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FG Probe $2bn Atlas Maras’s Union Bank Alleged Fraud

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The Federal Ministry of Justice on Thursday 2nd July, 2019 continued to interrogated those implicated in the alleged fraud in which FGN lost $2 billion and 65,000 plus former Nigerian shareholders of the bank were dispossessed.
The Lawyer to the petitioner disclosed this to newsmen in Abuja shortly after the interrogation of all the parties mentioned in the petition.
According to him, those invited for interrogation were two former federal ministers Senator Udo Udoma and Okechukwu Enelamah, GMD of Union Bank Emeka Emuwa, Chapel Hill, Nigerian Stock Exchange (NSE), SEC and CBN.
“The criminal investigations concerning Union Bank shares will have international dimensions reaching United Kingdom, Canada, USA, Netherlands and Mauritius because Union Bank of Nigeria plc today is controlled 49% by London listed Atlas Mara (ATMA:LN) which is in turn controlled by Fairfax Africa based in Canada and United States and Mauritius because the offshore shell company called Union Global Partners Limited (UGPL) is another significant owner that has sold and continues to offload its shares to Atlas Mara.
“The Nigerians who were former shareholders of Union Bank of Nigeria eagerly await the outcome of this investigation.
“It recall that UGPL acquired 65% of the bank in the odious transaction that dispossessed Nigerians; and that AMCON owned approximately 20% which the UGPL consortium was unable to pay for, and which it has since sold to Atlas Mara,” he added.
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