I CAME ACROSS DIS AND THOUGHT I SHOULD PUT IT UP HERE...
Federal Road Safety Commission, Office of the Chairman
September 06, 2010
Dr. Goodluck Ebele Jonathan (GCFR)
President
Commander-in-Chief
Armed Forces of Nigeria
Presidential Villa
Abuja
The State of the Nation:
I feel constrained once more as a citizen of this country to bring to the notice of Mr. President certain observations that are critical to the well being of this great country for your immediate attention.
Kindly accept my best wishes and my prayers and may the Almighty God continue to guide you aright.
Lawan Gwadabe Colonel (Rtd)
...former IBB boy
Introduction
Nigeria is a key power on the African continent, not only because of its size, but also because of its political and economic role in the region. Nigeria’s economy is Africa’s second largest, and its [sic] one of the world’s major sources of oil and natural gas. Still on the positive side, Nigeria has mediated in conflicts throughout the continent and its troops have played a critical role in peace and stability operations in the region. The country ranks 4th among troop contributors to the United Nations peace keeping missions around the world.
This author who on behalf of Nigeria has been involved in the peace process that brought settlements, peace and accommodation to Mozambique, Angola and Sudan respectively testifies that Nigeria has indeed played a vital role in the stability of the continent at a great sacrifice to both its human and material resources. Nigeria therefore is a key power in the continent whose fate is so decisive for the progress of Africa. In fact there is no country across a range of issues that has the power so thoroughly to shape outcomes elsewhere in Sub-Saharan Africa. We should therefore be proud to be Nigerians despite our numerous shortcomings.
Nigeria continues to face serous social and economic challenges Even [sic] though majority of our population suffer from poverty, which can be avoidable with sustained anti-poverty development programmes. Nigeria remains relatively stable with the prospect of a greater economic development. Part of the challenges Nigeria face is that of corruption. This cancer is almost the primary reason why Nigeria’s oil and gas wealth has no translated into higher standards of living in healthcare, education and includes infrastructure, for the generality of its people.
The current administration’s commitment to continue the fight against corruption is commendable but if the EFCC’s complaint about the court delays in prosecuting cases are anything to go by then the government may need to consider the establishment of special anti-corruption courts to rightly prosecute such cases. The delay cases in court itself is a charade. And Justice delayed justice denied. The President needs to be firm on these matters and no amount of political intimidations should deter him […] Corruption stories should not take the shine out of our 50th anniversary of Independence. Mr. President should use the occasion to bring to the fore Nigeria’s contribution to Africa and the giant strides we have achieved domestically since 1960. There is no country in Africa like Nigeria and our people must be made to appreciate their place in the continent. We should be proud that one in five people in Sub-Saharan Africa calls Nigeria home. Mr. President must emphasize that success is measured by the challenges and obstacles we must overcome to get there.
The incumbent has come across the generality of Nigerians as a sincere and committed person. Therefore no stone should be left unturned in searching for collective solutions to our problems that would assist the President. The challenges Nigeria faces are no doubt enormous. The task is daunting because the scope of reforms that is required for our national transformation is enormous. The President needs a bold move to face these challenges. To rescue Nigeria from the edges of failure and onto the path of socio-economic recovery, extra-ordinary bold steps need to be taken.
General Observations
It is a truism that, the people themselves are the safe depositories of their government through the leader whom they assigned their mandate, in the case of this country, the incumbent President. But when our past rulers who are desperate to come back to office throw caution to the winds and are busy arrogating to themselves the task of taking decisions behind the scenes on what should obtain come 2011, creating factionalization in the polity to satisfy their whims, then, that government begins to get undermined and may not meet the aspirations of its people.
It is therefore my civic duty as a citizen of this country to bring the notice of the President certain observations that could undermine the well being of this administration if it is not nipped in the bud. These observations may sound incredible but they are true. Since the proponents of zoning appear to be loosing both the public perception and the propaganda war, they have resorted to several tactics, which would be highlighted shortly. But it’s pertinent to not that zoning has now become a provincial cry being advanced by IBB to simply cause disaffection and create factionalization. So far their foot soldiers are at work but they face an uphill task. Because everybody realizes that in the past 50 years of Nigeria’s existence as an entity, the North has ruled Nigeria for 37 years. Therefore the perceptions of the public are that given the extent of our present level of under development, then Nigeria has to transcend that element of provincialism. Most opinions centre on the fact that Nigeria politics have frown beyond zoning or rotation. We should advance to fully-fledged democracy to one-man one vote and that our leadership must be predicated on absolute merit.
