How Manager Stole Union Bank’s N860m

An Economic and Financial Crimes Commission, EFCC, prosecution witness, Mr. Olakunle Ball yesterday told an Ikeja High Court sitting in Lagos how a branch manager of Union Bank Plc, Mr Alexander Nkencho, allegedly defrauded the bank of N860 million.

Ball, a Deputy General Manager of Union Bank told the court presided over by Justice Lateefat Okunnu that the accused conspired with his brother-in-law, Mr Ebi Odeigah to carry out the fraud.

The witness who was being led in evidence by Mr Ben Ubi, counsel to EFCC alleged that the duo committed the offence in July 2008.

He claimed that Nkencho, who was a branch manager of Union Bank in Falomo, Lagos, debited three cheques worth a total of N860 million to GMT Securities and Assets Ltd which is owned by his brother in-law.

Ball said: “on August 11, 2008, I was going through my computer system and I discovered that the account of GMT Securities at Falomo was overdrawn to the tune of N860 million.

“I quickly called my deputy and we did a spot check which revealed that three Zenith Bank cheques worth N860 million were debited to the account of this company without authorisation.”

He said the cheques dated July 31, 2008 were numbered 000004184, 000004185 and 000004186 respectively.

According to him, the matter was reported to the police who arrested the two accused persons before the matter was transferred to the EFCC.

“Our internal investigation found Mr Nkencho guilty and he was dismissed from the bank for gross misconduct. For such an amount, there ought to be an approval from the head office and there was none,” he alleged.

The accused persons who had earlier been granted bail are facing a 14-count charge which includes conspiracy to steal, stealing and issuance of dud cheques.

Their offences, according to the EFCC, contravene Section 1(1) (a) of the Dishonoured Cheques Offences Act, Cap D 11, Laws of the Federal Republic of Nigeria 2002.

It also contravenes Sections 516 and 390 (8) (b) of the Criminal Code Law Cap C17, Laws of Lagos State Nigeria 2002.

— Henry Ojelu