UBA Staff Charged With Theft of $200k

UBA Staff Charged With Theft of $200k

A 36-year-old banker with the United Bank for Africa (UBA), Oluwaseye Adu, was today arraigned before an Ikeja Special Offences Court for allegedly stealing $200,000 belonging to an insurance firm. 

Oluwaseye was arraigned  before the court on alleged offence by the Economic and Financial Crimes Commission (EFCC).

He however plead not guilty to the charge. 

According to the EFCC prosecutor, Mr U.U Buhari, the UBA Plc staff committed the offence sometime in 2014 in Lagos. 

“The defendant dishonestly converted to his own use the sum of $200,000 belonging to Insurance Brokers of Nigeria (IBN),” he said.

According to the prosecution, Adu was UBA’s Relationship Officer to the complainant when he allegedly stole the funds from the insurance firm’s account. 

The offence contravenes Section  299 of the Criminal Law of Lagos 2015.
Following the arraignment of the defendant, Buhari requested that the banker be remanded at the correctional center. 

But his counsel, Mrs M. Uloma, however via a bail application dated March 6, 2020 pleaded with the court to grant her client bail in liberal terms. 

Justice Oluwatoyin Taiwo in a short ruling granted the banker bail in the sum of N20 million with two sureties in like sum. 

She said one of the sureties must be a landowner, the other surety must be a close relation to the defendant and must reside in Lagos. 

The judge also ordered that the sureties must provide evidence of taxes and evidence of gainful employment. 

Justice Taiwo while adjourned the case till May 4 for trial, ordered that the UBA Plc staff be remanded in the  custody of Nigerian Correctional Services (NCS) till the perfection of bail terms.

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