Dayo Thomas
4 April 2008
Abuja — The Independent Crime Practices and Other Related Offences Commission yesterday subjected some top managers of the Nigerian Deposit Insurance Corporation to interrogation over the alleged fraud in Wema Bank
Some of those interrogated are Managing Director and Chief Executive Officer of Nigerian Deposit Insurance Corporation (NDIC), Alhaji Ganiyu Ogunleye, the Acting Group Managing Director of Wema Bank, Mr. John Aboh, and two other top officials of both organizations.
Ten other top management staff of Wema Bank are also expected to appear for the same reason at the ICPC office next week. The four top officials who appeared yesterday were asked to state their involvement in the fraud that runs into billions of naira. The Wema Bank officials arrived the ICPC Headquarters, Central District Area, Abuja at 10 a.m in a black Honda Vitec, with registration number, Lagos CU 466APP, were only allowed to go by the ICPC team of interrogators at 2.20 p.m.
The interrogation followed immediately the Wema Bank team were released. They were among others expected to clarify if:
-Mr. Tunde Lemo as the MD of Wema Bank knowingly furnished false returns in respect of non-performing loans granted by him and concealed the debt of N8,125,011,003, (N8.125billion) from the regulatory authorities through fictitious recovery from the debtor customers using cheques purchased from other banks.
-In 2002/2003 financial year, Mr. Tunde Lemo knowingly deceived the regulatory authorities and the general public by declaring as profit on paper the sum of N3. 1 billion, when the actual profit made by the bank was N891, 000,000.00.
-Three months before his exit as CEO of Wema Bank, he approved a loan facility of N4.8 billion to Sirpi Alusteel Construction Limited and Suffolk Engineering and Construction Company Ltd, both company owned by one Mr. Henry Mac Pepple.
-Shortly, before his exit he granted lease and overdraft facility of N600 million to Yesin International Oil and Gas Company Ltd without any collateral and Board approval. That the disbursement of this loan was concealed from the Board for two months before he presented the loan to the Board for approval.
-Chief S. L Adegbite abused his office as Chairman of WEMASEC Board of Director by using his position to confer undue advantage upon himself by acquiring for himself shares that were meant for Wema Bank, thereby diluting Wema Bank's Holding in WEMASEC.
-Chief S. I. Adegbite manipulated the records of WEMASEC to pave way for the payment of salaries and emoluments to non-existing staff of WEMASEC, the fund which eventually entered his pocket.
-Mr. Adegbite used his office as Chairman of WEMASEC Board to confer undue advantage on himself by paying to himself as a non-executive director, benefits and emoluments totaling N30. 8 million, which he was not entitled to.
-Dr. Lekan Are, as a director in WEMASEC used his position to confer undue advantage on himself by acquiring for himself, shares that were meant for Wema Bank, thereby diluting Wema Bank Shares in WEMASEC.
-Mr. Ganiyu Ogunleye, MD/CEO of NDIC and O. M Sullaimon, used their positions as NDIC officials to conceal a report where it was stated that Tunde Lemo engaged in criminal purchase of bank cheques to manipulate records, thereby protecting him(Lemo) from being sanctioned.
Be the first to Write a Comment!
Copyright © 2008 This Day. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.
AllAfrica aggregates and indexes content from over 125 African news organizations, plus more than 200 other sources, who are responsible for their own reporting and views. Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica.
