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Union Bank Fights FG over Ownership of Ikoyi Flat where N13Bn was Discovered

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Union Bank of Nigeria Plc has claimed ownership of Flat 7B in Osborne Towers, Ikoyi, where huge cash was found earlier this year.

The money which has been forfeited to the Federal Government on June 6, included 43,449,947 (about N13 billion), N23, 218,000 and £27,800 (about N10.6 million).

In its pending application, the bank is praying the Federal High Court in Lagos to vacate an interim order forfeiting the flat to the federal government.

The Economic and Financial Crimes Commission (EFCC) had accused Ayodele Oke, former director-general of the National Intelligence Agency (NIA), of fraudulently converting the agency’s funds.

It alleged that Oke’s wife, Folasade, used part of the funds to buy the flat.

The court, on November 9, ordered the flat’s temporary forfeiture to the federal government.

Justice Saliu Saidu ruled that it would bepermanently forfeited if no one turned up to justify ownership within 14 days. Chief Ajibola Aribisala (SAN), said on Thursday he filed an application seeking to vacate the interim forfeiture order.

In a supporting affidavit, the bank said the flat was part of 16, Osborne Road, Ikoyi, belonging to the former National Chairman of the Peoples Democratic Party (PDP), Alhaji Adamu Mu’azu.

It said the property was covered by a Certificate of Occupancy dated September 27, 2009 and registered as 97/97/2009 in the Lands Registry Office, Alausa, Ikeja, Lagos.

According to the bank, Alhaji Mu’azu mortgaged the property to it by virtue of Tripartite Deed of Legal Mortgage dated November 1, 2011.

Union Bank said the property was a security for a loan granted to Tripple A Properties & Investment Limited.

The bank further claimed that the property’s original titled deed had been vested in it (the bank).

Besides, it said the loan was yet to be liquidated despite its tenor expiring.

The bank claimed it sold the property to Chobe Ventures Limited to liquidate the loan.

EFCC, in its counter affidavit, argued that the bank lacks the locus standi to challenge the forfeiture.

 

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E-Financial

Customer Raises Alarm as N350m Disappears from his Access Bank Accounts

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Serious trouble may be brewing for Access Bank Plc as Mr Pascal Nwabueze Innocent has alleged that over N350 million been fraudulently withdrawn from the two accounts he operates with the bank without his authorization.

 

Mr Pascal Nwabueze Innocent raised the alarm when he discovered that over N116 million has been fraudulently withdrawn from both his personal and corporate accounts with the bank.

 

However, in the course of probing into the circumstances surrounding the disappearance of the N116 million, the customer further discovered that over N350 million was missing from the account.

 

The businessman said  that the two accounts from which the funds were withdrawn are from his personal account and De Chimex Aluminum & Steel Company Limited, a corporate account both operated by Pascal Nwabueze Innocent and domiciled at the Access Bank Plc, Wuse Market branch, Abuja.

 

According to him, the latest fraud is even separate from over N74 million which the bank was said to have appropriated in 2016 when he installed heavy duty machines which he imported from China.

 

It was gathered that when he approached the bank through a letter dated July 5, 2018, to ascertain who and how the transaction were carried out, Access  Bank, in their reply dated July 9, the bank assured him that it “has commenced investigation into the alleged unauthorized fraudulent withdrawals from your account”

 

Access Bank also requested him to provide “the details of the transactions in other to assist in their investigation, promising to furnish him with the outcome of their investigation.

 

It was further gathered that the request made by Nwabueze Innocent for Access Bank to furnish him with that instruments used in the withdrawals were rebuffed by the bank.

 

However, it was also learnt that rather than keep it promise of furnishing the customer the findings of their investigation, Access Bank reported the Nwabueze Innocent to the Department of State Services (DSS), the Economic and Financial Crimes Commission (EFCC) and the Nigeria Police Force (NPF), FCT Command.

