N1.4bn fraud uncovered in Wema Bank’s subsidiary

Lanre Oyetade, Group Business Editor - 08.11.2009

The management of Wema Bank Plc has uncovered a fraud allegedly perpetrated by a top officer of one of its subsidiaries running into about N1.427 billion.

According to sources within the bank who spoke on conditions of anonymity, the said officer (names withheld) was a top manager with a subsidiary of the bank until September 2008, when he was relieved of his duties on account of the fraud.

The man, who was also said to be a proprietor of a new generation church, was alleged to have been involved in a fraud on the account of one of the customers of the subsidiary.

The source disclosed to the Sunday Tribune that the said manager allegedly moved N350 million out of the account based on a letter he had forged. “The bank thereafter, wrote a petition to the Special Fraud Unit (SFU) against the diversion and stealing.

“During the course of investigations, it was discovered that the sum of N330 million was used to acquire a property in Ikoyi, Lagos. However, while the bank’s petition was for N350 million, the police, during the course of investigations, stated that the amount recoverable was N810 million,” the source stated.

The source added that, based on the fact that he could not return the money to the account, he handed the property over to the chairman of the company who sold the property for N810 million, while the police directed that the proceeds of the sale should be paid over to the bank.

According to the source, the sum of N655 million has been recovered with regard to this original fraud, leaving a balance un-recovered sum of N155 million from that particular fraud.

However, according to the source, there are a number of other frauds currently undergoing investigation, traceable to the same manager. According to documents made available to our reporter, the top manager allegedly fraudulently converted a total sum of N617,217,963.72 (Six hundred and seventeen million, two hundred and seventeen thousand, nine hundred and sixty-three naira, seventy-two kobo) from the subsidiary between August 2007 and September 2008.

For instance, he allegedly converted a N218 million cheque in favour of the company into an unidentified beneficiary’s account and allotted 10 million units of Wema Bank Plc’s shares currently worth N61,010,362.80 to himself without payment, among a series of other fraudulent activities.

http://www.tribune.com.ng/08112009/news/news3.html

Another greedy pot-bellied monster. Did I read

The man, who was also said to be a proprietor of a new generation church

?, hmmm!, never knew churches have proprietor

Another one!

Church proprietor? hahaha, thats excatly what most of them are anyway.
Soon we will have Church Managing Directors.

Men, them kinda cash gonna make a broda feel ill ,how the hell did he manage all that by himself eh, no third party, them lot at that bloody bank should sing another song,

the amounts mentioned here are dizzying.
i need a break.
this some unknown officer in a subsidiary of 'ordinary' Wema bank o!
imagine what happens with the big cats in banks with more cash and muscle.
yet we complain of our politicians?
i am almost convinced that our politicians are no different from the masses.

this is getting ridiculous

mbulela:

the amounts mentioned here are dizzying.
i need a break.
this some unknown officer in a subsidiary of 'ordinary' Wema bank o!
imagine what happens with the big cats in banks with more cash and muscle.
yet we complain of our politicians?
i am almost convinced that our politicians are no different from the masses.

sport on Brov,I was gonna fuel my car at a petrol station in Nigeria and I over heard an Okada Man boasting of how a decieved a police man from arresting him for not having a plate number on his bike and he was proud of it, he said he told the PC that the owner of the Bike is a high ranking Military oficer lol ,corruption and our attitude to life in this country has deply F** ckd us up big time.

Could this be true?

Madam Waziri, where are you?

fraud every where, nemesis has caught up with him

When will fraud in the banking sector end?

^^^^ Until we as individuals start taking the Banks to Court for lost funds and winning the case, in our dreams though lol