Naija Gist

Hi there, its great to be back to the bloggosphere. A lot has been happening on the naija front lately. The ASSU strike is no longer news,but the last has not been heard of the banking brolla.

Two weeks after they were ousted by the Central Bank of Nigeria and later detained by the Economic and Financial Crimes Commission (EFCC), the Federal Government yesterday finally arraigned the former chief executive officers and some directors of the five troubled banks, namely Okey Nwosu of FinBank Plc, Sebastian Adigwe of Afribank of Nigeria Plc, Cecilia Ibru of Oceanic Bank Plc, Bartholomew Bassey Ebong of Union Bank Plc and the chairman of the Intercontinental Bank Plc, Raymond Obieri, alongside six other directors were yesterday arraigned at the Federal High Court, Lagos. Erastus Akingbola, chief executive of Intercontinental Bank is yet to report to the EFCC and has since been declared wanted.

Meanwhile, a mild drama ensued while charges were being read to Mrs. Cecilia Ibru who clutched a bottle of energy drink prepared by her doctor as she slumped at about 5.15 p.m., a few minutes after she was ushered into the dock by the EFCC officials and her doctor.
The situation led her counsel, Mr. Niyi Akintola, to appeal to the Judge, Justice Dan Abutu, to allow her doctor assist her to take the remaining charges, a request granted by the Judge.
The accused were slammed with a cumulative 117-count charge of reckless granting of credit facilities running to several billions of naira without adequate security, contrary to the accepted practice, an offence contrary to Section 15 (1) (a) of the Failed Banks (Recovery of Debts) and Financial Malpractices in Banks Act, Cap F2, Laws of the Federation of Nigeria, 2004 and punishable under section 16 (1) (a) of the same Act.
Others include failure to take all reasonable steps to ensure correctness of the banks' monthly and quarterly returns to the Central Bank of Nigeria (CBN), an offence punishable under section 50 of the Banks and Other Financial Institutions Act (BOFIA) Cap B3 Laws of the Federation of Nigeria, 2004, failure to maintain at all times, the minimum capital adequacy ration specified by the CBN in compliance with Section 13(1) of the Banks and Other Financial Institutions Act, Cap B3 Laws of the Federation 2004 ,an offence which is contrary to Section 50(a) of the Banks and Other Financial Institutions Act, Cap, B3 Laws of the Federation of Nigeria, 2004 and punishable under the same section of the same Act.

Other charges against some of the non-executive directors of Intercontinental Bank Plc include receiving several thousands of the United States dollars from the bank as holiday allowances in contravention of the code of conduct for banks issued by the CBN, an offence committed contrary to section 33 (5) (b) of CBN (Establishment) Act 2007 and punishable under the same section of the same Act.
Of all the 117 count-charge, Nwosu has 11 counts, Cecilia Ibru, 25, Adigwe and two others 35, Ebong and two others 28 counts, while Ebieri and six other non-executives got 18.
All the accused persons pleaded 'Not guilty' to the charges. The prosecution was led by Mr. A. B Mamud (SAN). While Nwosu was represented by Wole Olanipekun, Philip Jimoh-Lasisi was for Adigwe and Femi Falana represented Ololo. Mr. Chris Uche (SAN) represented Ebong, while Niyi Akintola (SAN) was for Cecilia Ibru.
Meanwhile, an attempt by Nwosu's lawyer, Mr. Olanipekun, to make an oral bail application was opposed by the prosecution, which led Justice Abutu to direct counsel to the accused persons to file their written applications. He subsequently adjourned proceedings till September 4, 2009 for parties to move their bail applications, while remanding Nwosu and Adigwe to Ikoyi Prison
The Judge however in view of the health condition of Cecilia Ibru remanded her and other non-executive directors of Intercontinental Bank to the EFCC custody till Friday.
Before adjourning the matter, Justice Abutu also directed that Cecilia Ibru should have unrestricted access to her doctor.

It' s really bizzlin,if you ask me. I hope such news always don't make the headlines, I guess its goin to be livelong wait indeed. Am outta here.