₦airaland Forum

A former Executive Director with First Bank of Nigeria Plc, Dauda Lawal, appeared before the Justice Ayo Salami-led presidential panel on Saturday to give evidence against the suspended Chairman of the Economic and Financial Crimes Commission, Ibrahim Magu.

Lawal is currently standing trial before a Federal High Court in Lagos for allegedly receiving $25m out of the $153m loot traced to a former Minister of Petroleum Resources, Diezani Alison-Madueke.

A source close to the panel said the former banker was invited as part of a probe into the investigative deficiencies of the EFCC under Magu.

He said Lawal was asked to testify without prejudice to his ongoing corruption trial.

It was learnt that while the former banker was giving his testimony, Magu walked into the venue at the Banquet Hall of the Presidential Villa around 12pm, three hours before he was scheduled to appear.

A top source said, “Lawal appeared before the panel to clarify some allegations he had made in the past against the EFCC some of which had been reported to the Office of the Attorney-General of the Federation. This was without prejudice to his ongoing corruption trial.

“However, Magu strolled in around 12pm even though he was expected to arrive at 3pm. The panel members were initially reluctant to let Magu witness the hearing but he pleaded and was permitted to do so.”

Lawal, however, repeated the allegations he made against the EFCC in a counter-affidavit he filed before Justice Muslim Hassan of a Federal High Court in 2017.

The EFCC had frozen Lawal’s accounts and applied for the permanent forfeiture of his funds which the ex-banker challenged.

In a counter-affidavit he deposed to which formed the basis for his invitation by the panel, Lawal said the EFCC detained him for 11 days in 2016 and promised to release him only on the condition that he return some funds.

On how he received the $25m, Lawal said he received a call from a friend, Stanley Lawson, March 2015 to help collect the money, which he subsequently paid into an account provided for him.

“I had no idea of the origin of the said funds and only acted in the course of normal banking business,” he said.

The former banker said the EFCC allegedly compelled him to provide funds he never received.

Lawal said in the affidavit, “Having been invited and subsequently detained in Lagos for 11 consecutive days and without access to members of my immediate family, the EFCC investigators kept suggesting and insisting that there was a shortfall of $40m, which I had yet to account for.

“They were alleging that I had in fact taken $65m as opposed to the $25m, which I stated that I had received. The EFCC investigators interrogating me made it clear that the only way that I could/would leave detention is if I made their suggested shortfall available to them.

“Because I never had this EFCC invented $40m to give, I had to use my personal connections to source for and raise about 50 per cent of the said amount while I was in detention. I managed to borrow some of the money from the bank where I am an executive director and surrendered it to the EFCC through my legal counsel and was eventually released from detention on May 20, 2016.
“Consequently, in a three-week period between May 13 and June 6, 2016, I was made to surrender to the EFCC Recovery Account at the Central Bank of Nigeria the total sum of N9.08bn.”

We’ll no longer condone allegations – Magu’s lawyer

Meanwhile, Magu’s lawyer, Mr. Wahab Shittu, says his client will no longer condone allegations levelled against him.

Shittu said this in a statement on Sunday titled, ‘Re: Magu faces questions over assets declaration – Fresh Propaganda Against Our Client Prejudicial to Panel Proceedings’.

The statement was in reaction to media reports that Magu was facing fresh investigation for failing to declare his assets before the Code of Conduct Bureau as required by law.

The lawyer said they were shocked by several false and defamatory imputations not arising from the proceedings of the panel.

He said, “Take notice that our client can no longer fold his hands in the face of these sustained malicious attacks to prejudge him in the public space. Our client will henceforth, point by point reply to all false allegations orchestrated against him in the public space on a daily basis as well as present his comprehensive defence for the world to see.”

It’s absurd for person on trial to testify against Magu – Ex-EFCC boss lawyer

When contacted on the telephone, a lawyer to Magu, Mr. Tosin Ojaomo, said it was immoral and absurd for Lawal who is standing trial, to give evidence before a panel against Magu.

Ojaomo said, “It is absurd that Dauda Lawal who is standing trial and has returned money believed to be proceeds of crime is being used as a witness. This is against the principle of natural justice. This is what we have been complaining about.”

175:
Thieves!

fyneguy:
How was he able to raise $20M from friends and the bank?

RuudVanNisteroy:
Lawal borrowed 20 million dollars from First Bank and friends to be released from EFCC custody. Shareholders from First Bank should be worried by this testimony, how lax the rules are for directors to borrow billions from the bank. And questions needs to be asked about the sources of funds the friends who loaned him millions of dollars.

RuudVanNisteroy:
On how he received the $25m, Lawal said he received a call from a friend, Stanley Lawson, March 2015 to help collect the money, which he subsequently paid into an account provided for him.

“I had no idea of the origin of the said funds and only acted in the course of normal banking business,” he said.

The former banker said the EFCC allegedly compelled him to provide funds he never received.

Lawal said in the affidavit, “Having been invited and subsequently detained in Lagos for 11 consecutive days and without access to members of my immediate family, the EFCC investigators kept suggesting and insisting that there was a shortfall of $40m, which I had yet to account for.

“[b]They were alleging that I had in fact taken $65m as opposed to the $25m, which I stated that I had received.

“...........I managed to borrow some of the money from the bank where I am an executive director and surrendered it to the EFCC through my legal counsel and was eventually released from detention on May 20, 2016.

https://punchng.com/ex-banker-facing-153m-diezani-loot-trial-testifies-against-magu/

DelTel:
Reading this raises a lot of red-flags and story reeks of Nollywood to say the least!

