In an unprecedented legal assault, a Chief Magistrate’s Court has ordered the immediate arrest of United Bank for Africa (UBA) Plc and its most powerful executives after they blatantly ignored court summons over charges of orchestrating a criminal scheme involving Osun State’s local government funds.
The bombshell warrants (Suit No. MOS/601c/2025), obtained by our newsroom, command the Osun State Commissioner of Police to apprehend UBA’s leadership for their alleged conspiracy to illegally operate and control 30 phantom bank accounts for Osun’s LG councils. The court documents explicitly state the bank enabled shadowy, unauthorized individuals to siphon public funds – a direct violation of state financial safeguards.
The Accused Fugitives:
Oliver Alawuba, Group Managing Director/CEO (Africa’s top banking executive)
Billy Odum, Company Secretary & Group Legal Adviser (Chief legal officer)
Chukwuma Nweke, Deputy Managing Director
UBA Plc (Nigerian Stock Exchange-listed entity)
The Damning Charges:
The state government slammed the bank and its leaders with a 31-count criminal indictment, revealing:
Felony Conspiracy: Illegally opening and operating the 30 LG accounts (Violating S.516 Criminal Code).
Systemic Fraud: Permitting mystery private actors to control accounts instead of legally mandated council officials – a brazen circumvention of the Osun State Local Government Accounts Administration Law, 2025.
Gross Regulatory Collapse: UBA’s internal controls allegedly failed completely, enabling what prosecutors term a “shadow financial system” for LG funds.
Contempt of Court:
Despite repeated summonses served via email and national newspapers, UBA’s leadership defiantly refused to appear – conduct the magistrate deemed “willful obstruction of justice” before issuing arrest warrants.
Why This Obliterates UBA’s Reputation:
Top Leadership Implication: The CEO and legal head are personally charged, exposing catastrophic governance failures.
Institutional Criminality: The bank itself faces arrest – a humiliating first for a Tier-1 Nigerian bank.
Public Trust Betrayal: UBA allegedly facilitated the hijacking of grassroots public funds meant for communities.
Regulatory Nightmare: Opens investigations into systemic compliance breakdowns across UBA’s operations.
Next Steps:
The Osun Police Commissioner must now execute the warrants ahead of the explosive trial set for February 10, 2026. Banking analysts warn this scandal could trigger massive client withdrawals, shareholder lawsuits, and international sanctions against UBA.
The Bottom Line:
Africa’s banking giant now faces existential disgrace, with its leadership branded fugitives in a case exposing alleged institutional fraud against Nigerian taxpayers. This marks a new low in Nigeria’s banking integrity crisis.
