Dismissed MD approves multi million loan for allies; backdates records

Cat:

Related stories

Defection: You Don’t Blame People For Bailing Out Of Sinking Ship, Tinubu Taunts Critics

By Kolawole Ojebisi President Bola Ahmed Tinubu has taunted those...

BREAKING! Trump Blocks Harvard University’s International Students Enrollment

By Abiola Olawale The administration of United States President Donald...

Minority Leader Kicks As Another LP Legislator Dumps Party For APC

By Kolawole Ojebisi The ruling All Progressives Congress (APC), on...

One of the managing directors sacked on Monday by the Presidency, has played a fast one on the government by approving multi-million loans to his cronies and associates before stepping aside. He is said to have gone into hiding shortly after handing over to one of he top officials of the agency, which has been plunged into huge avoidable debts incurred by reckless spending by the sacked board and management. The man is said to have gone under to avoid being taken in the Independent Corrupt Practices Commission and the Economic and Financial Crimes Commission, which had been trailing him even before his sack last Monday. Among other crimes allegedly committed by the man, was the huge sum of N1 billion, which he claimed to have donated towards the re-election campaign of former President Jonathan and the N300 million bribe he demanded from a popular farming group in Lagos as a condition for approving a N1.5 billion expansion credit to a popular Lagos farming entity recommended by a former president of Nigeria. The dismissed official, who headed one of the development financial institutions, reportedly ignored the directive of the presidency to hand over immediately to the next most senior official but worked for two additional days to achieve his inordinate mission.

Insiders, who are upset with the way the sacked official carried on in the establishment, said he reluctantly handed over on Wednesday after tampering with vital official documents. The extra three days spent in the office by the disgraced official, was to enable him to sign off many controversial ‘deals’ and backdate them to prevent auditors from questioning them. In particular, the former MD is said to have used most part of Tuesday and Wednesday to approve huge loans to his favourite allies and backdated them to show that the approvals were given last year. A top source said, that in one case, the sacked MD approved a personal housing loan of N27 million to one of the heads of departments on Tuesday and backdated it to 2014 to avoid being detected as fraudulent, null and void. “I can tell you that the beneficiary of the fraudulent approval, which took place on Tuesday, two days after the MD had been removed from office, is the head of corporate department of our bank,” a senior staff of the institution said. It was gathered that apart from illicit approval of loans for close allies within the establishment, the sacked official also hurriedly granted approvals for external loans believe to have also gone to his cronies.

It was learnt that after appending his signatures to the paper, the sacked official packed away many vital official documents in several bags known locally as Ghana-Must-Go and drove off in many trucks. Aggrieved staff and external customers are said to have reported the top sacked bank boss to the Finance Minister and the EFCC, which has indicated readiness to probe the cases listed against the former official.

Culled From Vanguard
Culled From Vanguard
Hamilton Nwosa is an experienced, and committed communication, business, administrative, data and research specialist . His deep knowledge of the intersection between communication, business, data, and journalism are quite profound. His passion for professional excellence remains the guiding principle of his work, and in the course of his career spanning sectors such as administration, tourism, business management, communication and journalism, Hamilton has won key awards. He is a delightful writer, researcher and data analyst. He loves team-work, problem-solving, organizational management, communication strategy, and enjoys travelling. He can be reached at: hamilton_68@yahoo.com