 

It was further learnt that it was when the Police stepped into the matter that the bank reluctantly made available 43 Fund Transfer/Standing Order Forms, out of which only five were authorized by Nwabueze Innocent while the remaining 38 were “unauthorized and fraudulent”.

 

Top Police sources said preliminary report of the investigation has shown that it was a clear case of criminal conspiracy, criminal breach of trust and outright theft.

 

According to Police sources, Access Bank is “becoming hesitant in responding to several issues relating to the withdrawals from the two accounts maintained by Nwabueze Innocent.

 

For instance, it was learnt that the bank is being reluctant to produce the original mandate for the withdrawals and the Closed Circuit Television (CCTV) footage between May 1, 2018 and June 30, 2018 when the fraudulent transactions were made.

 

According to sources familiar with the police investigations, central to the whole drama around the illegal withdrawals from the two accounts was one Ms Uche Gloria Michael Sado, a staff of Access Bank who is also the accounts officer for the two accounts.

 

Investigations by the Police was said to have revealed that funds were pulled from the two accounts maintained by Nwabueze Innocent and channeled to Mikuch Global Limited, from where the funds are withdrawn and disbursed among the “beneficiaries” of the fraudulent act.

 

It was further discovered during the police investigations that Mikuch Global Limited is owned by one Michael Sado, alleged husband to Ms Uche Gloria Michael, the Account Officer to the two banks from which the withdrawals were made.

 

According to Police sources, the fraud was perfected by forging the signature, telephone number and company name of the two accounts while at the same time diverting the Alert from the original telephone number of the account holder.

 

Police investigations also showed that Access Bank is being economical with the truth as the Uche Gloria Michael Sado, whom the bank is alleging to have “stolen” the funds and is alleged to be on the run is still on the payroll of the bank.

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E-Financial

NAICOM Dissociates Self from New Ponzi Scheme

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Godwin Emefiele, Governor of the Central Bank of Nigeria

National Insurance Commission (NAICOM) has dissociated itself from a Ponzi scheme, which was recently ascribed to it and is currently trending on the social media.

 

Mr Abdulrasaq Abdulsalami, NAICOM spokesman, said in a statement on Thursday in Lagos that the scheme, which was tagged “National Insurance Commission Newly Launched: Merging Automated’’, was a fraud.

 

“NAICOM’s attention has been drawn to the scheme and it has hereby disclaimed this group that is trending on social media.

“Members of the public are advised to ignore it; it is a fraud,’’ he said.

 

Abdulsalami said that the Ponzi scheme floated in NAICOM’s name was currently trending on the social media.

 

“It deceives members of the public, as it promises to double their donations in less than 25 minutes,’’ he added.

 

He added said that the scheme was also a contrivance, aimed at hoodwinking Nigerians to take the risk and get “instant payment’’.

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E-Financial

Bauchi Worries over Liquidation of Six Micro-Finance Banks

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Bauchi State Government has expressed concern over the liquidation  of six Micro-finance Banks by the Central Bank of Nigeria (CBN) across the state.

The liquidated banks include Garu, Guddiri, Darazo, Misau, Warji and Itas Gadau microfinance banks located in different parts of the State.

Alhaji Liman Bello, state head of Civil Service, said during a press conference in Bauchi on Thursday that the closure of the banks had impacted negatively on pensioners, civil servants and petty traders in the state.

 

“Our concern is that the closure of the banks affect our pensioners, civil servants and some petty traders that operate with the banks,” he said.

 

He appealed to the affected civil servants and retirees not to panic as NDIC was doing everything to protect their interest.

 

He also apologized to them for the delay in securing their entitlements as a result of the liquidation of the banks.

‎” The affected are advised to open accounts in other banks of their choice and submit the details to their ministries, departments and agencies, state pension board and local government pension board in the case of pensioners.

” If they already have alternative accounts, they can also submit same through which they would be paid their entitlements,” he said.

 

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