[size=14pt]N5.2b Fraud: Spring Bank MD Flees, Declared Wanted[/size]
Posted: September 14, 2010 - 22:07

Mrs. Ayodele Olushola


PM News, Lagos
The Special Fraud Unit, SFU, Force CID, Milverton Road, Ikoyi, Lagos, Nigeria, has declared the Managing Director of Spring Bank Plc, Mrs. Ayodele Olushola wanted over an alleged N5.208 billion fraud in the bank.

P.M.NEWS authoritatively gathered that the MD was declared wanted following her failure to report at the SFU after an arraignment notice had been served on her twice.

The arraignment notice to take her and others to court over the alleged N5.2 billion fraud in the bank was first served on 12 August, 2010, while the second one was served on her and others on 31 August, 2010.

A source at the SFU told P.M.NEWS that their investigation revealed that on getting wind of her arraignment before a law court over the alleged fraud, Mrs. Olushola fled to the United States of America.

“Our visits to her office and residence revealed that the woman has travelled out. We learnt she travelled on the night of the day we served her the notice of arraignment,” the source disclosed.

The notice of arraignment served Mrs. Olushola read in part: “This is to notify you that criminal charges have been filed against you, Mrs. Ayodele Olushola by the Federal Ministry of Justice, and this unit is to arraign you in court to answer to the charges against you…”

The Spring Bank MD, who was named as an accessory to the N5.2 billion fraud in the bank which involved the National Sports Lottery Plc and Strand Capital Partners Ltd, was charged to court along with Michael Ajamah, Lanre Odunlami, Awele Nwaboshi, Gladys Okebelama and Olubukola Moradeyo.




It was further learnt the five-count charge slammed on the accused in case No. FHC/L/284/10 charged to the Federal High Court, Ikoyi, Lagos is being prosecuted by Chief Wole Olanipekun (SAN), Dele Adesina & Co. and Legal Resources Alliance.

The charges include conspiracy to steal, obtaining by false pretence, forgery and accessory after fact of stealing.

The Spring Bank MD and her company were particularly charged with accessory after fact of stealing of the sum of N5.2 billion being the property of Strand Capital Partners Ltd, thereby committing an offence contrary to section 519 and punishable under the Criminal Code, laws of the Federation of Nigeria, 2004.

The case, which was first mentioned on 5 August, 2010, but was adjourned till 7 October, 2010 as neither the suspects nor their lawyers were in court.

The court has, however, mandated the Special Fraud Unit, SFU, to produce the suspects for arraignment on the next adjourned date, 7 October, 2010.

Mrs. Olushola was one of the seven managing directors appointed by the Central Bank of Nigeria, CBN, on 2 October, 2009 to replace the sacked ones.

She replaced Charles Ojo in Spring Bank.

http://www.saharareporters.com/news-page/n52b-fraud-spring-bank-md-flees-declared-wanted

All the Nigerian bank MD's are crooks.

Now Bro Akingbosky has thought them how to do it

Solomon227:

Now Bro Akingbosky has thought them how to do it

Please stop. Akingbola has no hand in her fraud. All of them are rogues and don't play that "he influenced me" card here.

Yoruba people and Fraud, Lord have mercy

the ngbatis are inherently fraudulent, that's why they want to be close to power in every circumstances , they cant earning a living by the sweat of their brow.

From the story here and in major media, the woman is not guity. B4 u contribute, please do a little reserach on National Sports Lottery plc now Secure Electronics Tech plc. NSL is simply a fraud of unimaginable proportions.

gogo123:

the ngbatis are inherently fraudulent, that's why they want to be close to power in every circumstances , they cant earning a living by the sweat of their brow.

No single trustworthy Yoruba, Thief Thief Tribe

I guess this Yoruba woman is one of those bank messiahs appointed by Sanusi to save the ailing banks. . . . .

the eagles are out early today. wily nilly and his bros.
guys dont let go to your head tho.

