It was shocking to learn of the monumental illegalities in forex transfers and conversions involving MTN, Standard Chartered Bank, Stanbic IBTC, CitiBank and Diamond Bank which the CBN recently uncovered in its painstaking investigations of these firms between 2007 and 2015 for which the apex bank has fined Diamond Bank N250m for its role in the saga.

Apart from being particularly concerned about the role of Diamond Bank because one of the governorship aspirants in Abia State, Alex Otti, served as the Managing Director of the bank from March 2011 to October 2014, part of the period which the CBN investigation covered, the likely consequences of job cuts that may be embarked upon by the banks to mitigate their losses arising from the fines are also of great worry to the Abians because such job cuts will certainly affect indigenes of the state.

As a man putting himself forward and selling integrity as one of his credentials, Abians are calling on Alex Otti to come out clean on his roles in the monumental illegal forex transfers and conversions for which the bank was slammed with such a heavy fine of N250m.

In its letter to Diamond Bank, the CBN had written thus,

"On account of the illegal conversion of the shareholders loan to preference shares (interest free loan) of $399,594,146.00, the sum of $8,134,312,397.63 was illegally repatriated by your bank and the other banks on behalf of MTN Nigeria Communications Limited, within a period of six years.

‘Your bank illegally remitted the sum of $352,222,358.39 on behalf of Standard Chartered Bank and Stanbic IBTC Bank in respect of the various CCIs issued to MTN Nigeria Communications Limited."

It is most unfortunate and at the same time sad that Alex Otti was involved in such a scandalous financial impropriety which led to Nigeria losing billions of dollars to foreign investors whose financial illegalities against our economy were aided and abetted by four banks including Diamond Bank.

Abians are even more saddened to learn that part of this monumental fraud happened under Alex Otti’s tenure as MD/CEO of Diamond bank.

How can a man who grossly abused his office as a managing director by perpetrating these frauds against the country be trusted with the finances of Abia?

Alex Otti should do the needful by begging Abians to forgive him for deceiving them with his false mantra of integrity and honesty after he had colluded with others to defraud the country using Diamond Bank.

Abia does not want such a man to govern them. If he could supervise such fraudulent transactions in a bank, there is nothing he would not do with the resources of the state if he is given the opportunity to become governor.

Those who have betrayed the trust of depositors and ripped the nation dry because of the huge commission they would get personally for themselves must not be allowed to use such proceeds of fraud to play politics, especially their kind of politics of deceit.

Such people should be arrested and prosecuted by the EFCC forthwith. The CBN would do well to go further than just imposing the fines but also ensure that all those involved in this crime are diligently prosecuted to serve as deterrent to others.

Abians say no to such a man like Otti and they thank the CBN for this timely exposure of this fraud, if not, Abians would have believed Alex Otti’s entrenched deceit and falsehood! Our God works in mysterious ways!

Ikpeazu's boys at work.
CBN tweet which you relied on did not state the period under review.
This unnecessary attack on oti will not help clean up the dirty cities of aba and Umuahia, it will not pay 7 months salary, it will not pay 21 months pension arrears, it will not stop heavy taxation on small and medium scale businesses including keke napep operators, it won't complete the abandoned 2.5 billion naira 1km flyover at osisioma, it won't bring back investors that left due to no roads and poor infrastructure.
The killing of APGA members at obingwa and Isiala ngwa must stop.
2019 shall be determined by achievements and facts and not personal attacks. APGA shook pdp in2015, they will uproot pdp by 2019

henchamb:
Ikpeazu's boys at work.
CBN tweet which you relied on did not state the period under review.
This unnecessary attack on oti will not help clean up the dirty cities of aba and Umuahia, it will not pay 7 months salary, it will not pay 21 months pension arrears, it will not stop heavy taxation on small and medium scale businesses including keke napep operators, it won't complete the abandoned 2.5 billion naira 1km flyover at osisioma, it won't bring back investors that left due to no roads and poor infrastructure.
The killing of APGA members at obingwa and Isiala ngwa must stop.
2019 shall be determined by achievements and facts and not personal attacks. APGA shook pdp in2015, they will uproot pdp by 2019

but we also learnt that oti and the previous governor who performed badly in abia state were close friends and he oti has been part of managing abia state accounts during those dark days .
he fell out with t. a orji because the latter refused to give him governorship ticket in other to keep in line with abia state charter of equity which recognizes the turn of an ngwa man being a governor as they have never filled that position in the history of abia state.

I think oti has stolen too much money to spend around which makes this latest report a proof .he has not only stolen from Nigeria but also from abia state and only looking for avenue to cover his loot . I am still wondering why he is not yet in APC because that is the party that creates haven for thieves.

a man who goes in private jet and lived all his life in Lagos is not in a right position to deliver abia state.