Cecilia IBRU

A detained former bank executive cannot account for N37.844billion allegedly transferred out of his bank's deposit, The Nation learnt yesterday. Another has £1.8million in a United Kingdom account.

Yet, another cannot account for $5million also transferred out of his bank's deposit.
These three discoveries by the Economic and Financial Crimes Commission (EFCC) are some of the highlights of the anti-graft agency's findings in the last 72 hours.

The Nation had exclusively reported that the EFCC was probing the foreign accounts of the 14 ex-bank executives, directors and their assets.

The commission has also frozen the accounts of all the suspects in Nigeria .

Those affected by the foreign account probe are: the former Managing Directors/Chief Executive Officers of Union Bank, FinBank, Oceanic Bank International Plc and Afribank-Bartholomew Ebong, Okey Nwosu, Cecilia Ibru and Sebastian Adigwe.

Others are: Peter Ololo (former MD of Falcon Securities Limited); Niyi Opeodu (ex-MD, Union Capital Market Limited); Henry Onyemem; Raymond Obieri; Hyacinth Enuha; Adebayo Alabi; Samuel Adegbite; Isyaku Umar; Bayo Dada; and Sanni Adams.

Of the 14 suspects, who are standing trial before a Federal High Court, the anti-graft commission has probed the foreign accounts of three.

A highly-placed source in the EFCC, who confided in our correspondent, said: "Our preliminary findings show massive and obscene money laundering into the Personal Foreign Accounts of some of the former CEOs using jurisdictions such as Dubai (in the first instance) and subsequent transfers to European and US jurisdictions.

"They had been using various jurisdictions to conceal the Nigerian origin of such funds.

"But it is easier to trace remittance or transfer of such funds from the records of transactions of the five banks. We have established three of such 'curious' transfers.

"So far, we have been able to establish that one of the suspects opened an account in the UK in 2006 with £63,000.

"By March 2009, however, the value of the account stood at £1.8million. We are investigating a case of money laundering against this suspect".

The source, who pleaded not to be named because of what he called the sensitive nature of the investigations, said: "There is also another discovery of a former bank executive who transferred $5million at once to his UK account after ensuring that the money passed through different accounts in some jurisdictions.

"Concerning the third suspect, he could not account for the whereabouts of N37.844billion, which we suspected might have been laundered into his foreign account.

"This suspect admitted to the EFCC that he invested the N37.844billion in eight financial institutions but these institutions said no such funds were invested in their banks.

"This hidden investment has turned out to be money laundering. As soon as practicable, we will ensure that the affected foreign accounts are frozen pending the conclusion of the suspects' trial".

Replying to a question, the source added: "The allegations bordering on money laundering are outside the charges that have been filed against the suspects in a Federal High Court in Lagos.

"When we conclude our probe into the suspects' local and foreign accounts, we will charge them separately with money laundering. We are of the opinion that there are many hidden foreign accounts used by some the suspects and their fronts."