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  • Business - Banking & Finance
  • Updated: September 21, 2021

ASCSN Transaction: Unity Bank Breaks Silence On Alleged Diversion Of N134m Funds

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Zaccheus Ukhueleigbe
Zaccheus Ukhueleigbe

is a media and communications professional | digital media strategist. A proud Nigerian and an advo...

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The management of Unity Bank has reacted to the alleged diversion of N134million investment funds meant for civil servants.

AllNews Nigeria reports that earlier Monday, workers under the aegis of the Association of Senior Civil Servants of Nigeria (ASSN), Ogun State stormed the Ita-Eko branch of Unity Bank with placards in their hands, the aggrieved senior civil servants said: “Funds Not Safe In Unity Bank,” “Unity Bank Stole Our Money”, “No Refund, No Retreat, No Surrender.”

According to the State Chairman, Comrade Olude Isa Owolabi, the association’s investments fund was N134million, while a sum of N80million had been transferred to the association, leaving a balance of about an N54million.

 Unity Bank Breaks Silence On Alleged Diversion Of N134m Funds

In a press statement made available to AllNews Nigeria, Unity Bank states that the management acted with the authority of the customer, ASCSN.

The statement reads thus, "The attention of the Bank has been drawn to the action of the Association of Senior Civil Servants of Nigeria (ASCSN) in Abeokuta. Going by all available records regarding the ASCSN account and transactions, Unity Bank hereby states that there's completely no wrongdoing on the part of the Bank who acted professionally in the interest of the Association. 

"Till date, the Bank has thus carried out all financial transactions in line with the mandate, instructions, and authority of the customer (ie the Association of Senior Civil Servants of Nigeria). 

"Until proven otherwise, the Bank can therefore not be held liable for any complaints of  ASCSN since the instructions for the transfer of the sum of money totalling N54.8m were duly authorized by the association. 

"The Bank, in carrying out the transactions sent sms notifications as well as rendered periodic account statements of the financial activity on the account. 

"The Bank wishes to advise members of ASCSN to await the outcome of the reconciliation to determine if the mandate upon which the Bank acted fails to tally with the authorized signatories submitted by the association. 

"The CBN is aware of the issues and we held a meeting with them last Friday but the people picketing the Bank are merely embarking on a needless smear campaign instead awaiting outcome of the reconciliation process."

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Zaccheus Ukhueleigbe
Zaccheus Ukhueleigbe

is a media and communications professional | digital media strategist. A proud Nigerian and an advo...

More From this Author

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