Startling revelations came on Tuesday that some bank chief executive officers sacked by the Central Bank of Nigeria for poor corporate governance and reckless credit management, may face fresh charges.

It was reliably gathered that a fresh scrutiny of the books of three of the banks—Oceanic International Bank Plc, Intercontinental Bank Plc and Afribank Plc – revealed fresh loan scams totalling about N516bn.

The N120bn hole discovered in Afribank was due to losses incurred in trading in its own shares.

Our correspondents gathered that a report from the new Managing Director of Afribank, Mr. Nebolisa Arah, revealed that the N120bn loss was as a result of a N20 diminution in the value of about six billion shares of the bank bought by the bank itself through Falcon Securities.

Shortly after a source disclosed this to one of our correspondents on Tuesday, the CBN Governor, Mr. Lamido Sanusi, told the Senate that one of the two sacked bank chiefs had two aircraft and had paid for another two before the CBN axe fell.

Our source, who is close to the apex bank investigators, claimed that Oceanic Bank, whose sacked managing director, Mrs. Cecilia Ibru, is being prosecuted by the Economic and Financial Crimes Commission, had fresh non-performing loans of about N235bn.

The loans, according to him, was traced by investigators to companies owned by Ibru herself. He added that the loans were given out at ridiculous terms that made repayment practically impossible.

About N160.7bn loans were earlier said to have been given out by the former Oceanic bank chief to her cronies and associates.

Ibru, according to reliable sources close to the investigators, also “unethically” paid N825m to a company owned by her daughter as a 10-year rent on a property along Ikorodu Road, Lagos.

When asked to name the companies that the loans were given and the one owned by Ibru’s daughter, the source said, “There is a four-page list. You will not find her (Ibru’s daughter) name on it. Many shell companies, others owned by Dele Oye and Nana Abdullahi. They even bought some other companies from people and used them for their loans.”

The source added that a fresh N160bn loan loss was also discovered in the books of Intercontinental Bank. According to him, the money was linked to market losses on Intercontinental shares bought by the subsidiaries of the bank.

He added that some directors of banks whose CEOs were sacked owned shares in the banks which they did not pay for.

Apart from Ibru, three other former bank managing directors — Mr. Okey Nwosu (Finbank); Mr. Sebastian Adigwe (Afribank); and Mr. Bartholomew Ebong (Union Bank), are facing trial on five separate 131-count charge, bordering on fraud, concealment and granting N625.95bn loans without adequate collateral.

The fifth, Mr. Erastus Akingbola of Intercontinental Bank, is on the wanted list of the EFFC.

Seven non-executive directors and members of board of directors of Intercontinental Bank Plc, Dr. Raymond Obieri; Mr. Hycinth Enuha; Mr. Christopher Alabi; Chief Samuel Adegbite; Alhaji Isyaku Umar; Mr. Bayo Dada; and Mr. Sani Adam, were also arraigned by the EFCC.

Also arraigned were three bank debtors — Mr. Peter Ololo, Mr. Henry Onyemem, and Mr. Niyi Opeodu.

Our source’s disclosures tallied with Sanusi’s defence of the shake-up in banks, where he reiterated that the activities of the sacked chief executive officers of banks were shocking, unprofessional and capable of destroying the entire industry.

Sanusi, at a closed door session with the Senate, also claimed that he rejected a Greek gift of N3bn from a group shortly after he assumed office.

He did not name those who tried to offer him the bribe.

The President of the Senate, Mr. David Mark, had said on September 29 that Sanusi would be invited to brief the Senate in a closed session because the matter was in court.

A senator, who spoke with one of our correspondents on condition of anonymity, said that the CBN chief told the Senate that the banking sector would require about N1tn to fully stabilise.

He added that there was the need for the Federal Government on behalf of the CBN, to approach the National Assembly for a legislative action on the N1tn needed.

The senator also quoted Sanusi as saying that Ibru gave out N235bn unsecured loans ; had two jets and had paid for additional two before her removal from office.

He said that Sanusi wondered why a bank chief would give out N235bn loans when the bank had a capital base of N300bn.

Part of the money, Sanusi allegedly said, was used by the executive to acquire two of the jets.

The lawmaker also credited to Sanusi as having said that the sacked directors of Intercontinental Bank approved a loan of N8bn each for themselves.

He said that the removed directors used the money to acquire about 50 per cent equity holding in the bank.

The senator added that Sanusi told the upper arm of the National Assembly that the rot in the banking sector when he took over offered him two choices.

First, to compromise and allow the system to collapse, in which case, depositors will suffer.

The second was to take the path of honour by doing the right thing if it meant stepping on toes, and to stabilise the system.

But he said that he decided to choose the latter.

In response to a question as to why some banks appeared targeted, the CBN governor reportedly said he had to make the best out of a terrible and potentially dangerous situation.

