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EFCC: How bank wrote off N8bn loan for Saraki
Bank directors are beneficiaries
Ex-bank MD, Akingbola, on trial over N179bn fraud
A witness of the Economic and Financial Crimes Commission (EFCC), Abdulraheem Jimoh, yesterday narrated before a Federal High Court in Lagos how loans running into billions of naira advanced to the Senate President, Dr. Bukola Saraki and others by the defunct Intercontinental Bank Plc., led to the prosecution of the bank’s former Managing Director, Dr. Erastus Akingbola. The witness made the narration while testifying in the on-going trial of the former bank chief over alleged N179 billion fraud. He testified that he was aware of some other companies owned by Dr. Saraki which were also indebted to Intercontinental Bank, but whose loans were written off. He listed some of the Senate President’s companies whose loans were written off as: Joy Petroleum Limited, with loan of N3.932 billion; Linkers Limited with N3.6 billion loan; Skye View Property with written off loan of N200.8 million and Dice Trade Limited with N1.832 billion. Saraki and his companies had N7.915 billion total loans written off by the Intercontinental Bank.
Jimoh, who was the Chief Inspector in Intercontinental Bank and presently working with the Access Bank Plc., told Justice Mojisola Olatoregun that some of the loans indebted to the defunct bank were eventually written off by Akingbola’s successor, Lai Alabi, in the interest of the ‘powers that be”. He added that some of the companies indebted to the defunct bank were owned by a former Managing Director of Access Bank Plc., Mr. Aigboje Aig- Imoukhuede and his successor, Mr. Herbert Wigwe. According to the witness, Aig-Imoukhuede and Wigwe are directors of some of the companies the then Managing Director of Intercontinental Bank, Mr. Lai Alabi, wrote off their loans.
The witness named one of the companies as United Alliance Company Limited with non-performing loans of N4.5 billion, N4.27 billion and N10.97 billion respectively. The witness testified further that he was aware that Intercontinental Bank was merged with Access Bank, adding that before Access Bank took over Intercontinental Bank, Intercontinental Bank was larger and bigger than Access Bank in asset capital base. He testified that as at the time of taking over Intercontinental Bank, he was aware it had branches and subsidiaries internationally, including Ghana and the United Kingdom. He said further that at the material time, Aig- Imoukhuede and Wigwe were MD and Deputy MD respectively at Access Bank.
The witness, however, denied suggestions by Akingbola’s lawyer, Chief Wole Olanipekun (SAN) that some people at the top made Lai Alabi the Managing Director of Intercontinental Bank for the purpose of writing off their loans in the bank. Further hearing in the trial continues today. Akingbola was, on 13th March, 2019, re-arraigned by the EFCC before Justice Olatoregun over charges related to fraud and abuse of office. The last arraignment on a 22-count charge was the third time since 2010 that the former bank chief will be arraigned on the alleged offence. Akingbola was first arraigned sometimes at the Federal High Court in 2010 on a 26-count bordering on the alleged offence. About two years later, the charge was struck out by Justice Charles Archibong for want of diligent prosecution.
However, on 20th February, 2015, the Court of Appeal, Lagos Division overturned the Federal High Court’s decision striking out the charges against Akingbola. Dissatisfied, Akingbola lodged an appeal at the Supreme Court asking that the ruling be overturned. However, the apex court, in a judgement delivered on 18th May, 2018, ordered him to return to the Federal High Court to answer to the charges slammed on him by the Economic and Financial Crimes Commission (EFCC). Justice Sidi Bage, who read the lead judgement of the apex court, held that the appeal is lacking in merit. He ordered that the case file be remitted to the Federal High Court for expeditious trial.
He was subsequently docked before Justice Olatoregun on a 26-count charge of alleged fraud. In the latest charge marked, FHC/L/443C/2009, Akingbola was alleged to have, between November 2007 and July 2008, created a misleading appearance of active trading in the shares of Intercontinental Bank Plc. on the Nigerian Stock Exchange by being connected with the utilization of an aggregate sum of N179,385,000,000 of the bank’s funds for the purchase of Intercontinental Bank Plc.’s shares and thereby committed an offence contrary to Section 105 (1) (a) of the Investment and Securities Act 2007 and punishable under Section 115 (a) of the same Act.
The EFCC also accused Akingbola of recklessly granting credit facilities of N8 billion each to five firms without adequate security in violation of Section 15(1) (a)(i) of the Failed Banks (Recovery of Debts) and Financial Malpractices in Banks Act, Cap F2, Laws of the Federation of the Federal Republic of Nigeria, 2004, and punishable under Section 16(1)(a) of the same Act. The five firms involved are: Soo-Kok Holding Limited; Tofa General Enterprises; Cinca Nigeria Limited; Harmony Trust and Investment Limited and Stanzus Investment Limited. The anti-graft agency also alleged that Akingbola took £1.3 million from Intercontinental Bank Plc.’s GBP NOSTRO account at Deutsche Bank, London, and remitted same into the bank account of Fuglers Solicitors with the Royal Bank of Scotland Plc., London.
