Former Bank Executive Arrested For Writing Off Massive Loan to Sarakis

Senator Bukola Saraki
By SaharaReporters, New York

The special anti-fraud unit of the Nigerian police today in Lagos arrested the former managing director of InterContinental Bank, Mahmoud Lai Alabi, for fraud related to a questionable loan write-off.

Mr. Alabi’s arrest followed a petition submitted to the unit by the brother of a whistleblower who was allegedly assassinated by hired killers for revealing shady dealings involving Bukola Saraki, the once-powerful governor of Kwara state who is now a senator.

Sanusi Lamido Sanusi, current Governor of the Central Bank of Nigeria (CBN), had appointed Mr. Alabi to run InterContinental Bank at the start of the CBN’s controversial banking reform. The reform began with the CBN’s sacking of several commercial bank chief executives deemed to be linked to corruption, and the appointment of new CEOs by Mr. Sanusi.

However, the appointment of Mr. Alabi raised serious concerns at the time. Mr. Alabi had served as the managing director of Songa Farms which is owned by the Saraki family. Mr. Saraki's businesses owed some 32 billion naira to InterContinental Bank.

In a 2010 petition, the former MD of the bank, Erastus Akingbola, wrote a 9-page petition to President Goodluck Jonathan stating that Mr. Alabi had improperly written off N8 billion in loans to companies with links to Saraki. He gave the companies’ names as Linkers, Dicetrade, Skyview Properties and Joy Petroleum.

Police sources told Saharareporters that Mr. Alabi did write off billions of naira in unserviced loans linked to Mr. Saraki. In addition, Mr. Alabi decided to release four houses in Lagos and another two in Abuja that the Sarakis had been used as collateral to secure the huge loans.

The Saraki family is notorious for its history of gutting banks. A source who is a banking expert disclosed that the family misappropriated funds from Societe Generale Bank of Nigeria and used part of it to sponsor runs for elective offices in 2003. The funds enabled two members of the Saraki clan, Ms. Gbemisola Saraki and Bukola Saraki, to become a senator and two-term governor of Kwara State respectively.

In a telephone conversation earlier today, Senator Saraki insisted that the whistleblower was not assassinated but had died of natural causes. He also contended that the arrest of Mr. Alabi arose out of a dispute between the former bank executive and the whistleblower’s brother, adding that the Saraki family should not be dragged into the matter.

 

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FAkdMJNeOha

Thanks the amiable Prince of Kano. Be wtafhcul and careful because this have the tendency to compound the already bad unemployment situation. Some measure should be put in place to stimulate employment. Since there is no unemployment benefit scheme in Nigeria. Be sensitive to ordinary people's plight as they do in other civilised clime.

EKqaxkFDRyiIqBQ

Gender inequality shluod be discouraged at all levels because women are so much interested in education more than ever. Sincerely, there is no job a man can do that a woman cannot do. This is a good observation by the central bank governor and a good decision too. Every organization shluod subscribe to the idea of promoting women when necessary.

SARAKI-GATE

This is the bigging of the fall of the Sarakis, If he like let him go and get perpetual injunction for the supreme court, the court of public opinion is greater than the supreme court, when the come, come, tobe come, this man will go the way of Ibori.

SARAKI,SANUSI,AIG ALABI and President Jonathan should be tried

IBPLC should be reinstated back with Access forfeiting d merged banks 2 IBPLC while Sanusi,Alabi,Saraki, Aig(Access Bank MD)& in fact, GEJ should all b tried,paid Huge fines in addition 2 going 2 prison 4 not less than 25years each.What would hv been done 2 a armed Robber 4 stealing should be done2 them & is worse...stealing a Bank worth N1.6tr in assets as at 2009? 4 deceiving,misleading Nigrns,4 using public posts 4private evil deeds.& GEJ,4failing 2 act after Akingbola wrote 2 him a ten-page allegatns&story of how this fraud was schemed against him &IBPLC...4 failing2 use d public positn of Mr President 2do what is honourable to do, but rather joining in giving awards to Aig, Access Bank's MD, who owed IBPLC about N16bn. For failing to act responsibly as his positn expects/ demands,he should face trials to discourage this act of irrespsiblty on d part of public office holders of which he, GEJ,is d highest

A complicated web of lies and

A complicated web of lies and truths...

