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Police arrest ex-bank MD, Alabi, over N9bn loan

LAGOS—Former managing director of defunct Intercontinental Bank, Mr. Mamooud Alabi, has been arrested by operatives of the Special Fraud Unit, Milverton, Ikoyi, Lagos, for allegedly writing off a N9 billion loan without authorisation from the Central Bank of Nigeria.

Alabi was said to have been invited to the unit yesterday, only to be delayed more than necessary, owing to what was described as the magnitude of the issue.

Intercontinental Bank  was recently bought over by Access Bank.  Report said during an   internal investigation and cross checks on the defunct bank’s accounts, N9 billion loan  was discovered to have been written off.

Report indicated that another N7 billion loan was discovered to have been granted without directive from CBN.
The starling discovery was reported at SFU, following which Alabi was arrested and interrogated.
The outcome of the interrogation could not be ascertained at press time.

The Commissioner of Police in-charge of the unit, Mr Tunde Ogunsakin, confirmed the arrest, informing that Alabi was helping the force in its investigation.


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