Date Published: 08/23/09

Sir,

Letter to CBN Sanusi, EFCC Waziri & UNION Bank Osibodu

Baring the laxity and corruption in the system of Nigerian governance, one would expect that no stone should be left unturned in dealing with those perpetrators of bank frauds. They are worse than armed robbers and kidnappers. Their actions together with the ones of those in power who are fond of misappropriating, without borders, funds kept in their care have actually sent many people and genuine businesses to their early graves.

Echoing what most Nigerians know, Clinton came and talked about corruption in high places of Nigeria and probably those afraid of their shadows started shouting wolves, openly and discreetly.

This is no story telling: I was once in the banking sector and I know of a particular case involving the Union Bank PLC where its recently sacked Chief Executive had caused to be written off, a non-performing facility of about N400million; it was outstanding against a (now) sitting governor of one of the south-south states, before his new status. This obliteration of the facility was within few months the governor came on seat. On what basis was that written off and if the former Chief Executive of Union Bank, who is believed to hail from the state allegedly as the governor, confirms that it was not written off but liquidated; then the public would like to know how the sitting governor managed to liquidate such a facility few months in office, if not from looting the state treasury. The obliteration of the facility came on the heels of the bank’s external lawyers taking the case to court but this action was prevented by the bank’s Chief Executive.

To Mr. CBN governor Sanusi (including the EFCC chairman Waziri and the new Union Bank Osibodu), this and the likes must be fully investigated as test cases, I beg of you; since you now seem poised to put to rest all the past wrongs in the Nigerian banking industry.

Dr. (Engr) Tunde Abayomi, Adeola Odeku, Victoria Island Lagos.