Moses Obajemu
21 August 2008
Lagos — The former Chairman/ Chief Executive Officer of the defunct Hallmark Bank Plc, Sir Marc Wabara, has been arrested by the Economic and Financial Crimes Commission (EFCC).
He was arrested last night and detained at the commission's head office.
His arrest is in connection with the role he allegedly played in the diversion of Nigeria's contribution of $56 million into the Nigeria/Sao Tome and Principe Joint Development Zone's (JDZ) project account with JP Morgan.
EFCC sources told THISDAY that instead of paying the money into the Joint Venture's account, Wabara allegedly used the money to establish a bank in Sao Tome and Principe known as Island Bank.
He was said to have claimed that he used the money to secure a facility from Union Bank of Nigeria Plc.
The matter had been on for three years. The money, THISDAY gathered, was a signature bonus payment deposited with Hallmark Bank by the Federal Government, which ought to have been paid into the JDZ account 2005 .
JDZ is a joint venture between Sao Tome and Nigeria . While the former holds 40 per cent of JDZ, the latter owns 60 per cent.
It was based on this development THISDAY gathered that the EFCC was invited to help recover the JDZ funds.
The spokesman of the EFCC, Mr. Femi Babafemi, confirmed Wabara's arrest by the commission last night.
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this is a step in the right direction. i wish this could happen to obasanjo and his men. i am as usual, capital G.C.