The foregoing is not something that those who are desperate to return to Presidential villa want to subscribe to, rather, they have continued with nocturnal meetings all over the country in trying to perfect their strategy of stopping President Jonathan from aspiring to continue as President come 2011. Unfortunately, Adamu Ciroma and his team have recently reached out to General Gowon to help them Chair a committee meeting they drafted by some so-called Northern leaders to meet at the Arewa house in Kaduna on September 14 2010. The main thrust of the meeting is to deliberate on the issues of zoning with a view to selecting and presenting a consensus candidate for the North.
This meeting like the previous ones would be an exercise in futility. There is now ay that the desperate camps that represent the aspirants would come to one voice. Both the camps of Atiku, IBB and Aliyu Gusau do not operate on the same parameters. Hardy can anyone of them step down for the other. Therefore this meeting of adopting a consensus candidate is going to be hard and difficult. It will end up as a tower of Babel.
In the IBB camp, should the meeting of the 14th September not favour their principal, then they will still make an attempt at seeking nomination at the PDP’s primaries. If IBB looses the ticket to President Jonathan, then plans are already in advance stage for him to decamp to ANPP where he is assured of a ticket. But the main aim of going into the ANPP is to calculatively sabotage all the efforts of the PDP and particularly to sabotage the aspirations of the C-in-C. This information should not be taken with levity because it has been well planned as a credible contingency.
The President is invited to note that, he should not underrate the capacities of both Babangida and General Aliyu Gusau to cause mischief. For example both of them have collected money from President Gaddafi for their Presidential ambitions. While General Aliyu Gusau us using government avenues to beef up his finances IBB on the other hand is relying on Mike Adenuga to fund part of his campaign from their holdings in GLO and their oil blocks. IBB has also considerable financial interest in Toyota cars that come into this country. IBB has also invested huge funds through proxies in Angola in the oil and Gas sector.
These are potential cash calls that he will use for his diabolical moves. That is what is informing their confidence that, incumbency is not a deterrent to their ambitions because money is not their problem. Mr. President should beam his searchlights on Toyota Nig. Ltd and liaise with the Angolan authorities to unravel the extent of IBB’s involvement in that country’s oil and gas sector and to also find out where were the sources of funds for these investments. His holdings in Equatorial Guinea is already a common knowledge, the NNPC should be able to brief you on that.
The Governors Camp
Mr. President was briefed about the antics of the governors, even though some of them have denied the facts we have advanced, but we stand by what we have submitted. The meetings and maneuvers by the governors have continued. Their main plan however is to present Bukola Saraki as their candidate who will challenge the C-in-C at the PDP’s primaries. In their strategy meetings they resolved to use state funds at their disposal to buy the delegates. They would also use both intimidation and force on the delegates to ensure their compliance. This is what they will do during the primaries. Presently, they have three zones for this purpose. Governor is coordinating that region’s campaign while Governor Yuguda is heading the North Eastern axis.
Mr. President should be careful with the way he handles these governors, because from the way they are going on, they are clearly operating above the laws of the land. They have amasses money though fraudulent means with which they intend to buy delegates that would do their biddings. Their is therefore, the danger of Mr. President loosing all that the stands for if he allowed the governors to get to the PDP primaries without their being called to order. Intimidation is also part of administration, which Mr. President has at his disposal because the governors are not doing the right things in their states.
They are all corrupt yet they are scared stiff of being investigated. Investigated they must be, because that is what the President owes the Nigerian people who are short-changed.
Already the governors have dispatched their foot soldiers particularly in the north to brainwash the common people about power coming back to the North. They will use money to settle delegates. Monies that, they should have been suing to promote the development of their people. Is it not a shame in the 21st century Northern Nigerian people are dying like chickens because of cholera, which is caused by lack of clean drinking water? The souls of those who died due to this negligence will invoke God’s wrath on all these governors and their officials who have over the years embezzled money meant for water supply for the people. Even on the account of this massive carnage, Mr. President must move to investigate finances at the state levels. Corruption at the level of our Governors has become massive, widespread and pervasive and Mr. President should do something about it.
We must not allow the PDP primaries to take place, without panel beating our governors to shape. It will spell disaster to the Presidency. Therefore, Mr. President is advised to cause the security agencies to dispatch operatives to all the states without any exception. They must investigate what the government and chieftaincy affairs and Agriculture. These three ministries are where all the illegal activities of governors are taking place to siphon state funds. There is no exception, but Kwara, Gombe and Delta states are quite notorious.
