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.
Read Also: Dangote Refinery vs NNPCL: Unfortunately, Nigeria needs both companies to thrive
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.”
The Governor of Ogun State, Dapo Abiodun, has issued a stern warning against any attempt to establish a Sharia Court in the state without legal authorization.
This comes in response to the circulation of a digital notice announcing the launch of such a court.
In a statement personally signed on Tuesday, Governor Abiodun emphasized that Sharia Courts cannot be legally established by individuals or groups outside the provisions of the Nigerian Constitution.
READ MORE: Monarch Crisis: Ogun Court Strips Macgregor Of Olu of Orile Ilawo Title
He reaffirmed that the state government only recognizes courts constituted through the legal framework of the Constitution and state laws.
“No Sharia Court is authorized to operate within Ogun State,” Abiodun stated. “The courts legally empowered to adjudicate disputes in the state are Magistrates’ Courts, High Court, Customary Courts, Customary Court of Appeal, Federal High Court, National Industrial Court, Court of Appeal, and Supreme Court.”
He further clarified that Sharia law does not form part of the legal framework in Ogun State and warned against the operation of unauthorized courts or assemblies.
According to the Governor, the state government respects the rights of individuals to practice their religion and apply their faith in personal matters.
However, this freedom does not extend to the creation of institutions or courts without proper legal backing.
Governor Abiodun directed all individuals involved in the creation or operation of the illegal Sharia Court to immediately cease all activities and disband the entity.
He also urged the public to disregard any summons, documents, or communications from the unauthorized court and to report such incidents to the authorities.
“The Ogun State Government will uphold the rule of law, ensure respect for the legal and judicial framework within the state, and prevent any breakdown of law and order,” the statement concluded.
President Bola Ahmed Tinubu has returned to Abuja after attending the Africa Heads of State Energy Summit held in Dar es Salaam, Tanzania.
The presidential aircraft, 001, landed at the Nnamdi Azikiwe International Airport at 7:40 pm on Tuesday, according to the State House media office.
The President was received by top government officials, including the Minister of the Federal Capital Territory, Nyesom Wike, and the National Security Adviser, Nuhu Ribadu.
READ ALSO: ‘I Can Only Be Removed At A National Convention – PDP’s Samuel Anyanwu Declares
The summit, organized by the Tanzanian government in partnership with the African Development Bank Group and the World Bank, centered on advancing “Mission 300,” an initiative designed to provide electricity access to 300 million Africans by 2030.
During the event, African leaders, private sector representatives, development partners, and civil society organizations discussed strategies to overcome the continent’s energy challenges.
Discussions focused on renewable energy, energy efficiency, and accelerating energy access in underserved regions, with an emphasis on mobilizing private sector investment.
On the opening day, ministers from participating nations presented their national energy strategies, known as compacts, which outlined their plans to achieve universal energy access within five years.
The summit culminated in the endorsement of the Dar es Salaam Energy Declaration by Heads of State, including President Tinubu, which charts a unified path for achieving the goals of Mission 300.
In his address, Tinubu reaffirmed Nigeria’s leadership role in Africa’s energy sector and emphasized the country’s commitment to universal energy access.
He highlighted Nigeria’s ongoing clean energy initiatives and detailed its strategy for integrated energy delivery across the continent.
“Nigeria remains committed to achieving universal access to energy and will continue to champion solutions that integrate renewable energy and enhance efficiency across Africa,” Tinubu said.
The President was accompanied by key members of his administration, including the Minister of State for Foreign Affairs, Bianca Odumegwu-Ojukwu; Minister of Power, Adebayo Adelabu; and Special Adviser on Energy, Olu Verheijen.
An Air Busan passenger plane caught fire at Gimhae International Airport in Busan, South Korea on Tuesday, forcing the evacuation of 176 people on board, Yonhap News Agency reported.
The incident occurred at around 10:30 p.m. local time (1330 GMT) as the aircraft, which was bound for Hong Kong, ignited near its tail section.
A total of 169 passengers and seven flight attendants were evacuated using inflatable slides, Yonhap reported.
SEE ALSO: South Korean Court To Decide Fate Of Detained President Yoon Suk Yeol
One person sustained injuries during the evacuation, but no further details about the injury or the fire’s cause were immediately available.
South Korea’s Busan fire authorities were not reachable for comment, according to AFP.
This incident comes just weeks after South Korea’s worst aviation disaster in decades.
Recall that on December 29, a Jeju Air Boeing 737-800 crash-landed and exploded after striking a concrete barrier at Muan International Airport.
The crash killed 179 of the 181 passengers and crew on board.
According to Flightradar24, Air Busan’s fleet is composed entirely of Airbus aircraft.
The cause of Tuesday’s fire is under investigation.
Dele Farotimi Appointed National Organising Secretary of Afenifere
No Place For Sharia Court In Ogun State, Says Gov Abiodun
JUST IN: Tinubu Returns To Abuja After Energy Summit In Tanzania
APC Fingers Atiku For Nigeria’s Dysfunctional Opposition Parties
‘I Can Only Be Removed At A National Convention – PDP’s Samuel Anyanwu Declares
Fire Breaks Out On Air Busan Plane In South Korea, One Injured
OSSG Raises Alarm Over Murder Plot By APC Chieftain
NCC, SMEDAN, NAICOM, SEC, Others Set for SUPERNEWS SMEs Conf June 13
Sahara’s Tonye Cole resigns from GPHCDA
Niger Delta Avengers: President Buhari Reads riot Act …considers the carrot and stick option
Oando opens ultra-modern petrol station in Lagos