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Anti-Graft Showdown: EFCC Grabs Malami’s Passport, Probes $400m Abacha Recovery
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…..Now to report daily for one month from Monday
….. Allegations against me fabricated, says ex-AGF
The Economic and Financial Crimes Commission (EFCC) yesterday seized the international passport of a former Attorney-General of the Federation and Minister of Justice, Mr. Abubakar Malami, SAN.
The seizure was part of the ongoing investigation of the whereabouts of $490 million Abacha loot secured through Mutual Legal Assistance (MLAT).
Malami cannot travel out of the country in the next one month because the condition for his release at 1am on Saturday was for him to report daily for interaction in EFCC headquarters in Abuja.
But Malami, who said the allegations against him were fabricated, said the truth will unfold soon.
According to the fact-sheet on Malami, he has many issues to clarify with the EFCC in the next one month.
“We have asked him to explain the whereabouts of $490 million Abacha loot secured through Mutual Legal Assistance (MLAT).
“We didn’t say he stole money, but he should account for the loot. This is one of the issues he will clarify to our investigators.
“Considering the huge volumes of documents he has to go through and the detectives he needs to interact with, we have seized his international passport.
“One of the conditions for his release on bail at 1am on Saturday was that he should report daily to the EFCC headquarters for interaction.
“He cannot travel out of the country except as mutually agreed with EFCC or with the permission of a High Court.
“We won’t join issues with him on his braggadocio but we will release our findings to the public after painstaking investigation.”
Reacting on his X handle, Malami said the allegations against him were fabricated.
Although he said the truth will soon unfold, he was silent on the seizure of his international passport.
He said: “In line with my undertaking to keep Nigerians updated on my invitation by EFCC, I give glory to Allah for His divine intervention.
“The engagement was successful, and I am eventually released while on an appointment for further engagement as the truth relating to the fabricated allegations against me continues to unfold.”
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BREAKING: Tinubu Finally Nominates Ex-INEC Chair Yakubu, Fani-Kayode, Omokri, 29 Others as Ambassadors
President Bola Ahmed Tinubu has transmitted a new list of 32 ambassadorial nominees to the Senate for confirmation, just days after submitting an initial batch of three names.
In two separate letters addressed to Senate President Godswill Akpabio, President Tinubu urged the lawmakers to give swift consideration and approval to 15 career ambassadors and 17 non-career ambassadors.
The list was released on Saturday in a statement by Bayo Onanuga, Special Adviser to the President on Information and Strategy.
According to the breakdown, four women were nominated as career ambassadors, while six women made the non-career category.
Notable nominees in the non-career group include Barrister Ogbonnaya Kalu from Abia; former presidential aide Reno Omokri (Delta); former chairman of the Independent National Electoral Commission (INEC), Mahmud Yakubu; former Ekiti first lady, Erelu Angela Adebayo; and former Enugu governor, Ifeanyi Ugwuanyi.
Others are Tasiu Musa Maigari, the former speaker of the Katsina House of Assembly, Yakubu N. Gambo, a former Commissioner in Plateau State and former deputy executive secretary of the Universal Basic Education Commission (UBEC).
Professor Nora Ladi Daduut, a former senator from Plateau; Otunba Femi Pedro, a former deputy governor of Lagos State; Chief Femi Fani-Kayode, a former aviation minister from Osun State; and Barrister Nkechi Linda Ufochukwu from Anambra State are on the nomination list.
Also on the list are former First Lady of Oyo, Fatima Florence Ajimobi, former Lagos Commissioner, Lola Akande, former Adamawa Senator, Grace Bent, former governor of Abia, Victor Okezie Ikpeazu, Senator Jimoh Ibrahim, businessman, lawyer and Senator from Ondo State, and the former ambassador of Nigeria to the Holy See, Ambassador Paul Oga Adikwu from Benue State.
Among the nominees for career ambassador and high commissioner-designates are: Enebechi Monica Okwuchukwu (Abia), Yakubu Nyaku Danladi (Taraba), Miamuna Ibrahim Besto (Adamawa), Musa Musa Abubakar (Kebbi), Syndoph Paebi Endoni (Bayelsa), Chima Geoffrey Lioma David (Ebonyi) and Mopelola Adeola-Ibrahim (Ogun).
