Mobile Money Agents Petition Police Over Alleged ?65m Fraud, Suspends Association President, Fasasi Atanda

The Nigerian Police have been invited by the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) to investigate the activities of its suspended 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, members of AMMBAN stated that the suspended chairman had been diverting monies meant for the association for his personal use.

Furthermore, 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.

Mr. Atanda’s suspension, which was effected by members of the association’s BoT, became imperative when he kept parading himself as the substantive president, and was hoodwinking members who did not know that he was diverting their payments away from the official payment channels of the association.

In the petition, which was received Monday, November 04, 2024 by the police, AMMBAN outlined how the suspended chairman used his office to enrich himself.

The President is alleged to have fraudulently diverted monies into his personal company’s account (Partner De Ecosystem) to organise an event that would benefit our dear association.

However, 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 association concluded its petition by urging the police to expedite action in investigating Mr. Fasasi S. Atanda, in order to prevent unsuspecting members of the association falling prey to his schemes since he is still parading himself as the president of AMMBAN.

In a related development, the BoT has appointed Dr. Obioha Otti as acting President, in accordance with the bye-laws of the association.

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.

We in AMMBAN NEC and SEC of the BoT are carefully studying the activities of Mr. Fasasi and I can assure you that something is being done about it.

We are only doing our best to ensure that we exhaust all avenues of ensuring that we conform to all our AMMBAN rules and regulations and also the laws of the Federal republic of Nigeria, he added.

Dr. Otti urged members collaborating with the suspended president to retrace their steps, as the long-term survival of the association was in the best interest of its members.
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“I want to reassure all AMMBAN members that everything is under control and we are working round the clock to ensure that the association is moving forward as one indivisible and big family,” he said.