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Alleged N20 billion Fraud : EFCC grills Sterling Bank CEO, Abubakar Suleiman
The Economic and Financial Crimes Commission (EFCC) has interrogated Abubakar Suleiman, the Chief Executive Officer of Sterling Bank Plc, and two other senior executives of the bank over the ‘hidden’ N20 billion reportedly belonging to the Kogi State government.
The troubled lender is responsible for everything from fraud to sloppy balance sheets and other nefarious acts, making it almost impossible to bank with the supposed “One Customer Bank” with both eyes closed.
In August 2021, the EFCC stated that it had credible intelligence that funds alleged to be proceeds of illicit activities were in an account named Kogi State Salary Account with account number 0073572696 at Sterling Bank Plc.
The money was supposed to be a rescue fund for the state to pay workers’ salaries, but it was allegedly moved to an interest-bearing account as state employees moan in poverty.
The state government, on the other hand, categorically disputed the allegations. The EFCC, on the other hand, claimed that the diverted funds had been recovered and remitted to the Central Bank of Nigeria (CBN), a transaction that the apex bank had apparently acknowledged.
According to the EFCC, the apex bank informed the executive chairman of the EFCC, Abdulrasheed Bawa, that the money had been received in a letter titled DFD/DIR/CON/EXT/01/099 and dated November 9, 2021.
“We refer to your letter of November 5, 2021 on the aforementioned subject with Ref. No: CR:3000/EFCC/LS/CMU/REC-STE/VOL.4/047 and desire to confirm the following information of the receipt of the amount: The commission stated, “Bank: Sterling Bank Plc; Amount: N19, 333, 333.36; Date of receipt: 04 November 2021.”
Newsthumb Newspaper reports that even though the money is in the CBN coffers, the Kogi State government has continued to insist that it neither authorized the opening nor operated the bank account, an assertion confirmed by Sterling Bank.
“Let it be known that the Kogi government has disbursed its bailout loans for the purpose of which it was granted as at October 2019,” said Kogi State commissioner for Information and Communication, Kingsley Fanwo.
“There is, therefore, no hidden bailout funds/loan belonging to Kogi that is capable of being returned to the CBN or frozen by order of court. The EFCC knows this, which is why it withdrew the suit it filed in court on the bailout fund.”
The Kogi State House of Assembly had also summoned the CEO of the bank to appear before it in person for clarification on the N20 billion bailout fund.
However, Sterling Bank had admitted that Kogi State Bailout Account exists in its record and “categorized under the account type ‘Intervention Fund,’” even though it was not opened by the state government or at its instance.
According to insider source, rising from this development, the EFCC invited and interrogated the Sterling Bank boss, Abubakar Suleiman alongside two other officials of the bank for several hours to get the true picture of the circumstances around the said account. Abubakar Suleiman and other officials were released after intense interrogation and they were to return anytime the EFCC needed them on the matter.
It was however gathered that Abubakar Suleiman has allegedly made a useful statement to the commission while investigation is still on.
“The bank’s officials were grilled for several hours by the EFCC on the matter and going by their statements, heads may roll soon,” a source said.
Speaking further, the source divulged, “If the bank says the account was not opened and operated by the Kogi State government, then something is fishy and the bank must answer to it.”
“Who authorized the opening of the fixed deposit account and when? Who are/were/was the signatory to the account? How much had been withdrawn from the account since 2019? And who is keeping the N666.7 million which made up the balance of N20 billion initially said to be deposited into the bailout account? These are some of the questions the EFCC is trying to unravel.”
Recent events have however placed the Abubakar Suleiman led Sterling Bank nulli secondus with scandals. The troubled lender is responsible for everything from fraud to sloppy balance sheets and other nefarious acts, making it almost impossible to bank with the supposed “One Customer Bank” with both eyes closed.
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Politics Should Be About Issues, Not Violence – Let’s Protect Our Democracy, Says Tinubu
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I have followed recent reports of violence accompanying political events in different parts of the country.
Every form of violence stands condemned. Violence should never have a place in our political campaigns as we move toward the 2027 general elections.
Our campaigns should be about issues, a contestation of ideas that promote the welfare of our people and the progress of our country.