The other nominees are Abimbola Samuel Reuben (Ondo), Yvonne Ehinosen Odumah(Edo), Hamza Mohammed Salau (Niger), Ambassador Shehu Barde (Katsina), Ambassador Ahmed Mohammed Monguno (Borno), Ambassador Muhammad Saidu Dahiru (Kaduna), Ambassador Olatunji Ahmed Sulu Gambari (Kawara) and Ambassador Wahab Adekola Akande (Osun).
The new nominees are expected to be posted to countries with which Nigeria maintains excellent and strategic bilateral relations, such as China, India, South Korea, Canada, Mexico, the United Arab Emirates, Qatar, South Africa, Kenya, and to
Permanent Missions such as the United Nations, UNESCO, and the African Union. All the nominees will know their diplomatic assignments after their confirmation by the Senate.
Last week, President Tinubu sent three ambassadorial nominees for screening and confirmation. The nominees were Ambassador Ayodele Oke (Oyo), Ambassador Amin Mohammed Dalhatu (Jigawa), and Retired Colonel Lateef Kayode Are (Ogun). All three are in the pot for posting to the UK, USA, or France after their confirmation.
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BREAKING: Tinubu Declares Security State of Emergency, Approves Major Recruitment Drive for Military and Police — “We Will Smoke Out All Criminal Elements”
…tasks herders to abandon open grazing, embrace ranching, surrender arms
President Bola Ahmed Tinubu on Wednesday declared a nationwide security emergency in response to the wave of violent attacks across parts of the country, announcing sweeping directives for expanded recruitment into the Armed Forces and Police, the activation of forest guards, and tighter security measures for all vulnerable areas.
In a statement personally he issued, President Tinubu said, “Today, in view of the emerging security situation, I have decided to declare a nationwide security emergency and order additional recruitment into the Armed Forces.”
By this order, he said both the police and the army had been authorised to recruit more operatives, saying, “The police will recruit an additional 20,000 officers, bringing the total to 50,000.”
The president also directed that the police could now use National Youth Service Corps (NYSC) camps as training depots, noting that although he had previously approved the upgrade of police training institutions, the new security reality required immediate expansion of capacity.
He further ordered that officers being withdrawn from VIP guard duties must undergo crash retraining.
According to him, the exercise is to “debrief them and deliver more efficient police services when deployed to security-challenged areas of the country.”
Tinubu also empowered the Department of State Services (DSS) to activate fully the forest security architecture.
“The DSS also has my authority to immediately deploy all the forest guards already trained to flush out the terrorists and bandits lurking in our forests,” he said, adding that the agency had his directive to recruit additional personnel.
“There will be no more hiding places for agents of evil”, the President said.
Calling the situation “a national emergency,” the President said the federal government was responding by “deploying more boots on the ground, especially in security-challenged areas.”
He appealed to citizens to play their part, saying “the times require all hands on deck. As Nigerians, we should all get involved in securing our nation.”
President Tinubu commended security forces for recent breakthroughs, including the rescue of abducted schoolgirls in Kebbi and the 38 worshippers seized in Kwara State.
“We will continue to sustain the efforts to rescue the remaining students of Catholic School in Niger State and other Nigerians still being held hostage,” he assured.
To military personnel across the country, he delivered a firm charge, saying “I commend your courage and your sacrifice… I charge you to remain resolute, to restore peace across all theatres of operation, and to uphold the highest standards of discipline and integrity. There must be no compromise, no collusion, and no negligence.”
He added that his administration would support them fully to succeed.
Tinubu also pledged federal support to states with existing security outfits and urged the National Assembly to begin a legislative review to allow states that require state police to establish them.
He cautioned state governments against operating boarding schools in remote, unsecured areas, and advised religious institutions to “constantly seek police and other security protection when they gather for prayers, especially in vulnerable areas.”
The President reiterated his administration’s stance on resolving farmer-herder clashes, pointing to the establishment of the Ministry of Livestock Development.
He urged herder groups to abandon open grazing and embrace ranching, saying “I call on all herder associations to take advantage of it, end open grazing and surrender illegal weapons. Ranching is now the path forward”.
Tinubu expressed sympathy to families affected by recent attacks in Kebbi, Borno, Zamfara, Niger, Yobe and Kwara States.
He also paid tribute to fallen soldiers, including Brigadier-General Musa Uba.
“Those who want to test our resolve should never mistake our restraint for weakness. This administration has the courage and determination to keep the country safe and ensure our citizens live in peace”, he warned.
In a rallying call to Nigerians, the President urged unity and vigilance, saying “I urge you not to give in to fear and never succumb to despair… Report suspicious activities. Cooperate with security agencies. We are in this fight together, and together we shall win.”
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