For every bank, the first criteria to employ its staff are trust, credibility and integrity but to Sterling Bank, their mode of employment is the job seeker ability to have a criminal mind and have an Executive Director to back you up, and pronto; the job is gotten.
While many Nigerian banks under investigations by our team of investigative reporters are in the habits of engaging in fraud and corrupt practices against all known banking and ethical rules, Secrets Reporters has uncovered the silent big scam and fraud that Sterling Bank has succeeded to keep away from the public for over a year. As earlier promised, we bring to you various series of conspiracy, high level fraud connection and the underground details of 2015 bank fraud of the year
The year was November 2014 when the bank introduced a system that would encourage all staff participate in bringing fresh deposits whether from new accounts, existing or dormant. It was code named Deposit Mobilization Drive. To boost the initiative, a reward system was put in place to ensure that all staff that mobilized deposits in excess of a certain sum would earn a commission of 0.1% on the total sum mobilized.
In a desperate move by the bank to generate these deposits by hook, crook and even corporate prostitution, a reward of a brand new Ford Jeep was penned down to be given to the staff that brought the highest deposits would. An online Account Tracker system was developed so that when deposits entered an account, the responsible staff would track the account in his name. The race was on for the staff that would mobilize the highest fresh deposits between November 2014 and January 2015.
Criminals within come together to strike
As staff struggle to cart home the award, by sourcing for funds, engaging customers and non customers, the worst happened. Four dangerous staff came together in what a source described as “intelligent but fraudulent initiative” to win the rewards. They were working under the same directorate- directorate of the Executive Director, Operations and Services, Yemi Odubiyi.
They are Adekanla Desalu, a male staff that worked directly in the Office of the ED whom many referred to as the alter ego of the ED. The other three worked in the Contact Centre (aka Customer Care) head office location: Eguru Nyenke, the unit head; Kojusola Ajao and Janet Akpan, the team leaders of Quality Assurance and Workforce Management who were known to be the closest friends to the Unit Head.
During the time, there were speculations that the ED Yemi Odubiyi and Eguru Nyenke were having an intimate and romantic affair, after her previous boyfriend Adekanla Desalau agreed to share interests with his immediate boss, the ED.
Their plan was very simple. First they agreed that all deposits mobilized would be tracked in one single staff name. Kojusola Ajao’s account was agreed by the ‘fantastic 4’ to be used for the crime. Secondly, they decided to use one of the banking applications called the Attrition Portal to their advantage.
How does the attrition portal work? The Attrition Portal is an online application that enables a user to view all customer databases in the bank with several functionalities to allow the user view anything he wants depending on his need. For example, if a user wanted to see customers’ accounts that went dormant or active during or between a period, were opened with a specific amount or range at any particular point in time or range, had balances of a certain amount or range etc., that would be possible in seconds just with the tap of a button.Their plan was to log on to this application daily and set parameters to monitor all dormant account customers who deposited fresh funds during the period. The motive was simple: greed. Over the next three months, this plan would pay off and achieve its objectives.
…To be continued