trending Market Intelligence /marketintelligence/en/news-insights/trending/kkadxfcbozikul8fgy12aa2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us
In This List

Report: Ex-CEO of Nigerian bank's UK unit arrested in 2017 over bribery claims

Banking Essentials Newsletter - November Edition

University Essentials | COVID-19 Economic Outlook in Banking: Rates and Long-Term Expectations: Q&A with the Experts

Estimating Credit Losses Under COVID-19 and the Post-Crisis Recovery

StreetTalk – Episode 70: Banks' Liquidity Conundrum Could Fuel M&A Activity


Report: Ex-CEO of Nigerian bank's UK unit arrested in 2017 over bribery claims

Maurice Phido, former CEO of Union Bank of Nigeria PLC's U.K. unit, was arrested by Britain's National Crime Agency in 2017 on suspicion of bribery, the Financial Times reported, citing three people familiar with the investigation.

Nigel Kirby, deputy director of the agency's economic crime unit, said recently that the NCA had arrested the head of an unnamed foreign bank's local unit and that the case has been referred to prosecutors for potential charges following a seven-month probe, according to the Sept. 6 report.

A source told the FT that Phido's arrest did not imply any wrongdoing by the Nigerian lender, while another source said the investigation was triggered by allegations relating to another employee and was expanded into other areas.

Phido has returned to Nigeria after his arrest and was not charged with any offense, the FT noted.

In an emailed statement to the FT, Union Bank of Nigeria said it is not the subject of any bribery probe.

Union Bank of Nigeria operates in the U.K. through Union Bank UK Plc.