant period.

The organisation further requested investigations into whether changes in the employment status of principal officers were properly disclosed, the governance of the Unity Bank Staff Cooperative Society, and the disciplinary proceedings involving Comrade Obi Success Chukwunalo. It also sought the preservation of relevant records, protection for whistleblowers and witnesses, appropriate legal action where evidence establishes regulatory breaches or criminal offences, and publication of the investigation’s findings in accordance with applicable law.

PASSEC stated that before submitting the petition it had exhausted reasonable avenues of engagement by writing to relevant institutions, seeking clarification of material facts and encouraging constitutional compliance. It maintained that the documentary materials available raise significant questions concerning constitutional governance, financial accountability, trade union administration, cooperative governance, labour rights and regulatory oversight.

The organisation urged the Attorney-General of the Federation to treat the petition as a matter of urgent public importance and coordinate what it described as an impartial, independent and evidence-based multi-agency investigation. It added that where investigations establish regulatory breaches, civil liability or criminal conduct, appropriate action should be taken in accordance with Nigerian law. PASSEC also requested appropriate remedies if investigations establish that Comrade Obi Success Chukwunalo suffered victimisation, unlawful retaliation, exposure to serious health risks or procedural unfairness.

PASSEC said it remains ready to cooperate fully with investigators by producing documentary evidence in its possession, identifying relevant witnesses and providing any lawful assistance required to facilitate what it described as a thorough and independent investigation. The petition was signed by Comrade Basah Mohammed, Executive Director of the Pan-African Society for Social and Economic Change (PASSEC).