Polaris Bank, Unity Bank logos
By Victory OgheneÂ
An anti-corruption organisation, the Global Integrity Crusade Network (GICN) has petitioned the Economic and Financial Crimes Commission (EFCC) to arrest and investigate former Unity Bank Chairman, Thomas Akoh Etuh, for various alleged offences.
The petition, signed by GICN Chairman, Board of Trustees, and President, Edward Omaga, dated 11th of July alleged that Etuh committed the offences during his tenure as Chairman of Unity Bank’s Board of Directors between January 23, 2015, and October 4, 2017.
According to the petition, Etuh’s actions allegedly led to a significant increase in non-performing loans (NPLs) and the eventual sale of the bank’s interest to Providus Bank.
The petition also alleged that Etuh used his position to enrich himself and his associates, causing significant financial losses to the bank and its customers.
The GICN is urging the EFCC to take immediate action, including arresting and prosecuting Etuh, directing the Central Bank of Nigeria to remove Unity Bank’s Directors, and compel Etuh to refund any funds fraudulently diverted from the bank.
The group, however, warned the anti-corruption agency that failure to act would lead to the filing of Mandamus Proceedings at the Federal High Court Abuja to compel it to do the needful.
The petition reads in part; “We contend that the action of the Lagos State High Court presided over by Justice L.A. Okunnu when he discharged Thomas Akoh Etuh on September 21, 2021, of complicity in the money laundering charges preferred against Francis Atuche and Ugo Anyanwu is wrong, unacceptable, and reprehensible.
“We have recently uncovered avalanche of documents showing that Thornas Akoh Etuh can comfortably be adjudged as “the worst enemy of banking in Nigeria. He was first appointed as Ploneer Vice Chairman of Unity Bank Pic on 22nd April, 2014 having garnered over two decades experience in the public and private sectors of the economy. Before this time, Thomas Akoh Etuh served as a Director in several companies in Nigeria and equally chaired a number of Board Committees in Unity Bank Plc.
“On 23rd January, 2015 he was appointed as Chairman, Board of Directors of Unity Bank Plc and confirmed by the Central Bank of Nigeria (CBN). This followed the resignation of the former Chairman, Alhaji Lamis Shehu Dikko who left to pursue his political aspirations. His photograph and newspaper publication of CBN approval are attached as APPENDIXES 1 and 2.
“It is a deep-rooted fact that Thomas Akoh Etuh committed several offences when he held sway as the Chairman, Board of Directors of Unity Bank Plc for a period of 33 (Thirty Three) months. These offences were so heavy that Nigerians are wondering why the man is still walking free on the streets instead of cooling off in prison.
“Within the period under review, a previously healthy Unity Bank Plc led by Thomas Akoh Etuh found itself completely hollowed out after giving out Hundreds of Billions of naira in Non Performing Loans (NPLs). The Bank reduced to meticulously cooking its books while secretly operating with negative share capital for the better part of a decade.
“As a way of pretending to solve the Bank’s woes, Thomas Akoh Etuh opted to sell its Interest under some distressed condition to a younger competitor named Providus Bank Plc.
“Consequent upon the foregoing, we hereby PRAY pursuant to our statutory obligations to expose corrupt practices under Section 24 (d) and (e) of the 1999 Constitution (as amended) and the Whistle Blowing Policy of the Federal Government of Nigeria, 2016 that you act URGENTLY by: –
“INVITING officials of GICN to appear before the EFCC for purpose of writing statement and presenting more indicting documents capable of substantiating the weighty allegations contained in this petition against Thomas Akoh Etuh.
“ARRESTING and PROSECUTING Thomas Akoh Etuhfor the serious offences he has committed as chronicled in this petition. This will go a long way in proving to the overwhelming population of Nigerians that the EFCC is truly committed to tackling the menace of criminality headlong, no matter who is involved.
“We contend that the action of the Lagos State High Court presided over by Justice L.A. Okunnu when he discharged Thomas Akoh Etuh on 21st September, 2021 of complicity in the money laundering charges preferred against Francis Atuche and Ugo Anyanwu is wrong, unacceptable and reprehensible. It is impossible for Francis Atuche and Ugo Anyanwu to be convicted while Thomas Akoh Etuh who is regarded as the “father of fraud in the banking sector” would remain a free man till date.
“DIRECTING the Central Bank of Nigeria (CBN) to remove all the Directors of Unity Bank Pic to pave way for thorough scrutiny of the accounting books of the Bank with a view to ascertaining the level of corporate malfeasance, Insider bank fraud, money laundering and other serious offences committed by Thomas Akoh Etuh between 23rd January, 2015 till 4th October, 2017.
“COMPELLING Thomas Akoh Etuh and his cronles to refund any funds fraudulently diverted from Unity Bank Plc between 23rd January, 2015 till 4th October, 2017.
Meanwhile, the EFCC acknowledged receipt of the petition on Thursday 11th July 2024 and is expected to investigate the allegations.
