A former employee of Sterling Bank Limited, Emmanuel Joseph Uloh, has been accused of masterminding an N840 million fraud involving fictitious transactions on the bank’s digital platform, Gomoney.

According to an amended charge filed before the Federal High Court in Lagos by the Inspector-General of Police, Uloh, alongside other suspects currently at large, allegedly perpetrated the fraud at Sterling Bank in Lagos between May 2024 and May 2025.

The prosecution, in the first count, accused Uloh and his accomplices, who are currently at large, of conspiracy to commit felony through money laundering and the fraudulent conversion of N840 million belonging to Sterling Bank, an offence said to be punishable under Section 21(a) of the Money Laundering (Prohibition) Act, 2022, as amended.

In the second count, the Police alleged that Uloh, while serving as Sub-Team Lead on the bank’s Gomoney digital banking product, abused his position by fraudulently authorising and supervising the posting of fictitious transactions on the platform.

The transactions were allegedly presented as legitimate dispute-resolution service transactions but were used to credit the Gomoney account of one Ifiok Ebong, account number 8504057880, with a staggering N840 million.

The police alleged that Uloh’s role in authorising and supervising the transactions facilitated the fraudulent movement of the funds.

The charge further accused him of concealing or converting the origin of the N840 million through the alleged manipulation of the bank’s transaction system.

The allegations are contained in an amended charge marked FHC/L/783C/2025 before the Federal High Court, Lagos Judicial Division.

The case is based on allegations contained in the charge and does not amount to a finding of guilt against Uloh.

Report Credit: https://orijoreporter.com/sterling-bank-n840m-fraud/