How The President Of Ikwuano Union In Dallas Stole Over N14.2million From The Union

By Ikenga Chronicles September 2, 2018

Exclusive reports received by Ikenga Chronicles have revealed that the Ikwuano Development Union, Dallas Chapter has been rendered bankrupt through the actions of its President. The President, Chief Obi Chris Osondu, was reported to have fraudulently withdrawn the sum of $39,842.50 from the union’s account for personal use.

Luck ran out for Chief Osondu when the Treasurer went to the bank to make a deposit. The Treasurer, Mr. Fredrick Ebem was told by the bank that the union’s account was in the RED. Surprised, the treasurer had asked for a statement of account for 2018. When the statement came, he was surprised that there were unnumbered cheques that made withdrawals. Aware that the union does not use unnumbered cheques, he had asked what that meant, and the bank explained that those were withdrawals made over the counter by using withdrawal slips picked up from the bank.

Mr. Fredrick Ebem then reached out to the Financial Secretary, and also called the President and his Vice, to notify them of his findings.

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Determined to find the root cause of the problem, Mr. Samuel Ewelike the Financial Secretary had delved deeper and gotten the print out of the withdrawal slips and recognised the signature of Chief Osondu on them. Mr. Ewelike then requested for print outs of the union’s bank statements, that date back to 2016 and discovered that there were more of those withdrawals using numberless cheques, and even “virtual withdrawals” (withdrawals using ATM).

In total, it was discovered that Chief Osondu made withdrawals totaling about $39,842.50, which is approximately N14,256,000, with the withdrawals being broken down into; $7,500 in 2016, $22,750 in 2017, and $9,000.00 in 2018.

On several occasions, Mr. Fredrick Ebem had called the President and his Vice to draw their attention to what he noticed, and the President, had feigned ignorance of what was going on.

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However, in a raucous meeting, Mr. Samuel Ewelike presented his findings before the executive of the union in Irving, with Chief Osondu not able to counter him. Thereafter, Mr. Emeka Ohuegbe moved a motion for the removal of the president (Chief Osondu), and his Vice. While Chief Obi Osondu agreed to step down, members believe that he should be suspended and fully prosecuted as a deterrent to others who may be tempted to do the same. A general meeting was therefore called for Saturday, the 1st of September, 2018.

At the meeting on 1st September, Chief Osondu admitted to committing the crime, and resigned. Thereafter, the Executive led by him was dissolved, and a Caretaker Committee, headed by Mr. Emeka Ifenwanta was constituted. The Caretaker Committee is to look into the matter of illegal conversion of the union’s funds for personal use and take further action; temporarily run the affairs of the union; and conduct fresh elections.

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As it stands, the Ikwuano Development Union, Dallas has no money. This has seriously aggrieved members, who have over the years also witnessed the conversion of the union’s money for private use, by other Exco members. Members believe that the only way confidence will be returned to the union is for the union to undergo a total overhaul.

Igbo communities form unions wherever they find themselves in the world, to primarily help members, and also contribute to the development of their communities back home in Nigeria.

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