EXCLUSIVE: Providus Bank and Officials Under Police Investigation for Alleged N1.1bn Fraud

The police in Abuja are currently investigating Providus Bank Limited, several of its officials, and another commercial bank in connection with an alleged N1 billion fraud, as reported by ThePressNG.

According to ThePressNG, bank officials are under scrutiny following the transfer of approximately N1 billion by a bureau de change operator in Abuja, Shamsudeen Ahmed. The money was transferred through the banks to suspected criminals who had promised to sell $1 million from Dubai to Ahmed, only for the funds to mysteriously disappear.

Detectives are examining the involvement of bank staff in the illicit transfer after the suspects provided three account details where Ahmed deposited the money. It was later discovered that the suspects had conspired to defraud him.

A petition written on behalf of Ahmed by Anthony Odule, and addressed to the Inspector General of Police, alleges that on December 8, 2023, suspects Gambo Dahiru, Ibrahim Mohammed, Shaibu Mohammed, and Francis Azubuike (aka Frank) deceived Ahmed into believing there was a legitimate $1 million available for sale from Dubai.

The petition states, “Our client reported that the suspects provided the following account details: Ushaib Global Investment Limited (Account number: 5400393231, Providus Bank), Yadiz Oil and Gas Plc Nigeria Limited (account in a third-generation bank), and A&M Technology Red Set (Account number: 5404168804, Providus Bank), where he deposited N830 million, N330 million, and N10 million, respectively.

“Our client found that the suspects conspired to defraud him, as they had no dollars to deliver but instead shared the money among themselves. This situation is particularly troubling for our client, who borrowed part of the money, and non-repayment could severely damage his reputation.”

Upon suspecting foul play, Ahmed immediately notified all the banks involved, requesting they halt the transactions and return his funds. One bank has refunded part of the money, but the other has not, claiming the account owners provided value for the money, which Ahmed disputes.

Police sources indicate that detectives are interrogating the bank officials, and six suspected fraudsters have been arrested, with some of the money already refunded.

Attempts by ThePressNG to contact the banks for comments were unsuccessful, as calls to their Head of Corporate Communications went unanswered.