Welcome to Ghana Pundit: The Home of Politics and Intelligent Analysis


Grab the widget  Tech Dreams

Insist on Your Right to Education

Uneducated citizenry is like a pitch any game can be played on it. Illiteracy is what has given the politicians in Ghana the chance to fool so many people for so a long a time.

Wednesday, August 26, 2009

Nigeria bank boss held by police

Nigerian currency
The central bank had to bail out the five lenders earlier this month

A former Nigerian bank boss being sought by the country's anti-corruption police has turned herself in.

Cecilia Ibru, who the central bank sacked from her chief executive position at Oceanic Bank on 14 August, had been sought for three days.

She is now due to be questioned on suspicion of fraud, insider trading and money-laundering.

Ms Ibru and other bank bosses were sacked after the central bank had to come to the rescue of five lenders.

The Central Bank of Nigeria has to inject a total of 400bn naira ($2.6bn; £1.6bn) into the banks - Afribank, Intercontinental Bank, Finbank, Oceanic Bank and Union Bank - after all were found to have seriously low cash reserves because of a series of bad loans.

Fifteen other chief executives at the banks are already being questioned by police, following the expiry of a deadline for many of the loans in question to be repaid.

"She [Ms Ibru] gave herself up this afternoon. She is being interrogated," EFCC spokesman Femi Babafemi said.

Shares in the five banks, which account for 40% of the country's bank credit, have been suspended.

They had run up bad loans totalling a collective 1.14 trillion naira.

Nigeria is no stranger to corruption, but the latest scandal has dominated the country's media headlines.

No comments:

Ghana Pundit Headline News

E-mail subscription

Enter your email address:

Delivered by FeedBurner

Pan Africa News

Graphic Ghana


Peacefm Online - News with a vision

The Times - World News

The Times - Africa News

Pambazuka News :Emerging powers in Africa Watch

AfricaNews - RSS News

The Zimbabwe Telegraph

BBC News | Africa | World Edition

Modern Ghana

My Blog List