‘ONE CUSTOMER BANK’ FRAUD: How Sterling Bank Staffers Clone NIN Number To Defraud Customers, After Stealing N1Billion From CBN.

When other banks are rolling out programmes and products to reward their customers, Sterling Bank’s sterling qualities are becoming notorious in fraudulent activities against their customers and the Bankers’ bank- Central Bank of Nigeria.

Few years after two of its staff were arraigned for defrauding the CBN of more than one billion naira, the Lagos Zonal Office of the Economic and Financial Crimes Commission, EFCC, has again arrested three employees of Sterling Bank for an alleged case of conspiracy, stealing, forgery and obtaining money by false pretence involving about N51 Million.

The suspects, Kagha Emmanuel Uchenna, Okoro Chinasom Davidson and Egbogu Emmanuel Obiora, allegedly conspired and defrauded a customer of the bank of the sum of N51, 978, 883. 37 (Fifty-one Million, Nine Hundred and Seventy-eight Thousand, Eight Hundred and Eighty-three Naira, Thirty-seven Kobo.)

Investigations revealed that the trio forged the signature and National Identification Management (NIM) number slip of the customer, activated his mobile banking application and fraudulently withdrew the money.

The suspects, who were arrested on July 7, 2021 at the Nsukka, Enugu branch of the bank, have volunteered statements and will be charged to court as soon as investigations are concluded.

Before now, three employees of the Central Bank of Nigeria and two staff of Sterling Bank of Nigeria, were remanded in prison custody after their arraignment before Justice N. Ayo Emmanuel of a Federal High Court sitting in Ibadan, Oyo State for defrauding the apex bank and two other banks a total sum of N1, 141,303,300( One Billion, One Hundred and Forty One Million, Three Hundred and Three Thousand, Three Hundred Naira only).

The suspects: Kolawole Babalola, Olaniran Muniru Adeola, Toogun Kayode Philips– all former staff of the CBN and  Salami Ibrahim and Oddiah Emmanuel, both staff of Sterling Bank Plc, were arraigned  on an eleven-count  charge bordering on conspiracy, fraud and stealing.

Specifically, the bankers were alleged to have defrauded their banks various sums of money totaling N1, 141,303,300 using various guises and pretenses.

Branded as “Your one-customer bank” Sterling Bank evolved from an investment banking institution to a fully-fledged commercial bank; and completed a merger with 4 other banks – Indo-Nigeria Merchant Bank, Magnum Trust Bank, NBM Bank and Trust Bank of Africa – as part of the 2006 consolidation of the Nigerian banking industry.

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