Business
CIBN Sacks President Akingbola Over Role In Banks’ Debt Scam
The umbrella body of Nigerian bankers, the CIBN, announced yesterday that it had replaced its president, who was recently sacked by the country’s central bank for running his own bank into insolvency.
The Chartered Institute of Bankers of Nigeria said in a statement that it was replacing Erastus Akingbola with its first vice president, Laoye Jaiyeola, following a shakeup across the sector.
Akingbola was among five bank chiefs who were sacked on August 14 by the governor of Central Bank of Nigeria, Sanusi Lamido Sanusi, for giving loans to prominent Nigerian businessmen and companies without adhering to good corporate governance and risk management practices.
Sanusi put the total loan portfolio of the ailing banks at N2.8 trillion.
The CIBN “expresses its support to all legitimate efforts aimed at the safety and soundness as well as sustainable growth and development of banks and the banking industry in Nigeria.”
The institute said it would not hesitate to discipline “any of our members found guilty by any court of competent jurisdiction.”
The country’s Economic and Financial Crimes Commission (EFCC) early this week declared Akingbola and Cecilia Ibru, former managing director of Oceanic Bank, wanted in connection with alleged fraudulent abuse of credit process, insider trading, capital market manipulation and money laundering.
EFCC spokesman Femi Babafemi told newsmen that Ibru had herself turned up in the Lagos office of the anti-graft agency on Wednesday, where she was immediately detained for interrogation.
He said at least 24 bank debtors had been arrested after the expiration of a deadline to pay up and would appear in court this week.
The EFFC had given the debtors up to Wednesday to pay up or face arrest.
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