INVESTIGATION: Fidelity Bank Swims in N200 Million Fraud Scandal - TM NEWS ONLINE

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INVESTIGATION: Fidelity Bank Swims in N200 Million Fraud Scandal

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 INVESTIGATION: Fidelity Bank Swims in N200 Million Fraud Scandal


-EFCC Arrests Four Officials

Fidelity Bank Plc, a tier-2 lender in Nigeria, led by Nneka Onyeali-Ikpe as its chief executive officer, is in the news again for the wrong reason

The bank which prides itself as a lender which can be trusted and trading with the tagline “We are Fidelity, we keep our words”, has become terrible as it has turned into a safe haven for fraudulent officials.

This is because, year in, year out, depositors lose multi-millions of naira to fraudulent staffers of the financial institution, most of the time, through breach of the bank’s security system. This has become worrisome to financial analysts and further showed that the bank’s security system may be either weak, poor or not up to industry standard.

Assuredly, this development does not only affect depositors and create panic in the minds of customers of the bank, it also has ripple effects on the dividend payout to its shareholders.

Four employees of Fidelity Bank Plc, alongside eleven accomplices, are currently facing criminal trial before a Lagos High Court for allegedly defrauding the bank to the tune of N200 million.

In the suit number FHC/10/10089c/19 the four Fidelity Bank staff identified as: Olusegun Babasola, Abisola Ahmed, Uchechukwu Uma and Jude Alphaeus, were charged alongside eleven others: Adeowale Jeff Johnson, Ogubiukwu Peace Chinenye, Olanrewaju Joseph, Alabi Adeola Abiodun, Umaru Hamsu, Olagbaju Oladayo, Afeez Mudashiru, Ayokanmi Oshagbami, Anyor Isaac Ushang, Bashir Olanrewaju and Lanre Yusuf.

The 15 defendants were all docked on a 2-count charge of conspiracy and stealing by the Economic and Financial Crimes Commission, EFCC.

According to the head of Legal and prosecuting counsel of the EFCC, A. B. C. Ozioko ESQ, the 15 defendants committed the alleged offence in Lagos

The EFCC counsel told the court that the offence committed by the defendants contravened Sections 278(1)(2) & 285(1) and 9(b) of the criminal law of Lagos State, 2011.

The head of Investigations Group of Internal Audit and Investigations Division of Fidelity Bank, Onovae Oghenovo, had petitioned the EFCC narrating how fraudulent transfers of the sum of over N150m were made from the accounts of Fidelity Bank Motor Vehicle Insurance sinking fund/5080019844 and Interswitch Ltd/5080119696, OVH Energy Marketing Ltd/4010015571 and FSL Securities LTD/4010051187 (customers of the bank).

Oghenovo, in the petition, said that internal investigation is still ongoing to ascertain the full amount and that the affected transactions were consummated with ATM debit cards, which were fraudulently linked to the accounts.

“Having fraudulently primed and linked the debits to the above-mentioned accounts, the fraudsters then made various ATM cash withdrawals from different ATM terminals, POS purchases, bill payments as well as ATM fund transfers.

“Also preliminary investigation revealed that 22 of the debit cards used to perpetrate the frauds were cloned as their PAN matches those issued to some of the bank customers,” Oghenovo said.

According to Oghenovo, preliminary investigations conducted showed that the fraudulent transactions were processed by the user credentials of two of the bank’s staff, Jude Alphaeus and Uchechukwu Uma.

“However, both Jude and Uma claimed that they are suspecting their subordinates namely: Ann Obiakor, Adesina Abosede, Andrew John, Olusegun Babasola, Chinedu Aharanwa, Ifeanyi Dike, Sunday Adaraloye, Ahmed Ajisola, Oluchi Ifedigbo, Mac Donald Louis, and Toheed Ajoa.

“The internal review showed that Omidiji Joseph Olarewaju’s account number 3218570016 in FCMB received a fraudulent proceed of N150m and subsequently transferred the sums of N7.17m and N14.43m to Waltham BDC and Findrex Aviation business school account numbers 0022550922 and 2031957515 with Union Bank of Nigeria and First Bank of Nigeria respectively.

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