AMINA DABO WHICH IS THE MOST

AMINA DABO WHICH IS THE MOST POPULOUS CITY IN NIGERIA? NOT LAGOS, ABUJA, PORT HARCOURT BUT KANO?

THE SAME FRAUD DURING CENSUSES IS WHAT SANUSI, SARAKI AND YOU ARE PUTTING UP EVERYWHERE!

Anybody that try to cover up

Anybody that try to cover up 4 dis pple from aso rock or anywhere the power of almighty God will destroy them utterly in Jesus name

Sanusi and Saraki . . Cut frpm the same cloth

what is this country becoming now that a shameless, greedy and an unscrupulous man wants to become the Emir of the most populous city in the country??? Can you imagine a Saraki in the villa and a Sanusi in the emirs palace Kano? May God never let that happen. They must be stopped.
Jonathan, kindly ensure a full investigation into this fraud and nobody be allowed to get away this time. God help u.

Bros, na so l see am o. Na

Bros, na so l see am o. Na only our great country, this kin thin dey happen.Na magicians full this our country. We know say madam ibru na another level,but the rest wey Sanusi sack,plenty suspicion dey.I never see a cbn Governor wey mouth never dey stop like Parrot like the guy,funny enough he doesn't not have external Governance experience in banking o l don't know why any Nigeria expected any miracle but babbling before l became the cbn Governor-take of square peg in round hole (or agenda dey to demarcate the work when plenty southerners dey earn their keeps).Na wa o!

Nja Government never amazes

Nja Government never amazes me.
Round1. Did Sanusi never knew that this will happen & that it happened.
Round2.Access bank owned Intercontinental $5.2BN,yet the debitor bought over the Creditor
Round3.So intercontinental was liquid gold ,yet CBN portrayed the bank as insolvent.
Round4. We knew Akingbola moved funds,but if the funds were is my cashed shares is it a crime (l would not have told Sanusi l was moving funds under this dubious conditions of trying to removing the bank md/ceo)
Round4. This is Pandora's box, we pray the Police will not stop here, friends).We need breakdown of Sanusi' wuruwuru bank execustive sacking
Round5. Saraki & Sanusi(Very close friend's) & their Cohorts should come out and answer.The evil this 2 men has done on our banking biz is unforgivable

SR what's your problem with Buki?

Garba Deen, who are you? Are you ...? Let me make it clear to you that Saharareporters are on the side of truth. If you know that Songa Farms is not owned by Saraki, who then is the owner? Lets get you clear here, did Saraki borrowed the said amount of moni or not from the Intercontinental bank and it was fraudelently written off by that MD and also returned his property to him or not? Not very body will buy your sinful insinuations. Nobody is trying to get at your thieving Senator, he made his fate for himself and will soon face it.

Let Run Our System Right

I belief d eyes of pple are gradually opening up to d abrakadabra of Sanusi. How can u prosecute d MD of a bank who lent in accordance with guideline and leave out d major customers dt defaulted going free, even d loyalist of d defaulter was d new MD brot to sell d bank to another defaulter of over 16b (ACCESS Bank). Developed nations are being run on systems and not on d whim and caprices of one individual. Frankly speaking d whole process of Sanusi is wrong and, it is better d necessary institution rise up to d challenges so dt bad precedence is not allowed.

Let Run Our System Right

I belief d eyes of pple are gradually opening up to d abrakadabra of Sanusi. How can u prosecute d MD of a bank who lent in accordance with guideline and leave out d major customers dt defaulted going free, even d loyalist of d defaulter was d new MD brot to sell d bank to another defaulter of over 16b (ACCESS Bank). Developed nations are being run on systems and not on d whim and caprices of one individual. Frankly speaking d whole process of Sanusi is wrong and, it is better d necessary institution rise up to d challenges so dt bad precedence is not allowed.

