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Fraud In The Apex Bank: CBN Suspends Deputy Governor, Directors For Fraud

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One of the three deputy governors of the Central Bank of Nigeria is currently on suspension for being involved in ‘a sophisticated plot’ to defraud the bank a huge sum of money, findings by our correspondent have revealed.

 

Top officials of the CBN close to the development told our correspondent that two directors of the bank were also suspended over the multi-million naira scam.

 

The officials, who spoke under the condition of anonymity because they were not authorised to speak on the matter, said their suspension was ordered by the CBN Governor, Mr. Godwin Emefiele, after preliminary findings revealed that they might be culpable.

 

The CBN had on Thursday night said it had uncovered what it described as a highly sophisticated plot to defraud the bank by some people.

 

The bank said in a statement by the Acting Director, Corporate Communications, Isaac Okoroafor, that while preliminary investigations had not revealed any accomplices within the bank, some personnel within the CBN had been placed on suspension.

 

The nature of the fraud was not specified in the statement.

 

It, however, said the need to place the officials on suspension was to allow for proper investigations by the relevant authorities.

 

The statement read, “A highly sophisticated plot to defraud the CBN by some criminally minded elements has been uncovered and aborted by the bank.

 

“Although preliminary investigations so far have not revealed any accomplices within the CBN, the management has decided to place all key personnel involved in the transaction on suspension.

 

“This is to ensure a full and unfettered investigation. This incidence has been reported to the relevant authorities.”

 

The CBN in the statement assured stakeholders in the banking sector that the security within the central bank remains intact and had not been breached.

 

Experts said the CBN as a regulator was being saddled with responsibilities that were related to that of commercial banking and, as such, made its system prone to corruption.

 

Economic and financial services expert , Mr. David Adonri, who is also Chief  Executive Officer of Highcap Securities, said, “The CBN is a banker to the Federal Government; it is also in charge of the foreign exchange market; it is also in charge of regulating the banks.

 

“In some countries, those functions are separated. The CBN is allocating forex to banks. There have been lots of cries that some are favourerd while others are not favoured. This is something that can breed corruption. There are two ways to allocate scarce resources, namely administration and market. That of administration is not always effective in allocating scarce resources. It is only the market that can do a good job.”

 

He also said, “With the implementation of the Treasury Single Account, the CBN is now more of a banker than a regulator. That is another thing that can breed corruption. The CBN is being saddled with more responsibilities that have to do with banking rather than being a regulator.

 

“The attempted fraud allegation is very disappointing, discouraging and is not expected to be coming from the regulator. This is what happens when the regulator also plays the role of a player.”

 

A top ex-banker and Chief Executive Officer, Cowry Assets Management Limited, Mr. Johnson Chukwu,  commended the CBN for having what he described as a robust internal control system to intercept the fraud.

 

He said, ‘The fraud attempt was unsuccessful, so it is a plus and indicates that the CBN has a robust internal control process. It shows the level of desperation of people to make money. This kind of thing usually happens in the financial services sector but the key thing is to ensure there is robust system to intercept it.”

 

The CBN spokersperson, Okoroafor, refused to disclosed the names of the suspended officials.

 

He said, “I am in a meeting in Calabar. Investigations are ongoing. Some key personnel of the bank have been placed on suspension not because they are the perpetrators. We need to have a full and unfettered investigation. Please note that the perpetrators are from outside. Two of them have been arrested and no accomplice has been found within the CBN so far.

 

 

 

@ The Punch

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My son’s death a test from God – Heartbroken Gov. Sule

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Heartbroken Governor Abdullahi Sule of Nasarawa State on Friday said the death of his son, Hassan, is a test from God.

Hassan, 36, died on Thursday after a brief illness.

He spoke while receiving condolences at the palace of his father, the Sarkin Gudi, Alhaji Sule Bawa, in Akwanga LGA.

Sule said he was the one consoling somebody who lost his nine children and 70 cows the previous day and that today God decided to test him, to see whether he was sincere in consoling that bereaved father.

“This is my time to be tested. I see this as a test from God. I was the person consoling somebody that lost his 9 children and 70 cows yesterday, and today God decided to test me, to see whether I was sincere in consoling that bereaved father,” he said in a report by The Punch.

According to him, his son grew up carrying all his siblings along, saying that it was only God that has the power to take him away.

Sule added that his son was the one taking decisions on their businesses, saying that he was always on hand to advice him on what next to do, as his schedule would not allow him to run any business.

The governor insisted that God took him away to test hi resilience and faith.

“God didn’t seek my advice when he gave Hassan to me and he will not seek my advice when he takes him away,” he said.

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Senate summons Kyari, CEO NNPCL over N48 billion pipeline surveillance contract awarded to Tompolo

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The Senate Committee on Ethics, Privileges and Public Petitions has summoned the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mr. Mele Kyari, over a N48 billion pipeline surveillance contract awarded to stakeholders in the Niger Delta region.
The pipeline surveillance contract was awarded by the Federal Government to Global West Vessel Specialist Limited, a private maritime security firm founded by Government Ekpemupolo, an erstwhile Commander of the Movement for the Emancipation of the Niger Delta (MEND) also known as Tompolo.

The Tompolo-owned firm was expected to protect all the oil pipelines criss-crossing nearly all the states in the Niger Delta in collaboration with other major stakeholders in the oil bearing communities in the region.
Specifically, Tompolo is expected to carry out the N4 billion per month contract that covers Delta, Ondo, Imo, Rivers and some parts of Bayelsa State in collaboration with major tribes along the communities that host the oil pipelines.

However the Isoko Ethnic Nationality has petitioned the Senate alleging that their young men were not being carried along in the multi-billion naira project.

The Isoko people under the auspices of Interested Isoko Youth Groups, through a petition sent to the Senate on their behalf by Stanley Okonmah, said they were completely marginalised in the contract award.
The lsoko Ethnic Nationality requested the Senate to probe the award of the contract and prevail on the NNPCL’s management to award a fresh contract to a company owned by an Isoko person.

Specifically, the people urged the Senate to look into the matter and urged the Minister of Petroleum Resources and the Group Chief Executive Officer of Nigerian National Petroleum Company Limited (NNPCL) to correct the anomaly.

They want the NNPCL to award the pipeline surveillance contract to a company to be chosen by stakeholders of Isoko nation.

The Chairman, Senate Committee on Ethics, Privileges and Public Petitions, Senator Ayo Akinyelure (PDP – Ondo Central), at a session in Abuja, said the GCEO of the NNPCL was being summoned to the Senate for him to come and assure the Isoko people that the agency would do the needful to avoid economic sabotage by the aggrieved youths of the area.
He said, “The GCEO of the NNPCL is hereby summoned by the Senate Committee on Ethics Privileges and Public Petitions (to appear before this committee) on January 25.

“We want him to come and assure Nigerians that he would do the needful to calm down the youths so that they will not engage in pipeline vandalism.”

Earlier, the leadership of the Isoko youths told the panel that since oil was discovered in their land and pipelines installed there in 1958, till date, no case of vandalism had been recorded in the area.

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Confusion at Lagos Airport as Workers Embark On Strike…… Passengers Stranded!(Photos)

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Several passengers were stranded this morning at the Murtala Mohammed International airport as airport workers began strike starting from midnight.

passengers were spotted all around with airlines having little information on the way forward.

for instance, virgin Atlantic passengers that were due for London trip this morning were helpless as many had to reschedule their flights and many left loitering around

more details………

 

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