The Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) has urged the police to investigate its suspended president, Mr Fasasi Sarafadeen Atanda, over allegations of embezzling approximately N64 million from the association’s funds.

In a petition addressed to the Assistant Inspector General of Police, Zone 2 Command in Onikan, Lagos, AMMBAN board members disclosed that Atanda’s suspension was necessary to ensure an unhindered investigation. The board members accused the suspended president of diverting association funds for personal use.

However, when contacted by The Guardian, Atanda denied all allegations, challenging the BoT members to produce evidence, such as invoices, showing that payments were made into his personal or corporate accounts. He described the accusations as fabricated and insisted that no proof exists to support the claims.

The petition read, “It has come to our attention that the president has been receiving association funds directly into his personal or corporate bank account, which directly contravenes Article 23.2 of the Association Bye-Laws, mandating that all funds be maintained in the association’s official accounts. This blatant disregard for AMMBAN’s financial protocols constitutes serious mismanagement of resources and poses significant risks to financial accountability.”

The Board of Trustees (BoT) explained that Atanda’s suspension was imperative after he allegedly continued to present himself as the legitimate president, misleading members unaware of his alleged diversion of their payments from the association’s official channels.

The petition, received on November 4, 2024, by the police, also accused the suspended president of exploiting his position for personal gain.

The BoT further called on the police to investigate the fraud allegations and potential violations of existing laws, including the Companies and Allied Matters Act (CAMA).

Meanwhile, Atanda also revealed that he has contested his suspension in the Oyo State High Court, Ibadan. In an application filed on November 6, 2024, he asked the court to halt the enforcement of his removal and restrain the BoT from assuming the office pending the resolution of his case.

He argued that the board lacked the authority to remove him and requested that the court order the withdrawal of the resolution passed on October 30, 2024, which allegedly ousted him.

Additionally, he sought an order to prevent the appointment of a new president and to stop further actions on the petition against him until the board is duly constituted.

“The Board of Trustees, through a member, Aminu J.O., wrote a petition against me on October 28, alleging misconducts intended to force me out of office due to vested interests,” Atanda claimed. He argued that his removal on October 30 was based on false allegations without due investigation or fair hearing and appealed to the court to grant his requests.