Money Agents Petition AIG Over Alleged Fraud

Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) has written a petition to the Assistant Inspector General (AIG) Zone 2 command to investigate its suspended president, Fasasi Atanda, over allegations of embezzlement of the association’s funds.

In the petition addressed to the AIG, Zone 2 Command, headquartered in Onikan, Lagos, the board members stated that the president’s suspension was necessary to facilitate an unhindered investigation.

In the five-paragraph petition sent to the AIG, AMMBAN members accused the suspended chairman of diverting funds intended for the association for personal use.

According to the agents, he had allegedly failed to account for the monies despite repeated demands from the members.

However, in a swift reaction, Atanda denied the allegations, challenging the association to provide evidence of wrongdoing.

He said, “The petitioners should provide the invoice they claimed was used to pay the alleged sum into my accounts.”

He also disclosed that he had challenged his removal from office by filing an interlocutory injunction at the Oyo State High Court sitting in Ibadan in suit number 1/1290/2024.

Part of the petition against the suspended chairman read, “It has come to our attention that the president has been receiving association funds directly into his personal or corporate bank account. This action directly violates Article 23.2 of the Association’s Bye-Laws which mandates that all funds must be maintained in the association’s official accounts.

“This blatant disregard for the established financial protocols of AMMBAN constitutes serious mismanagement of resources and poses substantial risks to financial accountability.”

“Atanda’s suspension was enacted by members of the association’s Board of Trustees (BoT) due to his continued representation as the substantive president, misleading members who were unaware that he was diverting their payments away from the association’s official payment channels.

“This blatant misrepresentation is a significant breach of trust and accountability to the members and stakeholders of AMMBAN. Such actions violate the fiduciary duties of transparency and integrity that the President must uphold.”

The BoT urged the police to investigate the fraud allegations and the various breaches of existing laws and regulations, such as the Companies and Allied Matters Act (CAMA) allegedly committed by the suspended president.