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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.

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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UNIOSUN Appoints First Female Registrar In 18 Years

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The Governing Council of Osun State University on Friday announced the appointment of Mrs. Atinuke Oguntunde as the institution’s third substantive Registrar.

Oguntunde’s appointment, being the first female to be appointed Registrar was coming after 18 years of the establishment of the university.

The institution was established by the Osun State Government during the administration of Olagunsoye Oyinlola on December 21, 2006 and it has had two substantive male Registrars.

Also appointed were; Mr. Muideen Lasisi, who got appointed as the 3rd substantive Bursar, and Dr. Olugbenga Adewuyi, who was appointed 3rd substantive university Librarian.

READ ALSO: Drama As Two Ebonyi Commissioners Fight In Public

A release issued by the University’s Public Relations’ Officer, Ademola Adesoji, further disclosed that the appointments were approved by the Governing Council at its special meeting on Friday, following the completion of the selection processes and the recommendations of the Selection Panel.

Giving further details about the appointees, Adesoji said, “Mrs. Atinuke Oguntunde (native of Ilesha), the newly appointed Registrar, will bring a wealth of experience and expertise to her new role. Previously serving as the Deputy Registrar and College Secretary at the University’s College of Health Sciences. Mrs. Oguntunde has demonstrated exemplary leadership and dedication throughout her services in the University system.

“Her academic qualifications include a B.A.(Ed.) in English Education from the University of Ilorin and an M.A. in Literature in English from the same institution.

READ ALSO: Police Rescue Three Toddlers Locked Up In Lagos Home

“Mr. Muideen Akintayo Lasisi (native of Ido-Osun) was until his appointment a Deputy Bursar at the National Open University of Nigeria. With a career spanning over two decades in finance and accounting, Mr. Lasisi’s appointment underscores UNIOSUN’s commitment to financial prudence and accountability. He holds academic qualifications including an HND in Accountancy from Osun State Polytechnic, a B.Sc. in Accounting from the University of Lagos, and an M.Sc. in Entrepreneurship from the National Open University of Nigeria.

“Dr. Olugbenga Wale Adewuyi (native of Ila Orangun), the newly appointed University Librarian, will bring his wealth of academic and professional experience to his new role. Dr. Adewuyi is renowned for his scholarly contributions and commitment to advancing library sciences and administration. He holds academic qualifications that include a B.A. in Dramatic Arts from Obafemi Awolowo University, an M.Sc. in Library Studies from the University of Ibadan and a Ph.D. in Library and Information Science from Babcock University.”

UNIOSUN Vice-Chancellor, Prof. Clement Adebooye, while reacting to the appointments, stated that it marked a significant milestone in the institution’s journey towards academic excellence and institutional advancement.
PUNCH

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Alaafin: Kingmakers Appeal As Court Strikes Out Case Against Makinde

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Oyo State High Court sitting in Awe, Oyo State, has struck out a case filed by the Oyo kingmakers ( Oyo Mesi) against the state governor, Seyi Makinde, the state Attorney General and the Commissioner for Local Government and Chieftaincy Matters on the vacant stool of Alaafin of Oyo over administrative defect.

The PUNCH reports that the stool became vacant after the death of the late Alaafin of Oyo, Oba Lamidi Adeyemi III, who died at the age of 82 and ruled for 52 years.

The claimants in the suit no HOY/14/2023 are the Bashorun of Oyo, Chief Yusuf Layinka; Lagunna of Oyo, Chief Wakeel Oyedepo; Akinniku of Oyo, Chief Amusa Yusuf; Areago Bashorun, Chief Wahab Oyetunji and the Alapo of Oyo, Chief Gbadebo Mufutau.

They were seeking court injunction restraining Makinde and his agents from overruling their choice on the selected candidate for the vacant stool.

READ ALSO: Drama As Two Ebonyi Commissioners Fight In Public

According to them, “due diligence was followed in the selection/appointment of the candidate for filling the vacant stool of Alaafin of Oyo duly conducted by the kingmakers of Alaafin of Oyo Chieftaincy.”

