Providus Bank Limited, a number of its employees, and another commercial bank are the subject of an investigation by the Abuja police. This is due to allegations of their involvement in a N1 billion fraud scheme.
Based on questionable transfer of almost N1 billion by Abuja Bureau de Change Operator, Shamsudeen Ahmed, sources suggest that officials from these institutions are being investigated. Ahmed found that the money had disappeared under suspicious circumstances after trying to buy $1 million from Dubai.
The bank employees’ roles in the illegal transfer are being investigated by detectives. After learning that the transaction was a part of a fraud operation, Ahmed became suspicious of the suspects’ purported provision of three separate account details.
Anthony Odule, acting on behalf of Ahmed, petitioned the Inspector General of Police stating that on December 8, 2023, the complainant was tricked by suspects identified as Francis Azubuike (also known as Frank), Ibrahim Mohammed, Gambo Dahiru, and Shaibu Mohammed. The suspects claimed to have made a real $1 million sale from Dubai.
Ahmed transferred money to three accounts, according to the petition: N830 million to Ushaib Global Investment Limited (Providus Bank account number: 5400393231), N330 million to Yadiz Oil and Gas Plc Nigeria Limited (another commercial bank), and N10 million to A&M Technology Red Set (Providus Bank account number: 5404168804). Ahmed called the banks and asked them to stop the payments and return the money after he discovered the scam.
According to Ahmed, “One bank has refunded part of the money, but the other has refused, claiming that the account holders provided value for the funds. Despite my requests to freeze the accounts, the bank has taken no action to prevent this fraud.”
Attempts to contact the banks for comments were fruitless, as calls to their Head of Corporate Communications went unanswered. Police sources revealed that bank personnel had been questioned and that six people have been arrested, with some monies recovered.
