I have closely Observed that in Recent times, Banking Institutions in Nigeria have been involved in sort of Fraud or the Other, From First Bank to Access to Polaris but one that struck my attention was the number of Fraud cases(Insider fraud) at Union Bank.

Upon research, Several articles online reveal that some management and staff of Union Bank have consistently defrauded millions of Naira belonging to their own depositors. The internet is filled with stories of staff of the more than 100-year-old financial institution being involved in different kinds of fraud ranging from alleged gross ethical violation, brazen theft, and many more financial malpractices.

To back up these observations, here are a few reports published in the past of such incidents involving the management and staff of the bank, culled from various media outlets across Nigeria;

1. N8.8 MILLION FRAUD BY SALLY DAGUN:

Mrs. Dagun, the wife of a pastor and staff of Union Bank, stole the sum of N8.8Million from one Mr. Mansur RIMI, a customer of Union Bank in Abuja. According Mr. Mansur, he discovered his money was missing from his account with Union bank, he immediately summoned Mrs. Dagun, his account officer, over.

During the interrogation, Mrs. Dagun, who later got to discover that his invitation was in connection with the missing fund, decided to confess, saying that she has been stealing his money since September, 2017, adding that the total amount she withdrew from Mr. Mansur’s account from last year till date is N8.8Million.

It was also gathered that Mrs. Dagun, apart from being the Relationship Manager at Union Bank, Dede, she is happily married to a pastor of an undisclosed church, having three kids with him.

2. UNION BANK EMPLOYEE HELD FOR N8.6 MILLION FRAUD

A former banker with the Union Bank of Nigeria Plc, Mr. Kazeem Alli, was remanded in prison custody by Justice Chuka Obiozor of the Federal High Court, Lagos in October 2018 over alleged conspiracy, impersonation and internet fraud amounting to N8.7 million.

Alli was arraigned before the court by the Economic and Financial Crimes Commission (EFCC).

Alli, according to the EFCC, had on May 8, 2018, while still working as a staff of the bank, failed to obtain proper data of a bank customer in processing Unionmobile in respect to Account No. 0010807900.

The accused is also alleged to have impersonated one Alexander Cherembem Okan and fraudulently withdrew the sum of N8. 677, 907.00 million from the said account No. 0010807900.

3. UNION BANK STAFF DEFRAUDS CUSTOMER OF N116 million

The Economic and Financial Crimes Commission (EFCC) on Tuesday, December 19, arraigned the duo of Temitope Oluwasanmi and Augustine Olayinka before Justice Mojisola Dada of the Lagos State High Court sitting in Ikeja on a seven-count charge bordering on conspiracy, stealing and fraudulent diversion of funds to the tune of N116m.

The first defendant, Temitope Oluwasanmi, an employee of Union Bank of Nigeria (UBN) Plc, was arrested by operatives of the EFCC sometime in October 2017, following a petition received by the Commission from the bank.

Oluwasanmi is alleged to have diverted the sum of N116 million to the savings accounts of three individuals, who are said to be his friends: Augustine Olayinka (account no.: 0050657770), Oginni Opeyemi ( account no.:0046585982) and Ogbaro Oluwaseyi (account no.: 0061074951).

4. UNION BANK HEAD OF OPERATIONS INVOLVED IN N450 MILLION FRAUD (JAILED)

A former Head of Operations at the Head Office of Union Bank Plc in Marina, Lagos, Mr Paul Onwughalu, was sentenced to three years imprisonment for his involvement in fraud to the tune of N450 million.

Mr Onwughalu was arraigned by the Economic and Financial Crimes Commission (EFCC) in February 2014 before Justice S.S. Ogunsanya of the Lagos High Court, Ikeja on a four-count charge bordering on failure to conduct due diligence in financial transactions.

5. TWO UNION BANK MANAGERS ARRESTED FOR N661 MILLION FRAUD (stolen from customer transactions)

The Economic and Financial Crimes Commission (EFCC) has arrested two Union Bank of Nigeria managers for allegedly stealing the sum of N661million from the bank.

The commission said in a statement released by its spokesman, Wilson Uwujaren in Abuja on Tuesday said that the duo of Samuel Obende, a branch Manager and Rabiu Alhasan Dawaki, Head of Operation stole the money in the course of their daily operations.

According to the EFCC, the two managers, who are both serving at a Union Bank in Kano, reportedly abused their positions to perfect the fraud.

The two men who were saddled with the responsibility of evacuating and supplying cash to 17 branches of the bank in Kano, Katsina, Kaduna and Jigawa States, conspired and made away with the said amount without the knowledge of their employers.

6. EMMANUEL NWUDE

Unknownst to most people, One of the Biggest Fraudsters to ever walk the face of the Earth, Emmanuel Nwude, who committed the Third largest Fraud in Banking History, is a Former Director at Union Bank. Nwude is known for defrauding Nelson Sakaguchi, a Director at Brazil's Banco Noroeste based in São Paulo of $242 million, $191 million in cash and the remainder in the form of outstanding interest between 1995 and 1998.

