Following a largely sloppy week of detention of Nigerian bank chiefs sacked by the Central Bank, the Economic and Financial Crimes Commission (EFCC) this morning arraigned them before Justice Dan Abutu of the Federal High Court, Lagos.
The four CEOs are: Cecilia Ibru (Oceanic Bank),Bartholomew Ebong(Union Bank), Okey Nwosu ( FinBank) and Sebastian Adigwe (Afribank). Their colleague, Erastus Akingbola of InterContinental Bank PLC, fled the country in the wake of the clampdown, and is believed to be hiding in the United Kingdom. The former CEOs, who were being charged individually as at the time of filling this report, had engaged in unwholesome banking practices which include lending without authority, giving out loans without collateral security and approving loans to themselves. Their unprofessional practices resulted in the loss or endangerment of billions of Naira, leaving the economy teetering on false assumptions and banking numbers.
As of today, there are no reports of any arraignment of debtors, as promised by the EFCC in the past two weeks. Saharareporters reported yesterday that the EFCC became incapacitated and was unable to arraign the bank chief last Thursday because the Attorney General of the Federation, Michael Aondoakaa, from whom the agency sought a "fiat" to prosecute, made himself unavailable. His prolonged absence gave some of the biggest debtors the leeway to manipulate their debt profiles.
Yesterday, the AGF hurriedly released a statement in which he said he would grant the EFCC the requested fiat to prosecute the bank chiefs. Even though the proclamation of the Supreme Court, in Osahon Vs. FGN, essentially nullifies the role of the AGF in approving prosecution of offenders by the EFCC or the police, the current EFCC leadership leans heavily on Mr. Aondoakaa in these prosecutions. That has led to a situation in which prosecutions are known to be open to the advantage of the highest bidders he frequently extorts in the course of such interferences. The AGF has never contradicted allegations of his corruption or extortion.
Despite the much-publicised activism of the EFCC in the past week over the former bank chiefs, its circus show is not expected to end in any convictions due to the incompetence and manipulations of the agency. In the last two years, it has not succeeded in prosecuting any high profile criminal to conviction.
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UPDATE: All four bank CEOs remanded in prison custody until Friday when judge Dan Abutu requested their lawyers to submit written briefs and bail applications.
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