Police Declare Senator Bukola Saraki Wanted Over $133.5 Million Bank Loan Fraud


The Special Fraud Unit of the Nigerian Police Force has declared the former governor of Kwara State, Bukola Saraki, wanted over a N21 billion bank loan fraud at the defunct InterContinental Bank of Nigeria.

An SFU source told Saharareporters that an arrest warrant is in place for the immediate arrest of the senator who went into hiding after a federal high court in Abuja cleared the way for his arrest on Thursday.

Source:http://saharareporters.com/news-page/police-declare-senator-bukola-saraki-wanted-over-1335-million-bank-loan-fraud

That sounds good.

Sounds palatable. Went into hiding! Does that mean he knows he is guilty?.God have mercy, more of this please

18th April, 2012.

The special anti-fraud unit of the Nigerian police today in Lagos arrested the former managing director of InterContinental Bank, Mahmoud Lai Alabi, for fraud related to a questionable loan write-off.

Mr. Alabi’s arrest followed a petition submitted to the unit by the brother of a whistleblower who was allegedly assassinated by hired killers for revealing shady dealings involving Bukola Saraki, the once-powerful governor of Kwara state who is now a senator.

Sanusi Lamido Sanusi, current Governor of the Central Bank of Nigeria (CBN), had appointed Mr. Alabi to run InterContinental Bank at the start of the CBN’s controversial banking reform. The reform began with the CBN’s sacking of several commercial bank chief executives deemed to be linked to corruption, and the appointment of new CEOs by Mr. Sanusi.

However, the appointment of Mr. Alabi raised serious concerns at the time. Mr. Alabi had served as the managing director of Songa Farms which is owned by the Saraki family. Mr. Saraki's businesses owed some 32 billion naira to InterContinental Bank.

In a 2010 petition, the former MD of the bank, Erastus Akingbola, wrote a 9-page petition to President Goodluck Jonathan stating that Mr. Alabi had improperly written off N8 billion in loans to companies with links to Saraki. He gave the companies’ names as Linkers, Dicetrade, Skyview Properties and Joy Petroleum.

Police sources told Saharareporters that Mr. Alabi did write off billions of naira in unserviced loans linked to Mr. Saraki. In addition, Mr. Alabi decided to release four houses in Lagos and another two in Abuja that the Sarakis had been used as collateral to secure the huge loans.

The Saraki family is notorious for its history of gutting banks. A source who is a banking expert disclosed that the family misappropriated funds from Societe Generale Bank of Nigeria and used part of it to sponsor runs for elective offices in 2003. The funds enabled two members of the Saraki clan, Ms. Gbemisola Saraki and Bukola Saraki, to become a senator and two-term governor of Kwara State respectively.

In a telephone conversation earlier today, Senator Saraki insisted that the whistleblower was not assassinated but had died of natural causes. He also contended that the arrest of Mr. Alabi arose out of a dispute between the former bank executive and the whistleblower’s brother, adding that the Saraki family should not be dragged into the matter.

26th April, 2012.

The Inspector-General of Police, Mr. Mohammed Dikko Abubakar, today at the Federal High Court in Abuja filed a counter-affidavit to last Monday’s motion by Senator Bukola Saraki, arguing that the facts show that the Senator is asking the court to grant the permanent immunity he had already informed the whole world the court has given him.

“The application for injunction is dangerous as it is designed to confer permanent immunity on [Senator Saraki] and thereby shield him from arrest, investigation and prosecution,” the IG said in the affidavit, which was filed on his behalf by Superintendent Akinbayo Olasoji. “No court in Nigeria has the power to grant the illegal injunction. Even as a governor the Plaintiff was liable to be investigated as his successor is now under investigation,” the affidavit said.

As SaharaReporters reported yesterday, the former Kwara State governor, who is desperate to elude police interrogation, on Monday tried to dupe a Federal High Court judge into granting a temporary court injunction, filing an exparte motion to prevent the police from grabbing him to answer to charges that he directly benefited from a N21 billion bank loan fraud. The judge declined the request.

Mr. Abubakar said in his affidavit that in a letter 3rd April, he 2012 invited Saraki Lagos to assist in the investigation of a case of conspiracy, forgery and stealing of the sum of N21 billion belonging to Joy Petroleum Ltd, following a petition from Joy Petroleum on the refusal of access to their account at Intercontinental Bank.

Subsequent investigation revealed, among others, that

• withdrawals were made from the account during the period the former Managing Director was incapacitated and even after his death, although the deceased was the sole signatory;

• A credit transfer was made from the account on 18th February 2010 when the former Managing Director was already dead.

• The account was closed by Abdul Adamu, Saraki’s aide; and

• A loan sum of N9, 700,000,000.00 (Nine Billion, Seven Hundred Million, Naira) was written off prior to the closure of the account.

The IG points out in the affidavit that Saraki’s immunity as governor ceased on May 29, 2011, when his tenure ended. “As a Senator he is not entitled to immunity as he is being investigated in the theft of N21 billion and waiver of several billions of Naira of Bank loans by Intercontinental Bank Plc when the cronies of the Plaintiff was the Managing Director of the Bank,” Mr. Abubakar averred.

Citing various legal authorities, Mr. Abubakar argued that he has inherent powers to arrest, investigate and prosecute the Plaintiff upon reasonable suspicion that he has committed a criminal offence pursuant to Section 4 of the Police Act, and submitted that that section 35 of the Constitution is not absolute in that the Inspector-General is empowered to violate the right of any person in Nigeria to personal liberty if there is any reasonable suspicion that he committed an offence.

Dogs r set τ̅☺ eat dogs. we dey watch una as usual

God bless the IGP, Nigeria has a worthy police IG at last.

naijaking1: God bless the IGP, Nigeria has a worthy police IG at last.

