Date Published: 01/19/10

Dear Editor,

Bank PHB: For attention of Sanusi

The public may start having a rethink on the rescue mission, which the Mr. Lamido Sanusi is carrying on in the banking sector. There have been various incidents that supposed to draw his attention and to be resolved to the public’s satisfaction but it seems he is not coming forth.

In the Daily Sun of Monday January 11, 2010 was a front page story entitled “Bank PHB Mess” which stated that the new Managing Director of the bank, Mr. Cyril Chukwuma was involved in an offshore $120,000 vacation scam as well as collecting N2million monthly in lieu of official car. He did not stop at those; he also went against the laid down rules of the banking industry to approve N60million loan for an unconfirmed staffer of the Bank. Is this what rescue mission is all about?

It will be recalled that Guardian on Sunday of November 6, 2009 had reported a $3.1million cash intercepted, unescorted at the Arik wing of the Lagos airport. It was being ferried in a manner suspected to be money laundering on behalf of a State governor, according to the Guardian report, from a southern State. It was later alleged that the saga connected the Akwa Ibom government. This happened under the management of this new Managing Director of the Bank PHB and it took the bank about forty days to come out with a statement that was not convincing; in which the bank claimed paternity of the mystery $3.1million cash. 

It could be said; because the CBN governor turned his eyes to the other side of the $3.1million case, the Bank PHB boss decided to carry on without fear, the recent further atrocities as reported by the Daily Sun under reference. It should also be recalled that Sanusi on arrival, counted among the sins of the Intercontinental Bank, a case of paltry $10,000 granted each member of the Board of the bank as annual holiday stipend. If this was the case, what would Sanusi say of these monumental frauds associated with the present Bank PHB? No matter the way one looks at them; they are frauds too many. The public awaits his action or statement.  

Dr. Peter Kosowei, 421 Aba Road, Port Harcourt