Unity bank has disputed claims made by the Global Integrity Crusade Network (GICN) against Mr. Thomas Etuh, the former Chairman of the firm, who was accused of several violations during his tenure at Unity Bank Plc.
The GICN had earlier requested that the Economic and Financial Crimes Commission (EFCC) look into and detain the former chairman of Unity Bank for a number of suspected offenses.
The petition which was submitted on 11 July claimed that Etuh committed the offenses between January 23, 2015, and October 4, 2017, while serving as the Chairman of Unity Bank’s Board of Directors. It was signed by GICN Chairman, Board of Trustees, and President Edward Omaga.
Additionally, the petition claimed that Etuh caused the bank and its clients to suffer large financial losses by leveraging his position to enrich himself and his cronies.
The GICN requested that the EFCC move right away in arrest and prosecution of Etuh. Additionally, it demanded that Etuh return any money that had been illegally taken from Unity Bank and that the Central Bank of Nigeria remove the bank’s directors.
Meanwhile, Unity Bank Plc said in a statement issued on Sunday by Matthew Obiazikwor, Head of Communications and Brand Management, that it lacked proof to support the claims of fraud made against Mr. Thomas Etuh.
“Unity Bank Plc is a regulated financial institution and Mr. Etuh’s appointment as Chairman was endorsed by our shareholders and subsequently passed all regulatory approvals.
“During his tenure, he demonstrated a strong commitment to the Bank, bringing his businesses into the Bank and making all necessary disclosures in compliance with regulatory requirements.
“In the course of doing business in any climate, there could be challenges, and in Mr. Etuh’s case, his current credit exposure and performance status are publicly disclosed in line with regulatory standards. It is noteworthy that he has been diligent in addressing and regularizing this exposure over the years.
“We hereby state that Unity Bank Plc has no grounds to corroborate the fraud allegations against Mr. Thomas Etuh. He has a track record as a successful businessman and has had interests in various companies in several capacities before and after his tenure as chairman,” the statement read.
Mr. Obiazikwor clarified that the legacy non-performing loans from the 2006 consolidation exercise were the cause of the bank’s current problem with its negative shareholders’ funds, which existed prior to Etuh’s appointment as chairman.
“Our strategic efforts to address these challenges in line with new recapitalization requirements are well known to our regulators and we remain focused on this transformation journey.
“While GICN has the right to freedom of expression, we urge the organization to ensure accuracy in its statements and avoid actions that could disrupt the Bank’s operations or instigate negative public perception during this crucial period.
“Unity Bank Plc remains committed to providing exceptional services to its customers, and stakeholders, and we conduct our business in adherence to regulatory standards and best practices,” he said.
