A House of Representatives report on the near collapse of the capital market says it has found evidence of forgery and fraudulent misrepresentation involving the Governor of the Central Bank of Nigeria, Sanusi Lamido Sanusi, and other top industry officials in the controversial nationalization of three commercial banks.

The report submitted to the House on Tuesday, says the nationalization of Afribank Plc, Spring Bank and Bank PHB, violated statutory provisions and remained a "major source" of investors' loss of confidence in the troubled Nigerian capital market.

The document 81-page document provides, perhaps, the most indicting position on the sale of the three banks by the CBN last year, a move that has fetched the regulatory bank under Mr. Sanusi, intense criticisms and accusation of bias.

"This committee is of the view that due process was not followed, and that investors interests were not considered in nationalizing the banks," the House capital market committee, headed by Ibrahim El-Sudi, stated.

"Public officers charged with the responsibility of protecting investors and depositors did not act in good faith, and there were evidence to suggest fraud, misrepresentations, and forgeries."

Those cited to have been involved in the irregularities are the Chief Executive of the Nigerian Deposit Insurance Corporation, Umaru Ibrahim, Managing Director, Asset Management Company of Nigeria (AMCON), Mustafa Chike-Obi, the CBN governor, Mr. Sanusi, the Registrar of the Corporate Affairs Commission (CAC), Belo Mahmud, and the Director General of the Securities and Exchange Commission, Arunma Oteh.

The committee faulted Mr. Sanusi for a range of several other anomalies and breach of procedures, and accused the CBN boss of deliberately withholding information from the lawmakers during the investigation.

It also indicted Ms. Oteh of multiple cases of irregularities, and accused the SEC DG of fraudulent conduct.

Ms. Oteh was recalled by the federal government on Wednesday after about a month on suspension. Her recall came as the House committee tabled its report.

On the nationalization of Afribank, the committee detailed shocking highlights of the behind-the-scenes leading to the change. The committee said the bank's name was changed to Mainstreet Bank Limited, a private company with share capital of 100,000 ordinary shares of N1 each, owned by two persons, Gideon Agbedo, a lawyer, and a certain Innocent Obi.

The committee said it found out the Articles and Memorandum of Association transferring the ownership to the individuals, was stamped and verified by the CAC authorizing them to "assume all or part only of the deposits and liabilities of Afribank" and to "purchase such assets of Afribank" as are acceptable to the board.

This meant a publicly quoted company was acquired by a private company owned by two persons, the committee said.

Further, a Certificate of Incorporation no RC 969929 dated 5th August, 2011, signed by Bello Mahmud, Registrar General-CAC , certified that Mainstreet Bank was previously called 'SHOKO CHUKIN LIMITED'.

"This action is completely false and dubious," the committee said.

More: http://channelkoos.com/index.php/news/2028-house-report-indicts-sanusi-lamido-of-fraud-forgery-over-bank-nationalization

AH....! Prince of kano....! Even you...? Anyway i'm tired of this country... Let them pack all the money we have both home and abroad, and share it among all nigerians, including GEJ, and let every body find there way, this country is hunted... Jst kidding, before una come finish me, bt i'm planning to seize power very soon, by then u will be happy u have a corrupt president, trusth me....

Chanchit: AH....! Prince of kano....! Even you...? Anyway i'm tired of this country... Let them pack all the money we have both home and abroad, and share it among all nigerians, including GEJ, and let every body find there way, this country is hunted... Jst kidding, before una come finish me, bt i'm planning to seize power very soon, by then u will be happy u have a corrupt president, trusth me....

You can only succeed if you make me your Finance Minister. . .trust me

Chanchit: AH....! Prince of kano....! Even you...? Anyway i'm tired of this country... Let them pack all the money we have both home and abroad, and share it among all nigerians, including GEJ, and let every body find there way, this country is hunted... Jst kidding, before una come finish me, bt i'm planning to seize power very soon, by then u will be happy u have a corrupt president, trusth me....

Pls roast his a$$ for me, he was even the one over paying the cabals, funding Boko Haram tru Islamic banking , sorry b4 i vex who is the chairman of that committee, criminals everywhere

Wetin dis mallam wan embezzle 4? I tot fraudsters are only synonymous in d south. Well, I pray he dosen't use d money 2 finance & equip boko boyz. Mallam kai!

so what? all joe need to do is to form a committee and then prepare another committee that will look into whatsoever they discuss.

