by The African Union (AU) disclosed on Tuesday that a significant attempt to defraud the pan-continental organization of over $6 million from accounts held at Ethiopia’s primary bank, the Commercial Bank of Ethiopia (CBE), had been thwarted. The incident occurred on April 15 at a CBE branch situated within the AU’s headquarters in Addis Ababa, the capital of Ethiopia.
According to the AU, an individual who was not an employee of the organization attempted to withdraw the funds from its accounts at CBE using forged payment orders. These orders were intended for purported construction and water drilling projects. However, due to the vigilance and prompt action of CBE staff and the AU’s finance department, the fraudulent attempt was successfully intercepted. No funds were withdrawn, thus preventing potential financial losses and preserving the integrity of the AU’s financial controls and management.
In response to the incident, the AU commended the swift response of both CBE personnel and its own finance department. Additionally, Ethiopian security authorities were promptly notified, leading to the identification and apprehension of the individuals involved in accordance with investigative procedures.
While acknowledging the disconcerting nature of the attempted fraud, the AU emphasized that it served as a wake-up call to reassess and strengthen its security measures. Collaborating closely with the Commercial Bank of Ethiopia, the AU is committed to reinforcing safeguards and implementing enhanced protocols to forestall future fraudulent attempts aimed at compromising its financial integrity.
This incident follows a similar occurrence in March, during which the CBE experienced a technical glitch resulting in fraudulent withdrawals totaling approximately $19.5 million. Though media reports speculated higher losses reaching up to $100 million, the bank’s official statement cited the aforementioned figure.
