OIL THIEF, ADA UGO-UNGADI’S DIRTY PAST, WHY SHE WAS SACKED BY UNITY BANK

By Rotimi Sulyman

The Managing Director of Onatori Oil and Gas, one of the seven oil marketing firms that are currently being arraigned for fraudulently obtaining billions of naira from Petroleum Supports Fund by the Economic and Financial Crime Commission, Ada Ugo-Ungadi has the guile to achieve her goals.

A graduate of Abia State University, Uturu where she read Banking and Finance, the plump woman who is in her early forties also holds Master’s Degree in Public Administration from Lagos State University (LASU) where she was the best graduating student in her year.
Sources told orijoreporters that Ada’s award as Best Graduating Student was entirely without merit. It is said that it was merely an end-result of plenty of money she spent on her lecturers to curry favour.
Always bending the rules to gain advantage, she perpetrated several frauds during her banking career, which she started in 1995 in First Bank before moving to Access Bank two years after, and later Unity Bank.
Her crime at Unity Bank where she was the branch manager of the bank’s branch at Adetokunbo Ademola in Victoria Island in Lagos in 2005 was that, she formed the habit of diverting cash she collects from customers as deposits to oil and gas business, which she started back then. Most of the customers she was doing that to, her those she was very close to, and was even their account officer, and always knew when they needed their money, and would pay into their accounts either from her oil business proceeds, or from other means when such need arose.
It was said that Ada was also pressurizing account officers in the branch who were in possession of customers’ cash to borrow her money for her oil and gas business. The shenanigans went on for sometime in the branch, and when the management got to know about it they were very mad, particularly, one of the management staff, Kunle Oyinloye, who took it personal, because he had all along suspected that Ada was a fraudulent person.
Oyinloye was more infuriated because she didn’t have the courtesy to tell the management that she was sorry about her actions. Instead she was planning to join Afribank that was about to employ her.
Having contravened a section of the Banks and Other Financial Institutions Act, BOFIA, the bank management set up a Disciplinary Committee, which recommended her sack.
And so Ada was sacked, and a letter was written to the CBN about her unprofessional conducts. The letter, which ruled her out of her planned move to Afribank, made it illegal for any bank in Nigeria to employ her. But how she later got employed by Access Bank where she was before moving to Unity Bank remains a mystery.
OrijoReporters