DID CBN PRESSURE UBA TO PAY ILLEGAL OSUN COUNCIL CHAIRMEN?



● AS UBA ALLEGEDLY PRESSURES EDITORS TO KILL OSUN LG FUND DIVERSION STORY

Nigerian newsrooms witnessed a tough fire fight last night as the United Bank for Africa (UBA) allegedly mounted severe pressure on several news organisations to stop the publication of an anti- corruption story in which the bank was involved.

The Osun State Assembly had raised alarm over illegal payments of almost 50 billion naira to illegal council chairmen in Osun state in contravention of LG law regulating Local government finances. The UBA was fingered in the violation of the law and under the table payments to APC politicians whose self-awarded tenure lapsed in October 2025.

While the story was already published in several news mediums, the UBA operatives stormed the newsrooms and in the process allegedly made a shocking confession.

Impeccable sources said agents of the bank alleged that they cooperated with the APC chairmen because the CBN allegedly threatened to withdraw its operating licence.

According to the source, the bank reportedly confessed that if it did not cooperate with the illegal chairmen, its operating licence would have been withdrawn.

Curious observers are already raising eyebrows on the development. Questions are being asked.

If UBA owned up to paying under illegal circumstances, it has accepted violation of Osun LG laws.

By extension, is the bank culpable to refund all illegally paid funds?

The CBN has a question to ask in the court of public opinion?

Should a regulator pressured a bank to break financial regulations and laws?

Has CBN not undermined its statutory mandate by encouraging a bank to break the law?

Financial analysts noted that even if the CBN so requested, the UBA remained guilty and culpable for wilfully violating state laws resulting in the illegal payments to almost N50 billion naira to unauthorised personnel.

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