N20bn bailout: Kogi Meeting threatens to arrest Sterling Financial institution MD

By Friday Idachaba

The Kogi Home of Meeting has threatened to difficulty a warrant of arrest in opposition to the Managing Director of Sterling Financial institution Plc., Mr Abubakar Suleiman.

The meeting stated it could impact the arrest, if the managing director failed to seem earlier than it on Nov. 16.

Speaker of the Home, Mr Matthew Kolawole issued the menace at plenary on Tuesday, following the shortcoming of the managing director of the financial institution to honour the invitation of the home.

The Information Company of Nigeria (NAN) recollects that the home on Nov. 2, invited the managing director to make clear points surrounding the controversial N20 billion bailout fund the financial institution claimed it could ship again to the Central Financial institution of Nigeria.

NAN additionally recollects that the state Commissioner for Finance, Mr Asiwaju Asiru Idris, alongside the state Accountant Common, Mr Jibril Momoh and Auditor Common, Mr Yakubu Okala appeared earlier than the home on Nov. 2, to supply clarification on the alleged N20 billion bailout fund.

On resumption of plenary on Tuesday, the Regional Supervisor of Sterling Financial institution, Mr Enejo Ibrahim; and Counsel to the Financial institution, Mr Olukayode Enitan (SAN) had been on the meeting to signify the managing director.

Enitan acknowledged that the managing director simply acquired the invitation, necessitating a illustration by the regional supervisor.

The speaker, at a Committee of the Complete, insisted that the representatives wouldn’t be allowed to talk besides they tendered a letter from the managing director authorising them to signify him.

Kolawole gave the financial institution’s chief govt officer until Nov. 16, to seem earlier than it, saying that any try to dishonour the invitation would make the home to use each authorized means to coerce look.

He identified that the declare that the state authorities mounted the bailout fund meant for fee of wage arrears for civil servants, in an account with the financial institution had introduced embarrassment to the federal government and folks of Kogi.

Kolawole stated investigations by the home Committee on Public Accounts, revealed that the allegations had been baseless and unfaithful, including that the meeting would get to the foundation of the matter.

The speaker in his ruling upon return to his seat, gave the ultimatum of Tuesday, Nov.16, for the MD, Sterling Financial institution to current himself earlier than the home for obligatory explanations or Govt Order of Arrest can be utilized.

It might be recalled that on Aug. 31, Justice Tijani Ringim, a Lagos Excessive Courtroom trip Decide, froze the Kogi account domiciled in Sterling Financial institution Plc., following an ex-parte software introduced by the EFCC.

The EFCC had alleged that the bailout cash, which was meant for fee of wage arrears within the state, was stored in an interest-yielding account with the title of the state as “Kogi State Salary Bailout Account.” (

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