Stats: 3,189,717 members, 7,938,183 topics. Date: Monday, 02 September 2024 at 07:25 PM |
Nairaland Forum / Nairaland / General / Business / N1.4bn Fraud Uncovered In Wema Bank’s Subsidiary (2086 Views)
My Mum's Experience With WEMA BANK / CBN Grants Wema Bank National License / Dangote Quits Board Of Flour-producing Subsidiary (2) (3) (4)
N1.4bn Fraud Uncovered In Wema Bank’s Subsidiary by Nigerd(m): 11:32am On Nov 08, 2009 |
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 |
Re: N1.4bn Fraud Uncovered In Wema Bank’s Subsidiary by cyriluzo(m): 3:49pm On Nov 08, 2009 |
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 |
Re: N1.4bn Fraud Uncovered In Wema Bank’s Subsidiary by cvibe: 4:21pm On Nov 08, 2009 |
Another one! |
Re: N1.4bn Fraud Uncovered In Wema Bank’s Subsidiary by oge4real(f): 6:12pm On Nov 08, 2009 |
Church proprietor? hahaha, thats excatly what most of them are anyway. Soon we will have Church Managing Directors. ![]() |
Re: N1.4bn Fraud Uncovered In Wema Bank’s Subsidiary by erico2k2(m): 12:18am On Nov 09, 2009 |
Men, them kinda cash gonna make a broda feel ill ![]() ![]() ![]() ![]() |
Re: N1.4bn Fraud Uncovered In Wema Bank’s Subsidiary by mbulela: 5:11am On Nov 09, 2009 |
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. |
Re: N1.4bn Fraud Uncovered In Wema Bank’s Subsidiary by slimcblack: 8:23am On Nov 09, 2009 |
this is getting ridiculous ![]() |
Re: N1.4bn Fraud Uncovered In Wema Bank’s Subsidiary by erico2k2(m): 10:23am On Nov 09, 2009 |
mbulela: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. |
Re: N1.4bn Fraud Uncovered In Wema Bank’s Subsidiary by anishe(m): 11:05am On Nov 09, 2009 |
Could this be true? Madam Waziri, where are you? |
Re: N1.4bn Fraud Uncovered In Wema Bank’s Subsidiary by ud4u: 11:35am On Nov 10, 2009 |
fraud every where, nemesis has caught up with him |
Re: N1.4bn Fraud Uncovered In Wema Bank’s Subsidiary by Nezan(m): 2:23pm On Nov 10, 2009 |
When will fraud in the banking sector end? |
Re: N1.4bn Fraud Uncovered In Wema Bank’s Subsidiary by erico2k2(m): 3:33pm On Nov 10, 2009 |
^^^^ Until we as individuals start taking the Banks to Court for lost funds and winning the case, in our dreams though lol |
(1) (Reply)
ttttt / Once Popular FMCG Products That Have Disappeared From The Nigerian Market / Longrich Company
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 17 |