Business Corruption Matters Press Releases Reports


The Centre for Anti-Corruption and Open Leadership (CACOL) has hailed the Federal Government for probing the former Central Bank of Nigeria (CBN) Governor and two other serving ministers for alleged 2 billion dollars bank, fraud.

In a Release issued by CACOL Media and Publication Officer, Toyin Odofin on behalf of the Executive Chairman, Debo Adeniran, he stated, “The former Central Bank Governor connived with two serving ministers in the present administration to rip off no fewer than 65,000 Nigerians through official manipulation and transfer of their shares to foreign entities for pecuniary reasons”. Also, the probe was triggered by a strong petition filed by shareholders, whose shares were inexplicably reduced by the key government agencies and officials that were awarded to the foreign entities apparently fronting for them. The latest development could prove critics wrong that the present administration is fighting corruption not just at the opposition, but also to his political party.


Report has it that,  the petition entitled: “Official Corruption, Misuse of FGN $2 Billion, Fraud And Unjust Enrichment Of Persons Who Dispossessed More Than 65,000 Nigerians And Conferred Ownership Of A Nigerian Bank On Few Nigerians And Their Foreign Accomplices,” the victims detailed how the illicit bank deal was structured and executed by the culprits now working with the government as ministers of the Federal Republic of Nigeria. He said, the interesting fact about the present administration in fighting corruption was, immediately the petition got to the government, he set in motion steps to study it and take urgent steps to investigate the claims in the documents and refer the matter to appropriate anti-graft agency to deal with any economic and financial crimes that might have been orchestrated by the suspects. It was revealed that “while one of the ministers, headed a federal regulatory agency at the time, his colleague was a key financial market player and masterminded the deals leading to the loss of hundreds of millions of Naira by Nigerians to foreigners.” In particular, the government wants the investigators to probe whether there were insider deals that led to the dispossession of Nigerian shareholders and investors and transferred their interest to foreign elements and why the CBN approved such a dubious deal in the first place despite clear evidence that it did not pass a CBN ‘fit and proper test’.


However, CACOL further calls on the Economic and Financial Crimes Commission, EFCC, and Independent Corrupt Practices and other Related Offences Commission (ICPC) and other to immediately wade into the matter by thoroughly investigating all allegations surrounding this story and bringing culprits (if any) into justice so as to save this nation from further embarrassment and arrest the drift into financial chaos which the alleged heist was capable of throwing the country into.


The CACOL boss added, “This is a proof that the present administration is working towards eradicating corruption in Nigeria, considering how government’s response has led to the resolve of the relevant anti-graft agency in looking into this monumental fraud with a view to bringing the masterminds to book.”  He also commended the government’s determination to fight corruption and advised that ongoing investigations into the criminal acts should be pursued arduously, so that dispossessed shareholders, investors and those that are owed by the bank can get justice promptly.”

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