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Union Bank Staff Accused of N2bn Fraud, Loses Properties to FG

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A Federal High Court in Lagos has ordered the final forfeiture of assets, luxury vehicles, and cash linked to a massive fraud scheme involving the illegal diversion of funds from Union Bank customers.

Justice Daniel Osaigor granted
the Economic and Financial Crimes Commission (EFCC) application for the forfeiture, citing a detailed investigation that uncovered a fraudulent withdrawal of over ₦2 billion from 575 unsuspecting customers’ accounts.

EFCC’s counsel, Hanatu Kofar-Naisa argued the application urging
the court to permanently forfeit the identified assets as proceeds of unlawful activity, pursuant to Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and Section 44(2)(b) of the 1999 Constitution (as amended).

She emphasised In her submissions
that the suit was not against any individual but properties acquired through unlawful means, noting that failure to forfeit the assets would amount to rewarding criminal conduct.

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Items forfeited are: A 3-bedroom bungalow at Macedonia Street, Queens Estate, Karsana Gwarimpa, FCT, Abuja, a house at No. 8 Grace Crescent, Efab Queens Estate, Gwarimpa, Abuja, and multiple high-end vehicles including a Mercedes Benz C300, BMW SUVs, Range Rovers, and three Toyota Hilux pickups.

Also forfeited is the sum of ₦326.4 million and $480,000 in cash recovered during the course of investigation.

Report says the application was supported by a detailed affidavit deposed to by Sulaiman Aminu Muhammad, an investigating officer of the anti-graft agency, who described the scale of the fraud as “monumental,” and said the operation targeted dormant or “no-debit” accounts within Union Bank.

According to the affidavit, the EFCC launched its investigation after receiving a formal petition from Union Bank on October 24, 2022, detailing how its systems had been fraudulently manipulated to facilitate unauthorised debits on customer accounts.

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By July 2023, a follow-up petition revealed that the total stolen funds had increased to ₦2,007,000,000, prompting a deeper forensic investigation.

The probe uncovered that the bank’s audit unit had identified suspicious transactions involving 575 accounts placed on a “no debit” status, which were nonetheless debited using methods inconsistent with normal banking procedures.

The EFCC’s investigation revealed that two companies, Actus Homes Limited and Fav Oil and Gas Limited, were central to the scheme, receiving funds from compromised accounts without any legitimate commercial relationship with the customers.

Funds from the compromised accounts were funneled into these entities without any legitimate commercial relationship with the customers.

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Actus Homes Limited was said to have received N681.2 million from 126 customer accounts, while Fav Oil and Gas Limited was said to have received a cumulative ₦1.388 billion from 429 accounts.

Further investigations showed that neither company had applied for or received loans from the bank, nor did they render any service that would justify the inflow of such large sums.

The funds were subsequently used to acquire real estate and luxury automobiles, all now forfeited by the court.

The EFCC said it was able to trace ₦887.4 million that had been transferred into various bank accounts, and also recovered large cash sums, including those discovered in a black Escalade vehicle — now forfeited.

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Union Bank managed to salvage ₦519.1 million, which remained untouched in some of the accounts flagged during the audit.

In line with legal requirements for non-conviction-based forfeiture, Justice Osiagor had earlier granted an interim forfeiture order on May 16, 2025, and directed the EFCC to publish the court order in a national newspaper.

The publication on June 5, 2025, invited interested parties to show cause within 14 days why the properties should not be permanently forfeited. No objections were received.

Having complied with due process and satisfied the court of the connection between the assets and proceeds of fraud, Justice Osiagor granted the EFCC’s final forfeiture request.

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Report says the main suspects in the fraudulent scheme are already facing trial in a separate criminal proceeding.

BACKGROUND OF THE REPORT

KEY PLAYERS INVOLVED
– *Union Bank*: The bank where the fraud occurred, with the incident happening on March 23, 2025.
– *EFCC (Economic and Financial Crimes Commission)*: The agency investigating the fraud.
– *Suspects*: Several individuals, including former Union Bank staff member Abdulmalik Salau, Ismaila Yousuf Atumeyi, and Ngene Joshua Dominic, were arraigned for alleged cybercrime and money laundering.

HOW THE FRAUD UNFOLDED

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The fraudsters exploited a critical system glitch in Union Bank’s database, siphoning funds in small, deliberate transactions to avoid detection. They funneled the stolen money into 54 different financial institutions.

INVESTIGATION AND LEGAL ACTION

The EFCC launched an investigation after receiving a formal petition from Union Bank. They froze accounts linked to the fraud and recovered some of the stolen funds. The court granted a Post No Debit (PND) order, preventing further withdrawals from the implicated accounts.

