A lot of people don't get it right when they associate corruption and embezzlement with Nigerian politicians alone.We bring you a shocking compilation of top Nigerian CEO's who have engaged in corruption and embezzlement with just their pen! Sit and enjoy yourself......
Cheif Samuel Adedoyin
Arguably one of Nigeria’s shrewd business men and industrialist. He is the Chairman of Doyin Group of Companies. This Agbamu Kwara State prince established the defunct City Express Bank which was liquidated in 2005 and was taken over by the Central Bank of Nigeria (CBN). The prince of Commerce was roughed up when issues relating to his misappropriation of the sum of N1.257bn diverted into his company’s several accounts with City Express Bank was made public. The acute businessman contested the sum but made spirited efforts to pay back the shareholders and depositors’ funds.
Dr. Bukola Saraki
The former Kwara State Governor, and a serving Senator was the Vice Chairman of Societe Generale Bank. He is on this list as another Kwara born fraudsater. The son of the Kwara State political godfather, Dr.Olushola Saraki, was at the helms of affair in the bank when it was thrown out of Central Bank of Nigeria (CBN) clearing house in June 2003. By early 2004, the bank and top management staffers were accused of involvement in N37bn fraud. The bank was unable tom account for N37bn and at the center of this was Dr. Bukola Saraki whose family’s political clout rescued him.
Erastus Akingbola
The former Managing Director of the now acquired Intercontinental Bank Plc is currently facing trial on a 40-count money laundering case filed against him by the Economic and Financial Crime Commission (EFCC). He was arrested for mismanaging depositors’ funds traced to him.
Cecilia Ibru
The former Managing Diretor of the now acquired Oceanic Bank and the wife of one of Nigeria’s big time billionaire, Olorogun Michael Ibru was crushed and humiliated by the EFCC when the commission discovered high level fraud running into billions she was executing with depositors’ funds in the Oceanic Bank. she was arrested and most of her properties and accounts were confiscated to save the bank. She was found guilty and jailed for financial crime, but has since finished serving her term.
Otunba Subomi Balogun
The former Chairman and Chief Executive Officer of First City Monument Bank (FCMB), Otunba Subomi Balogun was the first culprit of the unwritten code of corporate governance in Nigeria. Back then his friend and then governor of Central Bank of Nigeria was so wary of the bank’s foreign round tripping misconduct that CBN had to ban the bank from international Foreign Exchange Market. Otunba Subomi was also sacked from his twin offices of CEO and Chairman. The grandmaster was banned from holding any active office in the service of the bank.
Bolaji Balogun
He was the former Chief Operating Officer, Capital Security Limited and Executive Director, FCMB Capital Market. He is the son of the self acclaimed grand master of Nigerian banking, Otunba Subomi Balogun, founder of FCMB Bank. In 2001, Bolaji was at the centre of the most contentious scandals that rocked the Nigerian banking industry. As COO and Executive Director of Capital Security Limited (CSL), he was alleged to have facilitated the perpetration of a hefty $3.5 billion round tripping of foreign exchange. A woman named Comfort Nyam, now late blew the whistle on the controversial transaction. The CBN threw bolaji out of CSL and FCMB’ CSL operating license was suspended for six months.
John Darlington
He was the former Managing Director 0f Bond Bank. He was Managing Director until the eve of the bank’s merger with other banks to form Skye Bank Plc. Mr. Darlinton was arrested and detained for conversion and concealment of N1.16 billion. The money was said to be part of the funds traced to former Inspector General of Police, Tafa Balogun who himself was disgraced out of office for massive corrupt practices.
Francis Atuche
He was the former Managing Director of Bank PHB, now Keystone Bank. Atuche was one of the bank chiefs’ that was sacked by the Sanusi revolution for money laundering, diversion and mismanagement of depositors’ funds to the tune of N32.2bn. He was arrested by the Economic and Financial Crimes Commission (EFCC) and currently standing trial for a 42-count charge alongside his wife .
Okey Nwosu
The former Managing Director of Finbank, was among the bank chiefs affected by Hurrican Sanusi. Okey Nwosu was arrested by EFCC for alleged stealing, illegal conversion and mismanaging depositors funds to the tune of N16.2bn. He was arraigned before the federal high court In Ikeja, Lagos on a 26-count charge.
Sebastian Adigwe
He was the former Managing Director of Afribank, now Mainstreet Bank Plc. He was also arrested by the EFCC for theft, conspiracy, misappropriation of depositors’ fund to the tune of N65bn. He was arraigned with 5 others on a 36-count charge before a Federal High Court in Lagos.
Patrick Ifeanyi Uba
He is the CEO of Capital Oil and Gas Industry Limited. He is no doubt a shrewd businessman and a major player in the oil industry. His company Capital Oil, enjoys a lot of goodwill and patronage from the Petroleum Minister, Deziani Allison-Madueke. Ifeanyi Uba’s Capital Oil was dragged before a Federal High Court on a 4-count criminal charge of obtaining by pretence and issuing a dud cheque. It was alleged that Capital Oil and Gas Industry Limited, Mr. Patrick Ifeanyi Uba on or about 22nd April 2009 in Lagos conspired to commit an offence to obtain property by false pretence and thereby committing an offence contrary to and punishable under Section 518 of the criminal code Act CAP c38 Law of the Federation of Nigeria 2004. Ifeanyi Uba was not too long ago ordered by a Federal high court to pay back the sum of N5bn subsidy he fraudulently benefitted from the importation of Kerosene.
