Tag:

United Bank of Africa UBA

Exposed: How UBA top officials allegedly stole £138,924 from international Airline Accounts

by Leading Reporters March 24, 2025

written by Leading Reporters

Four United Bank of African (UBA) staff have been allegedly arrested for stealing £138,924 (over N270 million) from international airlines’ accounts.

CSP Benjamin Hundeyin, the command’s public relations officer, made this disclosure in a statement on Monday. Though the police did not reveal the name of the bank, an investigation by The Witness revealed that the suspects are employees of UBA Plc.

Also Read: Breaking: CBN sacks Deputy Governor’s aide Olakunle Abiola for certificate forgery

“The suspects conspired to siphon funds from UBA domiciliary accounts into personal accounts before redistributing them to multiple destinations,” Hundeyin stated.

“The fraud was uncovered when the UBA detected unauthorized transactions and alerted the police.”

Providing details of the arrests, Hundeyin said, “Subsequent investigations led to the arrest of the following suspects: Shuaib Oluwatobiloba Olaleye, male, aged 27, was arrested on March 12, 2025, in Ogun State. A Toyota Camry 2012/2013, suspected to be a proceed of the crime, was recovered from him.

“Oladunjoye Adegoke, male, aged 33, was arrested on March 13, 2025, in Victoria Island, Lagos. “A Toyota Camry (Pencil Light), suspected to be another proceed of the stolen funds, was also recovered.

“Further investigation led to the arrest of Austin Alfred, male, aged 38, the Supervisor of the bank’s Trade Services Department, and Jude Uzobuaku, male, aged 36, a processor in the same department. Both facilitated the illegal transfer of funds to foreign accounts.”

Police investigations revealed that the stolen funds were initially funneled into an account belonging to one of the suspects before being distributed to multiple other accounts to evade detection.

Authorities are now working to identify additional accomplices and recover the remaining funds.

“The suspects are in custody and will face prosecution as the investigation continues,” CSP Hundeyin stated.
Meanwhile, the police have urged the public to report suspicious financial transactions, reiterating their commitment to tackling economic crimes.

March 24, 2025 0 comments

Nigerian Police to jettison any arrangement the cooperative has with the United Bank for Africa

Exclusives

Group calls on Nigeria police to pull out its cooperative account from UBA: Alleges backdoor arrangement that shortchanges the police officers’ fund

by Leading Reporters January 27, 2025

written by Leading Reporters

…… Nigerian Police to jettison any arrangement the cooperative has with the United Bank for Africa

A group, League of Patriots has called on the Nigerian President, Bola Ahmed Tinubu, the anti-corruption agencies, and other stakeholders to uncover the mystery behind moving the Nigeria Police Cooperative Society Limited’s account from First Bank of Nigeria of United Bank for Africa UBA. The group said that while it is not illegal for a corporate government entity like the Nigerian police to move its account to any bank of its choice, it is an act of corruption if they are induced to do so.

The group called on the Nigeria Police Commission to move in and prevail on the leadership of the Nigerian Police to jettison any arrangement the cooperative has with the United Bank for Africa which currently manages the Nigeria police cooperative fund, over what it described as a corruption-laden arrangement that is shortchanging the police officers. The group alleges that before the movement of the account from First Bank of Nigeria, UBA went into a devious backdoor arrangement with the then leadership of Nigeria police and made an irresistible offer to the police leadership at that point that culminated in the movement of the fund from First bank of Nigeria.

Speaking during its monthly delegate meeting attended by delegates from Asia, America, Europe, and Africa, exclusively monitored by LeadingReporters, the group alleged that UBA prevailed on the then leadership of Nigerian police to accept a 5% interest rate for the cooperative fund on paper, while in reality, 7% was the agreed interest rate. The group said that while 5% accrues to the fund as interest, 2% is fraudulently given to pacify those in the know within the police hierarchy.

League of Patriots is a group of Nigerian professionals at home and in the diaspora that promotes morality in leadership and accountability among elected or appointed leaders in Nigeria. The group serves as a watchdog and offers creative support to Nigerian institutions for the greater good of nationhood.

“Today, the interest rate on that fund can be as much as 10%. It is a public fund. Why will the leadership of the Nigerian police in charge of the cooperative fund accept a 5% interest rate when they can get as much as 10%? It goes a long way to tell you the behind-the-scene arrangement where individuals are reaping where they did not sow.

