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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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Nigeria to Push Humanitarian, Youth, Economic Ties at OIC Meeting in Jeddah

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By Gloria Ikibah

Nigeria is set to push for stronger humanitarian cooperation, youth empowerment and economic partnerships when the Organisation of Islamic Cooperation (OIC) Council of Foreign Ministers meets in Jeddah, Saudi Arabia, on August 27.

The Nigerian delegation to the meeting is being led by the Minister of State for Foreign Affairs, Ambassador Sola Enikanolaiye, who said the country’s participation was aimed at securing practical partnerships that would deliver tangible benefits to Nigerians.

The delegation departed from the Mallam Aminu Kano International Airport, Kano, on Tuesday ahead of the meeting.

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Speaking to journalists before departure, Enikanolaiye said Nigeria’s participation was in line with President Bola Ahmed Tinubu’s Renewed Hope Agenda and the country’s 4-D Foreign Policy Doctrine of Demography, Development, Diaspora and Democracy.

“This is a journey of strategic partnership and purpose devoid of ideological or religious fixation. Nigeria goes to Jeddah to advance cooperation that delivers real benefits to our people.

“Under President Tinubu’s leadership, our focus goes beyond partisan religious orientation and persuasion. It is about bringing real benefits and development to Nigerians. Our focus remains peace, prosperity, from stronger ties with the Islamic world,” the Minister of State said.

On humanitarian and security cooperation, the minister said Nigeria will advocate the operationalisation of a Nigeria-OIC Working Group on Humanitarian Affairs.

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He said the proposed mechanism would strengthen regional responses to insecurity and humanitarian challenges in the Lake Chad Basin and the Sahel.

According to him, the initiative would cover support for interfaith dialogue, the rehabilitation of displaced communities, as well as efforts to tackle terrorism and violent extremism.

The minister also said Nigeria will seek expanded OIC-supported programmes targeting young people, women and other vulnerable groups.

He listed vocational training, women’s empowerment, healthcare and cultural exchanges among areas where Nigeria would seek greater cooperation.

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The aim, he said, was to equip Nigerian youths with relevant skills while promoting peace and unity among OIC member states.

On economic diplomacy, Enikanolaiye said Nigeria will use the meeting to showcase the country’s economic reforms and investment opportunities under the Renewed Hope Agenda.

He said priority areas will include agriculture, manufacturing, Business Process Outsourcing, automotive, oil and gas, and commerce.

The minister added that Nigeria will engage OIC investors and institutions on Business-to-Business (B2B) and Business-to-Government (B2G) partnerships to attract foreign direct investment and support economic diversification.

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The meeting will also feature the election of a new Secretary-General of the OIC.

Enikanolaiye said Nigeria will participate constructively in the process and work towards the emergence of leadership committed to unity, reform and people-centred programmes across the 57-member organisation.

He also sought to correct what he described as a lack of awareness about the activities of the OIC in Nigeria, noting that the organisation had implemented several programmes and projects in the country without religious bias.

The minister reaffirmed Nigeria’s commitment to multilateralism and stronger solidarity within the OIC, which he described as the second-largest intergovernmental organisation after the United Nations.

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He noted that Nigeria had remained an active and prominent member of the OIC since 1986 and continued to play a leading role in promoting peace, development and cooperation among its 57 member states.

“Nigeria remains a committed member of the OIC. We will work with all member states to ensure our collective decisions reflect the aspirations of over 1.8 billion people and contribute to global peace and development,” he added.

The Minister of State is also expected to hold bilateral meetings with his counterparts and OIC officials on the sidelines of the Council of Foreign Ministers meeting.

The discussions are expected to focus on strengthening bilateral relations and advancing Nigeria’s interests in humanitarian affairs, security, youth development and economic cooperation.

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Nigeria-Thailand Sign Technical Cooperation Pact, Target Bigger Economic Ties

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By Gloria Ikibah

Nigeria and Thailand have signed a Memorandum of Understanding (MoU) on technical cooperation as both countries seek to deepen economic relations, increase bilateral trade and attract more investment.

The agreement was signed on Tuesday at the Ministry of Foreign Affairs in Abuja by Nigeria’s Minister of Foreign Affairs, Ambassador Bianca Odumegwu-Ojukwu, and Thailand’s Deputy Prime Minister and Minister of Foreign Affairs, Mr Sihasak Phuangketkeow.

Speaking at the signing ceremony, Odumegwu-Ojukwu said the agreement would provide a fresh platform for both countries to work together in skills development, technology transfer and sustainable development.

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She welcomed Thailand’s Thailand-Africa Initiative (TAI) and called for closer collaboration between the Nigerian Technical Aid Corps (NTAC) and the Thailand International Cooperation Agency (TICA).

The minister also highlighted the ongoing Thailand-Nigeria Sustainable Agricultural Technology Development Project, proposing that it be expanded to other parts of Nigeria.

She called for greater cooperation in agricultural research, technology and innovation, stressing the need to use the partnership to improve development outcomes.

Odumegwu-Ojukwu said Nigeria was interested in taking its relationship with Thailand beyond its current level and building a strategic partnership anchored on stronger economic cooperation.

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She urged both countries to diversify bilateral trade, which has largely centred on commodities and agricultural products.

The minister called for increased Thai investment and joint ventures in agro-processing, manufacturing, energy, ICT, mining, renewable energy and other value-added sectors.

She also drew attention to Nigeria’s large consumer market and the investment opportunities available to Thai businesses, urging them to take advantage of the country’s incentives and growing economic potential.

The minister further proposed the establishment of a Joint or Bi-National Commission to provide a permanent framework for bilateral economic dialogue, monitor the implementation of agreements and speed up the conclusion of pending bilateral instruments.

