Against banking regulations and the directives of the Central Bank of Nigeria (CBN), Philips Oduoza, the Managing Director of United Bank for Africa PLC (UBA) is engaged in some unwholesome practice that may pit him against the bank’s stakeholders, the Economic and Financial Crimes Commission (EFCC) as well as the banking regulator.
When the Divisional Head, Marketing and Corporate Relations of the United Bank for Africa (UBA), Mr Charles Aigbe debunked the allegation that Afriland Properties PLC, a company that has transacted with UBA was not owned by the bank’s MD/CEO, Mr Philip Oduoza, we decided to go undercover to find who was lying between the teeth.
Our finding from those in the know confirms that Afriland Company is ACTUALLY owned by Philips (having majority shares) with the knowledge of his godfather, Mr Tony Elumelu, who has paved the way for illegalities in the bank especially with the removal of its erstwhile Deputy Managing Director, Mr Apollos Ikpobe as we earlier reported with the second part of the story set for publication, Afriland Company according to our highly placed source, Afriland was not initially hidden from the banking sector as the cash cow of Philips until a directive came from the apex bank that all financial institutions should stop owning and funding any non-banking investment.
As soon as this order was given, Philips we gathered reached out to his friend, the wife of the former governor of Ekiti State, Erelu Niyi Adebayor to take over the place as his front pending when he will be through with his job in UBA.
This turned out to be the scam the banking sector ever witnessed, as UBA unlike most frontliner banks refused to buy land to build branches, but prefers to go for rented ones.
The practice is that Afriland takes possession of any property the UBA wishes to operate and in turn lease it out to the bank in huge sums well above the market value of such properties.
If you think this comes cheap, then the dream just begins, as Afriland gets building for the corrupt bank three times the normal amount. A particular branch in Abuja according to a source is leased out N430 million annually when other financial institutions within that area gets it for N200 million to N250 million. This inflation is done by Philip alleged a source, through which he use in defrauding a bank he works in.
In this game of using front, insider sources revealed to us that the big boss himself, Tony Elumelu is currently using his father in-law as one of the front among the bank directors, an allegation currently under oor investigation which shall be revealed soon.