There is no single state that differs in the administration of their local government ministries. No single governor is clean on this account. The current stealing leading to elections requires the special intervention of the President. Any move now to call them to order would be met with propaganda and blackmail. But the President owes a duty to save this country from these people. Another conduit where the governors in general have invested monies stole from their various states is in the United Arab Emirate of Dubai. One does not even need special investigation skills to know that billions of our money has been invested in Dubai.
Mr. President should cause investigation to be conducted on FIRST GROUP Inc. and DAMAC Properties all in Dubai. The result would not only be mind boggling but it will give the President a special impetus to confront the war on corruption with new vigour and that would endear him to the generality of Nigerians who have been systematically impoverished by their greedy leaders. The Investigation is a Must.
If however all these plans by both IBB group and the Governors group failed to stop the C-in-C from clinching the PDP ticket then as a last resort, they will pick up one candidate who is not so obvious right now and not in the scheme of things at the moment and foist him as their collective Presidential candidate. Though not confirmed, but speculations are rife that as a last Option they will pick Dr. Iyorchia Ayu or Fidelis Tapgun to put him against the C-in-C and back him up with all the funds at their disposal. The trick is that since these two are from the North and they are Christians, people would not say the Northern establishment is desperate upon promoting a battle between Christians and Muslims.
Bukola Saraki: Governor Saraki who is away to the lesser hajj has his cup full in Kwara state. There are also indications that the current Agricultural project the state is pursing along with the farmers from Zimbabwe is not transparent. There is a need for the Federal Government to look into these projects. Similarly Mr. President should ask for all the details regarding the involvement of Saraki in the Intercontinental Bank Saga, he will be caught red handed. Besides the current scheming that Saraki is doing to acquire Intercontinental Bank PLC it is more to cover up their crimes than any altruism. After all, did they not kill Societe Generale Bank through the same means of financial malfeasance? The following companies are the ones handling all the financial transaction of Bukola Saraki:
• LINKERS
• DIRECTRADE
• JOY PETROLEUM
• SKYVIEW PROPERTIES
Some of them have been on the watch list of the EFCC. Mr. President should cause the EFCC to furnish him with the updated information concerning the above-mentioned companies. The state security services can also be tasked on the same subject matter in order to compare the two results. There are also growing indications that the Chairman of EFCC has come to that job with a lot of baggage to the extent that sometimes there is a lot of than [sic] meets the eye.
Sule Lamido
The Governor of Jigawa state has been one of the arrowheads amongst the Governors who is promoting the “Jonathan must go” agenda. He is the one that works the phones on all the governors promoting the opposition of the C-in-C towards running for elections in 2011. In fact the issue of providing Bukola Saraki in the first place emanated as Sule Lamido’s idea.
The reason why Sule’s case is being mentioned here is that as at the time of writing this piece, the EFCC have stormed Jigawa state and arrested the Commissioner for Finance, Commissioner for Local Government Affairs and its permanent Secretary. People in Jigawa state are so happy about these arrests because Sule is running the state like a fiefdom. His son the District Head of Bamaina, their hometown is the sole contractor in the state. Sule have been running a dictatorship in the state and the people are happy his corruption is now coming under scrutiny in Abuja. The import of these arrests in Jigawa state is that it has sent a message to Sule co-Governors that the road they are travelling in their opposition will be rough.
Dangerous Trend
I am equally constrained to bring this to the attention of the President because of its strategic importance not only as it regards the elections of 2011 but because of our political stability. This has to do with Consolidated Oil, which is owned by Mike Adenuga as a proxy to his mentors in Nigeria. Consolidated Oil is a beneficiary of two oil Blocks which are fully operational under OPL113 and OPL458 which were acquired in 1991.
Just recently the Consolidated Oil struck huge finds of Natural gas reserves.
This took all the industry watchers by surprise because the fields never showed any signs of gas reserves before. This Natural gas reserve that is found in the Mike Adenuga’s fields is in the region of 3.5 trillion cubic feet. It is even larger than the natural gas reserves at the Brass LNG. This is a very dangerous trend, because the way thing are, Mike Adenuga will end up being the richest man ever in this continent. Presently, we are made to understand that our Brass LNG Company is begging Adenuga to sign a 30-year Natural Gas lifting contact with him. This is a dangerous trend, which the president must stop immediately. Mr. President should direct the Brass LNG to discontinue its negotiations with Adenuga. This issue has far wider security implications, which the President should examine carefully.