This is a serious indictment on First Bank and Malami.

a) how can a bank ED be talking like a novice (even baba Alajo Somolu won't collect such amount from anyone in cash)! A friend/customer called you to pick up $25m CASH and you did! Are banking transactions/deposit done outside the banking halls? Did the customer fill a deposit slip? Which bank account was the money lodged and posted into,? A bank ED didn't know that is money laundering? he didn't even fear from his life and loved ones! What if some people were aware, planned to hijack the money from you killing you in the process! Suffice to say, Dauda Lawal rose through the ranks in banking and FBN by collecting cash deposits!

b) to think Malami and the Panel would allow this testimony/petition be granted audience is alarming! A case still in court, with this it has confirmed the case has ended since AGF believes this cock-and-bull narrative of a story!

Anywyz, wetin I sabi.

Webmannigeria:
Thieves they are THIEVES...ALL of them walking in the corridors of POWER IN NIGERIA are ALL thieves

Loadbalancer:
Nawa o This Diezani head strong o. But all of them na thief sha. I hope her and get to share the same cell

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RuudVanNisteroy:
"Because I never had this EFCC invented $40m to give, I had to use my personal connections to source for and raise about 50 per cent of the said amount while I was in detention. I managed to borrow some of the money from the bank where I am an executive director and surrendered it to the EFCC through my legal counsel and was eventually released from detention on May 20, 2016."


The corruption in this country is worse than in Sodom and Gomorrah.

frankyychiji:
This one is strong!
How can you refund almost 10b of money you never received and stole? He even borrowed some of it, just to buy his freedom?
.

No matter the party in power, Nigeria can only move forward if it's restructured down through deep economic and regional lines.

Share the assets equitably, let everyone go back and develope their zones at their own paces.

Will it solve the problems of mindless corruption No, but the thieves will be very localized to make the stoning easier and effective.

We all saw the fear that gripped politricktians when Ipob startied attacking them abroad.

Racoon:
EFCC under Ibrahim Magu was just something else.How will First Bank investors/depositors be feeling now?

RuudVanNisteroy:
Lawal borrowed 20 million dollars from First Bank and friends to be released from EFCC custody. Shareholders from First Bank should be worried by this testimony, how lax the rules are for directors to borrow billions from the bank. And questions needs to be asked about the sources of funds the friends who loaned him millions of dollars.

Webmannigeria:
Thieves they are THIEVES...ALL of them walking in the corridors of POWER IN NIGERIA are ALL thieves

frankyychiji:
Who knows, it could be from expected pension and gratuity or owed benefits and estacodes. All to buy himself from alledged illegal detention that could be challenged in a court of competent jurisdiction.

I had expected he would finish this testimony alledging Magu and his boys pressured him under torture to remit the money or loose his life in detention.

RuudVanNisteroy:
It is this reckless act by directors like Dauda Lawal that leads to collapse of banks . Has this been the practice from time immemorial in First Bank. Where directors can just walk into the vault and collect billions of depositors fund?

Diezani corrupted so many people along the way.

frankyychiji:
This country no balance at all. I'm tired!

Successive governments after spending billions have failed to give any semblance of constant power.

Today, the politicians are still campaigning with building roads and bore holes.

Every new government creates a fresh avenue to loot. APC brought a humanitarian ministry with a combined mandate to steal plenty and give them little in return.

Nigeria can never be better like this!

RuudVanNisteroy:
The question is where was he going to get the money to pay back First Bank and his friends that loaned him the $20 million dollars.
First Bank need to investigated for this insider trading loan and playing with depositors funds. And his friends as well.

Xisnin:
That's none of your business.
If First bank considered him to be of good credit, so be it.

Calling for investigation or interventions into every micro-decisions taken by organizations
especially a private one is counterproductive and only create an hostile business
environment which is reflected in the price of goods and services.

If it is illegal for an executive of a bank to get a loan from his employer, please clearly
state the law against it.

And BTW, there is no such thing as "insider trading loan" and it doesn't
mean what you think it does.

RuudVanNisteroy:
On how he received the $25m, Lawal said he received a call from a friend, Stanley Lawson, March 2015 to help collect the money, which he subsequently paid into an account provided for him.

“I had no idea of the origin of the said funds and only acted in the course of normal banking business,” he said.

The former banker said the EFCC allegedly compelled him to provide funds he never received.

Lawal said in the affidavit, “Having been invited and subsequently detained in Lagos for 11 consecutive days and without access to members of my immediate family, the EFCC investigators kept suggesting and insisting that there was a shortfall of $40m, which I had yet to account for.

They were alleging that I had in fact taken $65m as opposed to the $25m, which I stated that I had received. The EFCC investigators interrogating me made it clear that the only way that I could/would leave detention is if I made their suggested shortfall available to them.

“Because I never had this EFCC invented $40m to give, I had to use my personal connections to source for and raise about 50 per cent of the said amount while I was in detention. I managed to borrow some of the money from the bank where I am an executive director and surrendered it to the EFCC through my legal counsel and was eventually released from detention on May 20, 2016.
“Consequently, in a three-week period between May 13 and June 6, 2016, I was made to surrender to the EFCC Recovery Account at the Central Bank of Nigeria the total sum of N9.08bn.[/b]”

https://punchng.com/ex-banker-facing-153m-diezani-loot-trial-testifies-against-magu/

Xisnin:
This idiot should never have been called to testify.
He got involved in money laundering and he is still claiming innocence.

No one needs a banker's account to receive money unless the source is fraudulent.
His "friend" could have used his own account but he needed his partner's in crime protection.

He claimed he had no idea where the funds came from, if a stranger had asked him to receive
some large funds, would he have agreed?