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Police Investigates over N270m Thefts in UBA

CSP Benjamin Hundeyin, the command’s public relations officer, disclosed that the suspects conspired to illegally divert funds from domiciliary accounts into personal accounts before redistributing them to multiple destinations.

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The Lagos State Police Command is questioning four officials of the United Bank for Africa (UBA)  for alleged thefts of £138,924 (over N270 million) from international airlines’ accounts.

CSP Benjamin Hundeyin, the command’s public relations officer, disclosed that the suspects conspired to illegally divert funds from domiciliary accounts into personal accounts before redistributing them to multiple destinations.

The fraud was uncovered when the bank detected unauthorized transactions and alerted the police.

The arrested officials include Shuaib Oluwatobiloba Olaleye, 27, who was arrested on March 12, 2025, in Ogun State, with a Toyota Camry 2012/2013 recovered from him. Oladunjoye Adegoke, 33, was arrested on March 13, 2025, in Victoria Island, Lagos, with a Toyota Camry (Pencil Light) recovered.

Austin Alfred, 38, Supervisor of the bank’s Trade Services Department, and Jude Uzobuaku, 36, a processor in the same department, were also arrested for facilitating the illegal transfer of funds to foreign accounts.

Police investigations revealed that the stolen funds were initially funneled into an account belonging to one of the suspects before being distributed to multiple other accounts to evade detection. Authorities are now working to identify additional accomplices and recover the remaining funds.

The suspects are in custody and will face prosecution as the investigation continues.

The police have urged the public to report suspicious financial transactions, reiterating their commitment to tackling economic crimes. 

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Lagos Airport Perimeter Fencing Materials Shouldn’t Be Purchase from Outside Nigeria – MAN

The Director- General maintained that the appeal became necessary as Nigerian manufacturers, regrettably, lost out in similar situations in the past.

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The Manufacturers Association of Nigeria (MAN) says the Federal Government should ensure that the fencing materials for the Lagos Airport should not be procure from outside Nigeria.

The association made the appeal to the government on Monday, through its Director-General, Segun Ajayi-Kadir.Ajayi-Kadir noted that the Lagos Airport fencing project presents a clear chance for the government to demonstrate that the Nigeria First Policy is not just an aspiration, but an intentional policy of government that will be matched with unfettered implementation.

MAN, he said , therefore calls on the Federal Government to urgently intervene by ensuring that the fencing materials for the Lagos Airport are sourced from competent Nigerian manufacturers.

“This is not a call to influence the award of the contract, but a patriotic appeal to align procurement decisions with national interest for the collective benefit of our economy and the well-being of the people,” he said.

The manufacturers emphasized that it has become a matter of national interest for the project’s contractor to ensure strict adherence to the Executive Orders 003, 005 and the imperatives of the President Bola Ahmed Tinubu’s Nigeria First Policy.

” In particular, we strongly maintain that, in considering the procurement of Clear Vu fencing, indigenous manufacturers should be given priority consideration and it should NOT be purchased from outside Nigeria.

“While we acknowledge the competence of the foreign manufacturer, MAN emphasizes that Nigerian companies have the proven capacity and technical expertise to produce fencing materials of equal — if not superior — quality that meet international standards.

“The Director- General maintained that the appeal became necessary as Nigerian manufacturers, regrettably, lost out in similar situations in the past.

In this particular instance, despite MAN’s advocacy, fencing materials for an airport project were imported from South Africa.

That decision discouraged local industries and contradicted the government’s stated local content policies.

We strongly believe that this administration has the opportunity to correct past errors. “

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MTN Group says it’s under US investigation

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South African mobile operator MTN Group said Monday it was under US investigation over its activities in Iran and Afghanistan, at a time of icy ties between Washington and Pretoria.

Africa’s biggest telecoms company is already facing court challenges in South Africa by Turkey’s Turkcell, which accuses it of winning the Iranian market through corruption.

In 2006, MTN was chosen over Turkcell to become the 49 percent minority shareholder in Iranian government-controlled mobile phone carrier Irancell.

MTN had been made aware of a US Department of Justice (DoJ) grand jury investigation relating to its former subsidiary in Afghanistan and Irancell, the company said in a statement.

“MTN is cooperating with the DoJ and voluntarily responding to requests for information,” said the statement accompanying the group’s financial results.

Grand juries typically decide whether or not to formally lay charges in a case and take it to trial.

The South African multinational is also facing a court case in the United States from US veterans wounded in Iraq and Afghanistan, as well as relatives of soldiers killed in action, the statement said.

“The plaintiffs’ complaints allege that MTN supported anti-American militias in Iraq and Afghanistan .

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UBA Secures N5bn BoI MSME fund for disbursement to key sectors

The facility provides a maximum loan amount of N5 million per obligor, with a three-month moratorium on principal repayments, ensuring businesses have ample time to stabilise before they begin to service the loans.

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•GMD/CEO UBA), Oliver Alawuba.

United Bank for Africa (UBA) Plc, has secured a N5 billion loan facility from the Bank of Industry (BOI), to boost key sectors of the economy and support the growth of sustainable and viable businesses in the country, especially the micro, small, and medium enterprises (MSMEs) owned by women.

The facility disbursed through the Federal Government’s MSME Fund, is designed to stimulate key sectors of the economy, while offering affordable financing to support businesses, with a primary focus on Green Energy, Education, Healthcare, and Women-Owned Enterprises.

UBA’s Group Managing Director/CEO, Oliver Alawuba, who spoke about the facility emphasised the bank’s commitment to fostering economic growth by empowering MSMEs, which he described as the “livewire of any developing economy.

He said, “At UBA, we recognize the pivotal role MSMEs play in driving economic development, and how they make up a sizeable portion of what drives our economic growth.

It is in this vein that we have decided not to rest on our oars by facilitating initiatives dedicated to empowering businesses with the financial support they need to thrive.”

Alawuba maintained that, “by offering loans at a competitive 9% interest rate with a three-year tenor, we are removing the traditional barriers that hinder SME growth in Nigeria and Africa. And by this, our message to business owners is simple: Don’t let this once-in-a lifetime-opportunity elude you.

”The facility provides a maximum loan amount of N5 million per obligor, with a three-month moratorium on principal repayments, ensuring businesses have ample time to stabilise before they begin to service the loans.

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