This is a dangerous trend with great security connotations. Mike Adenuga is a Nigerian with great dubious antecedents. Presently, he is wanted to Tax evasion in England and even here is Nigeria with all his money he is still indebted to and fighting a running battle with the Federal Inland Revenue Service on his taxes on the oil export that he makes continuously. His Equatorial Trust Bank (ETB) is run like a personal Bureau de change; at least, the Governor of CBN is on top of that situation. The main issue is that Mike Adenuga and his mentors have to be stopped in the collective interest of this country and the time to do it is right now.
Halliburton Case
It is indeed salutary that, the government is finally doing something about this monumental scandal. Nigeria needs a revolution of the heart to turn back the tide of corruption and this can be encouraged when the laws of the land are enforced regardless of who is involved. The President should be commended for this move and he should also summon up courage and deal with the corruption cases involving the Siemens contract.
The Halliburton scandal must be disposed off [sic] quickly to send a clear message about non-tolerance of corruption in all its ramifications. This country has been a laughing stock for too long. Transparency and accountability makes it difficult to hide corruption but where corruption is detected in this country there appears to be little sustained action to bring the perpetrators to justice. This move to deal with this Halliburton case is very refreshing. Therefore, maintaining a firm stance on recovering the movies and prosecuting the offenders will put the President ahead of the pack both in the eyes of Nigeria and of the International Community and leverage the hands of Nigerian government in its fight against corruption. For too long this country has been demeaned by the very leaders who were supposed to project its manifest destiny.
Conclusion
The foregoing highlights what is considered as a wake up call for the President. Power is given by the Almighty God to whom so ever he wishes.
Therefore, those people who think they can play “God” because certain decisions by government does not favour their selfish machinations, then the President who has the levers of Power, must take fundamental steps to protect his integrity as a person and to save this country from the preposterous activities of these cabals.
It is pertinent to note that, the future for Mr. President is not one of ease or resting, but of incessant striving that you may be able to fulfill the ledges you have made to the Nigerian people. That is the price of leadership; it is certainly the time to face the challenges of change. This country can ill-afford the success of these desperate people.
Salama Alayakum your Excellency, greetings of the glorious month of Ramadan. May we be immersed by the Almighty Allah in the radiance of the light of this glorious month, and may he reward us with bounties beyond out imagination. My best personal regards to you and your family.
With the assurances of my best personal consideration and esteem.
Lawan Gwadabe
Colonel (Rtd)
06 Sept. 2010
Erastus Akingbola Petitions AGF : Fraudulent Take-Over of Intercontinental Bank Plc By Dr. Bukola Saraki, Malam Lamido Sanusi & Mahmoud Lai Alabi
By Erastus Akingbola
The Honourable Attorney-General & Minister Of Justice Attorney-General’s Chambers Federal Ministry Of Justice, Abuja.
Dear Sir: 1. About two and a half years ago, Dr. Bukola Saraki requested that we merge Societe Generale with Intercontinental Bank (IB) Plc.
We conducted a due diligence exercise and noticed N30bn negative capital – so the board of IB Plc turned it down. Dr. Saraki was very unhappy.
2. When time came for the renewal of Gov. Soludo’s appointment as CBN Governor, Dr. Saraki blocked it with late President Yar’Adua and brought him Lamido Sanusi. Being my customer, Dr. Saraki confirmed this personally to me.
3. Lamido Sanusi was appointed CBN Gov. on 4th June, 2009, and on the 18th June, - after just two weeks in office – he sent CBN examiners to five banks including IB Plc. This was quite unusual, as the CBN had just completed a comprehensive examination of IB Plc as part of normal protocol. The result of this was good.
4. The new examination finished in mid-July, and we were expecting their report. Suddenly, they returned claiming that several accounts, which they had verified and agreed with us as “performing”, were now reclassified “non-performing”.
5. Despite these manipulations, IB Plc’s ratios were alright. Unusually, the CBN examiners returned on four separate visits to reclassify even more accounts as “non-performing”. These even included what we regarded as our best accounts.
6. This prompted me to ask some of the examiners what was really going on. They confided that the new Governor was bent on removing certain bank CEOs, and wanted to show that IB Plc was too exposed to bad loans. They said he formed a team in CBN reporting to him directly. Each completed examination report was turned down if it was not damning enough and they were ordered to go back until they achieved certain ratios.