FILTHY WEALTH

I have said it times without number that nobody should envy "THE WEALTHY MAN". It is evident clear that the steal from others to become wealthy no wonder they always want to STICK to power at all cost.They take bank loan that is not serviced and get them written-off by their fellow crooks. God is watching. Most of their wealth are Filthy, so envy no Rich man.

RE: SR what's your problem with Buki?

@Garba Deen to be candid SR has done nothing wrong in this report, however, the onus of disputing this report lies with those who poccess contrary facts, as you said that Songa Farms is not own by Sarakis but you failed to tell us who owns the farm. A journalistic approach don't skewed his report to either on favourable or unfavourable. Saraki might do well oil probing but that does not immuned him from SR and Nigerian

I have said it before and

I have said it before and will say it again, you do not need strong men in strong positions. Because like repels and unlike attract. SLS as the CBN is a square peg in round hole and a disaster in waiting.

We shall not be tired

Rogues, all Rogues. The Nigerian Judiciary is a sham, their Judges, a bundle of Corrupt pigs, who have sold their souls to money. Rogues, All Rogues. Imagine, of all governments, the British government was so appalled by Nigerian decadency that it had to prosecute and jail Ibori, a massive disgrace and phlegmatic slap on the face of the Nigerian Judiciary. That really tells you that Nigeria stinks. Rogues, All Rogues, Nigeria where thieves who have money are worshipped even during and after they have been disgraced out of office. Nigeria, where no member of both National Houses has a viable Constituency Office. Rogues, All Rogues. My salute to the Journalists. You are doing your job and very well too and that's all you can do and the Good Lord will Bless you.

LITTLE WONDER THEY WANT TO SETTLE AKINGBOLA.

Absalom Bukola Saraki would go to any length to displace and disgrace Akingbola. If he could displace and disgrace his father, why not Akingbola? His surrogate wrote off component of his loan under questionable arrangement. I mean Nigeria has lost it when it comes to transparency. What he did for his father, he'd do for ANYBODY. They play the Hausa/ Fulani card for their own end. Yet we all know there is neither Olusola nor Gbemisola, nor Bukola in FULFUDE Lexicon. Since dealing his father that fatal electoral blow, whoever hears of the man again? Government should tighten the noose around Alabi and the accomplice. We need all the truth, peradventure we could get to the root of Akingbola's issue once and for all, to understand the conspiracy theory. I'm not holding brief for Akingbola either.

SLS & all his agenda on CBN is the Act of a Script

Hello All,

Corruption itself is CBN. Did u guys know how much that was given to Lai mohammed Alabi for being an MD of IBPLC for 2yrs?

And did u guys know how much that was given τ̅☺ an Executive Trainee that worked & Served the Bank deligently for 4yrs? Did you guys know how much Access Bank Plc (A Borrower of IBPLC) bought over IBPLC?

Alot of injustice has serious been done against & God Ϟ•̸ill definately bring out the truth.

Re: Saraki's style......the untouchables.

It is an open secret in the banking world that Bukola Saraki DOES NOT service his loans, don't even mention interest. The CBN, EFCC, Nigerian police tec all know this, but they can't touch him. The most respected new generation bank in Nigeria, whose MD is a childhood friend of Bukola Saraki, has not been able to make him service billions owed them by his company. He is just untouchable! These are the so-called leaders in our Senate and goverment. He is not the only one, they belong to a club of the ......'Untouchables' Lamorde are you there?

SR what's your problem with Buki?

Sahara Reporters how is Saraki the news and the issue in this matter? You have tried everything to bring down this man but you keep failing. Don't u realize that the harder u try, the more glaring your personal vendetta becomes? And for God's sake, who told you that the Saraki's own Songa Farms? Somebody is trying to get at Senator Bukola Saraki for kicstarting the fuel subsidy probe that is turning out to be the biggest fraud in Nigeria's history, and you guys are offering your platform for that. On whose side are you really????

We need violent revolution in Nigeria to stop corruption

Corruption have become epidemic in admnistration of PDP this is the worse part that ever emerge from Nigeria after NPN because of looting of this country. This anti ruling class called leader have denied necessity of life to our people. There so much injustice in Nigeria. Everytime someone go to NIgeria web site, you must read about corruption. Our entire national and public have been engulfed with corruption. Moral value and spirit of fairness and brotherhood is deminise in our society. This generation of leader sent many generation of our people to self impose exile. Because of their inhuman condition they brought to their own people. Is sad that our people are so obessed with been rich by all mean. Something need to done, for our country to move to another level in development. We must eliminate this looter.

