In a startling development this weekend, the Department of State Services (DSS) took Mrs. Aishah Ahmad, the Deputy Governor of the Central Bank of Nigeria (CBN) overseeing Financial System Stability, into custody.

The focal point of this action is centered around Titan Trust Bank’s (TTB) controversial takeover of Union Bank. Ahmad is undergoing intensive questioning about TTB’s $300 million funding source used for the Union Bank acquisition.

Back in December 2021, Titan Trust Bank, then Nigeria’s emerging financial entity, clinched a deal with Union Bank after primary stakeholders offloaded a significant 89.39% of their stake. In a joint statement released on Thursday by both banks, the acquisition is pending regulatory green lights and various other financial criteria. Should it materialize, TTB will command an 89.39% stake in Union Bank’s share capital.

The statement elaborates, “Union Bank’s board today informed NG X and the Securities Exchange Commission of an agreement between its investors — Union Global Partners Limited, Atlas Mara Limited, and others — and Titan Trust Bank. The pact concerns the divestment of their Union Bank stakes in favor of TTB.”

Union Bank’s erstwhile chairperson, Mrs. Beatrice Hamza Bassey, spoke positively about the acquisition, expressing optimism about the post-approval phase. She praised the bank’s present investors for their transformative contributions over the past decade to one of Nigeria’s most enduring financial institutions.

A update also brought to the fore Mrs. Aishah Ahmad’s appointment by the previous President, Muhammadu Buhari, in October 2017. Before this, she rendered her expertise as an Executive Director at Diamond Bank Plc. She filled the shoes of Dr. Sarah Alade, who vacated the Deputy Governor, Economic Policy role at CBN earlier in March 2017.

Lotus Bank finds itself embroiled in controversy as a customer comes forward, alleging that the bank tampered with her account and failed to compensate her for an erroneous reversal of funds. The customer claims that Lotus Bank deleted transaction records and invaded her privacy, raising serious concerns about the bank’s ethics and practices.

According to the customer, on March 12, 2023, she attempted to transfer twenty million naira (20,000,000) from her account, but the transaction failed and the money was not reversed immediately. After contacting Lotus Bank, she was assured that the reversal would be processed due to network issues. However, despite waiting for several days, the 20 million naira reversal did not occur, causing her distress and frustration.

Unexpectedly, on March 15, the customer began receiving multiple alerts of reversals, lasting for several hours. Astonishingly, Lotus Bank mistakenly reversed an exorbitant amount of one billion, eight hundred million naira (1,800,000,000) into her account while attempting to reverse the initial twenty million naira (20,000,000). Realizing the error, she promptly informed the bank of the erroneous reversal and the involved amount.

In response, Lotus Bank promised to compensate her but requested permission to withdraw the excess amount. The customer granted permission, and for three days, the bank left the 1.8 billion naira in her account without completing their withdrawal. However, during this time, Lotus Bank allegedly tampered with her account and erased all records related to the reversal, including SMS alerts, email notifications, and even the statement of account showing the erroneous transaction. Furthermore, the bank deleted all other recent transaction records, including transfers and POS transactions.

Disturbed by the situation, the customer visited her bank to complain and request a statement of account. It was during this process that she discovered the extent of the tampering by Lotus Bank. The bank’s actions not only violated privacy and banking ethics but also left her without any record of recent transactions, including failed transfers. As a result, she was unable to provide sufficient evidence to support her claim.

Lotus Bank has yet to provide any transaction history to refute the customer’s allegations, leaving her and others questioning the bank’s credibility. The customer is seeking redress for the failed transaction and the promised compensation that Lotus Bank has seemingly reneged on. The incident has raised concerns about the bank’s practices and highlights the need for the Central Bank of Nigeria (@cenbank) to investigate the matter thoroughly.

As the situation unfolds, Lotus Bank faces mounting pressure to address the customer’s claims and demonstrate transparency in their operations. The affected customer, supported by screenshots taken during the reversal process, hopes for a resolution to her ordeal and urges the bank to fulfill its responsibilities promptly. The involvement of the Central Bank of Nigeria is seen as vital to ensuring a fair and impartial investigation into the alleged misconduct by Lotus Bank.

Newsjaunts reports that the Inspector General of Police in a bid to strengthen the criminal justice system and standardise investigation processes in the Nigeria Police Force, has filed second amended charge before a Lagos Federal High Court against United Bank for Africa (UBA), two of it’s staff and a limited liability company, Castle Equipment & Logistics Limited and it’s Managing Director alleged to have swindled a Lagos businessman, Chief Vincent Ezenwa to the tune of N242,015,000.00 equivalent of $950,000.

In a four count charge filed before the court by the Police prosecuting counsel, Legal /prosecution section, Force Headquarters Louis Edet House, Abuja, Deputy Commissioner of Police, Simon Lough SAN, leading another Police Legal officer from Lagos, Barrister Morufu Animashaun, it was alleged that Emeka Njoku 41years, former marketer with United Bank for Africa, Onyinyechi Oraegbunem, “F” former branch manager of UBA Aba branch, and Pamela Onaga “F”former staff of UBA/account officer to Vincent Ezenwa now at large and United Bank for Africa, between 3rd April 2013 and 31st of June 2013 in Lagos and Aba, while acting in concert and with intent to defraud Chief Nnamdi Vincent Ezenwa, Managing Director of Vinna Investment Limited aids and abets Chibueze Ojeh 40 years Managing Director of Castle Equipment & Logistics Limited.of Lekki County homes and Castle & Logistic Limited to commit offence of obtaining money by false pretence when they induced Chief Nnamdi Vincent Ezenwa to transfer the sum of N242,015,000 from his UBA account to the UBA account of Castle Equipment & Logistics in Lagos which was withdraw by Chibueze Ojeh.

