Union Bank executives, Lola Cardoso, Ogochukwu Ekezie-Ekaidem others allegedly refused to declare their assets, according to ENigeria Newspaper.
Bankers must register their assets through the relevant authority, such as the Office of the Secr7etary to the Government of the Federation, according to the Bank Employees (Declaration of Assets) Act 1986.
However, the forms were hardly reviewed, a situation that the EFCC hopes to reverse.
“Every employee of a bank shall, within fourteen days of the beginning of this Act, make complete disclosure of all his assets,” says section 1 of the Act.
“In the case of a new employee, he shall make a full disclosure of all his assets at the time of his assuming duty with the bank within 14 days of his assuming duty with the bank; and for the purposes of this subsection, a transfer or secondment from one bank to another shall be treated as a new employment.”
“The full disclosure of assets required under Section 1 of this Act shall be made in the manner prescribed in the Declaration of Assets Form contained in Form A of the Schedule to this Act and shall be executed before and attested to by the Registrar of a High Court, the Court of Appeal, or the Supreme Court,” Section 2 of the Act states.
The Act, however, states that the Chief Executive of every bank, which includes the chairman, managing director, or other similar officers of a bank, “shall twice in every year, but no later than 7 January, or 7 July, as the case may be, submit to the appropriate authority a list of all employees who joined or left the employment of the bank in the immediately preceding six months expiring respectively on 3 January, or 7 July, as the case may be, submit to the appropriate authority a list of all employees who joined.
It was discovered some top bank decision-makers of first-tier Nigerian financial institutions through a series of investigations to ascertain bank executives who own companies but refuse to register them on their assets declaration form as required by law.
The white stallions, Union Bank, are at the top of the list, with executives who aren’t afraid to breach the rules.
Lola Cardoso: Mrs. Cardoso, who was named Executive Director and Head, Retail and Digital Banking in March 2020 and branded the bank’s female backbone, has been running two companies with her name still listed as a director.
Millsibut Limited, a company she and five others founded on July 28, 2011, with the RC Number 968759, is one of them.
She and Sola Cardoso also registered The Adventures of Felix and Flavia Limited on January 23, 2014, with RC number 1165995 and a registered office location at No 19, Ojulari Street, Ikate Elegushi Lekki, Lagos.
She may also be a shareholder in Julius Berger Nigeria Plc, according to many individuals who spoke to this newspaper, as her UBN account number 0039569612 was recently credited by the construction giant.
Her name appears in her banking records as Cardoso Omolola, not Lola, as she is well known.
Joseph Chiedu Mbulu: Mopfraggle Limited, which he co-founded with Akinlabi Ajelabi and Olatunji Oke on June 13, 2011, and which he registered with RC Number 949166, is run by an Executive Director and Chief Financial Officer of the bank who was appointed in March 2020.
Investigations discovered that before registering Mopfraggle Limited, he had registered Accent Business Consulting Limited with Adenike Mbulu and Kunle Awolowo on June 14, 2010 with RC Number 892558.
He bought properties from Femab Property Limited, according to a source, and paid for them with his Ecobank account number 031000919.
According to findings, Tetem had already floated Alinnutetem Limited on October 27th, 2015 with RC number 1295623 while holding the position.
Pamela Feyi-Waboso and Uchechi Feyi-Waboso, two members of his direct family, own the company with its location at No 1, De Feyi Avenue, Azumini Ndoki Ukwa-East.
Ogochukwu Ekezie-Ekaidem: She co-managed Elcosek Merchandiser Nigeria Limited with RC number 984978 with her husband, Mr. Cosmas Ekezie, while holding the post of Chief Brand and Marketing Officer.
Mrs. Ogochukwu also incorporated another firm, Tetba consult limited, with the RC number 1090417 and a registered address of No 7, Abiodun Ikomi Street, Lekki Phase 1, Lagos State, on the 15th of January 2013.
However, it is unclear why this bank’s female Amazon did not warn her employees and colleagues about the risks of not revealing companies/assets owned by them as their primary brand promoter, fully understanding that such breaches would surface in the future to tarnish the bank’s image.
When ENigeria Newspaper contacted Union Bank Communications Controller, Yemisi Owunubi, on Friday for an official response, she rejected, and as of press time, she had not answered to a text message sent to her MTN line ending in ****450.