While ruling on the notice of preliminary objection as filed by the defendants, on Tuesday, Justice Ladiran Akintola said there was no proof of service to notify the governor of the outcome of the selection process as carried out by the kingmakers.

The failure to serve the notice of the outcome on the governor thereby affects the substantive case, and as such, the case was struck out.

It was stated in the ruling that, “This court found merit in the Notice of Preliminary Objection filed by the defendants/applicants against the claimants/respondents in this case.

“The same succeeds, accordingly all the issues raised for determination of this court by learned counsel on both sides are thereby resolved in favour of the defendants/applicants but against the claimants/respondents.

READ ALSO: [JUST IN] Alaafin: Kingmakers Absent As Court Strikes Out Suit Against Makinde

“Consequently, the suit initiated by the claimants/respondents in this case against the defendants/applicants is thereby struck out.”

In a telephone interview with The PUNCH, on Friday, the lead counsel for the claimants, Kunle Sobaloju (SAN) said a notice of appeal and motion for injunction pending an appeal have been filed at the Court of Appeal and Oyo High Court, respectively.

Commenting on the judgment, Sobaloju said the judgment that was passed, on Tuesday, was on a preliminary objection filed by the defendant which is the Governor of Oyo State, Attorney General of the state and Commissioner for Local Government and Chieftaincy Matters.

He said, “By that preliminary objection after we filed our case which they challenged against on the ground that we did not comply with the condition precedence of filing an action of that nature.

“According to them, what was the condition precedence, they said the Secretary of the Local Government, Atiba Local Government did not notify the governor of the Oyo Mesi on the selection of Prince Lukman Gbadegesin as the candidate to fill the stool of Alaafin of Oyo.

READ ALSO: JUST IN: Oyo Indigenes Protest Delay In New Alaafin’s Appointment

“Our response to that objection is to the effect that that duty is imposed on by the law, that is Section 19 of the Chieftancy Law on the Secretary to the Local Government and not on the kingmakers and we exhibited evidence that the kingmakers forwarded their decision to the Secretary of Atiba Local Government.

“We also exhibited a letter from the Secretary of Atiba Local Government acknowledged by the Ministry of Local Government and Chieftaincy Matters. That is the only means to which the governor can be involved. You can not go to the governor and serve him directly.

“We also argued that even the issue is an issue of evidence that the governor can only prove whether he was served or not with proof of evidence. It is not the issue that the court can determine by way of preliminary objection.

“However, it is the failure to serve the notice of the decision of the kingmakers on the governor that affects our case, and as such, it was struck out.

“We have filed a notice of appeal and motion for injunction pending an appeal. What was considered on Tuesday was the notice for preliminary objection. The merit of the case is yet to be considered.”

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Drama As Two Ebonyi Commissioners Fight In Public

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Two commissioners from Ebonyi State reportedly fought shamelessly in public during the defection ceremony of chieftains of the PDP into the APC held at Ebiaji, Ezza North Local Government Area of Ebonyi State.

The two commissioners Victor Chukwu, Commissioner for Environment and Jude Okpor, the Commissioner for Information, engaged in the fight which attracted the attention of the state party chieftains from the area.

An eyewitness who identified his name as Nwite told Vanguard that the two commissioners, not minding their social status, engaged themselves in fierce fight which took the intervention of some stakeholders and security agents to stop the fight.

READ ALSO: Man Sets Self On Fire Outside Trump Trial Venue

“Nobody told me anything about it. I saw everything myself. I don’t know the cause of their fight but they fought and this is the 5th fight between them”, he aid.

As a leader of thought in my place, this is embarrassing to me, our people and the people of Ebonyi State. It happened during the defection of some people into APC at Ezza North.

“It was a very big fight and it was not hidden”, he added.

The two Commissioners who are said to be stakeholders in their various communities had a field day as they reportedly exchanged blows, not minding those that were watching them.

 

 

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