Mrs. Olushola was one of the seven managing directors appointed by the Central Bank of  Nigeria, CBN, on 2 October, 2009 to replace the sacked ones.

[size=14pt]Another howler by messers Sanusi, one of his protegees has just done a runner. I repeat please give the Original owners of the Banks their property,  it does not matter who u put at the helms of affairs of this institutions,  fraud would still be perpetuated.

It is better for the real owners to be mindful of the risk they want their busineses to undergo than for cowboys from outside the business to come in and pillage the place knowing that as far as they are concerned it is not their father's money.

We should remember and not forget that,  despite all the negative press on Akingbola and Ibru they grew their Banks from a one branch family Bank into a listed Bank in the Stock Exchange with Branches all over Nigeria and West Africa. [/size]

Yoruba people leading in anything fraud, be it yahoo yahoo, 419 and Bank Fraud,

KnowAll:

[size=14pt]Another howler by messers Sanusi, one of his protegees has just done a runner. I repeat please give the Original owners of the Banks their property, it does not matter who u put at the helms of affairs of this institutions, fraud would still be perpetuated.

It is better for the real owners to be mindful of the risk they want their busineses to undergo than for cowboys from outside the business to come in and pillage the place knowing that as far as they are concerned it is not their father's money.

We should remember and not forget that, despite all the negative press on Akingbola and Ibru they grew their Banks from a one branch family Bank into a listed Bank in the Stock Exchange with Branches all over Nigeria and West Africa. [/size]

I really concur with you . . . those banks should be handed over to the former directors.

so if shes not guilty,why is she running.
troubles me, you see all this elite people, they look so inocent,they are wealthy,but in actual sense, they are greedy,bloody thiefs

Wily+Wily:

Yoruba people and Fraud, Lord have mercy

@ wiLLY + Willy
You are too tribalistic, so your tribe and other tribes in Nigeria are SAINTS ?

Sanusi should be ashamed now as it seems all the people he sent to some banks to do recovery and turn-around jobs are all rogues. The other time it was Mrs. Funke Osibodu that was reported as milking Union Bank dry, now this one again.

The banks should be returned to their original owners and allow them to recapitalise their banks!

ayo84:

so if shes not guilty,why is she running.

She is not guilty,
She is in USA to establish an organization call (ASSOCIATION OF ODUDUWA BANK FRAUDSTERS):
You know that Yorubas are well established in Bank Fraud.

This thread has been hijacked by tribalists who have not contributed anything meaningful to the debate. Only a couple of posts are germane to the topic.

^^^ It has become necessary to ignore the tribalists among us and get more focused on issues that affect us as a nation. Simply switch off on them!

[size=14pt]Mr and Mrs Tribalist on this thread, if u put any Igbo, Hausa, Edo and even Oyinbo man in charge of other people’s money and wealth they would help themselves to it because as far as they are concerned it is there for the taking.

Jonathan should just hand over those Banks to the rightful owners after he wins the General Elections next year, that clueless CBN Governor’s decision, is the dumbest decision ever made in cooperate Nigeria.[/size]

How strand take get 5.2 billion? abi na National sports lottery get 5.2 billion

strand dey chop money underground oh

badguys

There are 2 sides to a story.

jarus is sleeping i guess.

if it's a yoruba person making comments about other tribes, he [jarus] would be eagerly naming tribalists by now.

Jarus:

Na politics I siddon dey write names of noise makers.

[size=14pt]N5.2BN FRAUD ALLEGATION: CBN exonerates Spring Bank GMD, others[/size]


Written by Our Reporter
Thursday, 16 September 2010
THE Central Bank of Nigeria (CBN), on Wednesday, exonerated the management of Spring Bank Plc from any allegation of fraud as recently reported in some daily and evening newspapers.





Some newspapers had reported that the Group Managing Director/Chief Executive Officer of Spring Bank Plc, Mrs Sola Ayodele, and key officers of the bank had been charged to court for allegedly defrauding Strand Capital Partners Ltd of the sum of N5.2 billion, for which the GMD/CEO of the bank had been declared wanted.

