Tuesday, October 7, 2025
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Union Bank, Ex-CEO Charged by EFCC over N2bn Fraud

Union Bank of Nigeria Plc is in the crosshairs of the Economic and Financial Crimes Commission (EFCC) over an alleged N1.9 billion fraud involving its recently retired CEO, Mr. Emeka Emuwa and two other senior officials.

Already, the EFCC has filed a five-count charge (suit No: ID/14355C/2021of February 17, 2021) against Emuwa, Mr. Adeoya Oluwagenga and Mrs. Oyinkan Adewale before a Lagos High Court on the charge of conspiracy and stealing. The trio were alleged to have converted the said N1,927,836,804 belonging to Aso Savings and Loans Plc in 2014.

The EFCC action came as a result of a petition by the law firm of AEC Legal from April 5, 2018 thus: “Criminal Complaint of Fraudulent Misrepresentation And Diversion Of N1,927,836,8049 (One Billion, Nine Hundred And Twenty Seven Million, Eight Hundred And Thirty Six Thousand, Eight Hundred And Four Naira) And Criminal Conspiracy To Defraud By Mr. Emeka Emuwa And Other Principal Officers Of Union Bank Of Nigeria Plc. We make this criminal complaint of misrepresentation and diversion against Mr Emeka Emuwa, the managing director of Union Bank of Nigeria Plc and other principal officers of Union Bank Nigeria Plc with address at Stallion House 36, Marina Lagos. Mr Emeka Emuwa and other principals of Union Bank of Nigeria Plc sold Union Homes Savings & Loans Plc (UHSL) to our client (Aso Savings and Loans PLC) for the total sum of N5 billion. At the time of negotiations of the sale and purchase agreement of the UHSL, our client was informed that UHSL’s shares in Union Assurance company PLC, valued at N1,134,615, 384 formed part of its asset of UHSL to be acquired by our client.It therefore came as a shock to our client to discover, upon the conclusion of sales, that Emeka Emuwa and other principal officers of the bank had sold off UHSL’s shares in Union Assurance Plc to Greenoaks Global Holdings Limited and realised that the sum of N1,927,836,804 from the sale. More shocking is that there are no records whatsoever showing that the proceeds of sale of the Union Assurance Plc was paid into UHSL’s account or financial records. Our client has confronted Emeka Emuwa with this allegation but he has failed to proffer any explanation nor made any attempt to account for the proceeds of the sale. It is obvious that Mr Emuwa and his cohorts fraudulently diverted our client’s money in the tune of N1,927,836,804 and have no intentions of returning same.”

The court’s proceeding on the matter was adjourned to September 21, 2021.

 

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