Unity Bank Debunks Fraud Allegations Against Former Chairman Thomas Etuh

Unity Bank has denied allegations made by the Global Integrity Crusade Network (GICN) against Mr. Thomas Etuh, the former Chairman of the bank, accused of various offences during his tenure at Unity Bank Plc.

 

SaharaReporters had earlier reported that the GICN petitioned the Economic and Financial Crimes Commission (EFCC) to investigate and arrest the former Unity Bank chairman for various alleged offences.

 

The petition, signed by GICN Chairman, Board of Trustees, and President, Edward Omaga, dated July 11, alleged that Etuh committed the offences during his tenure as the Chairman of Unity Bank’s Board of Directors between January 23, 2015, and October 4, 2017.

 

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 urged the EFCC to take immediate action, including arresting and prosecuting Etuh. It also called for the removal of Unity Bank’s Directors by the Central Bank of Nigeria, and for Etuh to be compelled to refund any funds fraudulently diverted from the bank.

 

Meanwhile, in a statement released on Sunday by Matthew Obiazikwor, Head of Communications and Brand Management at Unity Bank Plc, the bank said it had no evidence to substantiate the fraud allegations against Mr. Thomas Etuh.

 

The statement read, “Unity Bank Plc is a regulated financial institution and Mr. Etuh’s appointment as Chairman was endorsed by our shareholders and subsequently passed all regulatory approvals.

 

“During his tenure, he demonstrated a strong commitment to the Bank, bringing his businesses into the Bank and making all necessary disclosures in compliance with regulatory requirements.

 

“In the course of doing business in any climate, there could be challenges, and in Mr. Etuh’s case, his current credit exposure and performance status are publicly disclosed in line with regulatory standards. It is noteworthy that he has been diligent in addressing and regularizing this exposure over the years.

 

“We hereby state that Unity Bank Plc has no grounds to corroborate the fraud allegations against Mr. Thomas Etuh. He has a track record as a successful businessman and has had interests in various companies in several capacities before and after his tenure as chairman.

 

Mr Obiazikwor explained that the current challenge faced by the bank regarding its negative shareholders’ funds preceded Etuh’s appointment as chairman and stemmed from the legacy non-performing loans after the consolidation exercise of 2006.

 

He said, “Our strategic efforts to address these challenges in line with new recapitalization requirements are well known to our regulators and we remain focused on this transformation journey.

 

“While GICN has the right to freedom of expression, we urge the organization to ensure accuracy in its statements and avoid actions that could disrupt the Bank’s operations or instigate negative public perception during this crucial period.”

 

“Unity Bank Plc remains committed to providing exceptional services to its customers, and stakeholders, and we conduct our business in adherence to regulatory standards and best practices, he said.