In a shocking case of financial fraud and identity manipulation, United Bank for Africa (UBA) has refunded a total sum of N106,309,534.87 to an overseas-based customer whose account was wrongfully emptied after individuals falsely declared him dead.
According to sources close to the incident, the bank had been approached by unknown persons who presented documents claiming the account holder had passed away and had already been buried. Acting on this fraudulent claim, the bank reportedly transferred over N100 million from the customer’s savings account into a newly opened estate account.
The customer, who is very much alive, contested the action and, after intense scrutiny and advocacy, received a full refund of the misappropriated funds this morning.
While the return of the funds is a significant relief, there are mounting calls for accountability. Advocates for the client and members of the public are demanding transparency from UBA and an internal investigation to identify how such a breach could occur within a regulated financial institution.
“There must be an explanation for how such documentation was accepted without due diligence. Were bank staff involved? The bank needs to tell us,” a representative for the client said.
