The Economic and Financial Crimes Commission (EFCC) has received a petition from the Global Integrity Crusade Network (GICN) to arrest and investigate former Unity Bank Chairman, Thomas Akoh Etuh, for various offences including corporate malfeasance, insider bank fraud, and money laundering.
The petition, signed by GICN’s Chairman, Board of Trustees, and President, Edward Omaga, Esq., alleges that Etuh committed these offences during his tenure as Chairman of Unity Bank’s Board of Directors between January 23, 2015, and October 4, 2017.
According to the petition, Etuh’s actions led to the bank’s financial woes, including a significant increase in non-performing loans (NPLs) and the eventual sale of the bank’s interest to Providus Bank.
The petition also alleges that Etuh used his position to enrich himself and his associates, causing significant financial losses to the bank and its customers.
The GICN is urging the EFCC to take immediate action, including arresting and prosecuting Etuh, directing the Central Bank of Nigeria to remove Unity Bank’s Directors, and compelling Etuh to refund any funds fraudulently diverted from the bank.
The petition adds: “We contend that the action of the Lagos State High Court presided over by Justice L.A. Okunnu when he discharged Thomas Akoh Etuh on September 21, 2021, of complicity in the money laundering charges preferred against Francis Atuche and Ugo Anyanwu is wrong, unacceptable, and reprehensible.”
The group, however, warned the anti-corruption agency that failure to act would lead to the filing of Mandamus Proceedings at the Federal High Court Abuja to compel it to do the needful
On its part, the EFCC acknowledged receipt of the petition on Thursday 11th July 2024 and is expected to investigate the allegations.
If found guilty, Etuh could face severe penalties, including imprisonment.
