11:25 pm - Tuesday February 21, 2017

BREAKING NEWS:’Goodluck Jonathan’s Failed Re-Election bid Liquidates Bank of Industry,’-National Coalition against Corruption, Civil Group*Allegations against Rasheed Adejare Olaoluwa, Managing Director BOI:*Says:’ex-UBA Director on Looting Spree in BOI, Trades off Shares in Dangote Group’*Echoes: ‘Sells off BOI Assets Secretly, Shares in WAMCO Nigeria Plc’*Disposes off Properties in Ikoyi, Dejo Street (V/I) Lagos and Abuja without Due ProcessPays External Security firm BGL Security N400million to sell WAMCO Shares for N40billion*SEC Suspends BGL Securities, three subsidiary firms over corporate heist, Evidence Attached* DIALED BANK OF INDUSTRY +234-1-2715070: “I’m not in a position to respond, only my boss can”-Solomon Tommy, Corporate Communications, BOI*QUOTE:“Fighting corruption is not just good governance. It’s self defense. It’s patriotism”-Joe Biden

BREAKING NEWS:

‘Goodluck Jonathan’s Failed Re-Election bid Liquidates Bank of Industry,’-National Coalition against Corruption, Civil Society Group

*Allegations against Rasheed Adejare Olaoluwa, Managing Director BOI:

*Says:’ex-UBA Director on Looting Spree in BOI, Trades off Shares in Dangote Group’

*Echoes: ‘Sells off BOI Assets Secretly, Shares in WAMCO Nigeria Plc’

*Disposes off Properties in Ikoyi, Dejo Street (V/I) Lagos and Abuja without Due Process

*Shocking: Assets’ Beneficiaries linked remotely to BOI Czar

* Pays External Security firm BGL Security N400million to sell WAMCO Shares for N40billion-Comrade Abdulahi Mauzu, Head Field Intelligence, NACAC

*SEC Suspends BGL Securities, three subsidiary firms over corporate heist, Evidence Attached

* DIALED BANK OF INDUSTRY +234-1-2715070: “I’m not in a position to respond, only my boss can”-Solomon Tommy, Corporate Communications, BOI

#QUOTES: “There is no compromise when it comes to corruption, you have to fight it”-A.K. Anthony

*“Corruption of the people is to behave in an inhuman way”-Allan Bullock

*“Fighting corruption is not just good governance. It’s self defense. It’s patriotism”-Joe Biden

 

BY FILANI OGUNADE/ANTI-FRAUD REPORTER, LAGOS

NATIONAL COALITION 1THE first sign of Corruption in a society that is still alive is that the end justifies the means,” stated Georges Bernanos. The evergreen philosophy of Bernanos, a French author who died July 5, 1948 best captured the startling revelation and weighty allegations released by a Civil Society Group, National Coalition against Corruption (NACAC) regarding the on-going looting of Bank of Industry (BOI) by an appointee of Nigeria’s former president, Goodluck Ebele Jonathan, GEJ, in the person of Rasheed Adejare Olaoluwa as Managing Director (MD).

In a money-craze society like Africa’s most populous nation, Nigeria where a vast majority of the elites live beyond their means and diverse various manipulative schemes of cutting corners, Olaoluwa, an ex-banker with United Bank of Africa (UBA) has been put on ironically on the spot literally by the alleged “corruption, excessive recklessness in financial dealings, desperation in fleecing hard earned assets of the company at ridiculous price to BGL Security.”

In a press statement we received by electronic mail by Comrade Abdulahi Mauzu, Head Field Intelligence, NACAC, he explicitly analyzed and narrated the massive fraud presently being chaired allegedly by the MD of the bank. He also explained this embattled former UBA banker’s friendship to Tony Elumelu as a crony.

