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Top Officials In Some Banks Gambled, Stole Billions – EFCC

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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.

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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.

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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.

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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

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“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.

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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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Read How Ex-Edo IDP Became A PhD Student In US Varsity

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Ishaku Amos, a native of Gwoza Local Government Area of Borno State, on Wednesday narrated how his life was transformed from displacement to academic excellence.

Amos, who currently pursues a PhD in Chemical Engineering at the University of Illinois, Chicago, in the United States, spoke when he paid a visit to the Internally Displaced Person (IDP) at the Home for the Needy Foundation in Uhogua, Edo State.

The excited Amos, who once lived in Home for the Needy Foundation,
said the organisation played a decisive role in changing the course of his life.

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According to him, after completing his undergraduate studies at Edo State University, Iyamho, he secured a scholarship for doctoral studies abroad.

He narrated how he left Nigeria in August with the support of Pastor Solomon Folorunsho, Coordinator of the IDP Camp in Uhogua.

READ ALSO:Imansuangbon Donates To Benin IDPs, Charges Wealthy Nigerians To Advance Humanity

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“I had never travelled outside Nigeria before. I grew up in the North and in the camp, so everything was new to me. Having him accompany me made the transition easier and gave me confidence.”

Amos explained that adjusting to life in the United States would have been difficult without that support.

It was a new culture, a new system and a different weather. But I was prepared. I was guided on what to expect and how to adapt, so I didn’t experience culture shock. He made sure I was comfortable before returning to Nigeria.”

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Speaking on his past, Amos described himself as a victim of terrorism and insurgency in the North-East.

“Anyone who says these things are not happening should listen to my story.

READ ALSO:Militia Attack On DRC IDP Camp, Kills 10, Mostly Women, Children

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“I know what I suffered. People sometimes talk because they have not experienced it. When you have lived through killings and displacement, you can never deny the reality,” he said.

He expressed deep gratitude to the Home for the Needy Foundation, saying words were not enough to appreciate what the organisation did for him and thousands of others.

“They changed my narrative and my understanding of life. Despite our trauma, they never gave up on us. They paid for our exams even when we failed and had to try again. They kept telling us to focus and try one more time.”

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Amos said his experience has inspired him to give back to society and support vulnerable people in the future.

He also appealed to the Borno State Government and lawmakers from his area to support displaced indigenes.

“They know we exist and that we are Borno indigenes, but we have been ignored for too long. We are calling on them to clear outstanding school fees and provide scholarships. We will continue to call until something is done.”

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Minister Suspends Aide Over 2027 Governorship Election Write-up

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The Minister of Information and National Orientation, Mohammed Idris, has formally distanced himself from a political article titled “Malagi 2027,” which speculated on potential scenarios ahead of the 2027 Niger State governorship election.

In a statement released on Wednesday, the minister’s office clarified that the article was published without authorization by one of his aides, Sa’idu Enagi, emphasizing that the opinions expressed do not represent Idris’ views or intentions.

“The write-up and all its contents are hereby vehemently disclaimed,” the statement affirmed, urging the public to disregard the publication.

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The statement noted that the minister remains fully dedicated to his duties at the Federal Ministry of Information and National Orientation and has no interest in, nor tolerance for political distractions or premature electioneering.

READ ALSO:Presidential Pardons Undermine Rule Of Law, Says Amnesty

It further stressed that he neither approved nor directed the publication of the write-up.

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Following the incident, the minister has ordered an immediate investigation, and the aide responsible has been suspended with immediate effect.

The statement also underscored the cordial and mutually beneficial relationship between the minister and Niger State Governor Mohammed Umaru Bago, highlighting their joint commitment to the development and stability of the state.

Speculations about the 2027 elections would be inimical to these noble objectives,” the statement added.

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The disclaimer was signed by Rabiu Ibrahim, Special Assistant (Media) to the minister.

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How To Calculate Your Taxable Income

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