Alleged N1.1b Scam: Union Bank, Diamond Bank Blacklisted By Delta State

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A big scam is presently allegedly rocking two of Nigeria’s commercial banks, Union Bank and Diamond Bank. According to reports gathered by, Union Bank and Diamond Bank allegedly defrauded Delta State government of N1.1billion naira paid by Chevron Nigeria Limited (CNL) as tax in 2012.

The Chairman of the Delta State Board of Internal Revenue (DSBIR) Joel Onowakpor, told journalists in Asaba that the two banks fraudulently concealed the funds, which was earned as internally generated revenue for the state government.

The state government has now reported the two banks to the Central Bank of Nigeria (CBN) to look into the matter and punish them appropriately. Delta State government has also blacklisted the two commercial banks as it said it can no longer trust them to handle their finances on their behalf.

Onowakpor lamented, “I was dazed to get alert from Diamond Bank on Monday January 7th, 2013 about the money which was not even paid at once but in batches.

“Chevron paid to Union Bank since 27th December 2012 but Union Bank withheld it till 31st December, 2012 when it paid to Diamond Bank.

“Diamond Bank received the money and refused to credit it until Monday January 7th, 2013 around 12:16 pm.”

Some Nigerians have in the past complained about some alleged sharp practises being allegedly carried out by Union Bank and Diamond Bank on their accounts. They have called on the CBN to look into the way the banks tamper with their monies but not much has been done to correct the anomalies.

© 2013

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