By Charles Abere

The reckless actions of Union Bank’s former directors and owners brought the institution to its knees, with investigators uncovering a staggering web of financial misconduct.

The culprits manipulated reports, hid losses, and treated depositors’ money like a personal piggy bank, leaving a trail of destruction worth billions.
Their brazen tactics included piling up massive foreign loans without protection, using bank funds to buy its own shares, and diverting loans meant for customers into shady transactions.
The result was a whopping ₦400 billion in losses and ₦147 billion in unpaid charges by 2025, pushing the bank to the brink of collapse.
The Central Bank of Nigeria’s timely intervention saved the day, but let’s not forget: the recovery is happening despite the former directors’ best efforts to destroy the bank, not because of their stewardship.
They didn’t build value; they destroyed it, leaving Nigerians to pick up the pieces.
