Mr Frank Ogboko, a former staffer in Fidelity bank’s Internal Audit
and Cost Control Unit just made very grave revelations in a petition.
Along with docuements to back his assertions.
Here are trending details of his confounding disclosures
The former Fidelity Bank employee, Mr. Ogboko, a Chartered Accountant
and a member of ICAN since 1990 has let to light discrepancies and
fraud involving two companies, Oil Recovery and Environmental Services
Limited and ERES N.V limited of depositors fund totaling N11billion,
culminating from huge debit balances from rogue loans and capital market
fraudulent activities involving both companies and the
management of Fidelity Bank.
According to Ogboko, who was appointed as a staff of Fidelity Bank on 1st November 2002,
he noticed the discrepancy in the balance sheet and notified his
immediate boss Mr. Boye Ogunbolade, saying that the actions of the bank
was not in line the banks’ corporate and financial guidelines, but was
persuaded to drop the matter and was eventually sacked.
He said. “Why my appointment was terminated was that I discovered a
huge fraud perpetrated by officers of Fidelity bank. The officers
involved are; Mr. Reginald Ihejiahi ( the former M.D) Chief Willie
Obiano ( The Current Governor of Anambra State) Mr. Ikemefuna Mbagwu,
Mr. Sam Obijiaku and Mr. Boye Ogunbolade.
“These are the officers involved in the fraud.
“I alerted Mr. Ogunbolade, my immediate boss that what the bank is
doing is not good, that we are not making provisions in line with the
provisional guidelines, and that is the N6.3 billion, and that we
committed capital market fraud which is very very bad.
“He took offence and reported the matter to the M.D (Mr. Ihejiahi).
They removed me from the unit, took me to the Corporate Services Unit.
“Right from the time the two companies took the loan, and they’ve
taken subsequent loan from the bank, it beholds in the directors of the
company to pay back the loans they took, but they did not and frantic
effort was made by the bank to recover the loans.
“The bank statement relating to the accounts of both companies was
above N3 billion each for the companies as the debit balance as at 31st
October 2005. The two account balances were not cleared by the directors
of the company because if the directors paid off the loan, they will
give us the instruments used in paying back the loan.
They cannot pay it by cash. The bank wiped it off the system.
“The other case of the capital market fraud. What they did was that
they will take money from the vault of Fidelity Bank. Vaults in various
branches nationwide.
“They have regional officers in charge. They direct the regional
officers to source money from their regions to pay into named accounts.
“These monies are then used by the beneficiaries to buy Fidelity bank
shares. This implies that the board bought the shares by themselves.
This they use in financing the initial public offer that they went for
and then they say the shares have been oversubscribed.
“No, it is the depositors’ money that they used in buying the shares.
“And then they created loan accounts for such individuals. Those loan
accounts are then converted into loans without appraisals and without
recouping the funds.
“You now find out that the beneficiaries of those loans might not be
able to pay back the loans because of the share prices explosion which
brings the share prices down. The account beneficiaries still carry the
loans the bank being what they are, know how to manage it. Those loans
are created for people who did not apply for loans.
“In this case, the Central Bank of Nigeria did not go for investigations.
“This is how the capital market fraud was of N4.7 billion and the
falsification of account to the tune of N6.3 billion totaling N11
Billion came about.
“This is what Chief Willie Obiano and his group including Mr. Peter
Obi (the former governor of Anambra State) did, because Obi was the
chairman then. It was a big fraud they committed.
“The two companies were in existence. I have documents showing their correspondence with Fidelity Bank that they existed.
“They can float a company; make A B or C as directors. Things can
happen in Nigeria. The person will be coming to take money and give it
to them.
“At the end of it all they know that, oh we cannot payback this money, they will just remove it gently from the system.
“I reported this matter to the then Inspector General of Police,
Hafiz Ringim. I sat down one on one with him, I gave him copies of the
documents. I reported this matter to the EFCC, I gave them copies, I
have my own copies and nothing happened.
“Even when I came out, I had discussions with the office of the NSA,
this matter went to them. They did investigations. They said Francis,
what you did was correct; the bank actually did the fraud. The fraud was
actually committed, they investigated and it is true.
“Nigeria and her corruption and settlement palaver, I don’t know how
they were settling. The IG of police would receive a document and
nothing happened. EFCC would receive a document and nothing happened.
“When the whole thing happened it was Tafida that was there at the EFCC, I am surprised the way things are happening in Nigeria.
“The names of the Officers of the bank involved were mentioned in the
petitions I sent to the EFCC, Reginald Ihejiahi, Chief Willie Obiano,
Sam Obijiaku, Ikemefuna Mbagwu, and Boye Ogunbolade. These were the key
officers that were in charge of the affairs of the bank.
“The bank is an entity. They cannot say they were not aware of what
was happened at the bank because we gave then reports every day.
“Because of this, there have been several threats to my life. I don’t
stay in my house until this case is over. For them if I am no longer
alive, then this case is over because nobody will challenge them. I am a
shareholder of the bank and also a former staff of the bank.
“I spent nearly one year in Ikoyi Prisons but was later granted bail
in the High Court by Justice Kehinde Johnson. Since I came out, for the
bank to go and prosecute this matter now, they refused going because
they know that with the documents I have they will close down the bank.
The N4.7 billion capital market fraud and N6.3 billion falsification of
account.
“Chief Willie Obiano was there, Mr. Peter Obi was the chairman when
all these was going on, and the money they used in paying to the account
of Mr. Peter Obi’s company, Next International, I have documents
relating to that.
“Since that thing was done, even though I was released on bail by the
High court, they sent assassins to my house to look for me, but thank
God I was not in the house that day. After that I had to relocate.”
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