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Collapsed bank's shareholders accuse Sanusi of fraud

26 March 2014, 10:41

Abuja - Shareholders of the now-defunct Intercontinental Bank have accused the suspended governor of the Central Bank of Nigeria, Sanusi Lamido, of complicity in a N50 billion fraud.

The shareholders have filed a civil action against the embattled CBN executive before a Federal High Court in Abuja saying the governor had a role in the financial misfortunes that occurred in the bank.

CBN and Securities and Exchange Commission (SEC) are joined as second and third defendants respectively.

The shareholders alleged that Sanusi, as the CBN governor, acted contrary to the provisions of Sections 12, 32, 35 and 39 of the Banks and Other Financial Institutions Act, Cap B4 Laws of the Federation of Nigeria 2004, by deliberately falsifying the actual financial state of affairs/solvency of Intercontinental Bank Plc and subsequently sold it to his cronies at a ridiculous sum of N50 billion.

Specifically, they are praying the court to, among other things, determine whether Sanusi did not act fraudulently in waiving/writing off the sum of N16.2 billion owed by Aig-Aigboje Imokhuede and

Herbert Wigwe, the Managing Director and Deputy Managing Director of Access Bank and the sum of N8.9 billion owed by Senator Bukola Saraki and other sums so owed, all totalling over N40bn.

They said the bid was to enable Access Bank Plc to fraudulently purchase Intercontinental Bank Plc at a “ridiculous” sum of N50 billion only, even when the quarterly profit of the bank was more than that.

They alleged that the action was carried out in detriment of the bank shareholders and investors even when the assets of the bank was worth more than N1 trillion.

Hearing notices have been issued to the embattled governor to appear before the court.

President Goodluck Jonathan recently suspended Lamido under controversial circumstances following alleged improper conduct.

– CAJ News

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