The senator said, “He gave us a scenario to illustrate his point. He said, he found himself like a person who got into a community ravaged by cholera.

“He found some children who are critically ill and others who are ill but can survive a few days.”

Sanusi, he said, was faced with the choice of trying to treat all of them at once using scarce resources, in which case he risked losing everything or treating the critically ill first, before proceeding.

When contacted, the Senate spokesman, Mr. Ayogu Eze, described Sanusi’s revelations as “startling” and “sobering.”

He said, “What I want to say for now is that revelations coming from the briefing given by the Governor of the CBN are sobering and a lot of our colleagues were really disturbed by the magnitude of the malfeasance and things that have happened in the banking sub-sector.”

Eze explained that the CBN governor would return on Thursday to shed more light on the allegations.

He also said the Senate was pleased with the action taken so far by the CBN governor in the light of his revelations and explanations.

The Senate spokesperson however said the Senate would withdraw its support if, at anytime, it found facts to the contrary.

He said, “So far, members of the Senate are quite satisfied with the way the governor has done his job, and with the way he has handled the assignment up till the briefing today (Tuesday).

“So far, we are very pleased that he had to intervene at the time he did to save the country from embarrassment.

“The facts available to us are really sobering and I am sure that at the appropriate time, when we get the facts, we will come and release some of those facts so that Nigerians too will share and see why the Senate is solidly supporting the actions of the governor of the CBN and encouraging him to do what he has started in cleaning up the financial sector and straightening things out.”

On why the discoveries were just being made, Sanusi told one of our correspondents on Tuesday that the revelation was the outcome of the work of forensic auditors.

He said, “Don’t forget that we have been in the banks since august 14. We have just concluded it, it takes time.”

Spokespersons of Oceanic and Intercontinental banks declined comments when our correspondents contacted them on telephone for comments.

(Source:Punch)

How much do you need to live a comfortable life in this world Madam Ibru ?

Only in Nigeria can such things happen.
Beggars belief!!

Bunch of thives who dont even believe in God though they warm church benches every sunday

What can one say? Tripple AAA ratings, best bank this and that; the same banks that hardly will grant a loan to an SME gives billions of depositors' money to their own. In a short while some warped-up commentators will enter and ask, ''what of so-so-so-and-so?'' failing to treat the scourge at hand. Cecilia Ibru, gallivanting the world, telling whoever cared to listen this-and-that about a bank she knew within herself was being run aground. EQuity and clean hands as they say. I rest my case.

Inhmm , tell me something ! Cooperate thieves is the best name 4 them.

Chei, Mrs Ibru!

And some short sighted people will come here in defence of these corporate thieves . . . . what a country? Tribalism has overshadowed the thinking of Nigerians . . . so bad!

[size=38pt]MONUMENTAL FRAUD!!![/size]

what a man can do a woman can do better,

of all of them na madam ibru steal pass, using poor people money to run her things,

God help us oh, so women are worst thieves, anyway u know u can separate money from women,

Hmm! The puzzle is now falling in place, largest shareholding in Aero Contractors by the Ibrus. Did they say jets? Could it have anything to do with ACN trying to sell 500,000 seats at reduced rates? Smells like recoup in my ears.

This is getting more serious than I thought

I am speechless! God where are you?please just speak
.
whyThe  people we believe are failing us.
Can't say a word any more.
CORRUPTION MUST DIE.

One day, we will are take to the streets in civil disobedience. Nigerians patience have been stretched too far. These ass****s should face real justice.

It is becoming clearer that the tribal allegations heaped on Sanusi may not have merit after all. The depth of emerging facts is staggering. I hope they can put a permanent structure in place to prevent this level of decay in the financial sector in future.

Men, the power of greed should never be under-estimated!

ud4u:

Both those that catch and those they catch, they are all theives

Quote from the only person that has not been deceived by SLS and co's "reform". Make we reason am 2geda, anything beta fit comot from Waziri led EFCC? Waziri and Aondoaka that have been accused by London Metropolitan Police for not cooperating with them to nab the master scammer? Aondoaka and Waziri that have been disowned by nigerian bar association or is it SLS himself that is accused of giving 1. 5bn loan without collateral when he was in first bank? I swear with my eye glasses that the whole thing na vendetta. Dem wan tell me say other banks no get bad loans or other banks no dey do money laundery? Let those baggers release the list of bad debtors in first bank, zenith and uba whether there will not be riot in the whole country.

I am not saying those MDs are right but I just want us to know that the prosecutors (SLS and co) are more guilty. I am still hoping for somebody to substantiate the allegation that SLS had over 200bn bad debt when he was in first bank then everybody go come understand wetin dey.

