N3.5 billion fraud: Olayiwola denies fraud allegations, vows to expose unethical practices of accusing bank’s top level executives – Nairametrics

By Nnaemeka Onyekachi

Former Globus Bank employee, Babatunde Idris Olayiwola, has refuted allegations of involvement in a large-scale financial fraud, asserting that internal unethical practices prompted his departure from the bank.

On Monday, Olayiwola stated in response to a Federal High Court in Abuja freezing N1.1 billion in multiple bank accounts linked to former Globus Bank staff, including Olayiwola, accused of hacking and misappropriating N3.5 billion from customers.

Olayiwola, alongside Chinedu Ihuma and Igwe George Benedict Obinna, former ICT staff of Globus Bank, were named in an Economic and Financial Crimes Commission (EFCC) case alleging they orchestrated the fraud using insider knowledge.

The EFCC’s claims were made in SUIT NO/FHC/CS/32/2024, leading to Justice Inyang Ekwo’s order to freeze the accounts for 90 days pending further investigation.

However, Olayiwola vehemently denied these accusations. In a statement shared with Nairametrics by his lawyer, Pelumi Jacob Olajengbesi, he described the allegations as baseless and defamatory.

He emphasized his brief tenure at Globus Bank, which spanned from January to September 2021, during which he claimed to have witnessed alarming unethical behaviours that prompted his resignation.

“During my tenure at Globus Bank, I was part of the team overseeing the Core Banking Application. I attended several meetings with top executives and followed their instructions on transaction structures. However, fearing for my career and life due to the unethical practices within the bank, I decided to leave,” Olayiwola stated.

Nairametrics cannot independently verify his claims as the matter is still subjudice as of the time of this article.

Olayiwola also explained that he accepted a position at KPMG as an Assistant Manager in the Technology and Enablement Department, despite a pay cut, to escape the perilous environment at Globus Bank.

He stressed that it is implausible for a single individual to have unfettered access to critical servers or applications within the bank, as alleged by the EFCC and the bank.

In December 2023, Olayiwola noted the unauthorized opening of an account in his name at Globus Bank, which he promptly reported to the institution. He warned the bank to retract its allegations or face exposure of its internal malpractices.

“Globus Bank may wish to conceal their frauds and reckless unethical crises, but implicating me is ungodly. The accusations against me are baseless and must be addressed with the truth. My professional journey has been marked by dedication, integrity, and hard work, and I will not be a scapegoat for others’ unethical practices,” Olayiwola declared.

He revealed that former top executives who shared his concerns have reached out to support him in clearing his name. He vowed to defend his reputation, built on years of honest work, against the false claims.

Meanwhile, Nairametrics reported that the EFCC’s application before the Federal High Court, Abuja, is still pending. Court documents indicate that Globus Bank obtained an order from the Federal High Court Lagos on December 21, 2023, freezing the accounts associated with the suspects.

According to EFCC intelligence, the principal actors in the alleged fraud, Olayiwola and Ihuma, are believed to be in the United Kingdom. Additionally, the suspects have filed a case against the EFCC and Globus Bank at the High Court of Justice, Maitama FCT Abuja, in suit no: CV/1841/24, seeking to quash the legal actions initiated by the bank and the commission.