NEWS
Ex-FBN Manager Exposes How Loans Were Diverted To Companies Linked To Otudeko
A former relationship manager at First Bank of Nigeria (FBN) has alleged that billions of naira in loans were funneled to companies linked to Oba Otudeko, the bank’s former chairman, despite the funds being officially approved for different firms.
Adesuwa Ezenwa, who is currently challenging her dismissal at the National Industrial Court (NIC) in Lagos, claims she was unfairly terminated by FBN in October 2016.
According to court documents, Ezenwa was dismissed over alleged fraudulent loan disbursements, but she maintains that no evidence was provided to implicate her.
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Ezenwa’s case centers on loans granted to Supply and Services Ltd, a subsidiary of Royal Ceramics Group, a major FBN client.
She argues that after her dismissal, she was summoned before a disciplinary committee, which ultimately cleared her of personal involvement but criticized her for not raising concerns about transactions approved by her superiors, including her group head and the bank’s Executive Vice President.
Ezenwa insists her dismissal was unjust, alleging that the loans were diverted under the direction of top executives, including Otudeko.
She described the admonition as unfair and unwarranted, arguing that she was in no position to report her superiors.
According to her, some of the loans under review were unsecured and granted to companies in which the bank’s chairman, Chief Oba Otudeko, and the former Managing Director, Mr. Bisi Onasanya, held significant investments.
“The very individuals I would have reported to were the ones responsible for these questionable activities.
“The impugned facilities were approved and disbursed under the direction and authority of her Group head and executive vice president and camouflaged as loans granted by some other unsuspecting customers,” her court statement reads.
In one instance, she alleged that an “unsecured facility” of about N12 billion was granted to a company in which Oba Otudeko holds significant investments.
She claimed that the loan was disguised as being issued to the Stallion Group of Companies, which later discovered this unauthorized entry in its account statement and raised objections.
An unsecured credit facility refers to a loan provided to businesses without requiring collateral.
In another case, she alleged that in 2012, an “unsecured facility” of N2 billion was granted to Broadwaters Resources Company Nigeria Ltd, which she claimed was merely a front used by Majekodunmi and Onasanya to siphon funds from the bank. According to the court documents, the loan was never repaid.
The court document reads, “Out of the N12 billion camouflaged as lending to the Stallion Group, N8.21 Billion was transferred through various accounts to a final destination account belonging to a company known as V TECH LTD which belongs to the Chairman of FBN Holdings, Oba Otudeko while the sum of N4.45 Billion out of the same fictitious facility was transferred to Ontario Oil and Gas. The facility remains unpaid to date.”
“These were not the only acts of malfeasance by the top management of the Bank but several other transactions were undertaken by other top management staff for which the Plaintiff is being punished.
“Apart from funds camouflaged as loans granted to the Stallion Groups, similar loans were granted over the years by Mr. Olatunji (the Branch Manager) and Mrs. Cecilia Majekodumi to other customers of the Bank amongst which are SUPPLIES AND SERVICES LTD. Supplies and Services Ltd is a subsidiary of ROYAL CERAMICS GROUP OF COMPANIES and several loan approvals were initiated and authored by Mr. Olatunji and Mrs. Majekodunmi.
“The facilities granted to Supplies and Services Ltd was subsequently sublent and disbursed in smaller bits to several customers on more profitable terms to both officers and these customers include Swap Technologies and Telecomms Plc, Netconstruct Nigeria Ltd, Orbit Cargo, High Performance Distributions Ltd etc.
“Some of the transactions undertaken by the Bank are already being investigated by the Economic and Financial Crimes Commission (EFCC). Their investigations/Report will be relied on at the trial.”
Ezenwa argued that, given the magnitude of the loans, the bank’s board “had to be complicit in the transactions, as the amounts exceeded the approval limits of the executive directors, vice-president, and managing director of the bank.”
NEWS
Christmas: Shettima Assures Of FG’s Commitment To Citizens’ Welfare
Nigeria’s Vice President, Kashim Shettima has assured Nigerians of the federal government’s dedication to national security, economic transformation, and welfare of the citizens.
This was detailed in a Christmas message on Wednesday afternoon in Abuja under the signature of the Senior Special Assistant to The President on Media & Communications (Office of The Vice President), Stanley Nkwocha.
According to the Vice President, the administration of President Bola Ahmed Tinubu remains unwavering in its focus on these critical areas, as the country looks forward to the dawn of a new year.
ALSO READ: Tinubu Sends Hearty Christmas Greetings To Christians Worldwide
He said, “In these times of economic transformation, I want to assure you that the President Bola Ahmed Tinubu administration remains steadfast in its commitment to improving the lives of all Nigerians.”
Vice President Shettima particularly urged the citizens to imbibe the virtues of national unity during the yuletide season.
“Nigeria’s diversity remains our greatest strength. Let us avail ourselves of the time provided by the holiday season to strengthen the bonds of brotherhood that unite us across all faiths and regions,” he said.
Senator Shettima assured Nigerians of the continued vigilance of the nation’s security forces, noting that “our brave security personnel will continue to work round the clock during this festive period to keep us safe.”
