April 21, 2010

N67bn scam: EFCC arrests Afribank chairman, 4 others

By Emman Ovuakporie
ABUJA—THE Economic and Financial Crimes Commission, EFCC, has arrested the Chairman of Afribank Plc, Mr. Osa Osunde, and four directors of the bank over alleged misappropriation of depositors’ money running into about N67billion.

It was reliably gathered, yesterday, that the chairman and his directors were picked by EFCC operatives and detained pending when they would appear in court.

The names of the four directors involved in the scam include: Jibril Isa, Isa Zailaini, Henry Arokudede and Chinedu Onyia.

Afribank was one of the banks the Central Bank of Nigeria, CBN, applied the sledge hammer on last August when the Bank Managing Director, Sebastian Adigwe, and others were sent packing for poor management of loans, insider trading of stocks and unwholesome banking practices.

The new development was alleged to have been caused by reckless granting of loans without due process and misappropriation of depositors’ funds.
A source told Vanguard that the bank’s chairman and his directors would appear in court today.