Operatives from the Force Intelligence Unit of the Force Headquarters Annex in Obalende, Lagos, have dragged Alfred Emmanuel, a staff member of the United Bank for Africa (UBA), before a Lagos Magistrates’ Court for allegedly masterminding a brazen theft of N356.7 million from the account of a prominent customer, Professor Abiodun Johnson.
Emmanuel, 39, who was attached to the UBA branch at the University of Lagos (UNILAG), is accused of conspiring with other accomplices, still at large, to fraudulently withdraw the hefty sum from Professor Johnson’s account. The money was allegedly withdrawn without the customer’s consent, converted for personal use, and then shared among the suspects, who are believed to have fled the country or gone into hiding.
The daring heist allegedly took place over several months, between October 2023 and January 2024. Investigations indicate that Emmanuel used forged withdrawal slips to access the funds, transferring them to various accounts he and his accomplices controlled. It is believed the operation was well-planned, with the stolen funds being siphoned off in multiple transactions to avoid detection.
The fraud was exposed only after intelligence officers received a tip-off regarding the suspicious activity. Acting swiftly, operatives from the Force Intelligence Unit launched an investigation, which led to the arrest of Alfred Emmanuel at a hideout in Lagos.
Sources within the police force revealed that the operation involved meticulous intelligence gathering, with officers piecing together crucial evidence over several days. The probe also uncovered the involvement of other UBA staff members, who, though still at large, are believed to have played key roles in the conspiracy.
Emmanuel was charged with conspiracy, stealing, fraudulent withdrawal, and forgery, following a detailed investigation led by Superintendent Hyginus Idoko and his team. The police presented the case before the Igbosere Magistrates’ Court, Lagos Island, where Emmanuel was arraigned on six counts related to the fraud.
At the hearing, the Prosecuting Counsel, Friday Mammeh, informed the court that Emmanuel, alongside his accomplices, had abused his position at UBA to execute the massive theft. The charges were filed under case number W/25/2024.
In a bid to bring the remaining suspects to justice, police sources confirm that they are intensifying efforts to track down the other individuals involved in the scheme. Meanwhile, UBA is said to be cooperating fully with the investigation and is reviewing its internal security measures to prevent future breaches.
The case has sent shockwaves through the banking community, raising serious questions about internal security and the potential for insider fraud at major financial institutions. As the investigation unfolds, many are wondering how Emmanuel and his alleged accomplices managed to pull off such an elaborate scam without triggering red flags within the bank.
