Non-Executive Directors of Intercontinental Arrested
•EFCC meets bank CEOs, prepares debtors’ final list
By Ayodele Aminu, 08.26.2009

The Economic and Financial Crimes Commission (EFCC) has arrested the six non-executive directors of Intercontinental Bank Plc including its chairman, Mr. Raymond Obieri.

They were picked up on Monday after they were invited for questioning over the huge debt profile of the bank.

Reasons also emerged yesterday as to why the EFCC, which is now set to prosecute the managing directors of the five troubled banks under the Banking and Other Financial Acts (BOFIA), had been finding it pretty difficult to do so after detaining the former bank chiefs for more than a week.
Meanwhile, EFCC Chairman Farida Waziri met with all the newly appointed Managing Directors of the five troubled banks yesterday in a bid by the commission to prepare a final list of loan defaulters.

The five other directors of Intercontinental Bank already cooling off their feet at EFCC office in Lagos are Mr. Christopher Adebayo Alabi, Chief Samuel Adegbite, Mrs. Toyin Phillips, Dr. Sanni Adams and Mr. Bayo Dada.

Confirming the arrest of the Intercontinental Bank directors to THISDAY last night, EFCC Spokesman Femi Babafemi said they were alleged to be involved in some shady deals, bad loans and using fictitious names to obtain loans among others.

MrCrackles:

What do you mean?
ON the list or his whereabouts?
He wont be on the list because he is an executive director and regarding his whereabouts, hiding away in an unknown/unconfirmed destination!

asha 80:

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Reports say he is london.He might just be living a few blocks away from you.

kokoA:

There is something that needs to be cleared here. This guy claimed to have done nothing wrong, then why is he hiding

There is something that needs to be cleared here. This guy claimed to have done nothing wrong, then why is he hiding

naijaking1:
There's something inherently wrong with this system. How can you arrest people, then go back and start looking for evidence to justify your own action

MrCrackles:

Trust me i would have seen him if he was a few blocks away from me!
I am on the lookout trust me
If i see him, i will rugby tackly him, buzz the METS and have him kept in detention till the Nigerian Authorities come and pick him up!
I am going to attend my girlfriend's redeem church branch this weekend, he might be there!

MrCrackles:

My friend sharrap i was only joking!
What is my business with the "thief"
See your mouth, trying to redefine the laws of my country of residence where i have lived for donkey years, to me!
And who told you Sanusi made a law called "jungle"?
Are you drunk or something

kokoA:

Where is Erastus?

Matinho:


I saw him this morning at Tesco

naijaking1:

There's something inherently wrong with this system. How can you arrest people, then go back and start looking for evidence to justify your own action

Jarus:

I disagree with this action. EFCC should not have arrested the Non-EDs.

Seun:

Countries like the US and UK used to be like this hundreds of years ago. We have much to learn.

skyone:

fa fa fa foul absolutely not, banking industry started in the 17th century in United Kingdom at Threadneedle street and from history there hasn't been any such malpractices in the UK financial system except of recent in US where executive director of Lehman Brothers was probed for negligence of his office and extensive bonus.

Erastus is big crook God know where he is now i hope is not in redeem camp.