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Sacked MD approves multi million loan for allies

By Soni Daniel, Northern Region Editor

One of the managing directors sacked on Monday by the Presidency, has played a fast one on the government by approving multi-million loans to his cronies and associates before stepping aside. He is said to have gone into hiding shortly after handing over to one of he top officials of the agency, which has been plunged into huge avoidable debts incurred by reckless spending by the sacked board and management.

The man is said to have gone under to avoid being taken in the Independent Corrupt Practices Commission and the Economic and Financial Crimes Commission, which had been trailing him even before his sack last Monday.

Among other crimes allegedly committed by the man, was the huge sum of N1 billion, which he claimed to have donated towards the re-election campaign of former President Jonathan and the N300 million bribe he demanded from a popular farming group in Lagos as a condition for approving a  N1.5 billion expansion credit to a popular Lagos farming entity recommended by a former president of Nigeria.

The dismissed official, who headed one of the development financial institutions, reportedly ignored the directive of the presidency to hand over immediately to the next most senior official but worked for two additional days to achieve his inordinate mission.

Insiders, who are upset with the way the sacked official carried on in the establishment, said he reluctantly handed over on Wednesday after tampering with vital official documents. The extra three days spent in the office by the disgraced official, was to enable him to sign off many controversial ‘deals’ and backdate them to prevent auditors from questioning them.



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