But for the sudden removal of Mallam Nuhu Ribadu, former Chairman of Economic and Financial Crimes Commission (EFCC), the Turaki of Ilorin Dr. Olusola Saraki and his son, Dr. Bukola Saraki, incumbent governor of Kwara State, would have been charged to court for alleged bank fraud.
Saharareporters.com reported that the 30-count charge against the Sarakis had already been prepared and the EFCC was about going to court when the Federal Government announced the sudden removal of Ribadu as the EFCC chairman.
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Attempt by his successor Ibrahim Lamorde, to arraign the Sarakis in court based on the charge was also aborted by the Umaru Yar’Adua administration which also removed Lamorde and posted him to Ningi, a remote part of Bauchi State as police area commander.
Saharareporters revealed that the Sarakis would have been arrested and arraigned before a federal high court in Lagos in January for allegedly looting Societe Generale Bank Nig. Ltd., if not for the removal of the two top EFCC officials.
Dr. Olusola Saraki was alleged to have looted GBN vault to aid the victory of two of his children in their quest to become elected officials both at state and national levels.
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Dr. Saraki succeeded in his political moves as his son, Bukola Saraki became the governor of Kwara State while his daughter, Gbemisola Saraki-Fowowe also got elected into the Senate in 2003.
However, the teeming customers of SGBN Plc were not that lucky. Most, if not all, lost their life savings in the bank. The Central Bank of Nigeria first suspended the bank’s license over what it claimed was its inability to meet the 6 July 2004 directive for all banks to recapitalise to the tune of N25 billion.
In 2005 the CBN revoked the operating licence of the bank when it failed to meet the guideline, the report revealed.
Some of the charges filed against the Sarakis include “That you, Dr. Olusola Saraki while being a director of societe Generale Bank Nig Plc, between 2002 and 2003 in Lagos in the Lagos Judicial Division of the Federal High Court and having personal interest in the grant of a loan facility amounting to N210,000,000 (Two hundred and ten million naira) granted by the Societe Generate Bank Nig. Plc to People Democratic Party, Kwara State chapter, failed in your duty to declare the nature of your said interest to the board of directors of the said Societe Generale Bank Nig. Plc and you thereby committed an offence punishable under section 18(11) of the Banks and other Financial Institutions Act cap B3, Laws of the Federation of Nigeria, 2004.
Some Of The 30-Count Charge Against The Sarakis
COUNT 1
That you DR. OLUSOLA SARAKI while being a Director of Societe Generale Bank Nig. Plc between 2002 and 2003 at Lagos in the Lagos Judicial Division of the Federal High Court and having personal interest in the grant of a loan facility amounting to N210, 000,000 (Two Hundred and Ten Million Naira) granted by the Societe Generale Bank Nig. Plc to People Democratic Party (PDP) Kwara State chapter failed in your duty to declare the nature of your said interest to the Board of Directors of the said Societe Generale Bank Nig. Plc and you thereby committed an offence punishable under Section 18 (11) of the Banks and Other Financial Institutions Act Cap B3 Laws of the Federation of Nigeria 2004
COUNT 2
That you ROBERT MBONU while being a Managing Director of Societe Generale Bank Nig,. Plc between 2002 and 2003 at Lagos in the Lagos Judicial Division of the Federal High Court granted an unsecured loan amounting to N210, 000, 000 (Two Hundred and Ten Million Naira) to People’s Democratic Party (PDP) Kwara State Chapter in contravention of the bank’s rules and regulations governing same and you thereby committed an offence punishable under Section 18 (2) of Banks and Other Financial Institutions Act Cap B3 laws of the Federation of Nigeria 2004
COUNT 3
That you DR. BUKOLA SARAKI while being a Director of Societe Generale Bank Nig. Plc between 2002 and 2003 at Lagos in the Lagos Judicial Divison of the Federal High Court recklessly approved the grant of a loan in the sum of N210, 00,000 (Two Hundred and Ten Million Naira) to the People’s Democratic Party (PDP), Kwara State Chapter with no collateral in contravention of the bank’s regulation and thereby committed an offence punishable under Section 16 (1) (a) of the Failed Bank (Recovery of Debts) and Financial Malpractices in Bank Act Cap F2 Laws of the Federation of Nigeria 2004
COUNT 4
That you DR. OLUSOLA SARAKI while being a Director of Societe Generale Bank Nig. Plc between 2002 and 2003 at Lagos in the Lagos Judicial Division of the Federal High Court recklessly connected with the grant of a loan in the sum of N210, 000,000 (Two Hundred and ten Million Naira) to the People’s Democratic Party (PDP), Kwara State Chapter with no security in contravention of the law being in force at the time and thereby committed an offence punishable under section (16) (1) (a) of the Failed bank (Recovery of Debts) and Financial Malpractices in Banks Act Cap F2 Laws of the Federation of Nigeria 2004
COUNT 5
That you DR. OLUSOLA SARAKI while being a Director of Societe Generale Bank Nig. Plc between 2002 and 2003 at Lagos in the Lagos Judicial Division of the Federal High Court negligently connected with the approval of a loan in the sum of N210, 000, 000 (Two Hundred and Ten Million Naira) to the Peoples Democratic Party (PDP) , Kwara State Chapter with no security in contravention of the law being in force at the time and thereby committed an offence punishable under section 16 (1)(a) of the Failed Bank (Recovery of Debts) and Financial Malpractices in Banks Act Cap F2 Laws of the Federation of Nigeria 2004.
COUNT 6
That you DR. OLUSOLA SARAKI while being Director of Societe Generale Bank Nig. Plc between 2002 and 2003 at Lagos in the Lagos judicial Division of the federal high Court and having personal interest in the grant of a loan facility amounting to N40, 000,000.00 (Forty Million Naira) granted by Societe Generale Bank Nig. Plc to the Peopeles Democratic Party (PDP) , Kwara State Chapter failed in your duty to declare the nature of your said interest to the Board of Directors of Societe Generale Bank Nig Plc and you thereby committed an offence punishable under section 18 (11) of the Banks and Other Fiancial Institutions Act Cap B3 Laws of the Federation of Nigeria 2004.
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