Musa Simon Reef
5 October 2008
The Independent Corrupt Practices Commission and Other Related Offences (ICPC) is set to probe the activities of some top officials of the National Deposit Insurance Corporation for using premium funds on deposits from banks amounting to several billions of Naira in investing in private discount houses, stock broker firms without the authority of the board of NDIC.
The Managing Director of the NDIC, Alhaji Ganiyu Adewale Ogunleye, with some other top officials of the corporation have been accused of sundry allegations of financial improprieties and and cases of fraud running into several millions of Naira.
The use of premium funds on banks deposits, according to the petition before the anti-graft commission, is not only fraudulent but criminal and needed to be investigated to ascertain the level of sleaze trailing activities of the commission under Ogunleye.
The petitioners also accused the NDIC boss of renting his personal house in Lagos to the corporation at a whooping sum of N1.5 million yearly in 1999.
"Since 1999 to date, the cheques for the payment of the rent have always been written in the name of Ogunleye," the petition alleged.
The NDIC boss, according to the petition, "always collects N375,OOO for his hotel accommodation anytime he has to attend a function in Lagos but sleeps in guest house he has rented to the commission," an act, according to the petitioners, runs contrary to public servant officer ethic punishable under section 6 of the ICPC 2000.
The petition also alleged that, "Ogunleye in collaboration with Prof. Peter Jimoh, Hajia Fatimah B. Ibrahim, former ED now serving minister for Energy State invested NDIC premium funds in three differents discount houses and broker firms and "the interest accrued were shared among the three senior executives of the corporation."
Calling for the arrest of the Director of Finance of the corporation said to have all the facts on the investments in private discount houses, the petition accused the director of perpetrating fraud and alleged that the finance director knew all the deals that culminated in the renting of the guest house to the corporation by Ogunleye.
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