20 TOP CORPORATE EXECUTIVES IN FRAUD SCANDALS

20 TOP CORPORATE EXECUTIVES IN FRAUD SCANDALS

After reading this, you will never make the mistake of thinking that the word embezzlement was popularized by corrupt Nigerian politicians like former Speaker,The Meji Bank Ole-Dimeji Bankole. Paschal Oge Chikero brings you a shocking compilation of top Nigerians who have been defrauding Nigerians with just a pen! Enjoy.

Samuel Adedoyin, arguably one of Nigeria’s shrewd business men and industrialists. He is the Chairman of Doyin Group of Companies .This Agbamu Kwara State prince established City Express Bank which went burst in 2005 and was taken over by Central Bank of Nigeria. The Prince of Commerce was roughed up when issues relating to his expropriating of the sum of #1.257 billion diverted into his company’s several accounts with City 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, former Governor of Kwara State was the former Vice Chairman of Societe General Bank. He is on this list as another Kwara born fraudster. This son of Kwara State political godfather, Olusola Saraki, was the Vice Chairman of the bank when it was thrown out of Central Bank of Nigeria clearing house in June 2003. By early 2004 the bank and top management staffers were accused of involvement in #37 billion fraud. The bank was unable to account for #17 billion and at the centre of this was Dr. Bukola Saraki whose family’s political clout rescued. Erastus Akingbola former Managing Director of Intercontinental Bank, the EFCC arrested him for the mismanagement of depositors’ funds which was traced to him. Cecilia Ibru, wife to one of Nigeria’s big time merchants, Michael Ibru, and former M/D of Oceanic Bank. Cecilia also was crushed and reduced to nothing by the EFCC when the commission discovered the high level of fraud running into billions she was executing with depositor’s funds in Oceanic bank. She was arrested and most of her properties and accounts were confiscated to save the bank. Otunba Subomi Balogun, former Chairman and Chief Executive Officer of FCMB. He was the first real caliber culprit of the unwritten code of corporate governance in Nigeria. Back then his friend and then Governor of Central Bank of Nigeria, Chief Joseph Sanusi was so wiry of the bank’s foreign round tripping misconduct that CBN banned the bank from international Foreign Exchange Market. Otunba Subomi was also sacked from his twin offices of CEO and Chairman. The grand master was banned from holding any active office in the service of the bank. Bolaji Balogun, 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 FCMB Bank. In 2001, Bolaji was at the centre of one the most contentious scandals that rocked the Nigerian banking Industry. As COO and Executive Director of Capital Security Ltd.-CSL, he was alleged to have facilitated the perpetration of a hefty $3.5 billion round tripping of foreign exchange. A woman named Mrs 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, former Managing Director, Bond Bank. He was the Managing Director until the eve of the bank’s merger with other banks to form Skye Bank Plc. Mr. Darlington was arrested and detained for conversion and concealment of #1.16 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 .Bunmi Oni, 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 of manipulating the company’s financial statements. On the advice of the company, Mr. Oni was sacked. Ayo Akadiri, former Finance Director, Cadbury Plc. He shares the same fate with Mr. Bunmi Oni. Mfom Usoro, former Director General, Nigeria Maritime Administration and Safety Agency, NIMASA: She was the lawyer with special interest in maritime law when she was appointed. The women hailed the achievement but her fraudulent legacy made them cry. After a year she got the boot, a long list of allegation hangs round her neck which includes: the acquisition of a search and rescue helicopters at a cost of #2.2b, approval of the sum of 20m dollars without recourse to due process and using a whooping #45 million to launch a book. She also was accused of approving #50m interest to the Cabot age department. Sir Marc Wabara: former Managing Director Hallmark bank. Hallmark bank won the envy of the banking industry due to the it’s potential and was managed by then President of Nigerian Senate, Senator Adolphous Wabara. The sledge hammer fell on this banker when the whistle was blown on his illegal transfer of 58m dollars belonging to the Joint Development Authority, a body created in 2001 when the twin islands of Sao Tome and the Principe signed an agreement with Nigeria to split any revenue from any oil found in 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. Dr. Femi Adekanye, former Chairman/ CEO Commerce Bank. Commerce bank was founded in 1989. Dr. Akanye shunned his comfortable, high profile job at CBN to join the bank .There were allegations of diversion of customer’s deposits. Abacha’s Failed Banks Tribunal arrested Dr. Akanye and he was thrown before the tribunal for 42 months. Jimi Lawal, former CEO, Alpha Merchant Bank. His sins at Alpha Merchant Bank  made United State a no go area for him but recently the EFCC declared him wanted for stealing #300 million, a fall out of the commerce bank. Ralph K.D Osayameh : Former MD Commerce Bank.He shares the same fate with his CEO at the Commerce Bank. He has also been declared wanted by EFCC for the same accusation of Dr. Femi Adekaye. Ebitimi Banigho: Former Chairman/CEO All State Trust Bank.Referred to as the father of new generation banking in Nigeria. A former minister in the Obasanjo govt. The EFCC accused him and his bank being used by the then Plateau Gov, Joseph Dariye for money laundering. CBN finally decided to  cage Chief Banigho, over the matter of the bank’s Chairman’ approving the collection of unsecured loans to the tune of N2b.Babatunde Rogers: 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 N7.5b. Unceremoniously, he was chased out of office. He was said to have collected N5.9bn on behalf of Nigerian National Corporation without remitting the sum and could not account for the money. He was also accused of collecting N34m 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: Former MD/CEO City Express Bank, highly educated, schooled abroad. An Area Pastor of The Redeemed Christian Church Of God. 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 his daughter of doctoring the books to hide spurious loans. In November 2005, CBN dissolved the Mrs. Adeoti led management.Bernard Ojeifo Longe: Former Managing Director, First Bank and Transcorp. He joined First Bank in 1960 and for 33 years, he rose to the top of the bank’s management to become CEO. He revolutionalized 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-appered as Chief Executive Officer Transcorp. He again bought NITEL, as he was celebrating, shareholders rose up against him in the wake of the Bunmi Oni and Ayo Akadiri’s Cadbury account fiddling saga. Again he was sacked. Shetimah Mohammed Bulama, former MD, Bank of the North .He turned the fortune 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 N500 million naira of bank deposits for his personal use. Dr.Edwin Udemeogbulam Onwudiwe:  Former Chairman, Ivory Merchant Bank.He has been convicted to a three and half term for theft, obtaining money by false pretext 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 $100 million for sale, she got an Indian investor to draw a #16.5 million 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 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 an alleged fraud of about #700 million in Assrance Bank. He flew out of the country immediately after his ssack, sneaked in later but was arrested by EFCC officials who were on the lookout for him.