…65,000 lose shares to phoney offshore entities

…Probe follows last month’s petition to AGF by aggrieved shareholders

By Soni Daniel, Editor, Northern Region


The Federal Government has launched a probe into how a former Central Bank Governor connived with two serving ministers in the present administration to rip off no fewer than 65,000 Nigerians through official manipulation and transfer of their shares to foreign entities for pecuniary reasons.

The probe was triggered by a strong petition filed by shareholders, whose shares were inexplicably reduced by the key government agencies and officials and awarded to the foreign entities apparently fronting for them.

Before now, allegations against serving ministers and top government officials were hardly investigated by the anti-graft agencies. This tended to give credence to allegations that President Buhari’s anti-graft war was targeted at only the opposition.

The latest development, our sources said, could prove critics wrong. The government swung into action immediately after the petition was received and acknowledged by the Public Prosecution Department of the OHAGF on April 3, 2019, according to documents sighted by Saturday Vanguard.

In the petition entitled: “Official Corruption, Misuse of FGN $2 Billion, Fraud And Unjust Enrichment Of Persons Who Dispossessed More Than 65,000 Nigerians And Conferred Ownership Of A Nigerian Bank On Few Nigerians And Their Foreign Accomplices,” the victims detailed how the illicit bank deal was structured and executed by the culprits now working with the government as ministers of the Federal Republic of Nigeria.

It was learnt that on getting the petition, the government immediately set in motion a strong team to study it and take urgent steps to investigate the claims in the documents and refer the matter to appropriate anti-graft agency to deal with any economic and financial crimes that might have been orchestrated by the suspects.

A source close to the investigation said that the government was concerned about the role played by the two ministers and the former CBN governor. Findings show that while one of the ministers, headed a federal regulatory agency at the time, his colleague was a key financial market player at the time and masterminded the deals leading to the loss of hundreds of millions of Naira by Nigerians to foreigners.

In particular, the government wants the investigators to probe whether there were insider deals that led to the dispossession of Nigerian shareholders and investors and transferred their interest to foreign elements and why the CBN approved such a dubious deal in the first place despite clear evidence that it did not pass a CBN ‘fit and proper test’.

The document sighted by Saturday Vanguard shows that one of the serving ministers masterminded the transaction by floating a Nigerian firms that brought a Mauritius shell company to house Nigerians pretending to be foreign investors in order to swindle them.

The minister is also said to have organized the registration of the offshore shell company in Mauritius principally for the purpose of disguising the true majority ownership of the Bank’s shares concealed in the offshore company. On the other hand, the other minister is reported to have approved the defective bank transactions when it was brought to his agency instead of rejecting it based on certain deficiencies.

The document indicated that he was ‘rewarded’ with a strategic appointment by the bank shortly after that defective deal approval. As a result of that development, 49% of that bank’s shares is now owned and controlled by a London-based firm, whose chief executive had since been sacked for involvement in other manipulative bank deals.

The illicit transaction, it was gathered effectively diluted more 65,000 Nigeria former shareholders of the commercial bank by 85% to less than 15% of public float, making it impossible for the bank to be listed on the Nigerian Stock Exchange, NSE.

But despite being owned by a few private equity firms and struggling to survive till date, the commercial bank has used powerful connections to remain on the NSE. Saturday Vanguard learnt that federal investigators are to unravel if the said bank has also concealed from regulators, investors and the public outstanding Swiss Court judgment debts of more than N1 billion and imminent judgment debts of N5 billion respectively.

One of the aggrieved shareholders, who pleaded anonymity, lamented that the bank had not paid cash dividends in nearly ten years while the financial statements show princely remunerations to executive management, directors and lawyers paid to defer more than $50 million of claims against the bank.

The informed source said: “It is a thing of joy that the government has finally decided to look into this monumental fraud with a view to bringing the masterminds to book. It is also interesting that many discontented former shareholders of the bank who were dispossessed of 85% of the value of their shares are happy that equally aggrieved persons and companies have come forward to provide information that in their opinion should lead to reversal of the odious transactions and return of the bank to former Nigerians shareholders.

The source, in commending the government’s determination to fight corruption also advised that the criminal investigations should be pursued arduously so that dispossessed shareholders, investors and those that are owed by the bank can get justice promptly.

https://www.vanguardngr.com/2019/05/2b-bank-fraud-fg-probes-2-serving-ministers-ex-cbn-gov/

Arrest them all, send them to jail.

