Operatives quizz BankPHB, ETB, Spring Bank chiefs
Contrary to expectation, operatives of the Economic and Financial Crimes Commission (EFCC) yesterday met with some bank debtors at a secret location in Lagos.
The meeting, which was billed for the EFCC Awolowo Road, Ikoyi, Lagos office, was moved to the secret location following the debtors’ plea, sources told The Nation.
The debtors, among whom are frontline politicians and eminent industrialists, pleaded for the change in venue to avoid what they called the "prying eyes" of the media.
Besides the debtors, the EFCC operatives quizzed the Financial Controllers and Company Secretaries of Bank PHB, Spring Bank and Equitorial Trust Bank (ETB) yesterday.
It was learnt that upon the receipt of the letters of invitation, the debtors pleaded with EFCC Chairman Mrs. Farida Waziri to protect them from the media.
A source said: "These highly-placed debtors said the coverage of their presence in EFCC’s office by the media was affecting their image and causing them depression.
"They pleaded that they be allowed to appear before the commission in Abuja instead of Lagos. The debtors sought the protection of their privacy.
"But due to logistics, the EFCC insisted that it would meet with them in Lagos but with a change of tactics.
"That was why we moved our operatives to a secret location, in line with the request of the debtors."
The source added: "We took this step because the list of the debtors is already known to the public. We are really not trying to censor the press."
On the outcome of the interaction with the debtors, the source added: "Some of them came to reconcile their accounts. They also made commitments to offset their debts.
"Some of the debtors could not make it. They contacted the commission and rescheduled their visit.
"I think they are scared of the presence of the media because of a likely backlash on their reputation and business."
The source said it was too early to give any debt recovery figure.
The Financial Controllers and Company Secretaries of Bank PHB, Spring Bank and ETB were quizzed at the EFCC Ikoyi office.
Another source said: "We grilled these officials on alleged insider abuse; board decisions; and strange payments made by the banks.
"So, their invitation was part of the probe of the three banks by the EFCC. Some of the Managing Directors arrested have opened up on some decisions taken by their banks. We need to crosscheck relevant documents."
EFCC spokesman Femi Babafemi said: "Yes, we interacted with some of the debtors. They promised to repay their loans."
On the bank officials interrogated, Babafemi said: "It is part of the ongoing investigation in the banks."
Reporters and photographer besieged the EFCC office early yesterday in anticipation of the debtors’ visit.
They arrived as early as 8a.m. and waited until late in the day when they learnt that the debtors would not be coming.
EFCC spokesman in Lagos, Wilson Uwuigiaren, who confirmed the secret meeting, said some of the debtors pledged to repay part of their debts today.
He said others were being expected today as there is no "definite deadline" for payment.
He, however, failed to give the names and number of the debtors.
"We’ve decided to withhold their names with the belief that they will honour their words to begin to repay their debts as from today. Those who did not show up today (yesterday) will do so tomorrow (today)"
Sacked Managing Director of BankPHB Mr. Francis Atuche has applied to the EFCC to grant him bail or charge him to court rather than detaining him perpetually.
Atuche was arrested by the commission’s operatives last Friday and has since been in custody.
In an application for administrative bail delivered to the commission yesterday by one of his lawyers, Dr. Nnamdi Dimgba, Atuche said his continued detention was against constitutional provision.
The application jointly written by three Senior Advocates of Nigeria (SANs) – Chief Antony Idigbe, Rickey Tarfa and Chief Adeniyi Akintola – reads:
"We wish to draw your attention to the fact that under our constitution, except in very limited circumstances, which do not apply in this case, no person should be detained for more than 48 hours without either being released on bail or arraigned in a lawful court.
"We note that our client has been in your custody for a period longer than the above. We are therefore humbly applying that you kindly release him on bail pending such a time that you are ready to prefer charges against him, if any.
"We further apply that he be released on his self recognisance or upon any other reasonable and practicable condition that you may in your discretion prescribe."
A customer of Springbank named as debtor by the Central Bank of Nigeria (CBN), Arcturus Merchant Trust Limited, said it had repaid what it owed the bank prior to the CBN intervention.
Its lawyer, Mr Erasmus Baderinwa, said yesterday that the debt was repaid in line with the terms of settlement executed by both parties on May 16, 2008, and endorsed by a Lagos State High Court.
Baderinwa exhibited a copy of the terms of settlement and a letter by Springbank dated June 18, 2008, addressed to the Commissioner of Police, Panti, Lagos, acknowledging the settlement of the said debt.
The firm said it had not borrowed any other money since then from the bank, adding that the inclusion of its name on the CBN’s list must have been a mistake.
