FELIX NWANERI
FORMER Group Managing Director and Chief Executive of Intercontinental Bank Plc, Dr. Erastus Akingbola, yesterday called on the federal government to probe what he described as �reckless destruction of the banking industry by a handful of men who are still pretending that they are working in the nation�s interest.�
Akingbola, who is being prosecuted by the Economic and Financial Crimes Commission (EFCC) over alleged misappropriation of N364 billion belonging to the bank faulted the ongoing banking reform by the Central Bank of Nigeria (CBN), saying it was aimed at hijacking other people�s businesses by a cabal.
In a statement at the weekend, Akingbola, who blamed his ordeal on Kwara State governor, Dr. Bukola Saraki; CBN governor Lamido Sanusi and the CBN-appointed incumbent Managing Director/CEO of Intercontinental Bank Mahmoud Lai Alabi, also called for the return of the bank to its shareholders.
Akingbola, it would be recalled recently returned to the country to face charges of fraud levelled against him by the EFCC. But describing the allegations against him as �absurd,� the former Intercontinental Bank boss said: �I am happy that I am now in the law courts where the truth, by the grace of God, will surface. I repeat that I did not steal or misappropriate one kobo from Intercontinental Bank Plc throughout my 21 years service to the bank.
He accused the Alabi-led management of sinister motive, saying: �the numerous pointers to the sinister motive behind the take-over of Intercontinental Bank by the trio was that Mr. Alabi, barely few days after assumption of office as MD/CEO, fraudulently wrote off N7.5 billion out of the N8.5 billion loan Bukola Saraki and his companies took from the bank.�
Describing the write-off as a cash gift, Akingbola questioned if the action was in the interest of the depositors that the CBN governor claims that he is protecting, adding that the Alabi management has been busy spending money he left in the bank.
Part of the statement read: �Just like any other bank trading in the industry, Intercontinental Bank had Interbank takings of N73 billion which is more than acceptable for a N1.6 trillion bank. However, today, under the Mahmoud Lai Alabi management, the bank owes the CBN over N100 billion and owing the Interbank market over N300 billion, showing a massive exposure of N400 billion in less than one year of the take-over; and Sanusi is not calling for Lai Alabi�s head for obvious reasons.
�Even if the bank was in trouble, as alleged by Lamido Sanusi, why were its shareholders and Management not given the same opportunity Unity Bank and
Wema Bank was given to recapitalise their banks? I think it is now clear that the motive behind this so-called Banking Reform was simply to hijack other people�s businesses. It is clear that Alabi has been sent to the bank to loot it for his mentors and destroy the Akingbola Legacy.
�Alabi is paying himself N7 million per month (N84 million per year), yet he is still using the Bank�s money to fuel his car and generators. I never earned up to N5 million per month throughout my 21 years of building the bank.
Lai Alabi has bought for himself and each executive director 3 bulletproof jeeps each. I only used two official cars at any one time throughout my 21 years stay in the bank. Lai Alabi and his Executive Directors had granted themselves Housing loans of N100 million each having worked for just a few months.
�Before I left the Bank, we had 350 branches in Nigeria, 40 branches in Ghana, one UK office and ten stand-alone subsidiaries. Now Mahmoud Lai Alabi is selling off the Branches and other assets of the bank with impunity and diverting the proceeds.
�Before I left the Bank, we had 12,000 members of staff. Now Mahmoud Lai Alabi has retrenched over 3,000 of them (and he is set to sack more). I think employment provision should be a major measure of an economy that is doing well.
�Before I left the Bank, Intercontinental was an international bank that every Nigerian, and indeed lovers of the Black race, that arrived at London Heathrow Airport, Terminal 5 was proud of. Now Lai Alabi wants to turn the Bank into a Regional Bank restricted to the south-west of Nigeria alone. These are the same people who are appealing to banks from other nations to come and buy over Nigerian banks but are busy trying to shrink Nigerian banks.�
Source: champion.com.ng
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