Suspended CBN Governor Sanusi Dragged to Court Over Alleged N50 Billion Fraud

Yesterday, shareholders of the defunct Intercontinental Bank Plc, dragged the suspended governor of the Central Bank of Nigeria, CBN, Mallam Sanusi Lamido Sanusi, before a Federal High Court in Abuja, accusing him of being involved in an alleged N50 billion fraud.

The plaintiffs, including Adaeze Onwuegbusi, Chijioke Ezeikpe, and Abdullahi M. Sani, filed a suit through their lawyer, Chief Chris Uche, SAN, alleging that Sanusi, as the CBN governor, acted contrary to the provisions of sections 12, 32, 35 and 39 of the Banks and Other Financial Institutions Act, Cap B4 Laws of the Federation of Nigeria 2004, by deliberately falsifying the actual solvency/financial state of affairs of Intercontinental Bank Plc and subsequently sold it for N50 billion.

Apart from Sanusi, other defendants in the suit were the Security & Exchange Commission and CBN. 

Among other things, they are expecting the court to:

Determine whether Sanusi, “did not act fraudulently in waiving/writing off the sum of N16.2 billion owed by Mr. Aig-Aigboje Imokhuede and Mr. Herbert Wigwe, the Managing Director and Deputy Managing Director of Access Bank and the sum of N8.9 billion owed by Senator Bukola Saraki and other sums so owed, all totalling over N40bn, in a bid to enable the said Access Bank Plc to fraudulently purchase Intercontinental Bank Plc at a ridiculous sum of N50 billion only, even when the quarterly profit of the said bank was more than N50bn and which Bank at the material time was worth more than N1 trillion, to the detriment of the Plaintiffs as shareholders and investors.

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