Former top Nigerian bankers re-arrested

Sanusi Lamido Sanusi - Nigeria Central Bank governor

The crusade to clean Nigeria’s murky financial sector has taken another twist as a dozen former bankers have been arrested and many more are to be arrested soon, according to reports from that country.

The Head of Media and Publicity of  Nigeria’s anti-graft organisation, the Economic and Financial Crimes Commission (EFCC), Femi Babafemi was cited as saying that “We have ain our custody now about a dozen of them. We are still making more arrests.”

The crusade to clean Nigeria’s banking sector was began by the country’s central bank governor, Sanusi Lamido Sanusi when he took office in 2009.

In 2009 he fired five CEOs of five banks over mounting debts in the sector. He went ahead to inject 400 billion naira, about $2.6 billion at that time into the banks.

The sacked bankers were Erastus Akingbola of Intercontinental Bank Plc, Cecilia Ibru of Oceanic Bank Plc, Bart Ebong of Union Bank Plc, Okey Nwosu of FinBank Plc and Sebastian Adigwe of Afribank Plc. Cecila Ibru was later jailed for six months for her crimes.

Babafemi was reported to have said that one of the accused , Erastus Akingbola, former CEO of Intercontinental Bank, will face a 29-count charge of allegedly stealing more than $303 million.

Akingbola turned himself in last year after returning from Britain. Another ex-bank CEO, Francis Atuche of Bank PHB, will face charges of stealing more than $649m, he added.

By Emmanuel K. Dogbevi

1 Comment
  1. Chukwuma E Azubuko says

    It is crassly unintelligent that those entrusted with sensitive positions deemed it judicious to killing the mission and goals of the organizations.
    What really fertilizes ground for the criminal tendencies? Is something wrong with Nigeria’s curricula? The kleptomanic propensity underscores the maxim of “Does it mean that the goat refuse to eat the grass or her owner fails to fetch the grass? If one fails to diagnose any sickness, one will not be able to cure it. Unexaggeratedly, it seems that everything in Nigeria and the world over centers on “Where honey there bees” or scratch my back and I will scratch yours.

    The issue, which social scientists wrestle with given the insidious and invidious state of things is: where is the Utilitarianism or common good moduc operandi? What happens to the understandings of inter-generational equity? As the Yourba’s maxim goes, thus:: “Kini onje la gba rue?” In essence, what has eaten the brain? What happens if there were collective resolution to pulverizing critical and creative thinkings? What will be tantamount to goint into the bush and fetch whips for one’s back. Intelligence at it peaks, indeed! It signposted foolish pride or calculated determination to putting one’s nose out of joint and others. Every unfavorable or anti-societal measure is akin to a stone cast into a pound. Patently, there will be countless riplles.

    It is proverbial that when a foolish person or thief is commander, nothing remains. Igbos’ say thus: “Onye nzuzu ngbere ihi ogu, ife gwu.” In essence, everything disappears when societal hard won resources are entrusted with those who understand not the meanings of altruism or common good. Nobody is a Nigerian by choice. We all are by-product of sex without condom by our parents. Central to the prism of unavoidable or uncontrollable biological determinism or circumstances of birth, it will not be pernicious for us to concertedly seeing the need of being our brothers’ keepers and not “Am I my brother’s keeper?” [Genesis 4:9] Those whom we consider our benefactors are not necessarily from the self-same geo-politics of Nigeria with us. Or, are they if were truth-tellers? Simply, they are not. It really defieds logic that “These days, the dogs have elected to eating the meat hung on their necks.” [Nigerian: Pastor F. U. Okwey]
    The quality of leadership declines simultaneously with perfunctory education. I genuflect and effusively pray that President Goodluck will give sufficient rather adequate attention towards revitalization of the putrid quality of education in Nigeria.

    In the past, Nigerian education
    was nonpareil or matchless. Regrettably, the pigs desist from flying. What justifies this? Perhaps, it is a case of “Jagajaga bicycle crossing jagagajaga bridge! With praiseworthy canalization towards education in Nigeria, I am afraid, we will be groping at day time before one says Jack Robinson. President Goodluck, to my own way of thinkings should not address himself to the mater in question on the basis of luck. Nonetheless, it is proverbial that “Good luck is the companion of courage” and “The sky is opened to those who have wings.” Educationally or without mincing words, where Nigerians will be vis-a-vis others hinge on the quality of visions to educational enhancement.

    The Hobson choice for those who pulverized the actual and real trust reposed on them is yielding to the wrath of the law. If they kissed, they had to marry. It is not a case of hearing the voice of John the Baptist.
    Nigerians have been condemned to bottomless unconscionability by their so-called Moses. Hopefully, the EFFC and other law enforcement agencies will not rest on their oasis until it is proven not on the balance of probabilities, but beyond any reasonable doubt that justice is done and be seen to be done in all walks of life Nigeria. Reiteratively, sanitization of the economy is central to inter-generational equipty with tergiversation and circumlocution, at all material times. Irrefutably, the law is no respecter of any person.

    Socio-psychologically, breaking the law is as pleasurable as sex without condom, but when the baby arrives, noboy should be hissing. Consequent upon this, t’s should be crossed and the i’s should be dotted to avoid mistaking the tongue of a dog for the one of mankind. By and large, there exists palpable socio-economic polarization in any society, glory, the law analogizes the maxim of “Our native land is common parent of us all.” [Cicero] Let Nigerians who are good pounders trust the pestle into the mortar and the bad ones will certerianly trust the pestle on their laps. Besides, the Bible says: “Many are called, but a few will be chosen.” Could we essay or endeavor to be the choosen ones?

    More, Nigeria is our land of birth is likenable to our bed or parking space. Does it epitomize intelligence to urinate on it? If a yes answer, then we will be sleeping on the floor.

    Indeed, it is a fun to swim across a river during the summer, but what about the winter. Doing so is electifying. Surely, it is incumbent upon Nigerians to understanding tenaciously that it is mountainously advisable to thinking of war in time of peace. We are born into Nigeria not by choice. This is not the most conducive time for casuistry – searching for whom is right or wrong. This is the time for Nigerians to substituting feelings from thinkings and discern that multifarious socio-economic engineerings are thunderously crying for our attention. The clarion call is likenable to 3.00 A.M.emergency telephone call: at the other end is the phew or painful cry of our sibling/s, it is diametrically our moral and legal duties to knowing that the sanest thing to do in situation a situation is not running, but mustering up courage to come to the aid of our siblings. When one eats, one should not forget her/his siblings. Above all, we should not be ignorant of our mortality. The inclinations towards kleptomaniac associates with crass failure to defining “self” philosophically and re-definition of “self” as a continuum and not an act engage upon attitudinally, but behaviorally. In essence, a wise wo/man does not only defines and re-defines self only on Christmas’, New Year’s, et cetera eves. Reiteratively, Nigeria is likenable to our bed or parking space, it will not augur well for us to pee or urinate on it: if we elected to doing so, we need no prophete to knowing that we will be sleeping on the floor. How long? With canor in communications, the duration is in the lap of the gods. Nigeria being endowed with plethora of resources, Nigerians should be satiated with tapioca (njigbo ‘cha) or slice cassava despite the fact that our mothers are absent from the market. The prevalanece of this centers on internalization of the invaluability of being intellectual humility, intellectual courage and faith-to-reasons, at all material times. ‘May God blesses Nigeria and others,’ at all material times!

    Chukwuma Enyinnay Chijioke Azubuko aka “Zik of Boston” resides in Boston – USA.

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