Saturday 22 February 2014

Lobbying, lobbying and the Nigeria economy. Read Erastus Akingbola's letter to President Jonathan?

Just read this letter purportedly written by Erastus Akingbola to GEJ on how Saraki had a meeting with him back in 2009, asking for a merger between Intercontinental Bank and Societe General Bank. He, Akingbola, said he declined because a background report shows that Saraki's SG is no match in Market value to IB.
To cut things short, Sanusi came in and in 3weeks, a review of banks was conducted. Prior to this, a similar review, 4 months earlier gave IB a 'clean bill' but on that occasion, the report was 'negative'. A quick rap with one of the examiner, by Akingbola, revealed that "Sanusi was bent on removing me".

Akingbola, in the letter, said he met Saraki to help mediate with Sanusi and he, Saraki, came back to tell him that Sanusi accused Akingbola and one other person of trying to block his CBN with a N6billon bribe.

After Akingbola's removal, former SG Bank's Manager, Saraki's employee, was purportedly chosen to head IB and in it first few weeks, the new management "wrote off about N40billion Saraki loans, returned collaterals to Saraki" among other stuffs.

This is really, really disturbing and warrant a strong response from EFCC, ICPC with close monitoring and pressure from the Fraud Division of the Nigeria Police Force.

The Nigeria economy is getting knocked from all sides by selected few (I am not speaking on the context of this letter but from events that have played out between 2006 to 2010, especially during the shares buying era where companies of 6 months old are given concession to be listed on the Nigeria Stock Exchange.)

Prosecuting is one thing, making culprits pay is another.

All these allegations and cross allegations, bad deals, siphoning, selfishness coming to the surface while about 160 million people groan under bad economy load? It is a matter of when? When will the people say "it is enough."

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