Union Bank Head of Ops Jailed for N450m Fraud

May 24, 2018
Union Bank Head of Ops Jailed for N450m Fraud

By Dipo Olowookere

A former Head of Operations at the Head Office of Union Bank Plc in Marina, Lagos, Mr Paul Onwughalu, has been sentenced to three years imprisonment for his involvement in fraud to the tune of N450 million.

Mr Onwughalu was arraigned by the Economic and Financial Crimes Commission (EFCC) in February 2014 before Justice S.S. Ogunsanya of the Lagos High Court, Ikeja on a four-count charge bordering on failure to conduct due diligence in financial transactions.

Ruling on the matter in March 2018, Justice Ogunsanya found the accused guilty of the offence and sentenced him to three years imprisonment on each count.

One of the counts read, “That you, Paul Onwughalu, on or about the 9th of January, 2013, at Lagos within the Ikeja Judicial Division, whilst being an employee of Union Bank Plc, failed to exercise due diligence in relation to the conduct of financial transactions with one DanKawu Bureau De Change by confirming and authorizing payment of the sum of N450 million fraudulently transferred by hacking into Union Bank database (flexcube) and transferring the said sum to Union Bank Plc account of one DanKawu Bureau De Change domiciled in Union Bank, Head Office Branch, Marina, Lagos and thereby facilitated the crediting and withdrawal of the said sum by one DanKawu Bureau De Change to various accounts in Ecobank, Diamond Bank, Zenith Bank, United Bank for Africa and Dankawu Bureau De Change.”

The accused had pleaded not guilty to the charge preferred against him, thereby setting the stage for his full trial.

In the course of the trial, the prosecution counsel, Fadeke Giwa, presented a number of witnesses and tendered various documents that were admitted in evidence by the court.

However, counsel to the convict, O. Fagbemi, pleaded with the court to temper justice with mercy in sentencing his client.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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