Aggrieved Nigerian shareholders have approached the British Financial Conduct Authority to urgently cease the sale of Union Bank UK PLC, a subsidiary of Union Bank of Nigeria pending the conclusion of the investigation of how no fewer than 65,000 Nigerian shareholders of the financial institution have been dispossessed of their shares.
The shareholders in a letter written by using their solicitor and dated February 4, 2020 and addressed to the Chief Executive Officer of the British Financial Conduct Authority, drew the interest of the company to the reality that the Nigerian Government had already commenced investigation into how the shareholders had been dispossessed of their shares and transferred them to a shell organisation in Mauritius.
In the strongly worded letter signed by means of Agabaidu Chukwuemeka Jideani, the shareholders pointed out that permitting the sale of the UK subsidiary of the financial institution would quantity to transferring the possession of the financial institution to these who hid underneath the veil of the Mauritius association to take over the financial institution and rob the 65,000 others of their sweat.
The letter, which is copied to the Central Bank of Nigeria, the Department of State Services, Security and Exchange Commission, Nigerian Stock Exchange and the Attorney General of the Federation, made it clear that any try through the British economic organisation to enable the sale of the shares would additionally compromise the probe being treated via the Office of Director of Public Prosecution in the Federal Ministry of Justice.
Part of the letter said: “We are solicitors to Rainmakers BV (hereinafter ‘our client’) on whose request we carry to your be aware the ongoing crook investigations regarding alleged fraud and fraudulent manipulations of monetary data at some stage in the exchange of possession transactions via which extra than 65,000 former Nigerian shareholders of Union Bank of Nigeria Plc had been dispossessed of the financial institution to switch majority possession to a Mauritius shell association whose company veil shields Nigerians, their overseas accomplices and subsequent purchases of shares who collectively are making an attempt to promote the UK subsidiary.
“The crook investigations being carried out through the Office of the Public Prosecutions in Nigeria and the Department of State Services commenced with the directive of the Attorney General of the Federation pursuant to petitions by using our patron and others. Many Nigerians had been both named or implicated in allegedly performing or facilitating the fraudulent manipulation, fraud and unjust enrichment dedicated towards the 65,000 shareholders. Some of these humans have already seemed earlier than the probe panel.
“Despite their look earlier than the investigation panel and the pendency of the crook investigation report, some of them are cited as advisers of the UK subsidiary sale.
“Unfortunately, brushing off the ongoing crook investigations, a transaction to monitise the alleged fraud and unjust enrichment through sale of Union Bank UK Plc to a organization has been announced. The petitions comprise allegation that this equal UK subsidiary used to be without delay implicated in spherical tripping and laundering of cash used in the alternate of possession transactions being investigated.
“The serious allegations of fraud, professional corruption and unjust enrichment being investigated through the DPP and DSS might also lead to cancellation of the alleged fraudulent transactions and reversion of the possession of the bank: There ought to be no sell-on of any arm of the financial institution or its different belongings till the crook investigations are concluded.
“Take this, therefore, as a observe beneath the regulation to droop the sale of Union Bank UK Plc, the subsidiary of Union Bank of Nigeria Plc as such sale would compromise ongoing crook investigations in Nigeria; till such a time as you acquire a written proof from the Office of the Director of Public Prosecution and the Office of the Attorney General of the Federation of Nigeria that the crook investigations have been concluded and the popularity of the serious allegations,” the solicitor wrote in a mail we have sighted.
It was once alternatively doubtful as at closing night time if the Nigerian authorities had summoned all the key officers named in the controversial transaction when shares of Union Bank had been being offered many years in the past and if the UK monetary organisation had commenced appearing on the letter submitted by way of the aggrieved and dispossessed shareholders in Nigeria.
They claimed that they misplaced at least $2 billion by means of the motion of these who offered shares of the financial institution to the shell company in Mauritius.
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