Ommooo

put a name to the ministers and past CBN gov, if it there were petty thieves I'll bet thier names will be flying all over now

After collecting all the fat salaries and bonuses this our politcian still dey do fraud join am,which kain wahala be#MAY GOD HELP NIGERIA#

It's Union Bank https://theeagleonline.com.ng/fg-begins-investigation-into-2b-atlas-maras-union-bank-shares-fraud/
and everyone already knows that the minister concerned are Mr Enelamah and Mr Udo Udoma, the CBN governor is SLS and the board being investigated is here https://www.unionbankng.com/who-we-are/ubn-leadership/#1499952667925-4795ef3e-cfae

The government delights in media trials, dragging culprits to the courts of public opinions instead of tendering Cast iron evidence for their prosecution and eventual convictions.

I Bet This may be the last we will ever hear of this matter as those insinuated in the report would do the needful to cover up their tracks.

Only in naija that Big criminals are tipped off on their impending arrest before execution.

Name of company loading

.

NAIJA NEVER FAILS TO DISAPPOINT SMH EVEN THIS ARTICLE IS LACKING IN KEY DETAILS SUCH AS NAMES OF THESE THIEVES I GUARANTEE WE'LL NEVER HEAR ABOUT THIS AGAIN

Sanusi or Soludo?

My mind tells me more trouble could be in the offings for the Emir.

Buhari why can't you touch APC pple for once

nonsense ...if Na naira Marley una go sabi mention him name

That is if the probe would bring any useful result



Need help with your business? Check my signature

This country should be fed to the dogs.

Who else came here to see the names??

LibertyRep:
Sanusi or Soludo?

My mind tells me more trouble could be in the offings for the Emir.

It is Sanusi...Dude is no saint BUT very smart

Bizlifelines201:
It's Union Bank https://theeagleonline.com.ng/fg-begins-investigation-into-2b-atlas-maras-union-bank-shares-fraud/
and everyone already knows that the minister concerned are Mr Enelamah and Mr Udo Udoma, the CBN governor is SLS and the board being investigated is here https://www.unionbankng.com/who-we-are/ubn-leadership/#1499952667925-4795ef3e-cfae

Will SLS taint his hand? And would he be so reckless. There are doubts.

Na imaginary ministers. Make me read that long story for nothing. Idiot. Wetin be their names. Nonsensical news

Is this country not too fantastically corrupt!

By the time you are opportune to have the full knowledge of looting in this present regime, u will be surprise that PDP are just learner, even most of their online supporter's will curse them. A government that try everything to control the press doesn't mean well for the citizens.

The country should be put on eBay for outright sale, it’s about time and it’s obvious we can not get it right under the this faulty dubious system we currently have.

Bizlifelines201:
It's Union Bank https://theeagleonline.com.ng/fg-begins-investigation-into-2b-atlas-maras-union-bank-shares-fraud/
and everyone already knows that the minister concerned are Mr Enelamah and Mr Udo Udoma, the CBN governor is SLS and the board being investigated is here https://www.unionbankng.com/who-we-are/ubn-leadership/#1499952667925-4795ef3e-cfae

I think the ex-governor is soludo

Bizlifelines201:
It's Union Bank https://theeagleonline.com.ng/fg-begins-investigation-into-2b-atlas-maras-union-bank-shares-fraud/
and everyone already knows that the minister concerned are Mr Enelamah and Mr Udo Udoma, the CBN governor is SLS and the board being investigated is here https://www.unionbankng.com/who-we-are/ubn-leadership/#1499952667925-4795ef3e-cfae

Gbam, kudos for pulling out the details, @topic, corruption is a big monster in Nigeria and it will take God Almighty to create another species of humans and call it NEW NIGERIA OR NIGERIA NEW because corruption has buried the glory of that country called Nigeria completely, just imagine this high level fraud perpetuated by bastards and gangstas, over 90 million Nigerians are living in extreme poverty while few are living in affluence drinking champagne at Sheraton Abuja and importing hoes from different countries, no wonder the crime rate is very high because there is hunger in the land

Their names should have been published

knightsTempler:
The country should be put on eBay for outright sale, it’s about time and it’s obvious we can not get it right under the this faulty dubious system we currently have.

Hahaha, I said it several times, it should also be placed on Alibaba and Amazon for outright sales to richer western nations