Oh my God, i am shocked. So Nigerians steal money!!
Morons. Every Nigerian is a thief so u should all stop acting surprised. If they audit the telecoms sector, govt, Academic (ASUU), Oil sectors e.t.c, you will realize that money is stolen everyday. Lets stop pretending.

Madam Ibru is the worst hypocrite alive today. To think that this same woman invites highly placed "men of God" regularly to pray at her office, is very dissappointing. She even parades herself as a born again "firebrand" christian.
When breeze blow, fowl,

55gal:

I am speechless! God where are you?please just speak
.
whyThe  people we believe are failing us.
Can't say a word any more.
CORRUPTION MUST DIE.

so for ur mind , na those ppl corrupt? Bros, u don miss am. Make EFCC nab OBJ, Anenih, Ibori etc and all the serving senators, Governors and ministers then I can start thinking they are representing our interest. But for now, na the 10% recovery fee wey dem dey collect from the debtors na im dey their eyes. I am too wise to be deceived by EFCC.

Vavavoom:

Hmm! The puzzle is now falling in place, largest shareholding in Aero Contractors by the Ibrus. Did they say jets? Could it have anything to do with ACN trying to sell 500,000 seats at reduced rates? Smells like recoup in my ears.

You may just be right there! There are also some funny conditions to those fares which make it so rigid. Check in closes 44 minutes to take off (local flights). Rebooking attracts a surchage of N13k on a N15k fare route (subject to seat availability)! You are also supposed to pay No Show fee (minimum of N3k)! The e-tickets are also[b] non transferable and non refundable[/b], except when the flight is cancelled by the carrier. The rules apply to passengers who try to enjoy the reduced rates only. Cash paying passengers are usually given preference at the expense of on-line booking once it is one hour to flight time. This usually ensures the possibility of selling one seat twice & maximizing returns.

It's a mop up exercise!

Hmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm soooooooooooooooooooooooooo sad,this people are sure cursed and possessed, they are sure the devil's incarnate, fucking retards.

After the Senate gathers the fact as they 've promised and fully confirm these allegations to be completely true, then Nigerians, in general must start a re-generation (genuine rebirth through Christ) because these are not politicians (even though we still have good ones in the country) but bankers who should know and act better because corruption is infact deadlier than HIV AIDS.

It is well with Nigeria in Jesus name (Amen)

mujila:


He said that Sanusi wondered why a bank chief would give out N235bn loans when the bank had a capital base of N300bn.

This is SERIOUS!

How long are we going to continue like this.Politicians are dealing with us and the so called Banks CEO are doing theirs.Come to think of it,other peoples money.I said some months back that all account holders of affected banks should close their account with the banks which will result to the total collapse of the bank as grave consequence of fraudulent practise.This will make other chief executive officers to trade with caution.Enough is a enough.What a mess.

SEE DANGER ,WAHALA DEY OOOO,dont mind me jare,it was the pathetic situation of this country that has rely lower my moral for the day,whilst the inception of the new gov of CBN,economist has been predicting doom on the banking sector but the truancating attitude of the former gov has been the delayment in unveiling the truth about the problem.abeg how can somebody acquire 4 private jet when common man like me no fit afford a bicyle, i mean this is practical fraud,capital corruption and vandalization of human right through cheating and money sipponing or laudary which ever way.
even a socialist economy no dey bad reach this one talk less of a capitalist,i laughed when people are labelling sanusi with all sort of name because even when "Jesus christ came the isrealite refute him" and call him all sort of name.may be the icpc and efcc should go on a collaborative effort with the help of the CBN audit committe to fishout more bad heads so that we will have a reliable tommorow for the up coming generation. I REST MY CASE

Cecilia Ibru, Erastus Akingbola, Charles Soludo etc. May you bastards rut in a prison cell!!! Can you imagine? Ibru has 4 planes! Even Bill Gates, Warren Buffet, Ross Perotetc dont have 4 planes. And how could Soludo claim not to know all these things if he was deligent in his duties as a former CBN Governor. And innocent kids are dieing everyday in our hospitals accross the country over something as cheap as N500. Ibru and others may your decendants rut in the worst of prison cell.

. . . . but why don't we see the bigger picture yet?

Do you think as well-versed as Prof. Soludo is in Nigeria's economic sphere he was totally oblivious of these bank debts while in tenure?

It's just baffling to think the light isn't projected on the ex-CBN gov.

where was soludo when all of these was happening? anyway, i tot the recapitalization was to increase the lending powers of banks and improve our economy. now i see some people saw it as a time to improve the economy power of their families.

Nigerians, this has become too unbearable, time to act is now. Nobody should put his money in any of these commercial banks. The first person to see any of these culprits on the street should stone him/her to death. The much needed reform/revolution has finally started. I hereby declare Ibru, Akingbola, etc enemies of the state.