But the CBN, in a letter dated Tuesday, September 14, 2010, to the Principal Solicitor, Legal Resources Alliances, who are legal advisers to Strand Capital Partners, stated that Strand Capital’s claims to N5.2 billion from Spring Bank could not be established.

The statement, signed by the Director of Banking Supervision of the CBN, stated as follows: “At the meeting of the CBN examiners with the petitioner on January 19, 2009 and the subsequent meeting held with the directors of banking supervision of CBN, on February 23, 2010, your claim that Spring Bank’s offer letter of July 7, 2008, extending a N5.208 billion underwriting line facility to Strand Capital Partners Limited is an irrevocable underwriting agreement, in accordance with the enabling statutes between Spring Bank Plc and NSL, could not be established, because you failed to provide a copy of an executed underwriting agreement between the bank and NSL.

“Your assertion that the offer of an underwriting facility could be construed and treated in a similar manner as an underwriting commitment could not also be substantiated, while your promise to provide evidence as requested by the CBN has not been complied with up till time of writing this letter.”

The statement, entitled “Spring Bank Plc Underwriting Commitment/Agreement in Respect of National Sports Lottery Plc Public Offer,” which was a response to a petition by Legal Resources Alliance, on behalf of Strand Capital Partners Ltd, further stated that:

“Strand Capital Partners Limited, on July 3, 2008, wrote to Spring Bank Plc, requesting for an overdraft and/underwriting line of up to N5 billion, to part finance its operations and enable it to act as underwriters to public and private security/stock offerings. The tenor was to be determined on a case by case basis, subject to a minimum of 90 days, with rollover options, while the security pledged were shares/stocks purchased with the facility.

The management of Spring Bank Plc, in a letter dated July 7, 2008, offered an underwriting line facility of N5.208 billion to Strand Capital Partners Ltd to partially underwrite the IPO of NSL Plc subject to some conditions precedent to draw down.

The facility was for 90 days and was to expire on October 12, 2008.

The source of repayment was to be proceeds of the offer of NSL or a lien on 336 million ordinary shares of NSL, which was yet to come into existence.

Based on Spring Bank’s offer letter, the board of directors of Strand Capital Partners Ltd passed a resolution at its meetings of July 7, 2008, authorising the company to accept the credit facility/banking accommodation of N5.208 billion from Spring Bank Plc.

There was an internally transferred credit of N5.208 billion into NSL offer proceeds account number 001203910002101 of Spring Bank.

“The statement of account referred to above, which you claimed was your client’s money, was, in fact, an “Account Payable/suspense” account that was created by Spring Bank. The account was an internal account of the bank that was non-operating and maintained for record keeping purpose. It was not meant for disbursement as one of the management’s directives was that there should be no outflow of funds from the account. The two credit entries that made up the N5.208 billion were reversed by the bank on January 19, 2009. We noted that the account was opened on September 11, 2008, after the offer had closed and, as such, could not have been credited to the customer on the day the offer opened, which was July 14, 2008. Also NSL Plc did not direct the bank to open the account, and thus it cannot lay claim to it.”

NSL Plc suit number M/610/2008 was filed in the high court of Lagos State on November 5, 2008, making claims of N5.208 billion underwriting commitment among other prayers.

However, it was noted that the firm of Oghogho Ayauru & Co, lawyers to NSL, filed a notice of discontinuance at the high court of Lagos State on February 19, 2009.

http://www.tribune.com.ng/index.php/front-page-news/11167-n52bn-fraud-allegation-cbn-exonerates-spring-bank-gmd-others

wily wily, who own the bank. Yorubas.


why dont you go and start your own and see if it would not fold up.

Becomrich0:

wily wily, who own the bank. Yorubas.


why dont you go and start your  own and see if it would not fold up.

Roflmao