Alleged lapses in internal security and fund protection mechanisms at Unity Bank came to light on Tuesday as the Economic and Financial Crimes Commission (EFCC) opened its case in the trial of Ibrahim Habib Ibrahim over an alleged N458 million fraud.
Testifying before Justice Alexander Owoeye of the Federal High Court sitting in Ikoyi, Lagos, the EFCC’s first prosecution witness, Emmanuel Adeyemi, Head of the bank’s Fraud Prevention and Investigation Department, disclosed that the bank’s database was compromised over two days, leading to the unauthorised transfer of hundreds of millions of naira belonging to customers.
Ibrahim is facing a two-count charge bordering on alleged money laundering involving the sum of N458,396,967.50, to which he pleaded not guilty.
Adeyemi told the court that on December 24 and 25, 2021, the bank discovered a breach in its system that allowed about N458 million to be fraudulently moved from the accounts of nine customers to several accounts across different banks, raising concerns over the safety of funds entrusted to the institution.
Also Read: Former Union Bank Director Testifies on $2.3 Million Debt Write-Off Linked to Arik Air
Led in evidence by prosecution counsel, S.I. Suleiman, the witness explained that the scale of the breach compelled the bank’s management to petition the EFCC for assistance in investigating the incident and determining how the bank’s internal controls were circumvented.
According to him, the petition was accompanied by a preliminary investigation report detailing the bank’s findings on the breach.
During proceedings, Adeyemi confirmed the authenticity of the petition and its supporting documents, stating that they were signed by the bank’s Chief Audit Executive, Olusegun Famoriyo, and the then Executive Director, Finance and Operations, Ebenezer Kolawole, who is now the Managing Director of the bank.
He further informed the court that Famoriyo is currently in Canada on holiday, while Kolawole is out of Lagos on official duty.
The prosecution subsequently tendered the petition and attached documents in evidence, which were admitted by the court without objection.
Justice Owoeye adjourned the matter till May 20, 2026, for the continuation of trial.
