Re: Media Reports Alleging 1.6 Billion Naira Fraud Against Union Bank

OFFICIAL STATEMENT

Re: Media Reports Alleging 1.6 Billion Naira Fraud Against Union Bank

The attention of Union Bank of Nigeria Plc (“Union Bank” or “the Bank”) has been drawn to reports of an alleged court action regarding a 1.6 Billion Naira fraud case involving a staff of Union Bank and other individuals. 

A large portion of the published reports are factually inaccurate and patently false; therefore, Union Bank seeks to make the following categorical clarifications: 

Union Bank was not defrauded by any syndicate

No staff of Union Bank was involved in any criminal activities or named in the alleged charge

We understand that the alleged court action may be related to a legacy case dating back to 2018, in which a criminal suit was brought by the Police in response to a complaint made by Union Bank’s debt recovery agent against a defaulting customer. 

We urge media outlets of repute to reflect the correct facts in reporting this matter and avoid any recourse to sensationalism or inaccurate coverage.