Allegations by NACAC signed by Comrade Abdulahi Mauzu, Head Field Intelligence (unedited)

Head Field Intelligence, NACAC detailed in his email that BOI located along 23 Broad Street, Lagos, Nigeria has become a haven of corruption. The letter reads: “We the members of the National Coalition Against Corruption is asking your kind intervention as a matter of urgency to put an end to the corruption, impunity, executive lawlessness and rascality currently pervading the Bank of Industry (BOI) under the leadership of Rasheed Adejare Olaoluwa. It is now public knowledge that the intentions of the MD since his appointment are less than noble. This desperado, ex-United Bank of Africa (UBA) has made personal aggrandizement his primary agenda and is bent on fleecing BOI of its priced and hard earned assets at all cost.”

‘Nigeria’s ex-President Appointee, fmr UBA Director on Looting Spree in Bank of Industry’-National Coalition against Corruption raises alarm

NACAC alleged in their letter that: “A former Executive Director with UBA and a crony of the bank’s former Group Managing Director (GMD), Tony Elumelu, Olaoluwa was appointed as BOI’s MD in May 2014 by ex-president Goodluck Ebele Jonathan and was at the forefront of the plan to liquidate the finance institution by the former president.

Resisted by the stakeholders and All Nigeria Congress (APC), Jonathan’s failed re-election bid was a nail in the liquidation plan. Among the reasons advanced by public opposition to the planned liquidation was that BOI’s assets would be undervalued and sold to cronies. But the plan has reared its ugly head in financial institution under President Muhammadu Buhari’s administration, albeit through the back door as its shares are being sold secretly left, right and centre.”

Pays External Security firm BGL Security N400million to sell WAMCO Shares for N40billion

NACAC letter reads: “Its shares in WAMCO Nigeria Plc (Maker of Peak Milk), Dangote Group, properties in Ikoyi, Dejo Street (V/I) Lagos and some in Abuja were allegedly sold under cover.”

Violation of banking ethics rule

In flagrant violation of bank ethics rule and breach of shareholders’ trust, NACAC alleged that “BOI did not invite tenders by advertising in two national newspapers as required to conceal the sale.”

Assets’ Beneficiaries linked remotely to BOI Czar-Corruption connotation

In a weight allegation, same Head Field Intelligence of this Civil Society Group states that “The beneficiaries of the assets are remotely linked to the MD, Rasheed Olaoluwa and the finance institution appointed an external securities dealer BGL Securities, at the expense of its subsidiary, Bank of Industry Investment and Trust Company (BOIITC) to sell kits WAMCO Share which was sold for N40billion. The appointment of BGL Securities have the connotation of corruption. The appointment denied the bank’s subsidiary of one percent commission, a whooping sum of N400million, an amount BGL Securities made. It also exposed the alleged corruption ravaging the bank.

BGL Securities and its three subsidiary companies: BGL Private Equity Limited, I-Skill Limited and Immersion Marketing Strategy Services (MS) Limited were in May suspended by Securities and Exchange Commission (SEC) following complaints by clients that they have been victims of corporate heist. The Group Managing Director (GMD) Albert Okumagba was also suspended from all activities in the Capital Market. Okumagba who is the President and the Chairman of Council of the Chattered Institute of Stockbrokers in Nigeria is currently under Economic and Financial Crimes Commission (EFCC) investigation.”

Response by BOI

Our editorial board dialed Bank of Industry (BOI) headquarters number on: +234-700-225564, we got no response. In trying to get the reaction of this bank’s MD, Olaoluwa, we repeatedly dialed +234-1-271-5070 where their receptionist called Tayo redirected the call to Roy, Personal Assistant to the MD, he emphatically told us he could only redirect us again to their Corporate Communications department where one Solomon Tommy said: “I am not in the position to respond to any allegation on behalf of the MD or the company, only my boss can. She’s presently not on seat, I will brief her and she will get in touch with you on this matter.”

Attempts made to get the reaction of Nigeria’s former president Goodluck Ebele Jonathan in this seeming, damning allegation proved unsuccessful as at press time.

Filed in: Business

No comments yet.

Leave a Reply