No saint in the land remember

This man is not qualified to be the Nigerian Central Bank governor! Clearly, there's error somewhere when appointing the rightful person for the position.

On the nationalization of Afribank, the committee detailed shocking highlights of the behind-the-scenes leading to the change. The committee said the bank's name was changed to "Mainstreet Bank Limited, a private company with share capital of 100,000 ordinary shares of N1 each, owned by two persons, Gideon Agbedo, a lawyer, and a certain Innocent Obi.

The committee said it found out the Articles and Memorandum of Association transferring the ownership to the individuals, was stamped and verified by the CAC authorizing them to "assume all or part only of the deposits and liabilities of Afribank" and to "purchase such assets of Afribank" as are acceptable to the board.

This meant a publicly quoted company was acquired by a private company owned by two persons, the committee said.

Further, a Certificate of Incorporation no RC 969929 dated 5th August, 2011, signed by Bello Mahmud, Registrar General-CAC , certified that Mainstreet Bank was previously called 'SHOKO CHUKIN LIMITED'"



[size=15pt]This must be a prank; and a very expensive one. I hope itz nowhere near the truth.[/size]

I was just going through this now in a daily news paper guardian of 18-07-2012
the problem now were will all these end?

Sanu-Nsi is obviously a demon possessed leader that knows how to deceive.

Really? Ok no cause 4 alarm, FG will set up a commitee 2 investigate d allegations brought on him by d current commitee nd they'll get back 2 us with there findings ok... Next issue pls.

When I said SLS is a green snake under green grass no one believed me but his secrets are coming out into the open gradually.
With GEJ on board everything will be sweep under the carpet,another committee will be set up to investigate the report which a sub-committee will also be set up to evaluate the findings of the first committee.
Nigeria is doom,more shocking revelations to follow.

*face palm*
That some Nigerians would still fall for this...and get juiced-up as before. (Capital market probe, pension probe, subsidy probe, Otedola and Farouk's saga e.t.c e.t.c)
SMH.


Frawzey.

They Won't Stop Deceiving Us

I have always suspect fraud in the manner afribank was taken over. I hope this news is real and thorough investigation had been conducted. May be very soon there would be another gospel according to Cardinal Sanusi.

if u ar a nigerian n u're not corrupt say 'aye' (ai)

Who else do we have to trust? I am tired with these bunch of loosers they are very active in making noise, corruption as well as decieving. However when its comes to trust they will disappointed you. May Almighty saves us from these devils.

It just so turns out that everyone is a thief. It's just that the majority have not been caught, so they're still innocent until proven otherwise.

Una well don o. House of representathieves, pranksters, and jokers. Sanusi stepped on some big toes which are trying to fight back, but at the end of the day, the truth will come out.

ndu_chucks: Una well don o. House of representathieves, pranksters, and jokers. Sanusi stepped on some big toes which are trying to fight back, but at the end of the day, the truth will come out.

Almost every politician has stepped on toes, so does it mean those that have been indicted are innocent too?

chucky234: When I said SLS is a green snake under green grass no one believed me but his secrets are coming out into the open gradually.
With GEJ on board everything will be sweep under the carpet,another committee will be set up to investigate the report which a sub-committee will also be set up to evaluate the findings of the first committee.
Nigeria is doom,more shocking revelations to follow.

lol! Nigeria mediocrity at large!

na lie! Big lie. house of (t)chiefs, they just wan tanish the guy image coz na only him know their take home pay coz e dey too expose them.

even you?

Lordave: Wetin dis mallam wan embezzle 4? I tot fraudsters are only synonymous in d south. Well, I pray he dosen't use d money 2 finance & equip boko boyz. Mallam kai!

you can say that again.

This same people, now we know where the funds are coming from.

slimojas89: No saint in the land remember

be DIFFERENT!
MAKE a difference!

wetin concern me,that one na dia wahala,make i order another gulder jare.

One trouble after another, God help us in this country.

afam4eva:
Almost every politician has stepped on toes, so does it mean those that have been indicted are innocent too?

nwanne, can you read at all, who claimed that anyone is guilty or innocent? If Sanusi been charged with an offense or crime; accuse of wrongdoing; then let the courts determing his guilt or innocense. you go soon fall my hand, at the rate you are going.

The guy needs to be locked up in the zoo..