CORPORATE PILFERS: FIRST BANK MD ALLEGEDLY WRITES OFF OBA OTUDEKO N29 BILLION LOAN WITHOUT THE KNOWLEDGE OF SHAREHOLDERS

Secret Reporters

It is no longer news In Nigeria that corruption thrives in the corridors of politics, this has in turn automatically branded all actors on the political stage as “corruption ambassadors”, making  corrupt practices in corporate organizations to go unnoticed howbeit there is only little difference between the level of corruption found in the political stage and corporate bodies.

The people’s elephant, First Bank Nigeria Plc appears to be indeed living up to their name as they are truly the First on the long list of corrupt corporate bodies that have little or no respect for the investments and savings of their customers but rather have become professionals in the field of internal corrupt practices.

Information obtained by SecretReporters contained in a petition by a Human Rights Group, Social and Economic Rights Derivatives revealed that the top management and board members of First Bank Plc have since 2007 masterminded fraudulent loans of about N50 billion which rotates around past and present top management and board members of the bank.

The petition which was signed by the executive director of the group, comrade John Eyinnaya  and forwarded to the Economic and Financial Crime Commission(EFCC), Governor of the Central Bank of Nigeria, President of the Senate, Senator Bukola saraki and his counterpart in the green chambers Rt.Hon  Yakubu Dogara as well as the  Chairman of the Senate Committee on Banking, Insurance and other financial institutions, and the chairman of the presidential committee on corruption ,professor Itse  Sagay detailed the illegal underground financial practice by the management of the elite bank.

In the petition, the Social and Economic Rights Derivatives Centre is asking the aforesaid bodies to investigate the alleged financial recklessness and insider deals of the chairman of FBN Holdings Plc, Dr .Oba Otudeko alongside the management of first bank for allegedly collecting N29billion from the bank through the First bank trustees having the said loan dubiously written off without the consent of the bank`s shareholders.

Apart from  Dr Oba Otudeko who allegedly has been engaged in fraud relating to the bank finances worth millions and billions of naira, other top former and current staff were  noted and fingered in the huge loan scam and they include; Bisi Onasanya, former GMD/CEO with staff number 013946, Abiodun Odubola, Former executive director of the bank with staff number  023687, Cecilia Majekodunmi , Ex General with staff number 007240, Omolade O Olawore  , former Deputy General Manager and ex-head, credit risk management department with staff number 01937 , Olayemi  O Agboola, Deputy Manager, credit analysis and processing department with staff number 019368, Nwanguma Olufunmilayo, Assistant General manager and former group head, CBMG, Lagos island with staff number 026562, Nduka U Dike, Manager who is the business manager of CBMG Marina Lagos with staff number 026536

There are speculations however especially amongst shareholders of FBN that the incumbent Chairman and his partners in crime not minding the pedigree of the bank, seem to be acting out a well-planned script to totally run the bank aground in other to deny shareholders of their dividends and in the long run pressure them to forfeit their shares.

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