One of the managing directors sacked on Monday by the Presidency, has played a fast one on the government by approving multi-million loans to his cronies and associates before stepping aside. He is said to have gone into hiding shortly after handing over to one of he top officials of the agency, which has been plunged into huge avoidable debts incurred by reckless spending by the sacked board and management.

The man is said to have gone under to avoid being taken in the Independent Corrupt Practices Commission and the Economic and Financial Crimes Commission, which had been trailing him even before his sack last Monday. Among other crimes allegedly committed by the man, was the huge sum of N1 billion, which he claimed to have donated towards the re-election campaign of former President Jonathan and the N300 million bribe he demanded from a popular farming group in Lagos as a condition for approving a N1.5 billion expansion credit to a popular Lagos farming entity recommended by a former president of Nigeria.

The dismissed official, who headed one of the development financial institutions, reportedly ignored the directive of the presidency to hand over immediately to the next most senior official but worked for two additional days to achieve his inordinate mission. Insiders, who are upset with the way the sacked official carried on in the establishment, said he reluctantly handed over on Wednesday after tampering with vital official documents.

The extra three days spent in the office by the disgraced official, was to enable him to sign off many controversial ‘deals’ and backdate them to prevent auditors from questioning them. In particular, the former MD is said to have used most part of Tuesday and Wednesday to approve huge loans to his favourite allies and backdated them to show that the approvals were given last year.

A top source told Vanguard that in one case, the sacked MD approved a personal housing loan of N27 million to one of the heads of departments on Tuesday and backdated it to 2014 to avoid being detected as fraudulent, null and void. “I can tell you that the beneficiary of the fraudulent approval, which took place on Tuesday, two days after the MD had been removed from office, is the head of corporate department of our bank,” a senior staff of the institution said. It was gathered that apart from illicit approval of loans for close allies within the establishment, the sacked official also hurriedly granted approvals for external loans believe to have also gone to his cronies.

It was learnt that after appending his signatures to the paper, the sacked official packed away many vital official documents in several bags known locally as Ghana-Must-Go and drove off in many trucks. Aggrieved staff and external customers are said to have reported the top sacked bank boss to the Finance Minister and the EFCC, which has indicated readiness to probe the cases listed against the former official.

http://www.vanguardngr.com/2016/02/612400/

Funny country.

Nigeria...... oooo.
Baba God help d heart of man

wonder shall never... Waiting for sahara reporter's version. D word anonymous no go show for deir own report

Omg.I hope this story is true and the bank in anonymity is not the well-respected Bank of Industry

Why is everyone involved anonymous? The department's name, anonymous, the MD being refered to, anonymous, even the beneficiary of the scam, anonymous, and you decided to bring it here for us to comment, on what exactly?

Nonsense. The man no get name?? If na one poor man steal rice, maggi or salt to cook for him family now, dem go put him face, him name, and the name of him village and ancestors for the page.

Annoying journalism.

Na lie, if your story is true why are you scared of mentioning names?

God will continue to reveal those killing this country.

This coming from Vanguard kind of make it credible because we know them to be the mouthpiece of "w--l--g". I hope those who have been cursing this administration because of the purge should by now be ready to take back their curses. Operation "back to sender".

What sort of reporting is this anyway?

A national daily such as Vanguard reporting like one of them soft sell gossip magazines.
They got details of the transactions and figures of the amount involved, yet they couldn't mention who the culprit is.

Perhaps they are not certain of their source, even though the report mentioned "a top source" who disclosed the info to them.
This is just rubbish!

No zombie is condemning vanguard now o but if its news against their interest they will castigate vanguard news.
Modified*
What I mean is that when ever vanguard gives any news against d interest of the zombies, they refute n call it lies but none have called this story a lie.

lomprico:
No zombie is condemning vanguard now o but if its news against their interest they will castigate vanguard news.

Look up and see them condemning vanguard, why should they hide all the names involved?

Una dey fear to name the suppose MD

osesology:
Why is everyone involved anonymous? The department's name, anonymous, the MD being refered to, anonymous, even the beneficiary of the scam, anonymous, and you decided to bring it here for us to comment, on what exactly?

This story has APC written all over it

Guess we're now dealing with anonymous human beings

This story is as fake as a bleached girl.

One of the sacked MDs...the man has gone underground...(No name, no company name to show this story is real). Sensational journalism from Vanguard. SMH

Only God can help nigeria.

"Do as I like" country

Lol. Jonathan's buddies doing him proud.

the sack was a hit Back to back

osesology:
Why is everyone involved anonymous? The department's name, anonymous, the MD being refered to, anonymous, even the beneficiary of the scam, anonymous, and you decided to bring it here for us to comment, on what exactly?

Nigerians sha! You can never be satisfied!!

On one hand, you shout "No media trial, innocent until proven guilty"....

On the other hand, you are asking why the same accused are not being named in the Media?

How does the Govt and its agencies do both, at the same time?

I just hope the man involved is given a lengthy sentence, to serve as a detriment to others


Lastpage!

Sounds like mere propaganda to prove APC is working no names, no credit! Telling us what bank is screwing around is a public service.
Saying he gave GEJ millions is a propaganda ploy we are use to.

When caught he should be executed by firing squad... He deserved to die

Many like him are in top positions, very selfish set of idiots!

Hmmmmm

erico2k2:

This story has APC written all over it

Bitterleafsoup:
Sounds like mere propaganda to prove APC is working no names, no credit!

It is vanguard o.

Rubbish Nigerian Journalism (RNJ). The man. No get name?

Even after the person has been removed his hallowed name cannot be mentioned by the silly coward making the report. Corruption is so strong people must give its disciples respect. They still view it as 'none of my business'. If na ya money dem tiff you no talk who do am. You go dey say, 'oh a certain Mr. Lagbaja rape me...'

baba don hear am now

politricks:
It is vanguard o.

no doubt