UBA officials fingered in £138,924 diversion from Int’l airlines’ accounts

By Ezurike Ugochukwu 

The Lagos State Police Command has arrested four officials of the United Bank for Africa (UBA), for allegedly stealing £138,924 (over N270 million) from international airlines’ accounts.

Benjamin Hundeyin, the Lagos State Command’s Public Relations Officer(PRO), made this disclosure in a statement on Monday made available to Nation Update.

The release from the Lagos police image maker though did not reveal the name of the bank, however investigations have brought to fore that the suspects are employees of UBA Plc.

“The suspects conspired to siphon funds from domiciliary accounts into personal accounts before redistributing them to multiple destinations,” Hundeyin stated.

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

Providing details of the arrests, Hundeyin said, “Subsequent investigations led to the arrest of the following suspects: Shuaib Oluwatobiloba Olaleye, male, aged 27, was arrested on March 12, 2025, in Ogun State. A Toyota Camry 2012/2013, suspected to be a proceed of the crime, was recovered from him.

“Oladunjoye Adegoke, male, aged 33, was arrested on March 13, 2025, in Victoria Island, Lagos. “A Toyota Camry (Pencil Light), suspected to be another proceed of the stolen funds, was also recovered.

“Further investigation led to the arrest of Austin Alfred, male, aged 38, the Supervisor of the bank’s Trade Services Department, and Jude Uzobuaku, male, aged 36, a processor in the same department. Both facilitated 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,” CSP Hundeyin stated.

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