The offences alleged to have been committed by UBA and other four other defendants are contrary to and punishable under sections,1(1),1(3), 8(a) of the advance fee fraud and other related offences Act 2006.

The amended charge as filed before the court by the combine Police prosecutors from Abuja and Lagos.

Count 1

That you Chibueze Ojeh ‘m’ 40 years MD/CEO of Castle Equipment &
Logistics Limited of Lekki County Homes, Westend Estate Road 4, House
4 Lekki Lagos state, Obinna Nwosu ‘m’ 45years of No. 1 Shofidiya Close, Adegoke Estate, Masha Roundabout Sururere Lagos, Emeka Njoku ‘m’
41years former marketer with United Bank for Africa, of No. 3 Azikiwe Road Port Harcourt, Castle Equipment & Logistics Ltd and United Bank for Africa; Onyinyechi Oraegbunem ‘F’ former branch manager of UBA Aba branch and Pamela Onaga ‘F’ former staff of UBA/account officer to Vincent Ezenwa now at large between 3rd April 2013 and 31st June 2013 in Lagos and Aba, within the jurisdiction of this Honourable court while acting in concert and with intent to defraud Chief Nnamdi Vincent Ezenwa MD/CEO of Vinna Investment Limited conspired together to commit felony to wit: obtaining money by false pretence contrary to section 8(a) of the advance fee fraud and other related offences Act.

Count 2

That you Chibueze Ojeh ‘m’ 40years MD/CEO of Castle Equipment & Logistics Limited of Lekki County Homes, Westend Estate Road 4, House 4 Lekki Lagos state, Obinna Nwosu ‘m’ 45years of No. 1 Shofidiya Close, Adegoke Estate, Masha Roundabout Surulere Lagos, Emeka Njoku ‘m’
41years former marketer with United Bank for Africa, of No. 3 Azikiwe Road Port Harcourt, Castle Equipment & Logistics Ltd and United Bank for Africa; Onyinyechi Oraegbunem ‘F’ former branch manager of UBA Aba branch and Pamela Onaga ‘F’ former staff of UBA Aba branch/account officer to Vincent Ezenwa now at large between 3rd April 2013 and 31st June 2013 in Lagos/Aba, within the jurisdiction of this Honourable court while acting in concert and with intent to defraud Chief Nnamdi Vincent Ezenwa, MD/CEO of Vinna Investment Limited deceitfully induced Chief Nnamdi Vincent Ezenwa through an agreement and collected the sum of N242,015,000,00 (Two hundred and Forty two Million, Fifteen thousand Naira) Equivalent to $950,000.00 (Nine Hundred and Fifty Thousand United States Dollars) from him on the pretence that you will transfer the Dollars to his customers in Italy but having collected the money you converted same to your use, you thereby committed an offence contrary to section 1(1) and punishable under section 1(3) of the Advance fee fraud and other related offences Act 2006.

Count 3

That you Chibueze Ojeh ‘m’ 40years MD/CEO of Castle Equipment & Logistics Limited of Lekki County Homes, Westend Estate Road 4, House 4 Lekki Lagos state and Castle Equipment & Logistics Limited, between 3rd April 2013 and 31st June 2013 in Lagos, and Aba within the jurisdiction of this Honourable court while acting in concert and with intent to defraud Chief Nnamdi Vincent Ezenwa, MD/CEO of Vinna Investment Limited deceitfully induced Chief Nnamdi Vincent Ezenwa through an agreement and collected the sum of N242,015,000,00 (Two hundred and Forty two Million, Fifteen thousand Naira) Equivalent to $950,000.00 (Nine Hundred and Fifty Thousand United States Dollars) from him on the pretence that you will transfer the Dollars to his customers in Italy but having collected the money you converted same to your use, you thereby committed an offence contrary to section 1(1) and punishable under section 1(3) of the Advance fee fraud and other related offences Act 2006.

Count 4

That you Emeka Njoku ‘m’ 41 years, former marketer with United Bank for Africa, of No. 3 Azikiwe Road Port Harcourt; Onyinyechi Oraegbunem `F’ former branch manager of UBA Aba branch and Pamela Onaga ‘F’ former staff of UBA/account officer to Vincent Ezenwa now at large, and United Bank for Africa, between 3rd April 2013 and 31st June 2013 in Lagos and Aba, within the jurisdiction of this Honourable court while acting in concert and with intent to defraud Chief Nnamdi Vincent Ezenwa, MD/CEO of Vinna Investment Limited aids and abets Chibueze Ojeh ‘m’ 40years MD/CEO of Castle Equipment & Logistics Limited of Lekki County Homes, Westend Estate road 4 House 4 Lekki Lagos state and Castle Equipment & Logistics Limited to commit of the offence of obtaining money by false pretence when you induced Chief Nnamdi Vincent Ezenwa to transfer the sum of N242,015,000,00 (Two hundred and Forty two Million, Fifteen thousand Naira) Equivalent to $950,000.00 (Nine Hundred and Fifty Thousand United States Dollars) from his UBA account in Aba branch to the UBA account of Castle Equipment & Logistics Limited in Lagos Which was withdrawn by Chibueze Ojeh, you thereby committed an offence contrary to section 8(a) and punishable under section 1(3) of the Advance fee fraud and other related offences Act 2006.

The charge has been adjourned till after Easter vacation for trial.