CBN to Axe bank directors owing their banks

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Following recent revelations of how many Chairmen, Managing Directors (MDs) and Executive Directors of Nigerian banks, often in connivance with criminal masterminds among top ranking officers of the immediate past administration, diverted huge sums of money into personal use, the Central Bank of Nigeria (CBN) is set to conclude investigation into local banks’ operations and activities of presiding bank chiefs.


So far, the investigation has revealed shameful truths about the nation’s bank chiefs and how many were found to be responsible for their banks’ major financial woes.

The recent arrest of Nnamdi Okonkwo, the Managing Director of Fidelity Bank PLC, over the discovery of $153 million in new funds laundered through the bank by former Nigerian oil minister, Diezani Alison-Madueke was cited as one of the ‘Executive Lawlessness’ discovered in the banking sector.

Besides masterminding several fraudulent internal and external transactions, many bank Chairmen, MDs and EDs are owing their banks outrageous loans which have turned into bad debts. These loans are not serviced by the bank directors nor do they have any intention of refunding the scandalous sums they borrowed from their banks.

Further investigations revealed that loans owed to some banks by individual directors amount to billions of Naira. This constitutes great strains on the banks’ capital and other resources thus plunging the banks into abysmal financial woes.

Major culprits are repeat offenders who are currently embroiled in scandals tantamount to advance fee fraud, money laundering and outright embezzlement of public fund in conspiracy with corrupt public officers. Many of them have been quietly sneaking to the offices of the Economic and Financial Crimes Commission (EFCC), to refund money misappropriated by them in collaboration with former public officers currently cooling their heels in EFCC custody.

The findings revealed that the affected directors and chairmen are currently running around to bribe the CBN officers in charge of the investigation to keep their names off the list of culprits that will be divulged to the media and general public but the CBN taskforce is doing its best to resist their very tantalizing ‘offers.’

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