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Among the agreements she identified for attention were the Investment Promotion and Protection Agreement, Trade Agreement, and Agreement on Economic, Scientific, Technical and Cultural Cooperation.

Nigeria also called for closer relations between the Association of Southeast Asian Nations (ASEAN) and the Economic Community of West African States (ECOWAS), saying stronger regional cooperation could open up fresh opportunities for trade, investment and development.

Odumegwu-Ojukwu reaffirmed Nigeria’s commitment to building a stronger economic partnership with Thailand through increased trade and investment, technical cooperation and regular high-level engagements.

On his part, Thailand’s Deputy Prime Minister and Foreign Minister, Sihasak Phuangketkeow, described Nigeria as “a key economy in Africa.”
He said a strategic economic partnership between the two countries would boost investment and trade while delivering benefits to their citizens.

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The signing of the MoU comes as Nigeria and Thailand seek to build on their longstanding diplomatic relations by expanding cooperation beyond traditional areas of trade and towards technology, agriculture, manufacturing and other sectors capable of creating jobs and supporting economic growth.

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Nigeria-Thailand Move to Deepen Ties, Expand Trade, Security Cooperation

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By Gloria Ikibah

Nigeria and Thailand have agreed to strengthen their longstanding diplomatic ties and expand cooperation in trade, agriculture, investment, technology, security and other areas of mutual interest.

The commitment was made at the inaugural Nigeria-Thailand Bilateral Consultations Meeting held in Abuja.

The meeting brought together senior officials from the foreign ministries of both countries and provided an opportunity to review bilateral relations, discuss regional and global developments and identify practical areas for closer cooperation.

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The Nigerian delegation was led by Ambassador Grema Garba, Director, Regions Department, Ministry of Foreign Affairs, while the Thai delegation was led by Mrs Sirilak Nyom, Deputy Permanent Secretary, Ministry of Foreign Affairs.

The consultations also marked an important step in implementing the Memorandum of Understanding on the Establishment of Bilateral Consultations, signed during the visit of Thailand’s then Deputy Prime Minister and Foreign Minister to Nigeria in 2023.

Nigeria and Thailand established diplomatic relations in 1962 and, at the meeting, both sides reaffirmed the cordial and mutually beneficial nature of their relationship.

Nigeria highlighted opportunities for increased cooperation in trade and investment, agriculture and food security, energy, manufacturing, tourism, healthcare, technology and technical cooperation.

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Both countries also acknowledged their strategic positions as gateways to their respective regions, with Nigeria offering access to the African market and Thailand providing a gateway to Southeast Asia and the wider Asian market.

Agriculture emerged as one of the key areas of interest, with Nigeria expressing interest in Thailand’s experience in rice production, cassava processing, aquaculture, agricultural machinery and food processing.

The two sides also explored opportunities for increased Thai investment in Nigeria’s agricultural value chains.

Other sectors identified for greater economic cooperation included agro-processing, oil and gas, renewable energy, manufacturing, mining, healthcare, tourism, ICT and infrastructure.

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The consultations further considered the possible operationalisation of the Joint Trade Committee and measures to encourage greater private-sector participation and make trade and investment between both countries easier.

Visa and consular matters also featured prominently during the meeting, with Nigeria raising concerns about visa procedures affecting Nigerian businesspeople, investors, students and tourists travelling to Thailand.

Nigeria called for greater transparency, efficiency and predictability in the visa application process.

The two countries also discussed migration management, human trafficking, migrant smuggling, protection of nationals, repatriation and prisoner-transfer arrangements.

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On security, Nigeria and Thailand agreed on the need to strengthen cooperation against drug trafficking, human trafficking, cybercrime, online scams and other forms of transnational organised crime.

Thailand highlighted its existing cooperation with Nigeria’s National Drug Law Enforcement Agency and the proposed Memorandum of Understanding on narcotic drug control and suppression.

It also introduced the SHIELD database as a tool for sharing information on scams and human trafficking, while expressing readiness to strengthen cooperation in intelligence sharing, digital forensics, law-enforcement coordination and capacity building.

The two countries equally welcomed opportunities for expanded technical cooperation through the Thailand International Cooperation Agency (TICA), including training, scholarships and institutional partnerships.

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The areas identified for such cooperation include agriculture, food innovation, climate resilience, renewable energy and digital technology.

On international affairs, Nigeria and Thailand reaffirmed their commitment to multilateralism, international peace and security, regional integration and a rules-based international order.

Both countries supported comprehensive reform of the United Nations Security Council to ensure more equitable representation for Africa and stronger participation of developing countries in global decision-making.

Nigeria also welcomed Thailand’s Thailand-Africa Initiative and expressed its readiness to support stronger Thai engagement with the African Union and the Economic Community of West African States (ECOWAS).

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The two sides exchanged views on regional developments, including insecurity in West Africa and the Sahel, stressing the importance of dialogue, confidence-building and coordinated responses to emerging security challenges.

They further agreed to continue consultations on cooperation within multilateral organisations and mutual support for candidates seeking positions in international institutions.

At the end of the meeting, both sides expressed satisfaction with the outcome and pledged to turn the discussions into concrete programmes and deliverables.

Thailand also indicated its readiness to host the second round of the Nigeria-Thailand Bilateral Consultations in Bangkok on a mutually agreed date and expressed interest in advancing outstanding bilateral agreements.

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Nigeria, in turn, reaffirmed its commitment to working closely with Thailand to deepen their longstanding friendship and expand cooperation across economic, agricultural, technological, security, consular, developmental and multilateral areas.

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