Unity Bank’s Role in Alleged N458m Money Laundering Case Raises Concerns
The Economic and Financial Crimes Commission (EFCC) has presented its first witness, Emmanuel Adeyemi, Head of Fraud Prevention and Investigation Department at Unity Bank, in the alleged N458 million money laundering case involving Ibrahim Habib Ibrahim. Adeyemi testified that the bank’s database was compromised on December 24 and 25, 2021, resulting in the fraudulent transfer of about N458 million from nine customer accounts to various banks. ¹ ² ³
The witness revealed that Unity Bank’s management petitioned the EFCC, seeking assistance in investigating the fraud and identifying the perpetrators. The petition, signed by Olusegun Famoriyo, Chief Audit Executive, and Ebenezer Kolawole, then Executive Director, Finance and Operations (now Managing Director), confirmed the authenticity of the documents.
This case raises questions about Unity Bank’s internal controls and potential complicity in the alleged money laundering scheme. Critics argue that the bank’s compromised database and subsequent petition to the EFCC suggest possible negligence or involvement by bank officials. ⁴
Notably, Unity Bank has been embroiled in previous controversies, including allegations of corporate malfeasance and insider bank fraud against its former chairman, Thomas Akoh Etuh. The bank’s history of non-performing loans and alleged accounting irregularities has sparked concerns about its governance and regulatory oversight. ⁵ ⁶
The EFCC’s investigation and prosecution of this case will likely shed more light on Unity Bank’s role in the alleged money laundering scheme and determine the extent of its liability.
Unity Bank has been involved in several controversies, including allegations of fraud, money laundering, and corporate malfeasance. In one instance, the bank was accused of defrauding Stepex Global Services Limited of over N57 million through unauthorized debits and excessive charges. ¹The Economic and Financial Crimes Commission (EFCC) has also investigated and prosecuted several cases of fraud involving Unity Bank staff, including a former staff member who allegedly embezzled N14 million from a customer’s account. ²Additionally, the bank’s former chairman, Thomas Akoh Etuh, has been accused of orchestrating a massive fraud scheme, including granting excessive loans to himself and associates, resulting in significant financial losses for the bank. ³ ⁴Would you like to know more about the EFCC’s investigation into Unity Bank or the allegations against Thomas Akoh Etuh?