7. One of the examiners showed me a report on IB Plc, which was favourable. This has been rejected by the CBN Governor, as it did not justify or warrant my removal.
8. Quite disturbed by this development, I decided to speak to Dr. Bukola Saraki, since he recommended Malam Lamido Sanusi’s appointment. He told me that the CBN Governor was unhappy with myself and Mrs. Ibru (of Oceanic Bank) because according to him, we had contributed N6bn to the Senate to block Lamido
Sanusi’s confirmation as CBN Governor. I refuted this allegation telling Dr. Saraki that my religion would never allow me to do such a thing, as no human can undo what God has ordered in Heaven.
9. I immediately booked an appointment to see Lamido Sanusi in the CBN and questioned him regarding the N6bn Senate bribery allegation. He said he had put that behind him, as “not all king makers in council will support the choice of a new Emir”. I once again reiterated my innocence, based on my religion, that the God I serve will never permit me to try to block someone else’s good fortune.
10. Later, I mentioned to Alhaji Aliko Dangote the strange repeated CBN examinations and the allegation by Lamido Sanusi. He promised to speak to him and ask him about the matter.
11. Surprisingly, Alhaji Dangote returned to say Lamido Sanusi revealed that he was told of the alleged bribe by Dr. Saraki, and that I even lobbied him to be the CBN Governor.
12. Apparently, it was Dr. Bukola Saraki inciting Sanusi against me, as a way of removing me and taking over IB Plc.
13. It has now become evident that both Dr. Saraki & Malam Sanusi used the opportunity of the worldwide financial crisis of 2008- 2009 to jump into certain banking institutions and take them over. The crisis had been acknowledged and was being well managed by Professor Chukwuma Soludo, the former CBN Governor.
The ENTIRE industry was affected, as others worldwide.
The Nigerian economy was hit by four economic catastrophe namely:
a. The oil price drop from $147 per barrel to $30. All oil importers refused to sell in a hurry at this new low price, so banks had to give them time for the price to improve.
b. The worldwide stock market collapsed and this led all foreign investors in the Nigerian stock exchange to hurriedly sell their shares. This further depreciated the Nigerian stock exchange index, also having an adverse effect on the banking industry.
c. The CBN, in response to crashing oil price, devalued the Naira by 40%. This meant importers with unsettled bills had to source more Naira to buy Dollar, and thus, put a strain on bank customers and the loan portfolio of the banks.
d. The sudden devaluation of the Naira by 40% caused a panic among overseas banks that had dollar placements with Nigerian banks. They immediately gave notice and withdrew their funds. IB Plc lost $1.2bn in this way.
Rather than the new CBN Governor to perform the role of ‘lender of last resort’, he used the crisis to take over banks for his mentor.
All these banks had prominent Nigerians waiting to buy them at “knock-down” or give-away” prices. However, the media altered the equation.
14. On the 14th of August 2009, without any discussion, Malam Sanusi issued me a letter of removal as CEO of IB Plc. He also removed all executive directors of the bank with armed police men.
15. The letter (copy attached), said that based on the examination he ordered on the 18th June, 2009, it is in the public interest for the CBN to intervene by taking over the bank.
16. Till today, no report of the examination has been made available to me, the management, or the Board of the bank. We had no opportunity to learn how the CBN came to its decision, nor were given an opportunity to respond to the examination report, as is the usual process.
17. My removal by Malam Sanusi was done in flagrant disregard of the legal provisions regarding the removal of bank directors (i.e. Section 35 of the Banks and Other Financial Institutions Act, Cap. B4 Laws of the Federation, 2004) as there was no lawful special examination ordered into the affairs of Intercontinental Bank Plc, as required by law. Since no order for special examination of the bank’s affairs was signed by Malam Sanusi, as required of him by the law of this country, his order for my removal is, improper and unlawful.
18. The current CBN examination of May 2010, now says there is a N95bn loan over-provision, which means IB Plc was deliberately marked down previously.
19. Two lorry loads of police were sent to IB Plc to remove me. It was like a bad movie, a big surprise that a person can be driven away from a business he had started and nurtured for over 21 years in one hour. And without any opportunity to contest it.
20. I was surprised that the next morning (Saturday), all the papers carried personal interviews with Malam Sanusi, in which he accused all the CEOs of various misdeeds. This showed that it was pre-planned and well-rehearsed.
21. On the evening of 19th August, I received a call that Malam Sanusi under the powers that the late President had delegated to him, had ordered the EFCC, the Police and the SSS to arrest me. I also learned that two lorry loads of personnel were en route. I hurriedly left the house, though I could not believe that all this had transpired in the last 72 hours.
