DelTel:


Reading this raises a lot of red-flags and story reeks of Nollywood to say the least!

This is a serious indictment on First Bank and Malami.

a) how can a bank ED be talking like a novice (even baba Alajo Somolu won't collect such amount from anyone in cash)! A friend/customer called you to pick up $25m CASH and you did! Are banking transactions/deposit done outside the banking halls? Did the customer fill a deposit slip? Which bank account was the money lodged and posted into,? A bank ED didn't know that is money laundering? he didn't even fear from his life and loved ones! What if some people were aware, planned to hijack the money from you killing you in the process! Suffice to say, Dauda Lawal rose through the ranks in banking and FBN by collecting cash deposits!

b) to think Malami and the Panel would allow this testimony/petition be granted audience is alarming! A case still in court, with this it has confirmed the case has ended since AGF believes this cock-and-bull narrative of a story!

Anywyz, wetin I sabi.

RuudVanNisteroy:

How this man even get to the position of an Executive directors in First Bank. He has really brought untold shame to the bank.

frankyychiji:
He didn't need to go physically to collect the money, a bullion could be sent with security.

The story is crazy if true.

frankyychiji:
This country no balance at all. I'm tired!

Successive governments after spending billions have failed to give any semblance of constant power.

Today, the politicians are still campaigning with building roads and bore holes.

Every new government creates a fresh avenue to loot. APC brought a humanitarian ministry with a combined mandate to steal plenty and give them little in return.

Nigeria can never be better like this!

DelTel:


He would have mentioned that you know, and EFCC won't be pursuing him alone as other staffer(s) will be witness(es) and log-book entry will be made appropriately: he went alone reason he didn't deposit all the money in FBN (but also gave some, actually a large percentage of the money to another bank's ED on same Marina).

The transaction was completely under the table and personal - money laundering.

RuudVanNisteroy:

You forgot what caused the banking crisis more than a decade ago Sanusi had to fix. Directors of various banks were borrowing billions from the banks and they never paid the money back.

The banks directors must vote to approve the loan. Was that done by First Bank management?

RuudVanNisteroy:

Lawal borrowed 20 million dollars from First Bank and friends to be released from EFCC custody. Shareholders from First Bank should be worried by this testimony, how lax the rules are for directors to borrow billions from the bank. And questions needs to be asked about the sources of funds the friends who loaned him millions of dollars.

gnykelly:


you created the thread.

you should have seen where. he was asked to testify without prejudice

Xisnin:


This idiot should never have been called to testify in the first place.
He got involved in money laundering and he is still claiming innocence.

No one needs a banker's account to receive money unless the source is fraudulent.
His "friend" could have used his own account but he needed his partner's in crime protection.

He claimed he had no idea where the funds came from, if a stranger had asked him to receive
some large funds for free, would he have agreed?
It is funny that he didn't mention his own "cut" of the scam.


The fact that they didn't ask for $30 or $50 million suggest that he indeed secretly
hid $40 million dollar from the stolen fund.


Good job here Magu.


Nonsense, you didn't have the $40 million becuase you shared it to other beneficiaries.
Your personal connections are the same beneficiary of the stolen funds that you were arrested for
so the returned fund was never your money to begin with.

I hope this corrupt banker get at least 10 years in jail time.

RuudVanNisteroy:
"Because I never had this EFCC invented $40m to give, I had to use my personal connections to source for and raise about 50 per cent of the said amount while I was in detention. I managed to borrow some of the money from the bank where I am an executive director and surrendered it to the EFCC through my legal counsel and was eventually released from detention on May 20, 2016

The corruption in this country is worse than in Sodom and Gomorrah.

DelTel:


Reading this raises a lot of red-flags and story reeks of Nollywood to say the least!

This is a serious indictment on First Bank and Malami.

a) how can a bank ED be talking like a novice (even baba Alajo Somolu won't collect such amount from anyone in cash)! A friend/customer called you to pick up $25m CASH and you did! Are banking transactions/deposit done outside the banking halls? Did the customer fill a deposit slip? Which bank account was the money lodged and posted into,? A bank ED didn't know that is money laundering? he didn't even fear from his life and loved ones! What if some people were aware, planned to hijack the money from you killing you in the process! Suffice to say, Dauda Lawal rose through the ranks in banking and FBN by collecting cash deposits!

b) to think Malami and the Panel would allow this testimony/petition be granted audience is alarming! A case still in court, with this it has confirmed the case has ended since AGF believes this cock-and-bull narrative of a story!

Anywyz, wetin I sabi.

RuudVanNisteroy:

How this man even get to the position of an Executive director in First Bank. He has really brought untold shame to the bank.

Xisnin:

That is not the cause of the crisis.
Directors weren't borrowing billions because they can't.
CEOs, shareholders, and politicians took the majority of the money.
In some cases, it was outright frauds by CEOs.


You shoudln't be asking me that question, forward it to First bank assuming you are a concerned
customer with significant investment in the bank.

Loan approval process is not the same for all banks even though they have similar requirements.
It is wrong to assume what you don't know. Your argument would have been valid if a director
of first bank alleges a foul play in the process.

Even if we assume that First bank directors didn't vote to approve the loan, who is to complain?
You, the CBN or the Shareholders?

And if all it takes to get billions in loan is ordinary votes by directors, then what stop the directors
from voting for one another?
How does such vote stop fraud?

You don't know the suspects net worth(regardless of the source) to assume he doesn't merit the loan.
BTW, banks losing some bad loans is not some earth-shattering event in any country,
at least for banks that aren't afraid of performing their economic function.

Miyachi:


You have to understand that a lot of informal banking relations happen between bankers and high profile customers. A customer could even request for a withdrawal to be brought to his home/office before even signing a check/ withdrawal slip.

RuudVanNisteroy:

Stanley Lawson, the "friend/customer" that asked him to pickup the $25 million dollars was former Finance Director of NNPC.

RuudVanNisteroy:

It is time for them to look for a new bank to invest and deposit their funds in.