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Top Officials In Some Banks Gambled, Stole Billions – EFCC
Published
3 years agoon
By
Editor
The Economic and Financial Crimes Commission (EFCC) on Wednesday said some banks failed as a result of mismanagement by top officials.
The chairman Abdulrasheed Bawa spoke in Lagos at a workshop themed “Effective Investigation and Prosecution of Banking Malpractices that Led to the Failure of Banks” organized by the Nigeria Deposit Insurance Corporation (NDIC).
The police officer called for collaborative measures by relevant stakeholders as a way of militating against bank failure.
Bawa said forensic analysis of the annual reports, statements and other financial documents of failed banks investigated by the EFCC showed a pattern.
Represented by Ahmed Ghali, EFCC Lagos Zonal Commander, he lamented that banks fell short of expectations due to fraud, mismanagement, inexperience and initial absence of regulatory laws and authorities.
Bawa recalled that failure in the industry was first experienced between 1930 and 1958, when some banks were liquidated.
He said over 20 cases – including Alpha Merchant Bank, Financial Merchant Bank, Republic Bank – were recorded within the period till the Central Bank of Nigeria (CBN) was established.
Bala said to save the sector, the CBN, in 2004, increased the minimum paid up capital of banks to N25billion from N2billion.
After the implementation of the policy caused the decrease of 89 banks that existed to 25, the CBN came up with another policy in 2010.
It was aimed at categorizing banks into tiers by function and allowing varying levels of capital as opposed to the single current minimum capital of N25billion.
Bawa said the policy exposed that a number of financial institutions did not just fail, but were destroyed by identifiable people.
READ ALSO: How Govt Officials Facilitated $1.2bn Crude Oil, Gas Theft – Source
“The tragic collapse of some of the failed banks evidenced that the banking industry has been cajoled and manipulated by human beings and smart fraudsters.
“In some of the failed banks, the management stole billions of Naira in the name of borrowing, some even gambled with depositors funds to speculate on the stock market and manipulate share prices.
“Some banks granted loans to billionaires and captains of industries whose wealth actually was money belonging to the poor which they “borrowed” and refused or were not able to pay back”, he added.
Urging the NDIC to embrace technology to meet up with the investigative and prosecutorial challenges of the 21st Century, Bawa called for regular credible information on economic and financial crimes.
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How Sound Sultan’s Death Affected My Music Career – Seyi Shay
Published
4 hours agoon
September 15, 2025By
Editor
Nigerian singer and songwriter, Seyi Shay has opened up about the impact of her mentor, Sound Sultan’s death on her career.
She revealed that after Sound Sultan passed away in 2021, she lost the zeal to continue music.
Shay further explained that she became pregnant with her daughter around the same period, which also encouraged her to embark on a break due to the “toxic” nature of the music industry.
READ ALSO:200-level Student Wins Car As MTN Thrills UNIBEN With Campus Invasion
“During the filming of Nigerian Idol, my mentor, also my best friend, who is like a father figure to me, and also the person who brought me to the Nigerian music industry, died. He passed away; Sound Sultan,” Seyi Shay recalls in an interview with TVC.
“When I first came to Nigeria, I was living with him and his wife in FESTAC for a year. He was the one who co-signed me and introduced me to everybody in the industry to make sure that those who were his people look out for me.
READ ALSO:VIDEO: Moment Rema Walks Off Stage At Dreamville Festival Over Sound Issues
“So, when he passed away, it was really hard for me to complete the filming but I made it to the end. What hurt the most is that I didn’t get to see him before he passed away. I was supposed to fly to see him in New York that weekend when we had a break. He asked me to bring him something specifically. It just torn me apart. I felt like I didn’t have the will to continue to do music without Sound Sultan, my peace of mind, and my mental health. So, I decided to go on a little break.
“Also, during that period, I got pregnant and I told myself there’s no way I’m going to have my child in the toxic music industry that I’m in and under the scrutiny that I was constantly under. So, I just thought I should take a break.”
News
Ondo Govt Suspends Three Senior Officials Over Recruitment Scam
Published
5 hours agoon
September 15, 2025By
Editor
Ondo State Government has suspended three senior officials for their alleged involvement in a recruitment scam tied to the recent employment of teachers in the state.
The affected officials, two directors and a deputy director, were suspended on the directive of Governor Lucky Aiyedatiwa, pending the conclusion of an ongoing investigation into the job racketeering scandal.
Reports indicated that the officials allegedly collected between N500,000 and N700,000 from unsuspecting applicants, depending on their academic qualifications, in exchange for fraudulent appointment letters.
READ ALSO:Job Seekers Protest Alleged Fake Employment Letters For Ondo Teaching Jobs
The matter came to public attention after several individuals staged a protest over their exclusion from the ongoing biometric verification exercise for newly recruited teachers. Investigations later revealed that many of the protesters had presented forged appointment documents.
In a statement issued by the Governor’s Chief Press Secretary, Prince Ebenezer Adeniyan, the government clarified that the aggrieved protesters were not among the over 2,000 teachers legitimately recruited and already deployed across the state.
Adeniyan disclosed that internal investigations confirmed that the three officials at the State Universal Basic Education Board, SUBEB, had colluded with external collaborators to issue counterfeit appointment and posting letters to unsuspecting applicants in exchange for money.
READ ALSO:Ondo Bans Graduation Ceremonies In Primary, Junior Secondary Schools
“The attention of Governor Lucky Aiyedatiwa has been drawn to reports of a protest by individuals claiming they were unjustly excluded from the SUBEB recruitment process.
“To be clear, those protesters were not genuine employees but victims of fraud who were issued fake letters after paying money to scammers. They were exposed during biometric verification and informed that their documents were invalid.
“Disciplinary action has already been taken against the three SUBEB insiders found to have conspired with outsiders in defrauding applicants,” Adeniyan stated.
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Unjust To Demand More Tax From Nigerians Amid Waste, Corruption — Moghalu
Published
5 hours agoon
September 15, 2025By
Editor
Former Deputy Governor of the Central Bank of Nigeria, Kingsley Moghalu, has described as unfair the demand for more taxes from Nigerians amid the profligacy and corruption by leaders.
Moghalu questioned how oil revenues and billions of dollars in borrowed funds had been spent, stressing that accountability must precede any fresh tax demands.
In a post on X on Sunday, the former CBN governor described Nigeria’s political class as “self-entitled elites” who lack transparency.
READ ALSO:FG Revokes 5% Telecom Tax On Voice, Data Services
While acknowledging that tax reforms are broadly in the right direction, Moghalu insisted that without addressing corruption and waste in governance, the burden on ordinary Nigerians would remain unjust.
He said: “The profligacy and corruption in what passes for governance in our country, Nigeria, makes it unfair to expect citizens to pay any additional taxes. While taxes are an important part of the social contract, the question must first be asked: what have the revenues from oil and the numerous loans we have borrowed been spent on?
“Accountability is a core principle of governance. It does not exist with our self-entitled political elites. While the tax reform laws are broadly in a good direction, the core questions of accountability and transparency must be addressed. They haven’t.”
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