Search Site: OnlineNigeria

Close



EFCC: Allstates Laundered Money for 2 Govs

Posted by By George Oji, Ayodele Aminu and Linda Elueme on 2005/10/11 | Views: 1641 |

EFCC: Allstates Laundered Money for 2 Govs


Chairman, Economic and Financial Crime Commission (EFCC), Mallam Nuhu Ribadu yesterday confirmed that Allstates Trust Bank Plc helped both the Bayelsa State Governor, Diepreye Alamieyeseigbha – now standing trial in London and Plateau State Governor, Governor Joshua Dariye, to launder money abroad.

* Assures depositors•CBN explains why board was sacked

Chairman, Economic and Financial Crime Commission (EFCC), Mallam Nuhu Ribadu yesterday confirmed that Allstates Trust Bank Plc helped both the Bayelsa State Governor, Diepreye Alamieyeseigbha – now standing trial in London and Plateau State Governor, Governor Joshua Dariye, to launder money abroad.

Also, Deputy Governor, Financial Sector Surveillance, Central Bank of Nigeria (CBN) Mr. Tunde Lemo yesterday confirmed and gave reasons for the sacking of the entire board and management of Allstates Trust Bank has exclusively reported by THISDAY last week.

CBN had last week dissolved the board of Allstates Trust Bank and handed over its Chairman, Chief Ebitimi Banigo to EFCC, following the discovery that he and his cronies accounted for about N12 billion of the bank’s non-performing loans.

Confirming the money laundering by activities of Allstates Trust Bank in an interview with the Nigeria Television Authority (NTA) in Abuja yesterday, Ribadu said it has become a regular occurrence in the bank.

"What the Commission did (arrest of the bank’s chairman) was long overdue. Apart from assisting the Bayelsa State Governor to launder money, the bank was also involved in that of Plateau State Governor, Governor Joshua Dariye and other financial improprieties yet to be displayed.

"The case of the Plateau State Governor is still in court. In the course of our investigation of the Governor of Bayelsa State, we realised that this is something that they (Allstates Bank) are involved in as it has become a pattern with the bank," he said.

He urged banks operating in the country to be agents of development and not be involved criminal activities, noting that the money banks use in doing business is public and private money.

"They should not be party to or play a role that destroys this country by allowing money being taken out of this country fraudulently and in criminal manner.

"We are going to be very serious, any person, any sector, any organisation that allows itself to be used in any criminal activity, especially if it borders on sabotage, we will not tolerate it. That is exactly what is going on," Ribadu explained.

He however assured depositors of All States Trust Bank that there was nothing to worry about the financial health of the bank.

He gave the assurance at another event while fielding questions from newsmen at the Sheraton Hotel and Towers, Abuja at the National Drug Law Enforcement Agency 15th anniversary lecture and book launch.

"I don't think anybody will have cause to worry. If you are a customer of All States Trust Bank, I do not believe that the bank is in any problem that will warrant it to be in any problem whatsoever.

"I don't think it is an issue of insolvency. I don't think it is a problem. CBN acted responsibly by going in and ensuring there is stability and order and that depositor’s money is protected.

"That will also allow us to continue with the work we are doing. There is definitely no reason for people to be concerned about the deposit they have in the bank," EFCC Chairman stated.

The Deputy Governor explained that the board of Allstates Trust Bank "was dissolved because the bank was involved in poor corporate governance, large stock of non performing credit and a whole lot of other liquidity challenges."
"48 percent of the non-performing loans directly and indirectly involved the erstwhile chairman of the bank. You better watch how you conduct banking business. A lot of people go about saying that the bank belongs to them. Ethically speaking, you really don't own any bank even if you have the controlling share" Lemo was quoted to have said at another event in Abuja.

Ribadu also confirmed that the Secretary to the Adamawa State Government, Alhaji Ibrahim Baphel, the Commissioner for Finance, Mr. Chief John Elias and the Principal Secretary to the governor of the state, Alhaji Muazu Tukur have been arrested by the Commission.

He said the Commission has for a while been beaming its search light on Adamawa State until it was able to secure some evidence.

Noting that there is no hiding place for corrupt public officers, the EFCC boss said the activities of all Governors, Chairmen of Local Government Councils, the Judiciaries and National Assembly are being looked into.



Read Full Story Here.... :
Leave Comment Here :