bkool7:
If Efcc didnt make this public these same set of ppl commenting above will still ask why itntook them so long to do so.
What Efcc did was simply protocol.

They've contacted the bank and when they got no response, they went public. Only for the bank to start tweeting.
Is this a tweeting matter?

Should EFCC be making public a case still under investigation?

You're grossly biased, I can see that clearly. Since EFCC thinks the best way to reach out to the bank was through the media, why shouldn't Union Bank tweet about it too.

However if there was any person that should have been wary of rushing to the media, it should have been a professional agency like EFCC but we know there is definitely nothing professional about them.

Yusman316:

Guys when will u comprehend what u read? Under the money laundering act, it is illegal to carry such huge amount without declaring to the relevant agency irrespective of who owns it, period. Pls stop with the what ifs

C pot calling kettle black. Some of u are so emotional that u think u have a monopoly of knowledge. Am discussing bullion cash movement and u are interjecting about money laundering act. Does money laundering act cover d cash-in-transit activities of banks? Do u no what obtains b4 a bank decides to move its cash from one location to another?

This is what u responded to. Pls read it and tell me how it relates 2 what u wrote above:

"If d bank allows its staff to carry d cash without using bullion van, who are we to question. If d bank&bankers warehouse took responsibility, then it shows approval was obtained at d highest level"

This is d post I responded to;

"When has it become a norms for bank to carry money around in suitcases? Where did the bullion vans go to?"

Purposeciti:


efcc isn't as independent as it was under Jonathan.

Grow sense and die with your dirty politics. Politics wey u play you no chop 1 naira out of it. Broke youth

romenalex:
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Waste of mb

richeeyo:
Nigerian youths are so dumb, instead of asking why dollars is been moved and not naira if union back claims ownership, abi na dollar be official Nigerian currency

You are the one that is dumb. Dollar Euro and pounds are being transacted in millions everyday here in Nigeria in cash

ImperialYoruba:


It can be completed in 5mins.


I work in Corporate and have dealt thoroughly with the issue of communication and its value to building relationships and influencing your opponents to support your position beyond themselves.

Take weapon out of your opponents hands. You can do it effectively with communication. Union bungled the opportunity....but, its not too late to recover from it.

I would advise they desist from issuing any more public statement and return the contacts to its standard procedure. Get Legal in so they can do their job and resolve with EFCC.

Since u work in corporate which is PR, then u can measure how badly d EfCCs image has been battered by their poor handling of d situation. How did EFCC use d situation to build r/ship&influence public opinion in its favour? Am surprised u saying union bank goofed when majority of d responses of Nigerians on this issue are clearly on d side of union bank. Its EFCC that has a weighty image laundering to conduct

lexy2014:


C pot calling kettle black. Some of u are so emotional that u think u have a monopoly of knowledge. Am discussing bullion cash movement and u are interjecting about money laundering act. Does money laundering act cover d cash-in-transit activities of banks? Do u no what obtains b4 a bank decides to move its cash from one location to another?

This is what u responded to. Pls read it and tell me how it relates 2 what u wrote above:

"If d bank allows its staff to carry d cash without using bullion van, who are we to question. If d bank&bankers warehouse took responsibility, then it shows approval was obtained at d highest level"

This is d post I responded to;

"When has it become a norms for bank to carry money around in suitcases? Where did the bullion vans go to?"

If they have approval why didn't they just show it to efcc?

Yusman316:

If they have approval why didn't they just show it to efcc?

Did EFCC arrest d guys cos they didn't have approval from union bank and bankers warehouse to carry d cash? With all ur reading, what exactly did u now read in d whole story?

ImperialYoruba:




Ok. Legally, there is only one Union Bank. By this I mean if you look in CAC records for registration of business name you will find one Union bank Corporation.

In any legal or financial matter that one Corporation is the entity with ownership and accountability.

For ease of reaching into the corners of every market they set up branches in different places.

Union Bank Bonny Island, Union Bank Afikpo, all send their balance sheets to the HQ.

If HQ Lagos wants to send 5billion Naira to Bonny it wires to CBN Lagos. CBN Lagos wires to CBN Rivers. CBN rivers deliver 5bn to Union Bank Bonny.

This is called CLEARINGHOUSE function.

If there is a bank out there today sending 5bn by air between branches people should raise alarm and get it to stop. Its a bad practice.

Eh ya!
Ignorance is bliss...
All of what you've written is off the cuff.....
I'll rather have an octogenarian run the polity than have you any where close with what I've just read from you concerning the subject matter under discuss....

ImperialYoruba:




Ok. Legally, there is only one Union Bank. By this I mean if you look in CAC records for registration of business name you will find one Union bank Corporation.

In any legal or financial matter that one Corporation is the entity with ownership and accountability.

For ease of reaching into the corners of every market they set up branches in different places.

Union Bank Bonny Island, Union Bank Afikpo, all send their balance sheets to the HQ.

If HQ Lagos wants to send 5billion Naira to Bonny it wires to CBN Lagos. CBN Lagos wires to CBN Rivers. CBN rivers deliver 5bn to Union Bank Bonny.

