Saharareporters has confirmed from US government investigators that the United Bank of Africa (UBA), was fined $15 million for failure to report suspicious transactions to the Financial Crimes Enforcement Network (FinCEN) and the Office of the Comptroller of the Currency (OCC) due to huge money transfers from the Central Bank of Nigeria. The penalty against the New York Branch of United Bank for Africa, PLC for violations of the Bank Secrecy Act (BSA) was as a result of the deposit made by Charles Soludo, the current governor of the Central Bank of Nigeria into the accounts of the UBA branch in New York. "The money was assessed to be close to $300 million", according to one of the investigators who spoke anonymously to Saharareporters. Sources told our reporters the money was used in short term investments in New York for businesses that were unrelated with that
of the stated mission of AFC and the proceeds might have gone into private bank accounts.
Further inquiries shows that the transaction came directly from the Central bank account of the Africa Finance Corporation (AFC) of which Soludo is Chairman while Tony Elumelu , the managing director of the United bank of Africa is a director. Other directors of the African Finance Corporation (AFC) include major bank CEOs and Nigeria's so-called "economic prime movers" that benefited largely from financial scams packaged as "economic reforms" by the Obasanjo regime. Charles Soludo, Tony Elumelu (UBA), Jim Ovia (Zenith), Aliko Dangote, Femi Otedola and Cecilia Ibru are all directors of the board of the African Finance Corporation (AFC). These banks are supposed to be under the supervision of the Central Bank of Nigeria. Two days ago the US authorities announced the assessment of concurrent civil money penalties of $15 million, against the New York Branch of United Bank for Africa, PLC for violations of the Bank Secrecy Act (BSA). The UBA has already made a single payment of $15 million to the US. Department of the Treasury.In what appears to be a continuation of trouble for the UBA branch in New York, US authorities told Saharareporters that they have detected another suspicious transaction of $200 million into the UBA New York branch account in March 2008, the monies were traced to the CBN /AFC account in Nigeria. In July 2007 the UBA entered into an agreement with the US Department of Justice to settle civil and criminal liabilities of money laundering of fraud proceeds discovered between 2000 and 2004 through accounts held at UBA, including that of a company named Zamora. US authorities told Saharareporters that the recent fines by the OCC and FinCEN are totally unrelated to the July 2007 agreement with the US department of Justice in which the UBA also forfeited $5 million. The July 2007 settlement did not preclude possible criminal prosecution of UBA for tax evasion.

TRANSCORP -styled "African Finance Corporation Board":
Chairman: Professor Chukwuma C. Soludo, CFR Governor, Central Bank of Nigeria.

Director: Mr. Austine O. Ometoruwa President and Chief Executive Officer Africa Finance Corporation

Director: Alhaji Aliko Dangote, CON Chief Executive Officer Dangote Group

Director: Mr. Ebong Bassey Managing Director,Union Bank of Nigeria

Director: Mrs. Cecilia Ibru, MFR Managing Director/ CEO Oceanic international Bank PLC

Director: Mr. Erastus Akingbola Managing Director Intercontinental Bank Plc

Director: Mr. Jim Ovia Managing Director Zenith Bank PLC

Director: Mr.Tony Elumelu, MFR Managing Director United Bank For Africa Plc

Director: Mr. Tunde Lemo Deputy Governor FSS Central Bank of Nigeria

Director: Mr. Oye Hassan-Odukale, MFR Managing Director Leadway Assurance Co. Ltd

Director: Mr. Femi Otedola Chief Executive Officer Zenon

Director: Mr. Lewis Tung Managing Director Wempco Group

Director: Dr. Shamsuddeen Usman Honourable Minister of Finance Federal Republic of Nigeria Ministry of Finance

nairalanders,am i alone in this topic, no replies nor contributions yet maybe i goofed?

it would seem so, or

You didnt goof, we just don't know what to say. The level of corruption is so high in this country. Only God can help the fallen giant called Nigeria. Nigerians are cowards, no one is ready to fight and save the nation.

Soludo,$300million ?

What i keep asking si what manner of banking are we practicing in this country now. After this soludo wants to be the governor of Anambra state.We should all say no to this criminality in government