Wednesday, 13 November 2013

First Bank of Nigeria For Thieves

...Become Bank for fraudulent government officials + How who to succeed Onasanya polarize the bank
With various signs and information that the Economy and Financial Crimes Commission (EFCC) as well as its Independent Corrupt Practices Commission (ICPC) counterparts and other agencies like that in Nigeria has mandated all banks in the country to place in their banks to warn the people against corrupt practices in the banking industry, it is however very sad that some banks still manage to get themselves involved in such an undisciplined act. Though First Bank has been known to be one of the oldest banks, and probably the most reliable in Nigeria, recently they have been involved in various forms of scandal, especially by helping corrupt public officials to steal from the public, forgetting about the good name that the bank is reputed for and thereby ruining the good name and bringing disrepute to the banking industry by their role in helping others to plunder the wealth of the country. If it would be recollected the bank was at the fore front when the Senate Joint Committee on Establishment and Public Service and States and Local Governments, was informed how some officials of the Pension Office falsified documents to withdraw N24 billion instead of N3.5billion required and approved from the Budget Office for the payment of pensions, where N21 billion of the stolen money was lodged in a First Bank account. Recently the bank played another major role in another money laundering activity of another public officer as it was First Bank that again finance the buying of bullet proof cars purportedly acquired by the Aviation Minister for a whooping sum of N255 million that is currently generating heat in the country. First Bank name had surfaced during the hearing of the Federal House of Representative into the car acquisition, the bank it was gathered has over the time become a regular name when it comes to issues that has to do with public officers mis-handling public funds as it was also mentioned in a court case in a Bayelsa State High Court sitting in Yenagoa, where the court , granted an interim order stopping further deduction of N300million monthly from Bayelsa State Account based on the Irrevocable Standing Payment Order (ISPO) signed between the administration of former Governor Timipre Sylva and the SNECOU Group of Companies Limited over undisclosed services rendered since 2007 a findings that shows fraudulent activities. In another development, it was gathered that the bank is embroiled in internal crisis which was due to the fact that the bank's current Managing Director Mr. Bisi Onasanya's tenure will soon come to end a situation which was allegedly responsible for the decision of former Lagos State Commissioner For Finance Mr. Tokunbo Abiru to resign his position in the cabinet to Governor Fashola to take up the position of Executive Director and a Board Member of the Bank. This development we gathered did not go down well with other Executive Directors of the bank had been working while Abiru was playing politics, sources however revealed that the former commissioner was favoured by the board of the bank whose were responsible for his decision to return to the fold of the bank after his time in the cabinet of Lagos State where he served as the Commissioner of Finance.

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