As the leader of this country, I commit myself to a peaceful, free, and fair election, and I urge political leaders and supporters across party lines to conduct themselves responsibly.
I have said that being in different political parties or pursuing different ambitions does not make us enemies.
As Nigerians, we are members of the same household living in different rooms. Therefore, our politics must elevate human conditions and focus on national progress and development.
I want to reiterate my previous directive to the security agencies: be strict and firm against anyone who seeks to test our resolve and will to preserve public order.
Our administration is committed to an orderly and peaceful election, and all political parties and candidates should be protected and free to campaign anywhere in the country without molestation or fear for their safety.
We shall not tolerate any irresponsible conduct by politicians and their supporters.
Security agencies are therefore authorised to confront thuggery and other anti-social and anti-democratic activities with full force.
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Update : THE COURAGE TO REFORM” BOOK TO BE UNVEILED DECEMBER 1 ,
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The Central Planning Committee for the official unveiling of the book, The Courage to Reform: Architecture of President Bola Ahmed Tinubu, GCFR, Beyond 2027 — Statecraft, Vision for National Renewal, has announced Tuesday, December 1, 2026, as the new date for the highly anticipated ceremony.
The unveiling, which was initially scheduled for Thursday, November 5, 2026, at the Bola Ahmed Tinubu International Conference Centre, Abuja, was earlier postponed following adjustments to the official schedule of President Bola Ahmed Tinubu, GCFR, who is the Special Guest of Honour at the occasion.
HON. IMAAN SULAIMAN-IBRAHIM
Honourable Minister of Women Affairs and Social Development
Chairperson, Central Planning Committee
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2027: Tinubu Dares Obi, Atiku to Showcase Their Achievements in Office, Accuses Them of Abandoning Their Responsibilities
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President Bola Tinubu has criticised former Anambra State Governor Peter Obi and former Vice-President Atiku Abubakar over their political affiliations, questioning their leadership credentials ahead of the 2027 general elections.
Tinubu made the remarks on Friday during his visit to Akwa Ibom State, where he inaugurated projects executed by Governor Umo Eno’s administration and addressed supporters at a political gathering.
Although he did not mention either politician by name, he appeared to refer to Obi, the presidential candidate of the Nigeria Democratic Congress, and Atiku, who joined the African Democratic Congress after leaving the Peoples Democratic Party.
Referring to Obi’s tenure as Anambra governor, Tinubu accused him of failing to tackle erosion in the state, contrasting it with his own claim of confronting the Atlantic Ocean during his administration as Lagos governor.
“One, who said he is in one party they call NDC, who is running for president. He ran away from erosion. In Anambra State, he could not confront erosion.
“I, Bola Ahmed Tinubu, I confronted the Atlantic Ocean. I claim it for you. Umo Eno confronted the erosion in Akwa Ibom and is working for, he is stable,” the President said.
Tinubu also questioned the political loyalty of a former PDP member who moved to another party, in an apparent reference to Atiku’s defection to the ADC.
“If a man that was, once upon a time, was a baby of PDP, became a father of PDP. And because of a little inconvenience, he ran away from that party. And formed a dangerous ADC in another party. Is that a leadership trait? Is that a leadership character? And he wants you to vote for him?” he said.
Obi governed Anambra State between 2006 and 2014, while Atiku served as Nigeria’s Vice-President from 1999 to 2007 under the PDP.
Atiku contested the 2023 presidential election on the PDP platform, finishing second behind Tinubu, while Obi, who contested under the Labour Party, came third.
Obi left the Labour Party for the NDC in May 2026, while Atiku joined the ADC as part of opposition efforts ahead of the 2027 election.
Tinubu’s reference to Anambra’s erosion problem recalls his 2023 presidential campaign promise to tackle the menace in the state.
During a campaign rally in Awka in February 2023, the then APC presidential candidate promised to address gully erosion in Anambra, saying he would handle it in the same way he claimed to have tackled the Atlantic Ocean surge in Lagos.
“I have come here to promise you development. We will industrialise Nigeria and Anambra State. You know me, I am the city boy of Lagos; I caged the Atlantic Ocean in Lagos; the way I handled the Atlantic Ocean in Lagos, I will handle the erosion menace in Anambra State,” he said at the time.
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