He said enhanced security measures have been put in place to protect the citizens during the holiday period.
“The relevant agencies have been mobilized to ensure your safety and comfort on all major routes,” he stated, urging travelers to remain vigilant.
VP Shettima expressed optimism about the nation’s trajectory in the coming year, saying, “I am filled with hope and optimism about Nigeria’s future. Together, we will build a more prosperous and united nation.
“To our young people, you are the backbone of our nation. The Renewed Hope administration is implementing various initiatives to create opportunities for you to thrive and contribute to Nigeria’s development,” he added.
NEWS
Yuletide: Adeleke Rejoices With Christians
Osun State Governor, Senator Ademola Adeleke has felicitated Christians in Osun State and beyond on the occasion of the 2024 Christmas celebration, urging them to follow Jesus Christ’s example of compassion and tolerance.
Biztellers reports that Gov Adeleke described the birth of Jesus Christ as a defining moment for mankind, in a statement in Osogbo on Tuesday.
He described the festive season as a solemn reminder of the power of love and how it can save humanity.
ALSO READ: Archbishop Martins Champions Clamour For Better Life For Nigerians
While recognising unity and togetherness as an important message that Jesus Christ’s life resonates, Gov Adeleke charged Osun people, particularly Christians, to draw from the spiritual import of the celebration by sharing love and fostering harmony in communities.
In his words, “I extend my warm wishes to Christian faithful in Osun state and beyond as we mark this year’s Christmas. The birth of Jesus Christ is a manifestation of the power of love and remind us of the essence of compassion,” the Governor noted in his message.
“In the mood of celebration, I urge us to take a moment to reflect on the message of renewal that the birth of Jesus Christ signifies, promoting activities that will unite not divide, build not destroy, and bring peace not conflict.
“It is also my sincere appeal that we extend hands of kindness to the needy and the weak in the society, spreading love and generosity beyond borders. That is the essence of Christmas and it is most essential that at a time like this, no one is left to their fate.”
NEWS
Archbishop Martins Champions Clamour For Better Life For Nigerians
Archbishop Alfred Adewale Martins, of the Catholic Archdiocese of Lagos, has enjoined all Nigerian leaders to be more sensitive to the yearnings of the people for a better life.
This was contained in a 2024 Christmas Message to Nigerians issued in Lagos under the signature of the Director of Social Communications, Very Rev. Fr. Anthony Godonu.
According to the Archbishop there is an urgent need for a better enabling environment to allow businesses thrive in a bid to reduce the high rate of unemployment and the grinding poverty in the land.
He urged leaders to prioritise the welfare of citizens over personal needs in addressing the widespread hunger, poverty, joblessness, and insecurity ravaging the nation.
ALSO READ: Tinubu Sends Hearty Christmas Greetings To Christians Worldwide
In his words, “Even in the face of policies that are deemed to have positive results in the long-term, such as the removal of fuel subsidies, floating of the naira and the new tax reforms initiative, governments must ensure that the immediate welfare of people is not neglected but factored into the planning and execution of such policies. This is necessary, if the people for whom the policies are being made are not to die before the positive results begin to manifest.
“At the same time, government spending must be prudent and compassionate. In addition, it is necessary to pay more attention to the agricultural sector so that food security can be ensured for overall benefit.”
The Prelate described as very sad and depressing the recent loss of several lives of innocent Nigerians in Ibadan, Abuja, and Anambra in their quest to access food palliatives owing to pervading hunger across the country.
He considered it worrisome that many Nigerians now find it difficult to purchase necessities of life, especially during this festive season that should be a period of merriment, sharing of love, food, and other essentials, which are the hallmarks of the Christmas season.
To forestall a reoccurrence of such ugly incidents, the prelate urged governments, at both federal and state levels, as well as the legislative assemblies, to identify and quickly fix the loopholes in the polity that are responsible for the massive poverty and hardship which Nigerians are facing.
He advocated the appraisal of the nation’s existing laws and enactment and enforcement of only proactive policies that would open the business environment, attract investors, and create more jobs so that the citizens can afford their basic needs; rather than depend on palliatives that offer only temporary relief.
The prelate urged substantial investments in the agricultural sector of the economy to ensure the availability of basic foodstuffs; thereby reducing the high cost of essential food items like rice, beans, onions and grains.
“If citizens have food in their homes, people will not endanger their lives while scrambling for palliatives in the way it happened,” he noted with sadness.
While praying for the souls of those who died in the recent stampedes in parts of the country, he also commiserated with those who lost their loved ones, praying that Jesus, the Prince of Peace would bring solace to the afflicted, comfort to the grieving, and hope to the despairing.
“This special season reminds us of the profound love of God, who sent His only Son to redeem humanity. May the light of Christ illuminate our lives, dispel darkness, and fill our hearts with love, compassion, and kindness. As we gather with family and friends, let us not forget those who are less fortunate, the vulnerable and the marginalised. May our celebration be a catalyst for acts of charity, generosity, and solidarity,” he stated.