THE CABLE
A former relationship manager at First Bank of Nigeria (FBN) says loans worth billions of naira were transferred to companies related to Oba Otudeko, then chairman of the bank, even though they were granted in the name of other firms.
Adesuwa Ezenwa is currently at the National Industrial Court (NIC), Lagos, division, claiming unfair dismissal by FBN, which is listed as the sole defendant.
In her statement of facts seen by TheCable, Ezenwa (the claimant), said she was dismissed on October 5, 2016 on fraudulent loan disbursements “without any explanation” as to her culpability.
After her sack, she was invited to appear before a credit disciplinary committee reviewing facilities granted to a firm known as Supply and Services Ltd, a subsidiary of Royal Ceramics Group — a major customer of the bank.
Although the committee cleared her of having any interest in the loans disbursed, Ezenwa said she was admonished during the disciplinary proceedings for not “whistleblowing on some of the transactions approved by her group head (Mr Olatunji) and the Executive Vice President (Mrs. Cecilia Majekodunmi)”.
She said the admonition was most unfair and unwarranted as she was in no position to whistleblow on her superiors, “though some of the loan facilities reviewed were unsecured facilities granted to companies in which the chairman of the bank, Chief Oba Otudeko and the erstwhile Managing Director, Mr Bisi Onasanya, had substantial investments”.
“The persons to whom these reports would have been made were the very persons who were the perpetrators of the misdeeds,” her statement to the court reads.
“The impugned facilities were approved and disbursed under the direction and authority of her Group head and executive vice president and camouflaged as loans granted by some other unsuspecting customers.”
‘N12 BILLION GRANTED TO FIRM OTUDEKO HAS SUBSTANTIAL INVESTMENT IN’
In one scenario, according to her, “unsecured facilities” worth about N12 billion were “granted to a company in which Oba Otudeko has substantial investment”.
However, the “loan was camouflaged as loans granted to the Stallion Group of Companies, which at a point in time discovered this false entry in its statement of account and protested same”.
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