This is called CLEARINGHOUSE function.

If there is a bank out there today sending 5bn by air between branches people should raise alarm and get it to stop. Its a bad practice.

So how does CBN rivers deliver 5billion naira to union bank bonny? How's it bad practice to carry cash by air?

WaffenSS:


What's hasty, reporting that a huge stash of foreign currency was nabbed from 2 people who clearly do not own the money and whose story doesn't really jive?

I like to live in a society where suspicious acts are made news.

You people are just backward and belong to the stone age

Please do not insult the stone age! I went through many post before I got to your own, the first post from a person with a brain that works, so stone age is way too close to today for the brains of the idiots who do not understand that it is illegal to transport such a huge amount of money internationally when the limit is set at $10k.

I would say air age, or carbon age even, but I think I'd have to go to pre-big bang age to find an age that would not be insulted too much!

Please be warned! And thank you for existing.

iamadedotun:
I see the reason why most of our so called Bsc Holders and so called graduates are finding it difficult to secure a job. The way we think is so horrible why in the world would someone say this is a political score? When has it become a norms for bank to carry money around in suitcases? Where did the bullion vans go to? Its pathetic

Abi o. Would I hire those fools to work for me?

Absolutely not!

Please, all you who support EFCC on this I will try to go through and like and share your posts so people don't look at me funny at work thinking all Nigerians are like those pre-big bang fools and I am anti-EFCC like them!

ladman:


This person won't get enough likes. He will easily be suspected as a Buharideen but you make a good point. Union Bank do not need to be aggressive about this, as a corporate organization, simply show your proof that there is no dirty business and respectfully shut down EFCC's initial gra-gra. But to think EFCC is over reacting over publicizing suspicion, is an over reaction borne out of being angry with any government operation.

I liked this person. And I'm liking you too to show I really like this person!

BigIyanga:

In a sane clime, carrying money is not a crime and it’s not the police that determine that money is illegal, it’s left for the court. Folks like u dont know how things work outside Naija. Also in a sane clime, EFCC would be facing govt inquirie and multiple lawsuits.

Really, which, outside Naija? Carry 10k euros or dollars anywhere in Europe or America and see if you would not lose your money even if you were just driving it down the street!

Talking as if we are all fools here! Even if Union Bank are legit with this, they must pay 20% wahala money to efcc!

ImperialYoruba:


I responded to this earlier but will emphasize here again.

We dont know the truth. We can only make assessment of what each side has published.

If you are EFCC and im Head of Ops in a bank and receive letter from you, or even a phone call....im jumping on it right away and will respond to let you know i got your letter or phone call or whatever and we will look into your concern.

Maybe in the past people fvckd with EFCC and didnt even read its letters before thrashing it. Those times are past! Anyone getting EFCC contact these days and treating it nonchallantly has himself to blame.

At least tell them you got it...detailed response will come after review. Shikena! . That doesnt take 24hrs to do.

Which kind letter? If you were in charge of moving this amount of money for Union Bank would you not glue phone to your head until money reach? Efcc call you, write you letter, phone you you no answer come de tell us you get case!

That kind nonchalantly is like dark ages type!

dominusgai:


Chairman 5 minutes is not possible, it will take at least 24 hours. I just consulted with a banker now. He told me before they can reply a mail from efcc would take at least 2 working days.

Trust me, anyone can sleep two days with that sort of money not where its meant to be get yawa no be small!

Yusman316:

Guys when will u comprehend what u read? Under the money laundering act, it is illegal to carry such huge amount without declaring to the relevant agency irrespective of who owns it, period. Pls stop with the what ifs

Not only declaring it, but moving it through the proper channels with proper paperwork!

gogodaye:


Eh ya!
Ignorance is bliss...
All of what you've written is off the cuff.....
I'll rather have an octogenarian run the polity than have you any where close with what I've just read from you concerning the subject matter under discuss....

Show me your pvc please and let me burn it! You must not be allowed to vote!

lexy2014:


So how does CBN rivers deliver 5billion naira to union bank bonny? How's it bad practice to carry cash by air?

Electronic transfer. Digits on paper. The money itself does not need to move!

budaatum:

Please do not insult the stone age! I went through many post before I got to your own, the first post from a person with a brain that works, so stone age is way too close to today for the brains of the idiots who do not understand that it is illegal to transport such a huge amount of money internationally when the limit is set at $10k.

I would say air age, or carbon age even, but I think I'd have to go to pre-big bang age to find an age that would not be insulted too much!

Please be warned! And thank you for existing.

At pre-big bang nothing existed but the singularity which led to the cosmic inflation.

Let's remove the Paleolithic period, and cast them to the Hadean Era then.

budaatum:

Electronic transfer. Digits on paper. The money itself does not need to move!

Jesus Christ of Africa...does CBN do wire transfer to banks & their branches? So if d bank branch has high cash demand like in d Christmas period like this, how will it meet its obligation to its customers?

budaatum:

Not only declaring it, but moving it through the proper channels with proper paperwork!

