Gripped by fear of arrest by the operatives of the Economic and Financial Crimes Commission (EFCC), former Rivers State Governor, Dr. Peter Odili, has commenced the repayment of the loan he took from FinBank Plc, one of the five troubled banks recently taken over by the Central Bank of Nigeria.
A source at the EFCC informed P.M.News that former Governor Odili has paid N75 million out of the N189 million loan he took from Fin Bank Plc.
Odili ,who was a two-term governor of Rivers State from 1999 to 2007 under the platform of the ruling People’s Democratic Party (PDP), is believed to own substantial shares in Rockson Engineering Company Limited.
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According to a list of debtors published by the Central Bank of Nigeria in some national dailies about a fortnight ago, Rockson Engineering Limited is indebted to troubled Intercontinental Bank Plc to the tune of N36,989,692.84.
The former governor, who after his tenure was a presidential candidate of the PDP during the primaries of the 2007 elections, is said to also own substantial shares in Arik Air.
Similarly, PDP Senator Ifeanyi Araraume, who was granted a loan of N452,812,809.33 by FinBank Plc, has redeemed N250,000,000 out of his indebtedness, leaving a balance of N139,385,653.16.
A source close to the EFCC confirmed that the duo had started repaying their loans to the troubled bank, which offers them the opportunity to enjoy their freedom and also evade prosecution by the anti-graft agency.
The CBN Governor, Mallam Sanusi Lamido Sanusi announced the sack of five banks executives and their management on friday,14 August, this year. The affected banks are: Oceanic Bank, Intercontinental Bank, Union Bank, Afri Bank and FinBank Plc.
The apex bank also appointed a new management for the five banks, which according to the apex bank, were on the brink of collapse.
While some of the debtors disputed the loans credited against their names in the CBN list, a few have been paying back in bits.
The EFCC has so far arrested over 100 debtors of the troubled banks. Some of the bank executives including Erastus Akingbola of Intercontinental Bank were said to have escaped overseas. But EFCC chairman, Mrs. Farida Waziri said in Lagos last week at a press briefing that the banks’ management and debtors who escaped overseas will be tracked down by International Police (Interpol).
However, debtors arrested by the EFCC have been in detention. The anti-graft agency has assured that they will soon face charges of economic sabotage before the courts.
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