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EFCC grills CBN Deputy Governor, Adelabu over fraud allegations

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  • Quizzes former FBN GMD Onasanya, Oba Otudeko 
  • Trio granted administrative bail

Nneoma Ndibe

The Economic and Financial Crimes Commission (EFCC) has grilled the Deputy Governor of Central Bank of Nigeria (CBN), Mr. Adedayo Adelabu, for hours over allegations of fraud; embezzlement and mismanagement of shareholders’ funds in the First Bank of Nigeria (FBN).

Sources confirmed that Adelabu has since been arrested, interrogated and granted administrative bail by anti-graft agency on Monday.

“The Deputy CNB boss was interrogated for hours at the Ikoyi, Lagos office of the EFCC and subsequently released on administrative bail,” the source said.

The officials confirmed that the anti-graft agency had within the week grilled  the former Executive Director and Chief Financial Officer of FBN, after being accused of abuse of office and siphoning billions of naira worth shareholders fund through phoney loan deals.

Global Sentinel gathered that Adelabu connived with a former General Managing Director of the bank, Olabisi Stephen Onasanya and a former chairman of the bank, Chief Oba Otudeko, to approve ‘bad loans’ running into several billions of naira.

Onasanya and Otudeko were said to have also been quizzed and released on bail as well.

They said that the Deputy CBN Governor will likely return to the EFCC for further interrogation. He is expected to be charged to court alongside the duo of Otudeko and Onasanya for what they alleged as insider abuse with regards to the contracts award with kick back from vendors while at helm of Corporate Services of CBN

“The EFCC is particularly looking at billions of naira in bad loans approved for Otudeko’s companies during his tenure as Chairman of the bank. Insider abuse is common in Nigerian banks with CEOs using their positions to approve loans arbitrarily to themselves and cronies with no plans of paying back. Otudeko and his companies owe the bank in excess of N70 billion naira.

“You recall that it’s this allegation of recklessness of the bank bosses prompted the CBN to introduce stiffer corporate governance rules to protect shareholder funds from being abused by insiders,” a source said.

Adelabu is believed to be preparing a bid for the governorship of Oyo State in 2019.


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