The Economic and Financial Crimes Commission (EFCC) is claiming to have arrested four officials of Nigeria's so-called "troubled banks" last night. It also says it has declared 14 other persons wanted. But while the impression is being given that the arrested officials are the heads of the banks that were dismissed a few days ago, the claim is meeting with a sceptical Nigerian public.
The EFCC spokesperson, Mr. Femi Babafemi said the agency was trying to locate Mrs. Cecilia Ibru, the CEO of Oceanic Bank, who is believed to be bank-rolling the war to reverse the auditing of banks in conjuction with former Delta governor, James Ibori and Nigeria's Attorney-General, Michael Aondoakaa. That seemed to have been meant as a warning that it is incorrect of Nigerians to think that the EFCC has arrested Mrs. Ibru, a member of one of Nigeria's most powerful families.
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Sources told Saharareporters that the EFCC was called in by the Governor of the Central Bank, Lamido Sanusi, to stop some forces that were threatening to use a federal high court judge to scuttle the continuation of the CBN's audit of banks and Sanusi's "bank reforms" which led to the removal of the five bank CEOs.
Those arrested today are said to be the CEOs of Afribank (Sebastian Adigwe), Union bank (Bartholomew Ebong) and Finbank (Okey Nwosu), as well as the MD of a subsidiary of Finbank , Falcon securities (peter Ololo). Those declared wanted, according to the EFCC, are mostly managers of subsidiaries of the five banks.
Meanwhile, more revelations have come to light that James Ibori owed Oceanic, InterContinental and Afribank substantial amounts of money on non-performing loans.
The EFCC action is being received with derision and contempt by many observers who have come to know the agency, under the management of Mrs. Farida Waziri, as a conniving, toothless bulldog. Critics today pointed to the arrest of Zenith Bank's Jim Ovia earlier in the year over offenses of money laundering, nothing that that case went up in smoke, as has the case of such former governors as James Ibori.
Zenith Bank is yet to be audited, but those familiar with his connections at the presidency said his bank would certainly pass the audit as Zenith has already got Yar'Adua's chief economic adviser, Tanimu Kurfi, to nominate someone on his behalf, to whom has been given substantial shares. Some sources said Mr. Ovia would resign before the EFCC can get to him, but his aides told Sahareporters this evening that he would not do that.
Some analysts say that the recent international condemnation of the EFCC by United States Secretary of State, Hilary Clinton, may be responsible for the current activism of the EFCC. But others noted that it is a ruse, pointing out that even the current arrests of the bank executives is full of holes, including the fact the EFCC is saying that the SSS "helped" arrest some of the wanted officials.
"Right there is a pre-planned escape clause by the EFCC," one of them told Saharareporters in Abuja.
List of wanted former bank officials: Bartholomew Ebong (Ex-Group MD of Union Bank); Henry Onyemem(ex-MD of Union Trustees Limited); Erastus Akingbola(Ex-GMD/CEO of Intercontinental Bank Plc); Ayodele Thomas(Ex-MD of Intercontinental Capital Market Limited); Okey Nwosu(Ex-GMD of Finbank); Alex Duruike(Ex-MD of First Inland Securities); Cecilia Ibru(Ex-GMD/CEO of Oceanic Bank); Felicia Shonubi(Ex-MD of Oceanic Trustees Limited); Sebastian Adigwe(Ex-GMD/CEO of Afribank); and Ben Nwoji(ex-MD)of Afribank Trustees Limited. Peter Ololo, former managing director of Falcon Securities Limited, Adeboye Adewoyin (ex-MD Intercontinental Securities Ltd), Ernest Duruike (ex-MD First Inland Securities), Emmaneul Okoji (ex-MD First Inland Capital Ltd), Felicia Shonubi (ex-MD Oceanic Trustees), Reginald Elya (ex-MD Oceanic Securities International Ltd), Ayodele Thomas (ex-MD Intercontinental Captial Ltd), Abiodun Taiwo (ex-MD Intercontinental Finance & Investment Ltd) and Abubakar Magaji (ex-MD Intercontinental Trustees Ltd).
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