The Economic and Financial Crimes
Commission (EFCC) for some hours on Monday grilled a Deputy Governor of Central
Bank of Nigeria (CBN) Mr. Adebayo Adelabu over the role he played on the
financial allegations with former Minister of Petroleum Resources, Mrs Diezani
Alison-Madueke and former Chief Executive Officer of First Bank of Nigeria, Mr.
Bisi Onasanya.
It was discovered on Friday
morning that Adelabu was interrogated and admitted to administrative bail by
the anti-graft agency for abuse of office and his role in the alleged siphoning
of shareholder funds via phony loans at First Bank Plc, where he previously
served as the Executive Director and Chief Financial Officer.
Adelabu, a grandson of the
foremost Ibadan politician in the pre-independence day, Alhaji Adegoke Adelabu,
is alleged to have amassed a huge war chest in preparation for his governorship
ambition under the platform of the ruling All Progressives Congress (APC) in
2019.
He is believed to be one of the
top candidates, Governor Abiola Ajimobi of the state is toasting to succeed
him.
Adelabu, was interrogated for
more than two hours on Monday at the Ikoyi, Lagos office of the anti-graft
agency and was subsequently released on administrative bail.
A source with knowledge of the
development reveals that investigators believe that Adelabu, who is presently
serving as CBN Deputy Governor in charge of operations, connived with former
CEO of the bank, Mr. Bisi Onasanya and a popular businessman who is a former
chairman of the bank to arbitrarily approve loans running into several billions
of Naira which have since gone bad.
”The EFCC is particularly looking
at billions of naira in bad loans approved for a popular businessman’s
companies during his tenure as Chairman of the bank. The recklessness of the
bank bosses prompted the CBN to introduce stiffer corporate governance rules to
protect shareholder funds from being abused by insiders,” the source alleged.
Further findings revealed that
the embattled former First Bank Executive Director set himself up for disgrace
through his crave for quick money. Sources within First Bank disclosed that he
had always carried himself around like a Lord of other people’s manor. He
allegedly displayed the proclivities of a man perpetually angling to hit a
fortune, particularly through illicit channels.
It was also learnt that Adelabu
is expected to return to the anti-graft agency for further questioning and may
be charged to court for fraud and insider abuse when investigations are
concluded.
Efforts to get Mr. Adelabu’s
reaction as at the time of filling this report on Friday was not successful.
But Ex-Commissioner for Justice
and Attorney General of Oyo State and a close associate of him (Adelabu),
Barrister Ojo Adebayo in a rejoinder denied the arrest.
Adebayo denied the report saying
that Adelabu was never arrested by the Economic and Financial Crimes
Commission.
Adebayo describing the report as
the return of dirty politics in the state which aimed at denting the ‘rising
profile and increasing popularity’ by the opposition.
Adebayo said that Adelabu, who is
the Agbaakin Parakoyi of Ibadan, was busy attending a legislative retreat with
the House of Representatives Committee on Banking and Currency together with
his colleagues in far away Port Harcourt during the dates being quoted in the
rumour, adding that he has since returned to Abuja to attend the bi-monthly
Bankers’ Committee meeting on Thursday-10th August 2017.
Adebayo in the rejoinder wrote:
DIRTY POLITICS RETURNS IN OYO:
BAYO ADELABU’S RISING PROFILE AND
INCREASING POPULARITY SCARES OPPOSITION – RESORTS TO RUMOURS OF EFCC
INTEROGATION TO DENT HIS IMAGE
The wave-making activities of the
CBN Deputy Governor, Operations, Mr Adebayo Adelabu, coupled with the landmark
achievements of his family business in the real estate and hospitality industry
in Ibadan as well as his recent top-notch appointments by the Oyo State
Government as the Chairman of the Oyo State Security Trust Fund and Chairman of
the Governing Board of Lagelu Grammar School (the Alma Mater of the incumbent
Governor) has continued to send jitters down the spine of the fold of
prospective opposition in the forthcoming 2019 gubernatorial election in Oyo
state in which this youth achiever is rumoured to be interested.
There are insinuations of
pressure being put on the Agbaakin Parakoyi of Ibadanland to contest in the
next election given his family antecedents, personal profile, proven academic
excellence, professional exposure, visible love for economic development of Oyo
state through personal investments and identification with the youth and masses
of the state through various philanthropic activities.
In spite of all these, there has
not been any official declaration traceable to this man to contest for Oyo
State governorship come 2019. Rather, he has been busy with his official
assignment in Abuja which has yielded significant results in terms of exchange
rate and general price stability as well as taming the inflation rate.
There are recently a couple of
blasphemous publications by some faceless social media blogs linking him with a
rumoured First Bank bad loan being investigated by EFCC. During the dates being
quoted in the rumour, this man was busy attending a legislative retreat with
the House of Representatives Committee on Banking and Currency together with
his colleagues in far away Port Harcourt. He has since returned to Abuja to
attend the bi-monthly Bankers’ Committee meeting on Thursday 10th August 2017.
While in First Bank, he was an
Executive Director/Chief Financial Officer and had nothing to do with credit or
loan approval, monitoring or management. His main job was ensuring credible
financial reporting and monitoring the bank’s profitability and shareholders’
returns. How could he then be linked to a bad loan granted to any customer in a
bank he left four years ago?
This malicious publication
sponsored by prospective opposition is nothing other than baseless rumours,
unsubstantiated allegations and a return of dirty politics in Oyo state.
Bayo’s family background is solid
with traceable antecedents in the display of integrity and credibility. This
young man that I know has never been involved in any shady deal that will
tarnish or dent his family heritage and name which he has always carried with
his shoulders high. Bayo’s lifestyle has never been flamboyant or luxurious. He
lives a modest life in spite of his visible comfort.
His buoyant business has
its roots in hardwork, good remuneration in salaries and bonuses over the
years, efficient resource management and profitably focused investments. Bayo
has occupied top-notch and high-ranking, well-remunerated executive positions
in the banking industry in the past eighteen years. The records are there to
verify.
Left with no area on which to
attack him, it comes as no surprise that the scared bunch has resorted to
outright lies and mudslinging just to dampen the spirit of Bayo and discourage
him from offering himself for further service. The only surprise to me is that
the intimidated bunch did not have more than this bunch of lies.
Given all this, I will continue
to throw my support behind this man, if he yields to calls to contest the
coming 2019 gubernatorial election in Oyo state. He should not mind these
detractors. Nothing good comes easy.
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