“We challenge Nigerian police to initiate and negotiate for a better deal with other banks as a way of proving us wrong”.

“The 5% interest is a hoax that enriches very few. Let them allow other formidable banks to bid to be the cooperative’s banker. We are certain they will offer a better deal than UBA.

The Nigerian Police Cooperative Society is believed to be the biggest cooperative society in Nigeria and in Africa. It has a thematic objective of helping members of the police force and their family members to enjoy better warfare.

All efforts to reach UBA for clarifications on the allegations were unsuccessful as calls were not responded to.

January 27, 2025 0 comments

Meet Mr. Fadeyibi “The Hitman from Transcorp Power Ltd” Doing the ruthless bidding of UBA Bank in AEDC

by Leading Reporters April 13, 2022

written by Leading Reporters

Electricity consumers from the Federal Capital Territory; Nasarawa, Niger, and Kogi States are in for rough times owing to a ruthless revenue drive being spearheaded by Mr. Adeoye Fadeyibi, on behalf of United Bank for Africa, UBA.

UBA is a major creditor to AEDC. Technically, UBA owns the Abuja Electricity Distribution Company AEDC as it stands now. This followed several loan defaults by the electricity distribution company via its UBA Account No. 1019269503.

An insider source said that Tony Elumelu routed for Fadeyibi after the later set up structures in Eko Electricity Distribution Company EKDC that saw revenue skyrocketing and operational costs and losses down. Fadeyi’s feat in Elumelu’s Transcorp Power Ltd, Ugbelli where he ramped up power generation of the company from its abysmal 164MW to 634MW within interval of 25 months was too glaring to be overlooked and needs to be replicated in AEDC, by Tony Elumelu’s estimates.

Other accounts the company maintains with UBA include AEDC Impress Funding Account No. 22174094498. This account has become a conduit through which billions of Naira were fleeced under the subheading – Operational impress. For instance, between October and December, 2018, a total of N1,579,015,000 was mopped into the account as imprest. UBA Account No 10176666012 is believed to be another suspicious account with which the erstwhile management of AEDC carried out their acts.

Other AEDC accounts with UBA include account no. 1019034680. This account, according to investigation was used to sweep funds which were later diverted to yet another UBA account No 1017547366.

Another interesting activity uncovered is a UBA Account No.1017681365, allotted to AEDC WAMBA, Nasarawa State. The account is shrouded in secrecy and may have been used as a veritable conduit for diversion of funds. AEDC Okene Area Office with UBA account numbers 1021027984 and 1017805387 are two of the many accounts of AEDC that were structured to be leveraged to soothe the stealing appetite of the erstwhile management of AEDC.

According to a discreet source, the former management played a conscious, pre-meditated role that paved way for UBA acquisition of AEDC.

Kabba AEDC Account No 1017805387 was another porous and specially structured account allegedly used in fleecing the Federal Government.

Mr. Fadeyibi prior to being drafted to AEDC by Tony Elumelu-led UBA worked as the Managing Director and Chief Executive Officer of Transcorp Power Limited, Ugbelli. The company is owned by Tony Elumelu. Mr Fadeyibi career path has as well cut across Eko Electricity Distribution Company where he was the MD/CEC as well as General Electricity.

A discreet source who spoke to LeadingReporters on condition of anonymity said that Mr Fadeyibi is on a mission. A ruthless mission to bend all known rules in the bank’s bid to recover all the monies and loans AEDC owns UBA.

“His mission from his paymaster is clear – Bend all rules, squeeze all sources and get us all the money. Unfortunately, the consumers are the ones to be squeezed in a sector where regulators are in the pockets of the players. It is a pathetic situation”.

The electricity consumers with the capital territory and its neighboring states are in for a hard and sad time as the move by UBA would see them paying for more and getting less in terms of quality service.

“Money, revenue, more revenue and more profits are now the drive force in AEDC”

“The former guys were hired to play the role they played that paved way for UBA to take over AEDC. AEDC is one of the electricity distribution companies that has proved to be viable. UBA management has been eyeing the company and incessant loan was the best way to dive in”.

UBA continued to avail its loan spree to AEDC, targeting that a time would come when AEDC would not be able to meet its financial obligation to the bank, thereby paving way for outright ownership.

“Tony Elumelu understands the viability of AEDC, being someone whose company Transcorp Power Limited is a player in the power sector”. The source said.

April 13, 2022 0 comments