Femi Otedola
Aside being heavily indebted to several banks, Otedola was not long ago enmeshed in funds misappropriation and sharp practices at the African Petroleum (AP), where he was Chairman before his ouster. Otedola was accused of collecting N12bn for the supply of products which he never supplied.
Bunmi Oni
He was the former CEO, Cadbury Nigeria Plc. It was alleged that Mr. Oni was doctoring the account statement of Cadbury Nigeria Plc in concert with his finance director, Ayo Akadiri. Before then he was the quintessential Chief Executive Officer in Nigeria, which he carried on for over ten years. This trusted CEO was later accused by the company’s audit firm, Price Water House Cooper for manipulating the company’s financial statement. On the advice of the company, Mr. Oni was sacked. Ayo Akadiri, former finance director, Cadbury Plc also shared the same fate with Mr.Bunmi Oni.
Mfom Usoro
She was the former Director General, Nigeria Maritime Administration and Safety Agency (NIMASA). She was a lawyer with special interest in maritime law when she was appointed. Most women hailed the appointment, but her fraudulent legacy made them cry. After a year, she got the boot. A long list of allegation hanged around her neck which includes: the acquisition of a search and rescue helicopter at a cost of N2.2bn, approval of the sum of $20m without recourse to due process and using a whooping N45 million to launch a book. She was also accused of approving N50 million interests to the cabotage department.
Sir Marc Wabara
Hallmark bank won the envy of the banking industry when Sir Marc Wabara, the brother of former Senate President, Senator Adolphus Wabara became it’s managing director. Wabara was however hammered for his illegal transfer of $58 million belonging to the Joint Development Authority, a body created in 2001 when the twin island of Sao Tome and Principe signed an agreement with Nigeria to split any revenue from any oil found on their offshore waters. The money was deposited in an account in Hallmark Bank but couldn’t be produced on demand. CBN shutdown the bank and Sir Wabara was arrested.
Jimi Lawal
He was former CEO, Alpha Merchant Bank. His sins at Alpha Merchant made him a persona non grata in the United States of America (USA), but about two years ago EFCC declared him wanted for stealing N300 million, a fallout of the mess at Alpha Merchant Bank.
Ebitimi Banigo
He was the former Chairman/CEO All State Trust Bank. Referred to as the father of new generation banking in Nigeria. A former minister in the Obasanjo government. The EFCC accused him and his bank of being used by the then Plateau State Governor, Joshua Dariye for money laundering. CBN finally decided to cage Chief Banigo, over the matter as the bank’s Chairman approving the collection of unsecured loans to the tune of N2bn.
Babatunde Rogers.
He was former Vice Chairman/CEO, Gulf Bank of Nig., Plc. The Chairman of the bank , Maj. Gen. James Oluleye(Rtd) blew the whistle on Mr. Rogers. He was arrested by EFCC for the theft of N7.5bn, he was un-ceremoniously chased out of office. He was said to have collected N5.9bn on behalf of Nigerian National Corporation without remitting the money and could not account for the money. He was also accused of collecting N34 million on behalf of the Nigerian Custom Service, N84m on behalf of Federal Internal Revenue Service and N74m on behalf of Lagos State Government.
Sola Adeoti
He was former managing Director of defunct City Express Bank. Adeoti is highly educated, schooled abroad. Daughter of Prince Samuel Adedoyin, Chairman of the bank. She was accused of credit abuse and managerial negligence, unsecured loans she granted her father, husband and siblings. The prince himself even accused the bank under her daughter of doctoring the books to hide spurious loans. In November 2005, CBN dissolved the Mrs. Adeoti led management .
Bernard Ojeifo Longe
He was the former Managing Director First Bank and Transcorp. He joined First Bank in 1960 and after 35 years, he rose to the top of the bank’s management to become CEO. He revolutionized First Bank but his fall came when the Directors and shareholders of the bank protested, accusing him of unilateral engagement in the bid for NITEL. He was sacked but re-appeared as Chief Executive Officer, Transcorp. He then bought NITEL. As he was celebrating, shareholders rose up against him and again, he was fired.
Shettimah Mohammed Bulama
He was former Managing Director, Bank of the North. He turned the fortunes of the bank upon appointment in 1996 as MD, was made Officer Of the Order Of the Niger (OON). All that changed when EFCC arrested and charged him for diverting more than N500m of bank deposits for personal use.
Dr. Edwin Udemeogbulam Onwudiwe
He was former Managing Director, Ivory Merchant Bank. He has been convicted to a three and half year term for theft, obtaining money by false pretence and corrupt enrichment. He met a banker in Aba, Abia State who was the MD of Liberal Investment Ltd. He convinced her that his bank had $100m for sale, she got an Indian Investor to draw a N16.5m as equivalent to $345,000. When the draft cleared, he withdrew the money leaving a debit balance. The foreign exchange buyers took the case to CBN and the Nigerian Deposit Insurance Corporation who took action against him.
Chika Mbonu
He was sacked in July 2005 by CBN after being indicted by the Apex Bank’s investigation over alleged fraud of about N700m in Assurance Bank. He flew out of the country immediately after his sack, sneaked in later but was arrested by EFCC officials who were on his trail.
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