Reported By Mary Udezue | Edited by: Gabriel Osa
EBONYI, Nigeria — The people of Amagu Community in Ikwo Local Government Area, Ebonyi State, have publicly issued a 10-day ultimatum to former Nigerian Ambassador and ex-Minister of Culture and Tourism, Amb. Franklin Nchita Ogbuewu, and the traditional ruler, His Royal Highness Eze Dominic Ibor Aloh, demanding transparency, accountability, and restitution over an alleged ₦10 billion financial fraud connected to the establishment of a community bank more than three decades ago.
In an open letter released by community leaders and elders, residents recounted how between 1994 and 1995, the two individuals reportedly mobilized funds from the people under the pretense of creating the Amagu Ikwo Community Bank, promising that contributors would become shareholders and beneficiaries of long-term economic empowerment. The initiative, presented as a transformative project for the community, motivated residents to make significant personal and collective sacrifices, with some selling ancestral lands and others engaging in distant labor to contribute to the bank’s establishment.
According to accounts from elders, community records, and stakeholders, approximately ₦10 billion was raised, yet the subsequent management of the funds remains unexplained. While the bank was announced as established in Abina Amagu, the hometown of Ambassador Ogbuewu, allegations suggest that the funds were systematically accessed through undisclosed and questionable loans, leaving the bank bankrupt and the contributors without clarity or restitution. Elders and community members described this as a grave breach of trust, emphasizing that the issue extends beyond administrative failure to the systematic stripping of communal wealth.
The letter highlighted that the former ambassador and the traditional ruler personally benefited from communal support during their formative years, which deepens the community’s sense of grievance. More than three decades later, no transparent account has been provided regarding the funds raised, and the economic hardship resulting from the alleged mismanagement continues to affect households across Amagu. The community’s demand focuses on accountability, justice, and restitution, stressing that years of silence should not be interpreted as consent or forgetfulness.
Community leaders warned that failure to comply within the 10-day ultimatum would compel Amagu residents to pursue all lawful avenues to seek redress. The statement included documented evidences, such as loan applications, that allegedly indicate attempts to siphon the funds from the bank. The ultimatum was signed by Nweke Nwankwo, representing Ndufu Amegu, and Nworie Nwoba, representing Ndiegu Amegu, on behalf of the wider community.
This action has reignited public attention on long-standing financial initiatives in the region and the responsibility of leaders to safeguard communal resources. Elders emphasized that transparency and restitution are essential not only for justice but also for restoring trust and cohesion within the Amagu community.
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