Osun LG Funds: Labour Alliance to Petition US, UK Bank Regulators Over Alleged N50bn Diversion

For alleged underhand dealings in the handling of deposited Osun state local government funds, a group called Labour Alliance (LA) has concluded arrangements to picket the offices of the United Bank for Africa(UBA).

Osun state governor, Ademola Adeleke; the House Speaker, Rt Hon Adewale Egbedun and the State ALGON under elected chairmen and councillors of the Peoples Democratic Party had accused the the immediate former Governor, the UBA and the court sacked APC chairmen of tampering with local government fund in violation of local finance laws.

The PDP ALGON particularly alleged that over N50 billion of local funds have been shared among the APC chairmen even when no single kobo has been paid to local health and education workers.

Reacting to the development, the Labour Alliance without affiliation to the state NLC is reported to have met and finalised a plan to picket and expose UBA complicit in the ongoing diversion and mismanagement of Osun LG fund.

A credible source at the meeting of the group held this afternoon disclosed that the group is set to storm UBA branches alongside strongly worded petitions to regulatory authorities at home and abroad.

“We met and approved a plan to call out the UBA by storming their branches. We want to show the world the active involvement of the bank in ongoing illegality. We will encourage our people to boycott the banks as it has elected to serve the interest of Illegal occupants of our local governments.

“We are raising strong petitions to the United Kingdom bank regulatory authority. We will send the same petitions to regulatory authorities in the United States. We will list how UBA is violating regulatory laws, local laws and how the bank is endangering depositors’ funds.

“ We will write shareholders associations at home and abroad to alert them of illegality and criminal conduct of a supposed international bank. We will run massive local and international campaigns until the bank abides by Osun laws and stop aiding and abetting diversion of LG funds by APC unelected officials”, the group asserted in a statement circulated among its key leaders.