Intercontinental Bank Fraud: Anti-Fraud Police Queries Saraki


The last obviously has not been heard about the multi-billion Naira scam that rocked the Intercontinental Bank Plc before its controversial takeover by Access Bank. Just a few days ago, the bank’s former MD, Lai Alabi was picked up by men of the Special Fraud Unit of the Nigeria Police over his role in the scam which many believe brought Intercontinental Bank to its knees.
The former Governor of Kwara State, Dr. Bukola Saraki who is a serving Senator of the Federal Republic too has been invited for interrogation by the Nigeria Police Special Fraud Unit(SFU), Milverton Road, Ikoyi.

Mr. Tunde Ogunshakin, the CP in charge of the Special Fraud Unit made this known in a statement in which it was stated that the SFU is investigating a controversial waiver of N9,97Billion, representing about 82% of N11.97billion indebtedness granted some companies in February, 2010 by the board of the now defunct Intercontinental Bank Plc under the management of Mahmood Lai Alabi who was then MD/CEO of the bank.

Ogunshakin pointed out that “the companies that jointly incurred this indebtedness were Joy Petroleum Limited, Skyview Properties Ltd, Dicetrade, and Limkers Nigeria Ltd. The debts originated from several loans/facilities worth billions of Naira granted the companies, which were allegedly promoted by Senator (Dr.) Bukola Saraki between 2004 and 2009 when he was the Governor of Kwara State. The billions of Naira loans/facilities were used to purchase shares of blue chip companies and choice landed properties in Lagos and Abuja. Some of the landed properties worth billions of naira used to secure the loans were curiously released after payment of only N2.3Billion out of the N11.97 jointly owed the bank by the companies.”

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