By Kamarudeen Ogundele
Published on 23/07/2009
The Nigeria Deposit Insurance Corporation (NDIC) has accused the Inspector-General of Police, Mr Mike Okiro, of contributing to the liquidation of Lead Bank Ltd.
NDIC alleged that Okiro contributed to the bank’s insolvency by failing to repay credits of more than N166 million extended to him between 2000 and 2001.
The corporation alleged that Okiro secured the loan to finance a pipeline laying contract that he won from Nigeria Agip Oil Company (NAOC), adding that he used his family business enterprise, Hekiro Nigeria Ltd, to obtain the loans.
The police reacted swiftly to the allegation, which they described as "blackmail".
The Nigeria Deposit Insurance Corporation (NDIC) has accused the Inspector-General of Police, Mr Mike Okiro, of contributing to the liquidation of Lead Bank Ltd.
NDIC alleged that Okiro contributed to the bank’s insolvency by failing to repay credits of more than N166 million extended to him between 2000 and 2001.
The corporation alleged that Okiro secured the loan to finance a pipeline laying contract that he won from Nigeria Agip Oil Company (NAOC), adding that he used his family business enterprise, Hekiro Nigeria Ltd, to obtain the loans.
The police reacted swiftly to the allegation, which they described as "blackmail".
In a July 20 letter to Okiro, NDIC lawyer Mr Okunade Olorundare (SAN), demanded re-payment of the loan within 48 hours. The corporation also accused Okiro of abuse of office and a breach of the Code of Conduct for public officers for using his office to secure the contract.
"Our client informed us that as at January 16, 2006 when the banking licence of Lead Bank Ltd was revoked, Hekiro Nig. Ltd, which was being run as your family business enterprise was indebted to the bank to the tune of N166,597,365.97.
"NDIC as a liquidator of Lead Bank Ltd wrote you a demand letter on May 9, 2007, asking you for proposal on how you would want to liquidate the debt. "By various documents submitted to us by our client, you personally guaranteed the loan by mortgaging your landed property at Abeokuta covered by certificate of occupancy number 022226 in the name of Mike Mbama Okiro, which you obtained while in Ogun State Command of the Police.
"From some of the documents passed to us, you signed as chairman, while in some, you signed as director for Hekiro Nigeria Limited.
"However, despite the fact that you are a police officer and knowing the implication of forging a signature, you signed as Bessy Okiro and which signature is consistent with your true signature as Sir Mike Okiro on some of the documents available to us.
"Apart from signing as Bessy Okiro, we have discovered that you did not declare your interest in Hekiro Nigeria Ltd to the Code of Conduct Bureau as required by the 1999 Constitution," the letter said.
Hekiro Nigeria Ltd, NDIC said, maintained a corporate account number 32620009260 with the Port Harcourt, Rivers State branch of the bank where the facilities were drawn.
The corporation said Okiro’s international passport number AO696925 was used in opening the account.
NDIC contended that after series of efforts to recover the loan, Okiro’s wife, Hera, paid N5million vide a Fidelity Bank cheque number 00553907 on April 30.
"Our instruction, therefore, is to demand for the immediate payment of the outstanding sum of N161,597,365.97 which was the accrued debt as at January 16, 2006.
"You are to deposit the above sum in our chambers or pay directly to NDIC, the liquidator of Lead Bank Ltd, within 48 hours from today.
"In addition to the above, it is our client’s further instruction to drag you before the Code of Conduct Tribunal and equally to write to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and related agencies to prosecute you.
"You are to comply with the above demand immediately, else, we shall carry out our client’s instructions to the hilt," the letter said.
Contacted, the Police Force Public Relations Officer, Mr Emmanuel Ojukwu, said the letter was directed to Okiro personally, adding that the alleged transaction was private not official.
Ojukwu said he recalled that the police had charged the NDIC management to court for alleged conspiracy and fraudulent deals with the recovered fund of Fortune Bank (in liquidation).
He said the allegation against Okiro could be a "hit back" by the corporation.
The police filed charges at an Abuja High Court against NDIC Managing Director, Mr Ganiyu Ogunleye and its Executive Director of Operations, Prof. Peter Umoh.
Also charged are two members of the Central Bank of Nigeria (CBN) -Interim Management Committee for Fortune Bank, Dr Joe Emerson, and Mr Innocent Ilozumba, a manager with Fidelity Bank, Adedapo Agboola and a former chief accountant of Fortune Bank, Pius Obeleke.
The police alleged that Ogunleye, Umoh, Emerson and Ilozumba unilaterally granted 60 per cent interest waiver on the indebtedness of Nasarawa State Government to Fortune Bank without the approval of the then Finance Minister, Dr Shamsuddeen Usman.
They were also accused of dishonesty in depositing the N1.058 billion recovered from Nasarawa State Government with Fidelity Bank, instead of a designated Fortune Bank Account number 023-01236-41-55-3 with CBN.
The corporation, however, submitted that the criminal charge was "frivolous and a crude attempt to intimidate its officials and divert their attention from recovering the outstanding debt of N161.9 million, owed by Okiro’s family to Lead Bank".
NDIC said on November 12, last year, Okiro’s wife met with its officials and sought an interest concession on the loan which was not granted.
http://thenationonlineng.net/web/articles/11409/1/NDICgivesOkiro48hrstopayN166mbankdebt/Page1.html/print
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