ASSBIFI Scandal: N300M Missing, President Accused

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The Pan-African Society for Social and Economic Change (PASSEC) has formally petitioned the Honourable Minister of Labour and Employment over serious allegations of forgery and fraud. 

PASSEC alleges a scandal within the Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) and urges immediate action. Read on Banks

It claims that over N300 million has been misappropriated. This financial mismanagement has allegedly occurred since the controversial leadership of Mr. Olusoji Oluwole began in November 2022.  Read Union Related Reports

According to PASSEC, Oluwole was allegedly imposed as the National President following manipulated elections in 2022.

This process deprived the legitimate President-elect, Comrade Amina Danesi, of her rightful mandate. Comrade Danesi had emerged after a free and fair election.

In the letter to the Minister, PASSEC alleged Mr. Oluwole’s appointment to ASSBIFI was facilitated through fraudulent means. His employment with Sterling Bank was terminated in 2020. This termination rendered him ineligible for leadership under the Trade Union Act.

The organization further alleges that forged employment records were produced to support his candidacy. These documents include falsified payslips, pension records, and tax information.

This alleged fraud may have been committed with the help of certain staff members within Sterling Bank’s Human Resources Department.

PASSEC’s letter suggests that Sterling Bank’s Managing Director may not be aware of these fraudulent activities.

These actions could have significant implications for the bank’s reputation and operational integrity. The developments also threaten the principles of trade unionism across Nigeria.

On the N300 million misappropriation, the organization states that officials within the Ministry of Labour have ignored formal petitions submitted by aggrieved ASSBIFI members.

This inaction calls into question the transparency and accountability of the Ministry’s oversight role. The allegations point to a significant lapse in regulatory oversight.

This situation demands urgent intervention from all relevant authorities.

In light of these serious allegations, PASSEC has called for several urgent actions from the Ministry of Labour and Employment.

First, they requested an independent investigation into Mr. Oluwole’s current employment status. This probe should be conducted jointly by the Ministry and Sterling Bank.

They also made a formal request for Sterling Bank to release Oluwole’s original financial records.

These records include his payslips, pension, and tax information from 2020 to the present.

Secondly, PASSEC urged a directive to the Trade Union Congress (TUC) to suspend recognition of the disputed ASSBIFI leadership. This suspension should remain pending the investigation results.

Furthermore, the organization called for the referral of the matter to relevant law enforcement agencies.

This would include the Economic and Financial Crimes Commission (EFCC), Department of State Services (DSS), and the Independent Corrupt Practices Commission (ICPC).

The Central Bank of Nigeria (CBN) was also listed for its role in financial oversight.

These agencies should be involved for a thorough investigation and potential prosecution of those involved in the alleged crimes.

Finally, PASSEC called for a process to restore lawful leadership within the association. This would honour its constitution and the will of its members.

Comrade Basah Mohammed, Executive Director of PASSEC, stressed the need for prompt intervention by the Minister.

He argued that upholding the integrity of Nigeria’s trade union system is paramount. Preventing a precedent of fraudulent leadership is vital for the entire labour landscape.

“We stand ready to cooperate with your Ministry and relevant agencies,” he said. “We will ensure that justice is served and the sanctity of public and labour institutions is upheld.”

The broader landscape of labour governance in Nigeria is now under scrutiny. All eyes will be on the Ministry of Labour and Employment to respond decisively to this unfolding scandal.

This could set a significant precedent for how future disputes are handled.