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Fraudulent Sale Of Banks: House Committee Yet To Submit Report Weeks After Deadline


With the deadline given to the House of Representatives Committee on Banking Currency, Capital Market and Institutions having elapsed, nothing has been heard of the alleged fraudulent sale of some banks by the Central Bank of Nigeria (CBN). It is already being alleged in some quarters that the matter might eventually go under.

After the Central Bank approved the take over of Intercontinental Bank Plc by Access Bank, it was reported that Access Bank was and is still indebted to Intercontinental Bank Plc. Street Journal also reported that the two Group Managing Directors of Access Bank, Aigboje Aig- imoukhuede and Herbert Wigwe were on the list of debtors of Intercontinental Bank published by the CBN. The House of Representatives therefore mandated its Committee on Finance to look into the matter and see if the sale of the bank actually followed due process. The decision was taken on the 26th, October after a motion to that effect was moved by Honourable Dayo Bush Alebiosu. While speaking on the matter, Hon. Alebiosu noted that  while the Federal Government which pumped N 650 billion into Intercontinental Bank Plc through AMCON controlled

The Committee was given two weeks to submit its report. Street Journal has however gathered that so far, nothing has been heard from the committee, neither has it submitted its report.

A source in the House however opined that the Committee might have been affected by the Sallah break taken by the legislators.

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