Undergraduates, others arrested for stealing N2bn from Union bank

According to a report by Punch, two men who claim to be undergraduates of University of Jos, Isaiah Friday and Azzaior Samuel, have been arrested by the Economic and Financial Crimes Commission  for allegedly stealing N2.05bn from union bank Two bureau de change operators, Salihu Mahmoud and Dan Ibrahim, were also arrested in connection with the alleged crime.

The Head, Media and Publicity, EFCC, Wilson Uwujaren, said:

"Their arrest comes on the heels of a petition which the commission received from Union Bank of Nigeria Plc, Marina, Lagos, in January 2013, alleging that a criminal attack had been launched on its data base known as ‘Flexcube’, by yet-to-be-identified criminals who falsified the bank records and accounts and created unjustified huge opening balances in several accounts across the bank’s branches. They subsequently transferred funds from those accounts to several accounts in other banks. The petition, which was signed by one A.F Olufade, Head of Fraud Investigation at the bank, said cash withdrawals and electronic transfers totalling N2.05bn was involved in the scam.”