22. I then recalled a professional disagreement with Malam Sanusi while he was CEO of First Bank. Back then, I had discovered that his staff members were de-marketing IB Plc and I wrote to him concerning this. .
23. My immediate conclusion was that Dr. Saraki and Malam Sanusi wanted to take over IB Plc by fraudulent means, and that if I went into their custody, it could result in my death, in order to silence any opposition to their plans.
24. Mr. Mahmoud Lai Alabi was appointed by the CBN as the new CEO of IB Plc. Mr. Alabi is an employee of Dr. Saraki as chairman of Songa Farms and several development funds in the state. On resuming, his first task was to write off Dr. Saraki’s loans to the tune of N8.115bn (Papers & letters attached). He also wrote off loans totaling N32bn to friends of Dr. Saraki and Malam Sanusi.
All this, in a bank that they were meant to be rescuing. All these written-off loans had been classified as “good” and “performing” by the CBN examiners, and had been secured with properties in Ikoyi (Lagos), Victoria Island (Lagos), and Abuja. The
CBN examination report of May 2010 complained about this massive loan or “cash gift” to Dr. Saraki. Next, he recruited former Societe Generale staff as Executive Directors and loan managers (for example, Mr. Gbenga Alade). Mr. Alabi proceeded to sack the entire senior management of IB Plc and replaced them with former Societe Generale staff. It is clear, from these actions, that I was removed to smoothen the takeover of IB Plc for Dr. Saraki.
25. As at the time the shareholders’ appointed management was ousted by Malam Lamido Sanusi, IB Plc was not owing the CBN one kobo on the discount window. Also, IB Plc had Inter-Bank takings of N73 Billion. However, as at today under the CBN’s appointed management, IB Plc is now owing the CBN N100 Billion and owing other Banks N300 Billion, making a total deficit of N400 Billion after the purported intervention by the CBN.
26. It is rather curious that:
a. All the banks are yet to receive any examination report from the CBN to show areas of deficiencies.
b. The CEO and entire senior management were removed without the Board or shareholders being informed.
c. Without any criminal charges or reports, the CEOs were arrested and locked up – to prevent them from speaking to the media.
d. It was after locking them up that the EFCC started searching for possible offences (in my case, it took 4 months of searching for any offence to pin on me).
e. Mr. Alabi, the new CEO of Intercontinental Bank Plc, is an employee of Dr. Saraki (chairman of Songa Farms in Kwara). In fact, Dr. Saraki is running IB Plc by proxy.
f. Within two months of his appointment, Mr. Alabi wrote off N7bn of Dr. Saraki’s loans – the companies are Linkers, Dicetrade, Skyview Properties, and Joy Petroleum.
g. As the appointment of each senior management of IB Plc was being terminated, Mr. Alabi was recruiting and replacing them with former Societe Generale staff, in order to complete the take-over. For instance, the Executive Director of risk management brought into IB Plc (Mr. Gbenga Alade) is a former Societe Generale staff member.
h. Dr. Saraki has now used his political power to take over IB Plc after his failed peaceful merger attempts.
i. Malam Sanusi claims to have injected N100bn, (which is less that 10% of the IB Plc’s value), and as such now owns it 100%. This is a bank with a balance sheet of N1.6 trillion; 330 branches; 2 foreign subsidiaries; 10 well-established subsidiaries; 12,000 members of staff; and paidup capital of N230 billion. Where is the justice?
j. When Malam Sanusi initially injected N100bn into IB Plc, he wrote to the Board that it was a seven-year loan (copy attached). Why is he now trying desperately to sell the bank within a year of the loan?
27. I am appealing to the Attorney General and Minister of Justice to institute an independent investigation into the “so-called” banking reform of Malam Sanusi and the fraudulent N32 billion loan write-off.
28. I am also appealing to this government which believes in the rule of law to reverse the fraudulent take-over of Intercontinental
Bank Plc and return it to its Board, management and shareholders.
29. All the allegations against the banks’ CEOs should be independently investigated by the Attorney General’s office for fairness.
30. Even with the deliberate damage being done to the banks and their stock prices on a daily basis, if we are given six to nine months, the banks will be restructured to the normal, favourable and fair positions.
signed
ERASTUS B. O. AKINGBOLA
if all this were in fact close to the truth, we best be ready for the fight of our lives to free Nigeria...
