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Union Bank moves to recover N9.3bn stolen customer funds
Union Bank moves to recover N9.3bn stolen customer funds
Union Bank of Nigeria Plc is scrambling to recover a staggering N9.3 billion stolen from customers’ accounts in a sophisticated fraud linked to a major system breach.
The incident, which occurred on March 23, 2025, has triggered a legal battle as the bank races to freeze accounts suspected of receiving the illicit funds.
Court documents reveal that Union Bank detected unauthorized transfers from multiple customer accounts, with the stolen money funneled into 54 different financial institutions.
The bank quickly filed a lawsuit (FHC/L/CS/629/2025) at the Federal High Court in Lagos, seeking an emergency order to block further withdrawals from the implicated accounts.
In a sworn affidavit, Oluwasegun Falola, Union Bank’s Head of E-Fraud Investigations, confirmed that the fraudsters exploited a critical system glitch, siphoning funds in small, deliberate transactions to avoid detection.
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“The money was moved in trickles across numerous accounts, making it difficult to immediately trace,” Falola stated.
Bank Takes Legal Action
Union Bank’s legal team, led by A. Adedoyin-Adeniyi, informed the court on April 2, 2025, that the stolen funds were still being actively transferred, suggesting an ongoing laundering operation.
“N9.3 billion has already been moved, and the perpetrators are still shifting money into new accounts,” Adedoyin-Adeniyi told Justice Deinde Dipeolu.
The judge granted the bank’s request for a Post No Debit (PND) order, freezing all accounts linked to the fraud pending further investigation.
A Recurring Challenge for Union Bank
This scandal comes just 15 months after the Central Bank of Nigeria (CBN) dissolved Union Bank’s former board and management over alleged governance failures.
The current leadership, led by MD Yetunde Oni, now faces intense scrutiny as customers demand answers.
Union Bank moves to recover N9.3bn stolen customer funds
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Police vow to arrest killers of 10 officers slain in Kebbi gun battle
Police vow to arrest killers of 10 officers slain in Kebbi gun battle
The Nigeria Police Force has intensified efforts to track down the armed criminals responsible for the killing of 10 police officers in Kebbi State, assuring the families of the fallen personnel that the Force will not relent until those behind the attack are brought to justice.
The officers, who were serving with the Special Intervention Squad (SIS) and other tactical formations, were killed on August 10, 2026, during a fierce encounter with suspected bandits along the Rafin Makuku axis of Sakaba Local Government Area of Kebbi State.
According to the police, the confrontation began at about 9:25 a.m. when security operatives intercepted a heavily armed group reportedly moving between Zamfara and Kebbi states.
The encounter developed into a prolonged exchange of gunfire, resulting in the deaths of 10 police officers. Two other officers were injured, while two civilians were also killed during the incident.
The police, however, said the operation inflicted significant casualties on the attackers. According to the Force, 17 suspected bandits were neutralised, while four motorcycles used by the group were destroyed.
The Inspector-General of Police, Olatunji Rilwan Disu, expressed grief over the deaths and described the fallen personnel as officers who paid the ultimate price while performing their constitutional duty of protecting lives and property.
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Disu assured the families and colleagues of the deceased officers that their sacrifice would not be forgotten and pledged that the police would pursue those responsible for the attack.
“We shall not be intimidated, we shall not relent, and we shall not allow the sacrifices of our fallen heroes to be in vain,” the IGP said.
The police leadership also moved to strengthen security operations in the affected communities following the attack. A delegation led by Deputy Inspector-General of Police Umar Shehu Nadada visited Kebbi State to engage the state government and assess measures required to prevent further attacks.
During the visit, Kebbi State Governor Nasir Idris expressed condolences over the death of the officers and pledged government support for their families.
The governor also reaffirmed the state’s commitment to supporting security agencies in their efforts to protect communities and counter banditry and other violent crimes.
The police delegation assured the state government that operations would be intensified to identify, track and apprehend members of the criminal group responsible for the attack.
As part of efforts to improve security in the state, the police also announced plans to establish a police squadron in Kebbi. The proposed formation is expected to increase police presence and strengthen the Force’s capacity to respond to security threats, particularly in vulnerable areas.
The deadly confrontation has once again highlighted the security challenges along the Kebbi-Zamfara axis, where armed groups have continued to exploit remote communities and difficult terrain.
The police have vowed to sustain operations in the affected area and prevent the attackers from regrouping after the encounter.
The Force also stressed the importance of cooperation between security agencies, state governments and local communities, particularly through timely intelligence sharing that could help security personnel detect and disrupt criminal activities.
For the families of the 10 officers killed in the line of duty, the incident represents a devastating loss. For the Police Force, the deaths have reinforced its determination to confront armed criminal groups and protect communities across the country.
The IGP maintained that the police would continue to pursue the perpetrators and ensure that those responsible for attacks on security personnel and civilians are brought to justice.
Police vow to arrest killers of 10 officers slain in Kebbi gun battle
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