What is d proper channel & did d guys in question not have d "proper paperwork"?

lexy2014:


Jesus Christ of Africa...does CBN do wire transfer to banks & their branches? So if d bank branch has high cash demand like in d Christmas period like this, how will it meet its obligation to its customers?

Yes! There is no reason to physically move such a huge amount of cash. You intra-bank transfer and settle your accounts on paper. It's not Dugbe market, cash only!

budaatum:

Yes! There is no reason to physically move such a huge amount of cash. You intra-bank transfer and settle your accounts on paper. It's not Dugbe market, cash only!

So y does CBN move cash to its branches with large trucks? Y does it not do wire transfer 4 its own branches? D cash that CBN moves around, what is it meant 4? I asked u if a bank branch has high cash demand in a period like Christmas how does it meet d demand with "wire transfer" from CBN? Pls what is d difference between "intra-bank" transfer or "inter-bank" transfer?

budaatum:

Please do not insult the stone age! I went through many post before I got to your own, the first post from a person with a brain that works, so stone age is way too close to today for the brains of the idiots who do not understand that it is illegal to transport such a huge amount of money internationally when the limit is set at $10k.

I would say air age, or carbon age even, but I think I'd have to go to pre-big bang age to find an age that would not be insulted too much!

Please be warned! And thank you for existing.

First of all, the transport is a local one, not an international one. Secondly, banks cannot use that method in US as the dollars is their official currency, it is not in short supply in USA. It is just like saying union bank will want to transfer naira with flight when their closest branch will have naira to spare.

It is for foreign currency they use the flights for, not local one. Foreign currency unlike local currency are finite in availability. Please answer me this, do merchants use flights to transport diamonds in USA? Yes they do, because unlike the dollars, diamonds are not their everyday currency, but try transporting the dollar equivalent of that diamond and you would be in trouble.

budaatum:

Trust me, anyone can sleep two days with that sort of money not where its meant to be get yawa no be small!

Bro, it is for a bank, not for a single person and while the money is large, they don't really have to monitor trusted couriers that much. In the mind of the sender, delay might be due to other factors. Another thing you should reason is this, would a manager that can approve this amount of dollars be free to answer his email at once, or busy with other things?

budaatum:

Yes! There is no reason to physically move such a huge amount of cash. You intra-bank transfer and settle your accounts on paper. It's not Dugbe market, cash only!

Sir, you do know how long it takes to pay a check into an account when the check does not come from their bank right.
Now imagine how long it would take CBN to receive and approve the transfer to the next branch when the cash on the otherhand is needed as soon as possible.
Secondly, CBN does not have a branch in every local government, In fact in Delta I think the only CBN branch is in asaba. Now imagine the risk of a bank in warri needing to go to asaba to pick up the cash. So, how would they take the money when the CBN is far from them?

budaatum:

Electronic transfer. Digits on paper. The money itself does not need to move!

That would only work if the end clients would accept to trade with transfer. Now imagine going to a bank to withdraw cash and they tell me they don't have cash and I must use transfer. What do you think will happen?

budaatum:

Which kind letter? If you were in charge of moving this amount of money for Union Bank would you not glue phone to your head until money reach? Efcc call you, write you letter, phone you you no answer come de tell us you get case!

That kind nonchalantly is like dark ages type!

Believe me, the person in charge of authorizing that amount of money would not have time to be glued to his phone. He will have meetings upon meetings to attend without the time to check his phone every minute

lexy2014:


Since u work in corporate which is PR, then u can measure how badly d EfCCs image has been battered by their poor handling of d situation. How did EFCC use d situation to build r/ship&influence public opinion in its favour? Am surprised u saying union bank goofed when majority of d responses of Nigerians on this issue are clearly on d side of union bank. Its EFCC that has a weighty image laundering to conduct

There is no PR that can defend anybody moving $2.8million in cash through public access, when facilities exist through a Central Bank to exchange the transfer safely and risk-free. NONE!

Those two guys could have been killed and the money gone into thin air.

If i ever hear that GTB transfers money so carelessly as done here by Union I will initiate a class action lawsuit against them for negligence of contract and knowingly exposing our investments to irrecoverable risks.

Union bank scr3wed up by publicly accepting ownership. They expect applauds from d0mmies...but serious investors will chop off their heads.

ImperialYoruba:


There is no PR that can defend anybody moving $2.8million in cash through public access, when facilities exist through a Central Bank to exchange the transfer safely and risk-free. NONE!

Those two guys could have been killed and the money gone into thin air.

If i ever hear that GTB transfers money so carelessly as done here by Union I will initiate a class action lawsuit against them for negligence of contract and knowingly exposing our investments to irrecoverable risks.

Union bank scr3wed up by publicly accepting ownership. They expect applauds from d0mmies...but serious investors will chop off their heads.

Bro, gtb does it, and who will kill them inside an airport? They will have designated cab and security that picks them to and from the airport. And airport security is quite tight. When last did you hear of bag snatching inside the airport itself, not to talk of murder. Bro ask your banker and confirm. I for one asked 3 bankers from various bank and they confirmed they all do it. Ask also of the time it would take to process a complaint of this magnitude.

so we are still on this matter after all the explanation and clarifications.