PREVIOUS SIMILAR CASES

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In 2020, the EFCC secured the conviction of Abass Mohammed and a Bureau De Change (BDC) operator, Ibrahim Saidu Jogal, who connived to hack into Union Bank’s database and defrauded the bank of ₦2.55 billion. channels online

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Bandit Kingpin Ado Aleru Declares fellow Bandit Leader who k!lled Gen Rabe Wanted

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The bandit leader linked to the abduction and eventual death of retired Major General Rabe Abubakar has reportedly gone into hiding, amid claims circulating on social media that a rival bandit kingpin, Ado Aleru, has declared him wanted.

The bandit leader, identified as Kachalla Muhammadu (also known as Kachalla Muhammadu Fulani), is a notorious bandit leader indigenous to Matazu Local Government Area of Katsina State, and has been the prime suspect in the May 30 abduction of Gen. Rabe Abubakar (rtd), a former Director of Defence Information and ex-spokesperson of the Nigerian Army.

It was gathered that Kachalla had previously been involved in a government-backed peace arrangement with armed groups operating in the North-West before the abduction.

The retired general was kidnapped alongside his wife, Hajiya Amina Abubakar, around the Matazu area of Katsina State while the couple were travelling to a wedding. Their vehicle was ambushed along the Marabar Musawa–Kafinsoli Road near Zakin Baure village, with their driver sustaining gunshot wounds in the attack.

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Investigations by security agencies suggested the attack was not random. Preliminary findings indicated the abductors had deliberately targeted the general and his wife, tracking their movements from Kaduna before striking.

In the days that followed, Kachalla reportedly reached out to the family through an audio recording that later went viral. He demanded the release of three detained members of his gang and the return of livestock allegedly seized during a security operation in Jikamshi, appealing to the state government and local council leaders to meet his conditions.

He also confirmed reneging on a promise to free the general’s wife. Kachalla said he had planned to release Hajiya Amina but changed his mind because of the heavy security presence in the area, adding that he did not want security agencies to take credit for her release.

The bandit leader did not hide his readiness for violence either. He warned that he would have killed the general had his own parents been among those detained by security operatives, insisting that even a deployment of 1,000 soldiers would not help the government locate his camp.

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Despite weeks of negotiation, Gen. Rabe did not survive captivity. The retired general died while in bandits’ custody, with the Katsina State Government attributing his death to complications from diabetes and hypertension rather than direct violence.

President Bola Tinubu reacted to the development, with his office expressing condolences to the family and the Armed Forces while reiterating that government would not bow to kidnappers’ demands.

There was, however, some relief for the family. Hajiya Amina Rabe Abubakar, who was abducted alongside her husband, was successfully rescued by security operatives.

Weeks later, troops intensified the manhunt for Kachalla’s gang. Soldiers of the 17 Brigade Strike Group and Quick Response Force, backed by the 8 Division Special Forces, raided a terrorist hideout in Fafu Village along the Matazu–Musawa axis under Operation CLEAN SWEEP III, engaging the bandits in a gun battle that forced them to flee and abandon their camp. Four other victims who had been held alongside the general and his wife since April 14 were rescued in that operation. The Army said troops remain on Kachalla’s trail.

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Social media posts have since claimed that bandit kingpin Ado Aleru a Zamfara-based bandit leader who holds the title Sarkin Fulani and was himself once declared wanted by Nigeria’s Defence Headquarters with a bounty on his head has now declared Kachalla wanted, forcing him underground.

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BREAKING: Senate passes Police Bill

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By Ojomah Austin.

The Senate has passed constitutional amendments to establish state police in Nigeria.

The lawmakers passed the bill on Wednesday.

Earlier, the senators resolved to adopt manual voting for the consideration of the state police bill after its electronic voting device developed a technical fault.

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The resolution came after concerns among senators that some lawmakers could be disenfranchised if the chamber proceeded with the faulty device.

In the manual voting, each lawmaker will stand, announce their names and openly declare their positions on the proposed state police framework.

The Senate Leader, Opeyemi Bamidele,
moved the motion for the adoption of manual voting.

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Kuje-Gwagwalada Road Was a Death Trap for Decades, Tinubu Declares as He Commissions Phase I Dual Carriageway (Photos)

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By Ojomah Austin.

 

President Bola Ahmed Tinubu on Wednesday, said the newly completed Phase I of the Kuje-Gwagwalada Dual Carriageway has brought an end to decades of hardship, insecurity and economic losses suffered by residents and commuters along the corridor.