Sarakis that I know

Sahara Reporter should for sake decent journalizm not cruxify Sarakis, when in the first place non of the Sarakis have been invited by police or anti graft agencies in relatio to fraud. I have worked closely politicaly with Baba Saraki and Gbemi Saraki, and to now on the same political equation with Bukola Saraki. To the best of my knowledge non of them can involve themself in fraud or force a manager to write of loan. Writting off of loan is at the discretion of the bank and not that of customers. If any of the Sarakis have anything to hide, they will not be walking the street of Nigeria freely. Baba, Bukola, and Gbemi equally travels to any part of the world without fear of arrest. So I think we should allow the courts to do justice to any case involving the Sarakis instead of giving judgement on the street or beer parlour.

Sarakis that I know

Sahara Reporter should for sake decent journalizm not cruxify Sarakis, when in the first place non of the Sarakis have been invited by police or anti graft agencies in relatio to fraud. I have worked closely politicaly with Baba Saraki and Gbemi Saraki, and to now on the same political equation with Bukola Saraki. To the best of my knowledge non of them can involve themself in fraud or force a manager to write of loan. Writting off of loan is at the discretion of the bank and not that of customers. If any of the Sarakis have anything to hide, they will not be walking the street of Nigeria freely. Baba, Bukola, and Gbemi equally travels to any part of the world without fear of arrest. So I think we should allow the courts to do justice to any case involving the Sarakis instead of giving judgement on the street or beer parlour.

Saraki,Sanusi n co

In 2003 when Sola Saraki wanted to oust Late governor Alabi Lawal at all cost, SGBN was used to Bankroll it and when Bukola became the Governor , He tried to move Kwara State Allocation from then Trade Bank to SGBN for which all Kwara people rose up against. This action led to the death of SGBN. When Sanusi came up against Bank chiefs , Akingbola came up with this story of northern agenda, see wat we have now. Let Sanusi and Saraki be arrested. These people have been fooling us all along.

I have always said Sanusi is

I have always said Sanusi is a fake, he is there to serve the interest of the north, how come people who own banks are harangued and people who borrowed are still walking free, and the borrowers are from the north...

SANUSI AND SARAKI ARE ROGUES

This question has been swept under carpet by Yar Adua and SANUSI whether Saraki is incapable of paying his debt. What is SARAKI interest in intercontinental Bank? What happened to societe generale? EFCC under FARIDA refused to investigate, arrest and prosecute SARAKI because he actually convinced late Yaradua to make SANUSI CBN gov, and FARIDA EFCC chairman. All these to protect his past and cover his track. Saraki is untouchable because he is above the law and his sister GBEMI Saraki. This family single handedly killed Societe General bank, and ensured intercontinental was sold for peanut to ACCESS with unprecedented job loss to IBL staff. All these to settle scores with Erastus. Yet they walk free. Nigeria is an interesting society.

the sarakis

The Saraki family is one of the most corrupt in Nigeria.The thieving son is so smart that he has is hands in every pie.Apart from the fact that he was instrumental to the appointment of the erstwhile chairperson of the EFCC,Farida Waziri,he also planted a serving police officer in the commission to protect his nefarious activities.[Farida was his security consultant just before he became the Kwara governor when he was at war with the former governor Lawal] It is a known fact that the Saraki's cannot survive without Kwara's money! That is why he had to plant a stooge there as governor and still controls how the states monthly allocations are spent.Whenever the state gets its allocation the guy is on a chartered flight to Ilorin to preside over disbursements.

Whore of Kwara's politics

The Saraki's are the whores of public life in Kwara State and it seems the people are so dumb that nobody can question the father, son or call girl sister.

Another Carpet case

This is a case that will be swept under the carpet like others be carpet like other. Where is Omisore dat was mentioned in late Bolas Iges murder...I keep hands cross....thief's in power.

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