House of Rep Committee to Probe UBA over N88 Million Fraud Allegations

The House of Representatives Standing Committee on Public Petitions would commence investigation into an alleged fraud to the tune of N88 million reported against the United Bank for Africa (UBA) by a customer of the bank, Mr Eddy Onyenweuzo. The petition was submitted to the House on behalf of the petitioner by Hon. Obinna Chidoka (PDP, Anambra).

Speaker Yakubu Dogara, has directed the Public Petitions Committee to thoroughly investigate the issue with the intention of ascertaining the whole truth.

 Mr. Onyenweuzo stated that he was a major distributor of Unilever Nigeria Plc for over 30 years and that payments for all his transactions to the company was routed through UBA from 2001. He said the transaction went on well until 2006 when he discovered some misappropriations of over N38 million.

Onyenweuzo added that an analysis of his account through a chartered accountant revealed an enormous fraud of N88 million.

He further informed the lawmakers that he had approached many authorities, including the Bankers’ Committee, the Central Bank of Nigeria (CBN) and the Public Complaints Commission, in an attempt to get back his money but to no avail, hence his petition to the House to probe the matter in the interest of justice.