One of Nigeria’s old generation deposit money banks (DMBs), Union Bank of Nigeria Plc, is currently
enmeshed in alleged N1.9 billion fraud saga, according to THE WITNESS.
Also indicted in the alleged fraud are three former
management officers of the bank.
Barely five months after his retirement in March 31, 2021,
Mr. Emeka Emuwa, a former chief executive officer of the lender, will be facing
corruption charges and possible arraignment by the Economic and Financial
Crimes Commission, EFCC, over his alleged involvement in the N1.9 billion
scandal.
The report monitored on THE WITNESS said, the EFCC had filed
a five-count charge against the former CEO and three others bothering on
conspiracy, stealing and dishonest conversion of the funds before a Lagos State
high court.
It was gathered that Emuwa who led the financial institution
for eight years is to be arraigned with Union Bank alongside Mrs. Oyinkan
Adewale, its former director and chief financial officer, Mr. Adeoye
Oluwagenga, its former finance controller, over the alleged fraud and theft.
The former CEO, who joined Union Bank in November 2012,
following a $500 million investment by Union Global Partners, was alleged to
have conspired and stolen the sum of N1,927,836,804 belonging to Aso Savings
and Loans PLC, sometime in 2014.
The EFCC prosecutors, Joy J. Amahian and Franklin Ofoma, said
the offences contravened Sections 411, 285 (1), 278 (1) and 328 (1) of the
Criminal Law of Lagos State, 2015.
However, the earlier arraignment of all the defendants which
was fixed for the 4th and 5th of August was stalled as a result of the inability
of the EFCC to produce the defendants before the court.
According to the charge with suit No: ID/14355C/2021, dated
February 17, 2021, Emeka Emuwa, Adeoye Oluwagbenga, Oyinkan Adewale and Union
Bank Plc, with intent to conceal legal origins, transferred to themselves “the
sum of N1, 927, 836, 804 billion belonging to Aso Savings and Loans PLC.”
The charge was brought pursuant to a petition to the EFCC by
a law firm, AEC Legal, dated 5th April 2018 and titled: “Criminal Complaint Of
Fraudulent Misrepresentation And Diversion Of N1,927,836,8049 (One Billion,
Nine Hundred And Twenty Seven Million, Eight Hundred And Thirty Six Thousand,
Eight Hundred And Four Naira) And Criminal Conspiracy To Defraud By Mr. Emeka
Emuwa And Other Principal Officers Of Union Bank Of Nigeria Plc”.
As contained in the petition, “We make this criminal
complaint of misrepresentation and diversion against Mr Emeka Emuwa, the
managing director of Union Bank of Nigeria Plc and other principal officers of
Union Bank Nigeria Plc with address at Stallion House 36, Marina Lagos.
“Mr Emeka Emuwa and other principals of Union Bank of Nigeria
Plc sold Union Homes Savings & Loans Plc (UHSL) to our client (Aso Savings
and Loans PLC) for the total sum of N5 billion. At the time of negotiations of
the sale and purchase agreement of the UHSL, our client was informed that
UHSL’s shares in Union Assurance company PLC, valued at N1,134,615, 384 formed
part of its asset of UHSL to be acquired by our client.
“It therefore came as a shock to our client to discover, upon
the conclusion of sales, that Emeka Emuwa and other principal officers of the
bank had sold off UHSL’s shares in Union Assurance Plc to Greenoaks Global
Holdings Limited and realised that the sum of N1,927,836,804 from the sale.
“More shocking is that there are no records whatsoever
showing that the proceeds of sale of the Union Assurance Plc was paid into
UHSL’s account or financial records.
“Our client has confronted Emeka Emuwa with this allegation
but he has failed to proffer any explanation nor made any attempt to account
for the proceeds of the sale.
“It is obvious that Mr Emuwa and his cohorts fraudulently
diverted our client’s money in the tune of N1,927,836,804 and have no
intentions of returning same”.
Union Bank is currently being led by Emeka Okonkwo. His
appointment took effect in April 2021 following the retirement of Mr. Emuwa.
The matter has been adjourned to September 21, 2021.
In its reaction, the Chief brand and marketing officer
of the Bank,
In its fact-finding mission, THE WITNESS said it
contacted Mrs. Ogochukwu Ekezie-Ekaidem, chief brand and marketing officer of
Union Bank to the lender’s angle.
In her response, the bank’s spokesperson denied knowledge of
the said matter and further threatened to sue THE WITNESS if it proceeded with the
publication.
“To date, neither the bank nor any of the said officers (past
or present) has been served any court processes relating to any such action.
“Further, the statements and assertions contained in the
outline shared with us are factually inaccurate and patently false.
“Please, be reminded that proceeding to publish a report
based on factual inaccuracies will be regarded as wilful libel against the
parties named in the outline. We will therefore be constrained to seek legal
redress in defense of the truth,” the statement read.
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