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

[tds_leads input_placeholder="Your email address" btn_horiz_align="content-horiz-center" pp_msg="SSd2ZSUyMHJlYWQlMjBhbmQlMjBhY2NlcHQlMjB0aGUlMjAlM0NhJTIwaHJlZiUzRCUyMiUyMyUyMiUzRVByaXZhY3klMjBQb2xpY3klM0MlMkZhJTNFLg==" pp_checkbox="yes" tdc_css="eyJhbGwiOnsibWFyZ2luLXRvcCI6IjMwIiwibWFyZ2luLWJvdHRvbSI6IjQwIiwiZGlzcGxheSI6IiJ9LCJwb3J0cmFpdCI6eyJtYXJnaW4tdG9wIjoiMTUiLCJtYXJnaW4tYm90dG9tIjoiMjUiLCJkaXNwbGF5IjoiIn0sInBvcnRyYWl0X21heF93aWR0aCI6MTAxOCwicG9ydHJhaXRfbWluX3dpZHRoIjo3NjgsImxhbmRzY2FwZSI6eyJtYXJnaW4tdG9wIjoiMjAiLCJtYXJnaW4tYm90dG9tIjoiMzAiLCJkaXNwbGF5IjoiIn0sImxhbmRzY2FwZV9tYXhfd2lkdGgiOjExNDAsImxhbmRzY2FwZV9taW5fd2lkdGgiOjEwMTksInBob25lIjp7Im1hcmdpbi10b3AiOiIyMCIsImRpc3BsYXkiOiIifSwicGhvbmVfbWF4X3dpZHRoIjo3Njd9" display="column" gap="eyJhbGwiOiIyMCIsInBvcnRyYWl0IjoiMTAiLCJsYW5kc2NhcGUiOiIxNSJ9" f_msg_font_family="downtown-sans-serif-font_global" f_input_font_family="downtown-sans-serif-font_global" f_btn_font_family="downtown-sans-serif-font_global" f_pp_font_family="downtown-serif-font_global" f_pp_font_size="eyJhbGwiOiIxNSIsInBvcnRyYWl0IjoiMTEifQ==" f_btn_font_weight="700" f_btn_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTEifQ==" f_btn_font_transform="uppercase" btn_text="Unlock All" btn_bg="#000000" btn_padd="eyJhbGwiOiIxOCIsImxhbmRzY2FwZSI6IjE0IiwicG9ydHJhaXQiOiIxNCJ9" input_padd="eyJhbGwiOiIxNSIsImxhbmRzY2FwZSI6IjEyIiwicG9ydHJhaXQiOiIxMCJ9" pp_check_color_a="#000000" f_pp_font_weight="600" pp_check_square="#000000" msg_composer="" pp_check_color="rgba(0,0,0,0.56)" msg_succ_radius="0" msg_err_radius="0" input_border="1" f_unsub_font_family="downtown-sans-serif-font_global" f_msg_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTIifQ==" f_input_font_size="eyJhbGwiOiIxNCIsInBvcnRyYWl0IjoiMTIifQ==" f_input_font_weight="500" f_msg_font_weight="500" f_unsub_font_weight="500"]

Latest stories

Latest News
Defection: You Don't Blame People For Bailing Out Of Sinking Ship, Tinubu Taunts CriticsBREAKING! Trump Blocks Harvard University's International Students EnrollmentUzodinma, Sanwo-Olu, Zulum, Other APC Governors Endorse Tinubu as 2027 Presidential FlagbearerMinority Leader Kicks As Another LP Legislator Dumps Party For APCTinubu Swears-In Kida, Ojulari, Others As NNPCL Board Members Seven Weeks After AppointmentNatasha vs Akpabio:FG Slams Criminal Charges Against Akpoti-UduaghanRelief as Dangote Refinery Slashes Petrol Prices by N15Côte d'Ivoire's Presidency Quashes Coup Speculation, Says Ouattara Still in ControlBeyond Ethnic Narratives: Building a Unified Nigeria Through Meritocracy and InnovationCoup rumours in Ivory Coast as president’s whereabouts remain unknownSeyi Makinde: Hungry Nigerians, Not Defectors, 'll Determine 2027 Election ResultsWhy Coalition Hasn't Adopted ADC As Political Party, ex-NGF DG, Lukman2027: Atiku, Peter Obi, El-Rufai, Others Didn't Adopt ADC As Coalition Platform, Says Salihu LukmanFresh Fears as Nigeria’s External Debt Payments Skyrocket By 50%Tinubu Transmits N1.481 Trillion 2025 Rivers State Budget to National Assembly
X whatsapp