…Transparency International Steps in…Wants Buhari to Remain firm
Following series of petitions against the immediate past Managing Director of Bank of Industry(BOI) Mr Rasheed Olaoluwa accusing him and some members of his erstwhile management of unauthorised and unapproved stripping of the assets of BOI to the tune of over N40billion, the Independent Corrupt Practices Commission(ICPC) has nabbed the erstwhile MD Mr Oloaluwa for interrogations and to explain his role and why a Board approval and other stipulated industry due process were not followed through in the controversial sale 127 Million units of Federal Government Shares in WAMCO valued at N40.15Billion which were being held in trust by BOI on behalf of the Federal Government of Nigeria. Mr Olaoluwa was appointed MD of BOI by former President Goodluck Jonathan in May 2014.
The New Diplomat Investigations reveal that Mr Olaoluwa who has been facing series of questions over his alleged role in the very untidy and most controversial sale of the 127 units of Federal Government Shares in WAMCO in very unedifying circumstances as they were allegedly sold thirty days after President Muhammadu Buhari assumed office as President without a documentary Board approval or any written approval from the supervisory Ministry of BOI-Ministry of Trade and Investment, was at the Financial Investigations Unit(FIU) of the ICPC Headquarters Abuja on Tuesday 14 June, 2016 in response to an invitation extended to him by the anti-graft Commission.
Checks at the ICPC Head office in Abuja showed that as at mid-day on Tuesday Mr Olaoluwa was still being quizzed by interrogators who want to know why was the over N40 billion Shares sold so hurriedly shortly after President Buhari assumed office? Why was due process not followed? Why was a Board Approval not obtained as stipulated by the guidelines of the BOI and Industry standrads and practices? Who are those that bought these shares? In fact, who authorised the sale of the over 127 Million units of Federal government shares in WAMCO which were held in trust by BOI on behalf of the Federal Government of Nigeria?
Reacting to these cases bordering on corruption and alleged impunity which characterised the Jonathan administration, Transparency International urged President Buhari to implement full access to Information in the war against corruption ‘’ so that citizens and the media including members of the Civil Society can have full disclosures on corruption and help fight the scourge.” Regional Director for West Africa, Mr Kaniba told The New Diplomat on phone that President Buhari’;s integrity and reputation is most high and unassailable, adding that the president now needs the Media and civil society to join his crusade against corruption in Nigeria.