Saraki Duped Jay Jay Okocha

Remember him? Austin Jay Jay Okocha. He is arguably the finest footballer to ever come out of Nigeria. Towards the end of his retire, he had put some of his personal savings in a Nigerian bank called Societe Generale Bank (SGBN). For those who do not remember the history, this bank suddenly went down taking with it the lives of a lot of Nigerians. Depriving them in the process of their hard earnings and savings.

Super Eagles Captain, Austin Jay Jay Okocha, is presently a troubled man. Okocha’s troubles have to do with the sum of N120m which he lodged with a Lagos branch of the distressed Societe Generale Bank.

PMNews gathered this morning from Okocha’s close aide, Friday Nwankwo Kujah, that Okocha discovered that the bank was distressed when he felt the need to buy a house in a highbrow area of Lagos and raised a cheque for N106 million, only for the cheque to be returned to the drawer, as the bank lacked the ability to meet its obligation to its numerous customers. The painful thing is that some of those who support him now probably lost or have someone who lost money because of Saraki and his family.

This 2008 report details how Saraki and his father did it and how YarÁdua of PDP prevented his prosecution because of his closeness to him. I assume all the families who were affected by this recklessness will not care about witch hunting considering the number of families that lost fortunes in this debacle.

How Saraki, others Looted Societe Generale Bank of Nigeria • Over N1b Looted

THE last may not have been heard of the reckless Boardroom manipulations that crippled the once beloved Societe Generale Bank of Nigeria (SGBN) as exclusive details of the charges to be preferred against some of its directors by operatives of the Economic and Financial Crimes Commission (EFCC) under the leadership of the Former Chairman, Mallam Nuhu Ribadu, an Assistant Inspector General of Police (AIG), at the time of collapse obtained exposed a can of worms in the board management of the bank.
HE last may not have been heard of the reckless Boardroom manipulations that crippled the once beloved Societe Generale Bank of Nigeria (SGBN) as exclusive details of the charges to be preferred against some of its directors by operatives of the Economic and Financial Crimes Commission (EFCC) under the leadership of the Former Chairman, Mallam Nuhu Ribadu, an Assistant Inspector General of Police (AIG), at the time of collapse obtained exposed a can of worms in the board management of the bank.

Sources within the anti-corruption agency disclosed that specifically, the chairman, Council of Elders Northern Union, Dr. Olusola Saraki who is also father of the Kwara State Governor, Dr. Bukola Saraki and other directors of the crippled bank had been investigated and were due to be arraigned on a 30-count charge before high-power politics and maneuver swept off Ribadu and his team at the EFCC who had sworn to ensure that persons who played any role(s) in the alleged looting of the bank are brought to book.

As the July 31, 2008, deadline of a two-month extension granted to the embattled SGBN by the country’s apex bank, the Central Bank of Nigeria (CBN) to enable it tidy its merger arrangements, draws near, it is apparent the submerged charge sheet which is key to the roots of the bank’s troubles is very much relevant.

The suit, had it proceeded, would have held at the Lagos, Federal High Court, and would have been between the Federal Republic of Nigeria and Dr. Olusola Saraki, joined with nine others to wit :- Robert Mbonu, Hafiz Bakare, Toyin Idowu, G. A. Oyenola, Yinka Fagbemi, Kennedy Izuagbe, Dele Iluyomade, Noah Olopoenia and Lana Haastrup as accused persons.

National Daily gathered that Ribadu intended to prosecute Bukola Saraki but could not because he enjoys the immunity clause bestowed on serving governors by the constitution of the country. The trial of Bukola’s father and his accomplice would however had commenced pending the expiration of the son’s tenure as governor but for the tenacity of Bukola Saraki who as a member of President Umaru Musa Yar’Adua’s kitchen cabinet worked round the clock to ensure that the suit got thwarted and Ribadu disgraced. Bukola was also identified as the man behind the ouster of Ibrahim Larmode
Documents made available to National Daily revealed eight of the 30-count charge were directed at Dr. Olusola Saraki alone, and three solely for the defunct bank’s MD Monu. The charges hinged mainly on transactions without collaterals spanning periods from 1999 to 2003 include that Dr. Olusola Saraki while being Director of SGBN Plc between 2002 and 2003 at Lagos the Lagos Judicial Division of the Federal High Court and having personal interest in the grant of a loan facility accounting to N210,000,000.00 (Two Hundred and Ten Million Naira) granted by the Societe Generale Bank Nigeria Plc to Peoples Democratic Party (PDP), Kwara State Chapter and failed in his duty to declare the nature of his interest in PDP and the loan to the Board of Directors of Societe Generale Bank Nigeria Plc and thereby committed an offence punishable under Section 18(11) of the Banks and Other Financial Institutions Act Cap B3 Laws of the Federation of Nigeria, 2004.

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