From my investigation, this bank is sort of like a pseudo-haven for fraud because there is a 'pattern', its very disturbing and makes one wonder what the CBN is doing in terms of making sure customers deposits are protected from Banks like this.

REFERENCES:

https://www.nairaland.com/4849297/sally-dagun-union-bank-steals

http://saharareporters.com/2017/12/19/efcc-arraigns-banker-another-n116m-fraud

https://businesspost.ng/2018/05/24/union-bank-head-of-ops-jailed-for-n450m-fraud/

https://en.wikipedia.org/wiki/Emmanuel_Nwude

http://pointblanknews.com/pbn/exclusive/criminal-fraud-places-union-bank-serious-financial-jeopardy/

https://www.rablowoods.com/2019/01/10/efcc-arrests-two-bank-managers-n661m-fraud/

Not good at all. Op, thank you for this.

For this, you just won a premium massage session by trained professionals. It's on the house. The rest of you can check my profile if you want.

Are they recruiting?

;Deep

You get time... Weh done sir

AntiBrutus:
Are they recruiting?

You want to enter and siphon your own share of the millions too eeh?

Let me tell you this story (True story o)
My friend was working at Access Bank customer care on the Lagos Island, having worked for 7 years without promotion (100k salary) they guy kinda tilt towards his family for help and some how he bought his first car at 36 years.
It shouldn’t surprise you that the guy was layed off!
Reason: “The salary we are paying you can’t enable you buy a car, you are living above your earning”
The Nigerian banks are taylored in a way that no matter how long you serve them you can’t make it so most of them have resulted into defrauding the banks.
How do you want someone seeing millions daily to earn 50k monthly? Are you so unfortunate!!! Even if him no steal money then go still sack am.

Another story
My SU brother toiled for UBA not having time for his family (Monday to Saturday) with masters degree, he worked for them for almost 8 years, that faithful day when him reach office them just hand am sack letter. Up till date he’s still miserable na him wife dey feed am. Will such person have another opportunity and not defraud?

this is actually prevalent to most Nigeria Banks

AntiBrutus:
Are they recruiting?

Insider fraud occurs in all the banks on a regular basis - so much so that banks discreetly make provision for it in their books. No point in singling out Union Bank.

Hmmmm.... This table u are about to shake.

The truth is most bankers in Nigeria are always looking for ways to make money other than their salary and this leads them into trouble.

They usually believe it means they are smart, despite when its obvious they are abusing their positions

The op is definitely out to rubbish union Bank. Last 2 weeks we still read on this same FP how fraud on olams limited was perpetrated by some firstbank staff who were trying to pin it down on a dispatch rider who happens to be a contact staff.

Bankers will always perpetrate fraud. GTB have their own fair share too as well and others.

You posted news excerpt of union Bank staff that have been docked by EFCC and just jump to the conclusion that union Bank allows fraud to thrive, yet u didn't even specify u went back as far back as 1995 to dig bad news about them....What happens to other banks?

AntiBrutus:
Are they recruiting?

Yes, they are. Only just small reading una no gree do mtcheeee

Terrible

Union bank offered me a loan for 36% I think this is fraudulent too.

AntiBrutus:
Are they recruiting?

What is the point of this thread?
Other banks suffer worse theft but they handle it inhouse or shut out the media.

This actually shows the level of our value system,until we put on integrity and truth as our banner in this nation, incidents like this would continue to happen in the banking space and other spheres...

It shows their Internal control/Compliance officers are not doing what they are paid to do else this fraud could be mitigated. I guess they're only interested in bullying and intimidating their fellow staff simply because they're compliance officers.

This same bank? They duped my siblings and I of our shares..

Political fraud(my future ambition) still remains the best.
Imagine if that Naira Marley guy were a politician, a PDP member to be precise. Hypocrites here on Nairaland would have blamed buhari for his arrest, saying he is biased in his fight against corruption.
But if na regular street hustlers, them go dey shout fraud is fraud!
STUPID PEOPLE!

If all these money has been stolen and spend, how much come dey the bank?

419 bank of life

When i resigned from a bank i spent my 1 month at a branch near my house. I later read on nairaland how the gentle faced atm custodian used his ogas details to move 3m from an account. Fool was planning wedding and wanted to impress

GeorgeTheCoder:
Insider fraud occurs in all the banks on a regular basis - so much so that banks discreetly make provision for it in their books. No point in singling out Union Bank.

union bank is the don

as the oldest bank in Naija, na dem defraud pass

even dead customers, they will sell your property and leave your children to be roaming the streets in penury

I fear union bank o

Wao...very huge

AntiBrutus:
Are they recruiting?

you will be exposed after 2 months

fraud is mostly done by the Bank's MD who convert the asset of the bank to their personal property and also mopping the profit of the bank by increasing expenses in the financials.

please follow with other Banks too.

AntiBrutus:
Are they recruiting?

I don't trust you

You obviously have something against the bank. Fraud will always be around banks as long as banks remain to be about money. Do not make this about a bank,Perpetration of fraud happen around all banks. .... To think Taint bad Union with these few examples belittles your analytical capacity.

Ur head is there jarey

AntiBrutus:
Are they recruiting?