ADVERTISEMENT
  • The Membership Club
  • PT Hausa
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
Saturday, March 6, 2021
Premium Times Nigeria
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
Premium Times Nigeria
BUA Group Ad BUA Group Ad BUA Group Ad
ADVERTISEMENT
N87.5bn fraud: Ex-Afribank chief denies allegation of irregular transactions

N87.5bn fraud: Ex-Afribank chief denies allegation of irregular transactions

byPremium Times
June 13, 2013
1 min read
ADVERTISEMENT

The former bank chief is being tried for alleged fraudulent activities.

A former Managing Director of Afribank Plc (now Mainstreet Bank), Sebastine Adigwe, on Thursday denied engaging in irregular banking transactions.

Mr. Adigwe made the denial through his counsel, Anthony Idigbe, at the resumption of his trial before Justice Olabisi Akinlade of an Ikeja High Court.

The former bank chief is charged with stealing N87.5 billion belonging to the bank.

The Economic and Financial Crimes Commission is prosecuting Mr. Adigwe alongside five other former directors of the bank – Osa Osunde, Isa Zailani, Chinedu Onyia, Henry Arogunde and Peter Ololo.

The first prosecution witness, Ndubuisi Osakwe, a former Head, Special Projects, Afribank, had told the court that the bank granted loans to some companies in September 2008. Mr. Osakwe said that the loans of between N13 billion and N15 billion were granted to the companies for the purchase of Afribank shares from the Capital Market.

He said that the beneficiaries of the facility included Rehoboth Assets Management Ltd., Falcon Securities Ltd., Resolution Trust Investment Ltd. and Petosan Oil and Gas Ltd.

According to him, these companies later issued cheques in various sums in favour of one of the bank’s subsidiaries, Afribank Securities Ltd.

The witness said that Afribank Securities Ltd. transferred the money into the account of Assets Management Nominees (ASEMAN) Ltd., also owned by the bank.

RelatedNews

Blood on Uniforms (2): No justice for inmates killed by Nigerian prison officials

Army declares 12 officers, 89 soldiers wanted for deserting warfront (FULL LIST)

COVID-19: Nigeria records 479 new cases, eight deaths

AfDB approves $320,000 for gender digital financial operations in Nigeria, others

However, Mr. Idigbe, who cross-examined the witness on Thursday, said that the transactions followed normal banking procedures.

He said that the transactions were initiated to forestall a hostile takeover of Afribank by Bank PHB and Access Bank, which were buying large quantities of the bank’s shares.

“The funds were placed in ASEMAN’s account, which is controlled by the bank, as a form of security and to have control over the shares.

Dangote adbanner 728x90_2 (1)

“The bank gave out its money to these companies. There was no movement of the funds to the personal account of the first defendant (Adigwe),” Mr. Idigbe said.

(NAN)

  • WhatsApp
  • Tweet
  • Email
  • Print
  • Telegram
  • More
  • Share on Tumblr
  • Pocket

Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


TEXT AD: To advertise here . Call Willie +2347088095401...



JOIN THE CONVERSATION

  • Disqus (0)
premiumtimes



PT Mag Campaign AD

Previous Post

CBN asks Nigerian banks to submit regular reports on Boko Haram, Ansaru deals

Next Post

Abuja court jails man for 18wks for street roaming, others

Premium Times

Premium Times

More News

ACompleted phase 1 housing units at Earthpoint and Modern Shelter estate

SPECIAL REPORT: Years after paying millions to developers, Abuja residents stranded without homes

March 6, 2021
SEC logo

Nigeria’s SEC receives $400,000 AfDB grant to strengthen securities market

March 6, 2021
Nigerian stocks

Nigerian equities extend slide on profit-taking in leading stocks

March 5, 2021
Naira and Dollars

Naira falls on I&E window

March 5, 2021
atm-machine-nigeria1

Customer Satisfaction: Nigerian banks, others worst performers — Govt. Data

March 5, 2021
Nigeria Stock Exchange trading floor

NSE: Negative sentiment persists as stocks shed N82 billion

March 4, 2021
Next Post
magistrate_court

Abuja court jails man for 18wks for street roaming, others

Eket market women decry harassment by council officials

Nigeria, 19 other countries cut population of hungry citizens by half, meet MDG one target- FAO

Discussion about this post

Search

#EndSARS: Latest Updates




Polaris Bank


JAIZ Ad


Access Bank Ad


NITDA Ad





Glo Ad

Subscribe to News via Email

Enter your email address and receive notifications of news by email.

Join 1,629,457 other subscribers.

Advertisement






netherland biz school Advert



Zenith Advert

ADVERTISEMENT

Our Digital Network

  • PT Hausa
  • Election Centre
  • Human Trafficking Investigation
  • Centre for Investigative Journalism
  • National Conference
  • Press Attack Tracker
  • PT Academy
  • Dubawa
  • LeaksNG
  • Campus Reporter

Resources

  • Oil & Gas Facts
  • List of Universities in Nigeria
  • LIST: Federal Unity Colleges in Nigeria
  • NYSC Orientation Camps in Nigeria
  • Nigeria’s Federal/States’ Budgets since 2005
  • Malabu Scandal Thread
  • World Cup 2018
  • Panama Papers Game
  • Our Digital Network
  • About Us
  • Resources
  • Projects
  • Data & Infographics
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

No Result
View All Result
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Panama Papers
    • Paradise Papers
    • Parliament Watch
    • AGAHRIN
  • Opinion
  • PT Hausa
  • The Membership Club
  • Dubawa
    • Dubawa NG
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
  • Digital Store
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

Our website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.