Speaking through Vice President Kashim Shettima at the commissioning of the 7-kilometre dual carriageway in Kuje Area Council of the Federal Capital Territory, (FCT) Tinubu described the road as a critical economic and security infrastructure that would transform the lives of residents in Kuje, Gwagwalada, Kwali and adjoining communities.

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“For decades, this road was a death trap. Traders from Kuje, Gwagwalada, Kwali and beyond lost time, goods and sometimes lives while plying this road. Criminals thrived in the darkness. Students wasted hours in traffic. Farmers could not get their produce to market on time.

“But that story ends today,” the President said.

Tinubu noted that the road, equipped with solar-powered streetlights, pedestrian walkways and modern drainage facilities, represents more than physical infrastructure.

“This 7-kilometre dual carriageway with solar-powered streetlights, pedestrian walkways and proper drainage is more than a road. It is security. It is commerce. It is dignity.

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“It is the economic corridor linking Abuja to three area councils and an opening and exit route to Southern Nigeria. With the construction of this road, we have unlocked the agricultural potential of this area, opened new residential layouts and made it safer for mothers, students and workers to move at any hour,” he stated.

The President said the project was a practical demonstration of the Renewed Hope Agenda and reaffirmed his administration’s commitment to extending development beyond Abuja city centre to satellite communities.

“My people of Kuje, Gwagwalada, Kwali and all the area councils and satellite towns, hear me clearly: this government sees you. You are not forgotten.

“For too long, Abuja’s development stopped at the city centre. Under the Renewed Hope Agenda, every area council matters. Every community counts. We will keep bringing roads, water, schools and hospitals to you,” he said.

Tinubu also urged residents to safeguard public infrastructure and support government efforts through civic responsibility.

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“Do not build on the median. Do not vandalise the solar lights. Pay your taxes and ground rents. When government works and citizens cooperate, development moves faster,” he added.

The President commended the Minister of the Federal Capital Territory, Nyesom Wike, for expanding development to underserved communities across the territory.

“I gave you an instruction when I appointed you: make Abuja work for all Nigerians, not just for those in Maitama and Asokoro.

“You have taken Renewed Hope to the grassroots. From judicial quarters in Katampe to roads in Kuje and Gwagwalada, you are proving that development must not be selective. You heard the cries of satellite communities and responded. That is leadership. Well done, Honourable Minister,” Tinubu said.

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Earlier, FCT Minister, Barr. Nyesom Wike, said the road project was a direct response to demands made by residents, traditional rulers and stakeholders during consultations held across the six area councils shortly after the administration assumed office in 2023.

According to him, insecurity and poor road infrastructure featured prominently among the concerns raised by residents of Kuje.

Wike recalled that the administration revived the abandoned Airport Road-Kuje road project before approving the Kuje-Gwagwalada road after personally inspecting its deplorable condition.

“So, one day, while returning from Kwali after inspecting projects, I said let us pass through the road the traditional ruler had been talking about.

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“As we travelled, it took us almost two hours. I asked where we were heading to and they said Kuje. I said, ‘Are we in America?’ This is within the FCT and it took us almost two hours. The road was terrible. In fact, saying it was bad is an understatement; there was practically no road,” he said.

The minister explained that the Federal Executive Council approved the project in early 2025 and that it was awarded to Gilmor Engineering Nigeria Limited.

He expressed satisfaction that the first phase had been completed within schedule and disclosed that the contractor had assured the administration that the second phase would be delivered by December 2026.

“What this means is that the people of Gwagwalada and Kuje can now interact more easily, businesses can thrive and farmers can move their produce to markets without stress. That is governance. That is bringing hope to the people,” Wike said.

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Also speaking, Minister of State for FCT, Dr Mariya Mahmoud, described the project as a visible demonstration of the Renewed Hope Agenda and a testament to the Federal Government’s commitment to improving lives through strategic infrastructure investments.

She commended Wike for what she described as his exceptional leadership and determination in delivering critical infrastructure across the FCT.

Earlier, Coordinator of the Satellite Towns Development Department (STDD) Abdulkadir Zulkiflu, said the project was awarded on February 28, 2025, and consists of a 7-kilometre dual carriageway with two lanes in each direction, a three-span bridge, drainage systems and solar-powered streetlights.

He added that the project would improve access to farming communities, facilitate movement of agricultural produce, reduce travel time and stimulate economic growth in Kuje, Gwagwalada and neighbouring communities.

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Zulkiflu disclosed that the second phase of the project, covering the remaining six kilometres of dual carriageway, is expected to be completed by December 2026, completing the full upgrade of the Kuje-Gwagwalada road corridor.

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