Lagos — Managing Directors/Chief Executive Officers of some of the five banks taken over by the Central Bank of Nigeria, Mr. Okey Nwosu of Finbank Plc; Cecilia Ibru of Oceanic Bank and Mr. Sebastian Adigwe of Afribank Plc, may soon heave a sigh of relief as the Economic and Financial Crimes Commission has granted them an administrative bail but on very tough terms, pending their trial.

The discretion, according to the Chairman of the EFCC, Mrs. Farida Waziri would be extended to all those in custody, notwithstanding that the order related to only Nwosu and Adigwe. This shall, however, be in line with the provisions of the constitution.

While addressing newsmen in Lagos, Waziri said the EFCC had so far recovered N25.57 billion for the five affected banks from the borrowers. The largest chunk of N8.033 billion came to Oceanic Bank Plc, where Barrister Jimoh Ibrahim, paid N3.1 billion on behalf of his company, Global Fleet Group.

Others include Intercontinental Bank, N7.736 billion; Finbank, N1.59 billion; Afribank, N7.551 billion and Union Bank, N659.24 billion.

Waziri added that some of the bank chiefs presently in trouble abused their offices by granting loans in total disregard of banking regulations to non-performing borrowers who did not obtain their loans through the due process.

"The commission, as an institution with avowed commitment to the rule of the law, due process and respect for the institutions, has decided to forthwith and without further assurance comply with the court order brought by Mr Sebastian Adigwe and Okey Nwosu, former CEO's of Afribank and Finbank Plc respectively by granting bail to the suspects affected thereon in some terms", she said.

"The suspects must deposit bank guarantee in the sum of N1 billion in favour of the commission to secure the attendance of the accused persons.

"The procurer of the said bank guarantee to provide the clearance certificate of the preceding three years payable as at when due and in tandem with the amount of the guarantee.

"A surety in respect of each suspect persons. Such surety must, however, be a serving and current minister of the Federal Republic of Nigeria, who will provide a landed property in Victoria Island, Ikoyi, in Lagos, or Maitama or Asokoro in Abuja, whose title and value will be verified and found acceptable to the commission".

Waziri confirmed that there were 16 bank executives in the EFCC's custody, while 68 loan defaulters and debtors have been picked up all over the country, adding that the exercise was still ongoing.

She particularly gave an example of a man who was given a N14 billion facility by one of the banks, "only for this same person to go to Dubai and buy toys. He was arrested and promised to pay back while in custody, but the same person went to court to claim N100 million damages against the commission."

On the former managing director of Intercontinental Bank Plc, Erastus Akingbola, who is still at large, the EFCC boss confirmed that he has fled, but that the anti-graft commission was very much on his trail.

She noted with caution that the body was not out to criminalise legitimate borrowing from banks.

"We are mindful of the fact that banking thrives on robust credit administration system and we will respect the right of the customers to access funds from their banks in so far as the rules are followed. For the borrowers, we have been able to group them into two categories," she enthused.

The chairman stressed that the commission had identified those who gave legitimate business intentions and have continued to service their loans and those whose loans did not pass through the normal due process and were non-performing.

Meanwhile, Dr. (Mrs) Toyin Philips, a former non- executive director with Intercontinental Bank, collapsed yesterday while in EFCC custody and was rushed to hospital. Her condition was said to be very critical, but a source said she was responding to treatment.

Philips was arrested on Tuesday alongside the former chairman of the bank, Mr. Raymond Obieri.

She was an acting managing director of the former Gateway Bank shortly before the bank was taken over and acquired by Intercontinental Bank during the Soludo consolidation era.

The former MD/CEO, Erastus Akingbola, was declared wanted same day when the invitation to the sacked MDs of the five affected banks lapsed and Akingbola failed to show up. He is believed to have fled to the United Kingdom where he is said to be seeking a self-exile status.