Because he filed a counter affidavit for Saraki's arrest now makes him d best IG,ehn.Funny country,funny people

doctokwus:
Because he filed a counter affidavit for Saraki's arrest now makes him d best IG,ehn.Funny country,funny people

so who is better

sad country,they don't even loot reasonable amount if you allow them they will loot everything in the treasury, sick people..............

Thank God d whole world is nw seeing dis. If u live in kwara u wil know dis no longer news,his arrest is long overdue. Watchout for more news on d shady deals dis guy did.

beylinko: Thank God d whole world is nw seeing dis. If u live in kwara u wil know dis no longer news,his arrest is long overdue. Watchout for more news on d shady deals dis guy did.

in btw,how did he know d guy died a natural death n nt assasination

We dey go specsavers...dey watch them

Innocent oh!! Until proven guilty oh!!! We dey watch now, tomorrow he might be acquitted with all charges dropped and then we'll just shut up about it. Its happened in different instances recently so all this talk is just talk for us to hear and babble about. Just watch sha, who knows tomorrow

The police handling a corruption case, that good to hear.

This is Nigeria. . . Normal hyperhype bout a national fraudster, then it dies off naturallyta the fraudster walks head up high. . .

Eg, Gbenga Daniel et al

D bloody thief was d governor of ma state 4 good 8yrs!!!i wish he was arrested and jailed 4 life useless greedy foooools!!!

beylinko: Thank God d whole world is nw seeing dis. If u live in kwara u wil know dis no longer news,his arrest is long overdue. Watchout for more news on d shady deals dis guy did.

i undastnd u guy....am frm kwara nd also live there!

Sanusi and Saraki..‎​♓♏♏♏♏♏
When Erastus Akingbola blew the whistle then that Saraki made Sanusi to be CBN Governor through his man Musa Yar'Adua, no-one acted.
Next, we saw Lai Alabi become Sanusi-Appointed MD of Intercontinental Bank..
Of course, we saw Lai Alabi write off Saraki's Debts..
Akingbola was never listened to; Sanusi always seen as a saint!

Hmmm......

I thought this bread and butter dude was the best at covering his tracks. . .Nigeria's own Teflon Don. Well, let's see if any of the charges stick during the trial.

Let wait and see wat will come out tomorrow since he promised to report if not because dey declare him wanted.saraki,sanusi lamido,lai alabi conided in commitin all dis fraud of a tin.y is it dat any bank saraki pucknose iinto will definitely bankrupt eg SGB,INTERCONTINENTAL.wat a leader of detruction

And this saraki is a senator. SMH

sholatech: Sanusi and Saraki..‎​♓♏♏♏♏♏
When Erastus Akingbola blew the whistle then that Saraki made Sanusi to be CBN Governor through his man Musa Yar'Adua, no-one acted.
Next, we saw Lai Alabi become Sanusi-Appointed MD of Intercontinental Bank..
Of course, we saw Lai Alabi write off Saraki's Debts..
Akingbola was never listened to; Sanusi always seen as a saint!

Tell that to that sanusi ars.e licking jarus

Was it Bukola Saraki that "moved a motion" that opened up the can of worms that's the subsidy regime? He he; dog eat dog world. As 2 Mafia families wage war, the people they oppress can only hope they wipe themselves out.

@ thread,

Yawn!
Another Nollywood series in the making.

[size=16pt]Looks like the long hands of the law has finally caught up with Mr Bukola Saraki who has grown albeit addictively an inglorious penchance of robbing banks. In the early 90's he and his convoluted band of brothers carted away what could only amount to Nigeria's greatest heist, a whooping N17 Billion Naira was bundled into trucks in the dead of the Night and taken away in a brazen show of contempt not only at society at large but to all the depositors of the Bank.

That inglorious moment in that Man's life did not stop him from acheiving greater things thereafter, who says crime does not pay? well in this case not only has Bukola waxed from strenght to strenght after his dearing escapade, he has in fact enjoyed the exclusive club of being a Governor for good 8 years, and now he is taking it easy as an over-paid and over-pampered Senator of the Federal Republic. One would have thought that with the largesse at his disposal over the preceeding years, this unrepentant Bank Robber would have turned a new lease but that urge of poking his greedy fingers on innocent depositors was too strong to ignore, another stint of brazen dearing robbery would not be bad after all, what can the poor folks do anyway? The CBN Governor is in my pocket and the world can only be his oyster.

Looks like this last unperturbed stint has left a soar taste on the horizon, the long knives are out to get him, Eratus is fighting back, and it looks like it is going to be one hell of a fight. They say when two elephants fight, " na the grass go suffer" Messers Bukola has met his matched and may well be the 2nd ex Governor to go down the gallows, OR does he has something up his sleeve to stave off this avalanche of prosecution coming his way, looks like the ramifications could be all encompassing, perharps the teflon don Governor of the Central Bank might be roped in, oh well we shall wait and see how it eventually pans out.
[/size]

It will still turn out like iyab obasanjo case or bankole saga,obj power illusion or halliburton chop and clean mouth.

Yeye people and they want to fight insurgency when they are themselves insurgents

antartica: It will still turn out like iyab obasanjo case or bankole saga,obj power illusion or halliburton chop and clean mouth.

Yeye people and they want to fight insurgency when they are themselves insurgents

Hmmm Allahu Akbar. They have destroyed the country.

They are useless people.

Olori bu ru ku people . May GOd punish all their fafamiles , this is why the sanusi man had to be mergin banks. Dead people . I hope the govt is going to jail saraki and everyone involve , I don't knwo why dem no carry dem go uk sef prosecute dem well we shud at least bow down for the british for treatin ibori very well . Arrant nonsense

Just wandering what he did with all those money