By Uzoma Akobundu

The United Bank for Africa (UBA) may have put its reputation in the harm’s way following a compromised share business deal where the bank’s branch manager and an account officer allegedly conspired with a dubious customer who used the name of a staff of another prominent bank to secure a loan from UBA with ease.

The thinking within the banking sector regulatory organs and the security agencies is that UBA was lax over due diligence issues that are expedient for a customer who wants to open an account or the one who intends to get a facility from a bank.

Armadanews.com gathered that the Central Bank of Nigeria (CBN), the Nigerian Stock Exchange (NSE), are considering the most appropriate sanction to mete to UBA that will serve as a lesson to others in the banking sector. Some officials of both the CBN and NSE in the know of the case frowned on it and are not happy the way UBA has shielded its staff involved in the matter.

The case was reported to the agencies for their intervention.

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