By Omoh Gabriel, Business Editor

Securities and Exchange Commission has dragged former Union Bank Managing Director Bartholomew Bassey Ebong, Samuel Idowu Ayininuola, Austeen Iheanyi Obigwe, Kenneth Sola Adeyemi, Ado Abdullahi, Ebenezer Uzoma Emeruem, directors of the bank, and those of Union Trustees and Falcon Securities before the Investment and Securities Tribunal on charges of share price manipulation at the capital market.

Ebong and other Union Bank directors are being charged for obtaining credit facilities of N30.477 billion from two foreign financial institutions (names withheld) and for over a ten-day period in November 2007, transferred the funds to its wholly-owned subsidiary, Union Trustees Limited in five tranches.