The Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) has requested the Nigerian Police to investigate the alleged embezzlement of funds by its suspended president, Mr. Fasasi Sarafadeen Atanda.
A petition, submitted to the Assistant Inspector General (AIG) of Police, Zone 2 Command in Onikan, Lagos, outlines allegations that Mr. Atanda diverted association funds for personal use.
The board members emphasized that their president suspension was necessary to facilitate a thorough and impartial investigation.
The petition, which was received by the police on November 4, 2024, accuses Mr. Atanda of repeatedly failing to account for funds he collected from members, despite several attempts at engagement.
The members claimed that the suspended president violated Article 23.2 of AMMBAN’s Bye-Laws, which mandates that all association funds must be deposited into the official association account, rather than his personal or corporate accounts. The petition described his actions as a serious breach of financial protocols and a threat to the association’s financial accountability.
According to the board members, Mr. Atanda continued to present himself as the legitimate president, misleading members while diverting their payments away from official channels.
They also alleged that he used his position to funnel money into his personal company, Partner De Ecosystem, for an event that was supposed to benefit the association, but for which there has been no financial accountability.
The petition called for a comprehensive investigation, urging the police to examine not only the fraud allegations but also possible breaches of laws such as the Companies and Allied Matters Act (CAMA) that may have been committed by Mr. Atanda.
The association warned that the suspended president continues to deceive unsuspecting members by falsely claiming to be the sitting president, which poses a risk to the integrity of AMMBAN.
In response to the crisis, the Board of Trustees (BoT) has appointed Dr. Obioha Otti as the acting president, in line with the association’s Bye-Laws. Dr. Otti, previously the Vice President 1 of AMMBAN, reassured members that the association remains stable and that efforts are being made to ensure it moves forward in unity. He emphasized the importance of adhering to AMMBAN’s rules and the laws of Nigeria and called on members still supporting the suspended president to reconsider their stance for the long-term benefit of the association.
“I want to reassure all AMMBAN members that everything is under control, and we are working tirelessly to ensure that the association continues to thrive as one indivisible family,” Dr. Otti stated.
