August 27, (THEWILL) – A former relationship manager at First Bank of Nigeria (FBN), Adesuwa Ezenwa, has alleged that billions of naira in loans were diverted to companies linked to Oba Otudeko during his reign as chairman of FBN Holdings PLC.
Adesuwa was fired in 2016 after a large number of documents and unsecured loans she handled were investigated by a credit disciplinary committee of FBN Holdings Limited,
A statement of fact deposed to in an application filed before the National Industrial Court, Lagos, Adesuwa is contending that her appointment was wrongly terminated on October 5, 2016, without explanation, over her supposed involvement in the fraudulent loan disbursements.
According to PREMIUM TIMES, Adesuwa alleged that she played a part in providing unsecured loans of up to N12 billion for the Stallion Group of companies, in which Otudeko had significant investments.
Demanding a court award of N500 million in damages and N25 million in legal fee, Adesuwa alleged an unjust reprimand by the disciplinary committee which investigated loans granted to Supply and Services Ltd, a subsidiary of Royal Ceramics Group, which accused her of not reporting certain transactions approved by her superiors (including group head Mr Olatunji and Executive Vice President Mrs Cecilia Majekodunmi).
Adesuwa further contended that the reprimand was unjust, as she was not in a position to report her superiors, particularly since some loan facilities were unsecured and benefited companies with significant financial ties to the bank’s chairman, Chief Oba Otudeko, and former Managing Director, Mr Bisi Onasanya.
She claimed that the questioned facilities were approved and disbursed under the supervision and authority of her group head and executive vice president, but were disguised as loans issued to other unsuspecting customers.
In one instance, Adesuwa described how “unsecured facilities” worth approximately N12 billion were granted to a company in which Oba Otudeko had substantial investment.
However, it was alleged that the loans were falsely represented as being granted to the Stallion Group of Companies, which later discovered the discrepancy and protested the false entries in its account statements.
In another case, she revealed that an “unsecured facility” of N2 billion was granted in 2012 to Broadwaters Resources Company Nigeria Ltd, which she described as a conduit used by Majekodunmi and Onasanya to siphon funds from the bank.
According to the court filings, this loan was never repaid. The documents alleged that out of the N12 billion purportedly lent to the Stallion Group, N8.21 billion was transferred through various accounts to a company named V TECH LTD, which is owned by Oba Otudeko, while N4.45 billion was diverted to Ontario Oil and Gas. These facilities remain unpaid.
She pointed out that the loans purportedly granted to the Stallion Group were just one example of a broader trend, where similar facilities were repeatedly issued by Mr Olatunji and Mrs Majekodunmi to other customers, including Supplies and Services Ltd, a subsidiary of Royal Ceramics Group, over the years.
Given the magnitude of the loans, Ezenwa argued that the bank’s board must have been complicit in the transactions, which exceeded the approval limits of the executive directors, vice president, and managing director.
Meanwhile, Oba Otudeko has yet to respond to the allegations.
An unsecured credit facility refers to a loan provided to businesses without requiring collateral.
