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



Mallam Sanusi Lamido Sanusi - Bella Naija

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. reported this story first

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  1. AW

    March 26, 2014 at 8:19 am

    The chicken has come home to roost.

  2. Chika

    March 26, 2014 at 8:38 am

    mmmhhhh…..such political crinkum-crankum!!! Pathetic!! 😛

  3. Emy

    March 26, 2014 at 8:50 am

    Word of Sanusi: You cannot rub shoulders with your Commander in Chief. All the southern bank managers he dismissed are coming back with their pound of flesh. Balu!

  4. whocares

    March 26, 2014 at 10:16 am


  5. Me2Mw

    March 26, 2014 at 10:55 am

    A pound of flesh. They will frustrate you till you become a nobody. As CBN Governor, you should never ever pick or make obvious that you are on the other side of the fence. If APC does not win this election, which they wont, then your career has ended, because all you did will be open to the public.

  6. Hurperyearmie

    March 26, 2014 at 12:07 pm

    I pity this man seriously if he had known he wouldn’t have done what he did ………….. hmmmmmmmmmmm Nigeria i hail thee!

  7. blessing

    March 26, 2014 at 5:06 pm

    Hmmmmm dis is wat we call political heki haga dat has lubbor in the nigeria financial sector

  8. Ricky

    March 26, 2014 at 6:00 pm

    LOL at the gullible commenters. Sanusi will rubbish these allegations just like he did the others. These fraudulent people think all Nigerians are fools. I can’t wait to watch Sanusi shut them up with FACTS.

  9. friday

    March 27, 2014 at 9:24 am

    sanusi have no facts to proof anything we are bankers we know that intercontinental and oceanic banks was sold out of hatred. sanusi should be able to explain why he sold a bank for 50 billion. this banks were richer that the so called access and eco bank.

    • Ada Nnewi

      March 27, 2014 at 2:13 pm

      Sold out of hatred?!…Your name and reasoning tell your story so I won’t even bother setting you straight..

    • nwanyi na aga aga

      May 21, 2014 at 9:15 am

      Please set him straight lets hear. any banker unless biased will know that the sale of intercontinental and oceanic were pure vendetta missions. Why I pity these executives is that Sanusi cleverly used their dirty laundry against them, and corruption is the most sensitive topic in naija. No matter how good ur intentions are once you re fingered for corruption its hard for anybody to trust you again. Apart from that Sanusi has a lot to explain for the sale of those banks

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