Osun State Sues UBA and Officials Over Alleged Fraudulent Bank Accounts

The Osun State government has taken legal action against UBA (NGX: UBA) and its officials, including Mr. Olawale Alawuba, Mr. Billy Odum, and Mr. Chukwuma Nweke, for allegedly committing fraud by opening and maintaining bank accounts for 30 local government councils in the state. The lawsuit, consisting of 31 charges, accuses the bank and its officials of unlawful activities within the Osogbo Magisterial District.

The case is set for a hearing on January 30, 2026. UBA's Osun State branch is accused of conspiring to commit felonies by operating these accounts illegally.

The defendants are yet to enter a plea.