The Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) has invited the Nigerian Police to investigate its president, Mr. Fasasi Sarafadeen Atanda, over allegations of embezzling its funds.
In a strongly worded petition sent to the Assistant Inspector General (AIG) of Police, Zone 2 Command, headquartered in Onikan Lagos, board members of the association stated that the president has been suspended to pave the way for an unfettered investigation.
In the five-paragraph petition sent to the AIG, they accused the suspended chairman of allegedly diverting money meant for the association for his personal use.
Mr Atanda was alleged to have failed to account for the monies received from members despite several engagements.
“It has come to our attention that the President has been receiving Association funds directly into his personal/corporate bank account, an action directly violating Article 23.2 of the Association Bye-Laws, which mandates that all funds must be maintained in the Association’s official accounts.
“This deliberate disregard for the established financial protocols of AMMBAN constitutes a serious mismanagement of Association resources and poses substantial risks to financial accountability,” declared the members in their petition to the AIG.
The board also announced the suspension of Mr. Atanda. The group said the suspension was imperative when he kept parading himself as the substantive president.
According to the petition, the President is alleged to have diverted monies into his personal company’s account (Partner De Ecosystem) to organise an event that would benefit our dear association. They claim that to date, no trace of accountability from the president.
“This blatant misrepresentation is a significant breach of trust and accountability to the members and stakeholders of AMMBAN. Such actions are incompatible with the fiduciary duties of transparency and integrity that the President is obligated to uphold.”
The BoT urged the police to look beyond the fraud allegation, and also investigate the several breach of extant laws and regulation, such as CAMA, allegedly perpetrated by the suspended chairmen.
The BoT has appointed Dr. Obioha Otti as acting President, citing the association’s law as a basis.
Until his appointment, Dr. Otti was Vice President 1 of AMMBAN.
Among his first remarks since his appointment, Dr Otti assured members of AMMBAN of the stability of their association, and that he would work round the clock to ensure that the association moves forward as one indivisible and big family.
